Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Jan. 31, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'SWIFT ENERGY CO | ' | ' |
Entity Central Index Key | '0000351817 | ' | ' |
Document Type | '10-K | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 43,475,471 | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $504,125,149 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Current Assets: | ' | ' | ||
Cash and cash equivalents | $3,277 | $170 | ||
Accounts receivable | 70,897 | 67,318 | ||
Deferred tax asset | 4,974 | 5,679 | ||
Other current assets | 7,600 | 7,370 | ||
Total Current Assets | 86,748 | 80,537 | ||
Property and Equipment: | ' | ' | ||
Property and Equipment, including $71,452 and $92,579 of unproved property costs not being amortized, respectively | 5,714,099 | 5,192,793 | ||
Less - Accumulated depreciation, depletion, and amortization | -3,174,453 | -2,847,773 | ||
Property and Equipment, Net | 2,539,646 | 2,345,020 | ||
Other Long-Term Assets | 17,199 | 18,504 | ||
Total Assets | 2,643,593 | 2,444,061 | ||
Current Liabilities: | ' | ' | ||
Accounts payable and accrued liabilities | 83,361 | 75,378 | ||
Accrued capital costs | 61,164 | 73,190 | ||
Accrued interest | 21,561 | 21,362 | ||
Undistributed oil and gas revenues | 10,990 | 7,550 | ||
Total Current Liabilities | 177,076 | 177,480 | ||
Long-Term Debt | 1,142,368 | [1] | 916,934 | [1] |
Deferred Tax Liabilities | 217,384 | 223,243 | ||
Asset Retirement Obligation | 63,225 | 79,643 | ||
Other Long-Term Liabilities | 10,324 | 9,901 | ||
Commitments and Contingencies | 0 | 0 | ||
Stockholders' Equity: | ' | ' | ||
Preferred stock, $.01 par value, 5,000,000 shares authorized, none outstanding | 0 | 0 | ||
Common stock, $.01 par value, 150,000,000 shares authorized, 43,915,346 and 43,450,367 shares issued, and 43,401,920 and 42,930,071 shares outstanding, respectively | 439 | 435 | ||
Additional paid-in capital | 761,972 | 747,868 | ||
Treasury stock held, at cost, 513,426 and 520,296 shares, respectively | -12,575 | -13,855 | ||
Retained earnings | 283,380 | 302,412 | ||
Total Stockholders' Equity | 1,033,216 | 1,036,860 | ||
Total Liabilities and Stockholders' Equity | $2,643,593 | $2,444,061 | ||
[1] | Amounts are shown net of any debt discount or premium |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Unproved Properties | $71,452 | $92,579 |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value per share (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 43,915,346 | 43,450,367 |
Common stock, shares outstanding | 43,401,920 | 42,930,071 |
Treasury stock shares held, at cost | 513,426 | 520,296 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' |
Oil and gas sales | $588,541 | $554,194 | $602,341 |
Price-risk management and other, net | -828 | 3,096 | -3,210 |
Total Revenues | 587,713 | 557,290 | 599,131 |
Costs and Expenses: | ' | ' | ' |
General and administrative, net | 45,802 | 46,778 | 45,362 |
Depreciation, depletion, and amortization | 252,043 | 247,178 | 221,230 |
Accretion of asset retirement obligation | 6,181 | 5,121 | 4,570 |
Lease operating cost | 101,611 | 97,295 | 89,069 |
Transportation and gas processing | 22,336 | 18,175 | 15,722 |
Severance and other taxes | 42,252 | 48,862 | 52,508 |
Interest expense, net | 69,382 | 57,303 | 35,566 |
Write-down of oil and gas properties | 73,911 | 0 | 0 |
Total Costs and Expenses | 613,518 | 520,712 | 464,027 |
Income from Continuing Operations Before Income Taxes | -25,805 | 36,578 | 135,104 |
Provision (Benefit) for Income Taxes | -6,773 | 15,639 | 50,494 |
Income from Continuing Operations | -19,032 | 20,939 | 84,610 |
Income (loss) from Discontinued Operations, net of taxes | 0 | 0 | 14,211 |
Net Income (Loss) | ($19,032) | $20,939 | $98,821 |
Per Share Amounts- | ' | ' | ' |
Basic: Income from Continuing Operations (in dollars per share) | ($0.44) | $0.49 | $2 |
Income (loss) from Discontinued Operations, Basic, net of taxes (in dollars per share) | $0 | $0 | $0.34 |
Net Income (in dollars per share) | ($0.44) | $0.49 | $2.33 |
Diluted: Income from Continuing Operations (in dollars per share) | ($0.44) | $0.48 | $1.97 |
Income (loss) from Discontinued Operations, Diluted, net of taxes (in dollars per share) | $0 | $0 | $0.33 |
Net Income (in dollars per share) | ($0.44) | $0.48 | $2.30 |
Weighted Average Shares Outstanding - Basic | 43,331 | 42,840 | 42,394 |
Weighted Average Shares Outstanding - Diluted | 43,331 | 43,174 | 42,896 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net Income (Loss) | ($19,032) | $20,939 | $98,821 |
Other Comprehensive Income: | ' | ' | ' |
Unrealized gains (losses) related to price risk management transactions, before taxes | 0 | 1,210 | -520 |
Provision (benefits) for income taxes | 0 | 440 | -190 |
Unrealized gains (losses) related to price risk management transactions, net of taxes | 0 | 770 | -330 |
Less: reclassification of (gains) losses on price risk management transactions to net income, before taxes | 0 | -1,210 | 738 |
(Provision) benefit for income taxes | 0 | -440 | 270 |
Reclassification of (gains) losses on price risk management transactions to net income, net of taxes | 0 | -770 | 468 |
Other comprehensive income, before income taxes | 0 | 0 | 218 |
Provision for income taxes | 0 | 0 | 80 |
Other comprehensive income, net of taxes | 0 | 0 | 138 |
Comprehensive Income | ($19,032) | $20,939 | $98,959 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
In Thousands | ||||||
Beginning Balance at Dec. 31, 2010 | $880,017 | $424 | $706,857 | ($9,778) | $182,652 | ($138) |
Stock issued for benefit plans | 1,612 | ' | 791 | 821 | ' | ' |
Stock options exercised | 1,151 | 1 | 1,150 | ' | ' | ' |
Purchase of treasury shares | -3,393 | ' | ' | -3,393 | ' | ' |
Tax benefits from stock-based compensation | 333 | ' | 333 | ' | ' | ' |
Employee stock purchase plan | 1,000 | 1 | 999 | ' | ' | ' |
Issuance of restricted stock | ' | 4 | -4 | ' | ' | ' |
Amortization of share-based compensation | 16,830 | ' | 16,830 | ' | ' | ' |
Net Income (Loss) | 98,821 | ' | ' | ' | 98,821 | ' |
Other comprehensive income | 138 | ' | ' | ' | ' | 138 |
Ending Balance at Dec. 31, 2011 | 996,509 | 430 | 726,956 | -12,350 | 281,473 | ' |
Stock issued for benefit plans | 1,654 | ' | 354 | 1,300 | ' | ' |
Stock options exercised | 636 | 1 | 635 | ' | ' | ' |
Purchase of treasury shares | -2,805 | ' | ' | -2,805 | ' | ' |
Tax benefits from stock-based compensation | 175 | ' | 175 | ' | ' | ' |
Employee stock purchase plan | 1,076 | ' | 1,076 | ' | ' | ' |
Issuance of restricted stock | ' | 4 | -4 | ' | ' | ' |
Amortization of share-based compensation | 18,676 | ' | 18,676 | ' | ' | ' |
Net Income (Loss) | 20,939 | ' | ' | ' | 20,939 | ' |
Other comprehensive income | 0 | ' | ' | ' | ' | ' |
Ending Balance at Dec. 31, 2012 | 1,036,860 | 435 | 747,868 | -13,855 | 302,412 | ' |
Stock issued for benefit plans | 1,622 | ' | -1,171 | 2,793 | ' | ' |
Stock options exercised | 4 | ' | 4 | ' | ' | ' |
Purchase of treasury shares | -1,513 | ' | ' | -1,513 | ' | ' |
Tax benefits from stock-based compensation | -1,607 | ' | -1,607 | ' | ' | ' |
Employee stock purchase plan | 946 | 1 | 945 | ' | ' | ' |
Issuance of restricted stock | ' | 3 | -3 | ' | ' | ' |
Amortization of share-based compensation | 15,936 | ' | 15,936 | ' | ' | ' |
Net Income (Loss) | -19,032 | ' | ' | ' | -19,032 | ' |
Other comprehensive income | 0 | ' | ' | ' | ' | ' |
Ending Balance at Dec. 31, 2013 | $1,033,216 | $439 | $761,972 | ($12,575) | $283,380 | ' |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock issued for benefit plans (shares) | 104,890 | 50,987 | 37,068 |
Shares issued from stock option exercises | 1,125 | 63,040 | 130,902 |
Purchase of treasury shares (shares) | 98,020 | 86,812 | 80,014 |
Employee stock purchase plan (shares) | 72,273 | 42,624 | 49,089 |
Issuance of restricted stock (shares) | 391,581 | 375,157 | 348,972 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flows from Operating Activities: | ' | ' | ' |
Net Income (Loss) | ($19,032) | $20,939 | $98,821 |
Gain from discontinued operations, net of taxes | 0 | 0 | -14,211 |
Adjustments to reconcile net income to net cash provided by operation activities - | ' | ' | ' |
Write-down of oil and gas properties | 73,911 | 0 | 0 |
Depreciation, depletion, and amortization | 252,043 | 247,178 | 221,230 |
Accretion of asset retirement obligation | 6,181 | 5,121 | 4,570 |
Deferred income taxes | -6,766 | 16,798 | 48,995 |
Stock-based compensation expenses | 10,478 | 13,476 | 12,625 |
Other | -5,146 | 976 | 2,143 |
Change in assets and liabilities- | ' | ' | ' |
(Increase) decrease in accounts receivable | -5,779 | 3,235 | -12,625 |
Increase (decrease) in accounts payable and accrued liabilities | 5,582 | -2,102 | 10,134 |
Increase (decrease) in income taxes payable | -224 | 82 | -73 |
Increase in accrued interest | 199 | 8,903 | 1,449 |
Cash provided by operating activities b continuing operations | 311,447 | 314,606 | 373,058 |
Cash used by operating activities b discontinued operations | 0 | 0 | -2 |
Net Cash Provided by Operating Activities | 311,447 | 314,606 | 373,056 |
Cash Flows from Investing Activities: | ' | ' | ' |
Additions to property and equipment | -540,368 | -757,755 | -505,332 |
Proceeds from the sale of property and equipment | 6,991 | 528 | 50,284 |
Cash used in investing activities b continuing operations | -533,377 | -757,227 | -455,048 |
Cash provided by investing activities b discontinued operations | 0 | 0 | 5,000 |
Net Cash Used in Investing Activities | -533,377 | -757,227 | -450,048 |
Cash Flows from Financing Activities: | ' | ' | ' |
Proceeds from long-term debt | 0 | 157,500 | 247,890 |
Net proceeds from bank borrowings | 225,600 | 39,400 | 0 |
Net proceeds from issuances of common stock | 950 | 1,712 | 2,151 |
Purchase of treasury shares | -1,513 | -2,805 | -3,393 |
Payments of debt issuance costs | 0 | -4,712 | -4,327 |
Cash provided by financing activities b continuing operations | 225,037 | 191,095 | 242,321 |
Cash provided by financing activities - discontinued operations | 0 | 0 | 0 |
Net Cash Provided by Financing Activities | 225,037 | 191,095 | 242,321 |
Net Increase (decrease) in Cash and Cash Equivalents | 3,107 | -251,526 | 165,329 |
Cash and Cash Equivalents at Beginning of Period | 170 | 251,696 | 86,367 |
Cash and Cash Equivalents at End of Period | 3,277 | 170 | 251,696 |
Supplemental Disclosures of Cash Flows Information: | ' | ' | ' |
Cash paid during period for interest, net of amounts capitalized | 67,070 | 46,911 | 32,078 |
Cash paid during period for income taxes | $217 | $248 | $1,770 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||||||||
Summary of Significant Accounting Policies | ||||||||||||||||||
Principles of Consolidation. The accompanying consolidated financial statements include the accounts of Swift Energy and its wholly owned subsidiaries, which are engaged in the exploration, development, acquisition, and operation of oil and gas properties, with a focus on inland waters and onshore oil and natural gas reserves in Louisiana and Texas. Our undivided interests in oil and gas properties are accounted for using the proportionate consolidation method, whereby our proportionate share of each entity’s assets, liabilities, revenues, and expenses are included in the appropriate classifications in the accompanying consolidated financial statements. Intercompany balances and transactions have been eliminated in preparing the accompanying consolidated financial statements. | ||||||||||||||||||
Discontinued Operations. Unless otherwise indicated, information presented in the notes to the consolidated financial statements relates only to Swift Energy’s continuing operations. Information related to discontinued operations is included in Note 8 and in some instances, where appropriate, is included as a separate disclosure within the individual footnotes. | ||||||||||||||||||
Subsequent Events. We have evaluated subsequent events of our consolidated financial statements. There were no material subsequent events requiring additional disclosure in these financial statements. | ||||||||||||||||||
Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires us to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the reported amounts of certain revenues and expenses during each reporting period. We believe our estimates and assumptions are reasonable; however, such estimates and assumptions are subject to a number of risks and uncertainties that may cause actual results to differ materially from such estimates. Significant estimates and assumptions underlying these financial statements include: | ||||||||||||||||||
• | the estimated quantities of proved oil and natural gas reserves used to compute depletion of oil and natural gas properties and the related present value of estimated future net cash flows there-from, | |||||||||||||||||
• | estimates related to the collectability of accounts receivable and the credit worthiness of our customers, | |||||||||||||||||
• | estimates of the counterparty bank risk related to letters of credit that our customers may have issued on our behalf, | |||||||||||||||||
• | estimates of future costs to develop and produce reserves, | |||||||||||||||||
• | accruals related to oil and gas sales, capital expenditures and lease operating expenses, | |||||||||||||||||
• | estimates of insurance recoveries related to property damage, and the solvency of insurance providers, | |||||||||||||||||
• | estimates in the calculation of share-based compensation expense, | |||||||||||||||||
• | estimates of our ownership in properties prior to final division of interest determination, | |||||||||||||||||
• | the estimated future cost and timing of asset retirement obligations, | |||||||||||||||||
• | estimates made in our income tax calculations, | |||||||||||||||||
• | estimates in the calculation of the fair value of hedging assets and liabilities, and | |||||||||||||||||
• | estimates in the assessment of current litigation claims against the company. | |||||||||||||||||
While we are not aware of any material revisions to any of our estimates, there will likely be future revisions to our estimates resulting from matters such as new accounting pronouncements, changes in ownership interests, payouts, joint venture audits, re-allocations by purchasers or pipelines, or other corrections and adjustments common in the oil and gas industry, many of which require retroactive application. These types of adjustments cannot be currently estimated and will be recorded in the period during which the adjustments occur. | ||||||||||||||||||
We are subject to legal proceedings, claims, liabilities and environmental matters that arise in the ordinary course of business. We accrue for losses when such losses are considered probable and the amounts can be reasonably estimated. | ||||||||||||||||||
Property and Equipment. We follow the “full-cost” method of accounting for oil and natural gas property and equipment costs. Under this method of accounting, all productive and nonproductive costs incurred in the exploration, development, and acquisition of oil and natural gas reserves are capitalized. Such costs may be incurred both prior to and after the acquisition of a property and include lease acquisitions, geological and geophysical services, drilling, completion, and equipment. Internal costs incurred that are directly identified with exploration, development, and acquisition activities undertaken by us for our own account, and which are not related to production, general corporate overhead, or similar activities, are also capitalized. For the years ended December 31, 2013, 2012 and 2011, such internal costs capitalized totaled $31.8 million, $31.1 million and $29.3 million, respectively. Interest costs are also capitalized to unproved oil and natural gas properties. For the years ended December 31, 2013, 2012 and 2011, capitalized interest on unproved properties totaled $7.2 million, $7.9 million and $7.7 million, respectively. Interest not capitalized and general and administrative costs related to production and general corporate overhead are expensed as incurred. | ||||||||||||||||||
The “Property and Equipment” balances on the accompanying consolidated balance sheets are summarized for presentation purposes. The following is a detailed breakout of our “Property and Equipment” balances. | ||||||||||||||||||
(in thousands) | December 31, | December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||||
Property and Equipment | ||||||||||||||||||
Proved oil and gas properties | $ | 5,600,279 | $ | 5,058,524 | ||||||||||||||
Unproved oil and gas properties | 71,452 | 92,579 | ||||||||||||||||
Furniture, fixtures, and other equipment | 42,368 | 41,690 | ||||||||||||||||
Less – Accumulated depreciation, depletion, and amortization | (3,174,453 | ) | (2,847,773 | ) | ||||||||||||||
Property and Equipment, Net | $ | 2,539,646 | $ | 2,345,020 | ||||||||||||||
No gains or losses are recognized upon the sale or disposition of oil and natural gas properties, except in transactions involving a significant amount of reserves or where the proceeds from the sale of oil and natural gas properties would significantly alter the relationship between capitalized costs and proved reserves of oil and natural gas attributable to a cost center. Internal costs associated with selling properties are expensed as incurred. | ||||||||||||||||||
Future development costs are estimated property-by-property based on current economic conditions and are amortized to expense as our capitalized oil and gas property costs are amortized. | ||||||||||||||||||
We compute the provision for depreciation, depletion, and amortization (“DD&A”) of oil and natural gas properties using the unit-of-production method. Under this method, we compute the provision by multiplying the total unamortized costs of oil and gas properties—including future development costs, gas processing facilities, and both capitalized asset retirement obligations and undiscounted abandonment costs of wells to be drilled, net of salvage values, but excluding costs of unproved properties—by an overall rate determined by dividing the physical units of oil and natural gas produced during the period by the total estimated units of proved oil and natural gas reserves at the beginning of the period. This calculation is done on a country-by-country basis, and the period over which we will amortize these properties is dependent on our production from these properties in future years. Furniture, fixtures, and other equipment are recorded at cost and are depreciated by the straight-line method at rates based on the estimated useful lives of the property, which range between two and 20 years. Repairs and maintenance are charged to expense as incurred. Renewals and betterments are capitalized. | ||||||||||||||||||
Geological and geophysical (“G&G”) costs incurred on developed properties are recorded in “Proved properties” and therefore subject to amortization. G&G costs incurred that are directly associated with specific unproved properties are capitalized in “Unproved properties” and evaluated as part of the total capitalized costs associated with a prospect. The cost of unproved properties not being amortized is assessed quarterly, on a property-by-property basis, to determine whether such properties have been impaired. In determining whether such costs should be impaired, we evaluate current drilling results, lease expiration dates, current oil and gas industry conditions, international economic conditions, capital availability, and available geological and geophysical information. Any impairment assessed is added to the cost of proved properties being amortized. | ||||||||||||||||||
Full-Cost Ceiling Test. At the end of each quarterly reporting period, the unamortized cost of oil and natural gas properties (including natural gas processing facilities, capitalized asset retirement obligations, net of related salvage values and deferred income taxes, and excluding the recognized asset retirement obligation liability) is limited to the sum of the estimated future net revenues from proved properties (excluding cash outflows from recognized asset retirement obligations, including future development and abandonment costs of wells to be drilled, using the preceding 12-months’ average price based on closing prices on the first day of each month, adjusted for price differentials, discounted at 10%, and the lower of cost or fair value of unproved properties) adjusted for related income tax effects (“Ceiling Test”). This calculation is done on a country-by-country basis. | ||||||||||||||||||
The calculations of the Ceiling Test and provision for DD&A are based on estimates of proved reserves. There are numerous uncertainties inherent in estimating quantities of proved reserves and in projecting the future rates of production, timing, and plan of development. The accuracy of any reserves estimate is a function of the quality of available data and of engineering and geological interpretation and judgment. Results of drilling, testing, and production subsequent to the date of the estimate may justify revision of such estimates. Accordingly, reserves estimates are often different from the quantities of oil and natural gas that are ultimately recovered. | ||||||||||||||||||
Due to the effects of pricing, timing of projects and changes in our reserves product mix, in 2013 we reported a non-cash write-down on a before-tax basis of $73.9 million on our oil and natural gas properties. | ||||||||||||||||||
It is reasonably possible that our estimate of discounted future net cash flows from proved oil and natural gas reserves could change in the near term and that additional non-cash write-downs of oil and natural gas properties would occur in the future. If future capital expenditures out pace future discounted net cash flows in our reserve calculations, if we have significant declines in our oil and natural gas reserves volumes (which also reduces our estimate of discounted future net cash flows from proved oil and natural gas reserves) or if oil or natural gas prices decline, non-cash write-downs of our oil and natural gas properties could occur in the future. We cannot control and cannot predict what future prices for oil and natural gas will be, thus we cannot estimate the amount or timing of any potential future non-cash write-down of our oil and natural gas properties due to decreases in oil or natural gas prices. | ||||||||||||||||||
Revenue Recognition. Oil and gas revenues are recognized when production is sold to a purchaser at a fixed or determinable price, when delivery has occurred and title has transferred, and if collectability of the revenue is probable. Swift Energy uses the entitlement method of accounting in which we recognize our ownership interest in production as revenue. If our sales exceed our ownership share of production, the natural gas balancing payables are reported in “Accounts payable and accrued liabilities” on the accompanying consolidated balance sheets. Natural gas balancing receivables are reported in “Other current assets” on the accompanying consolidated balance sheets when our ownership share of production exceeds sales. As of December 31, 2013 and 2012, we did not have any material natural gas imbalances. | ||||||||||||||||||
Reclassification of Prior Period Balances. Certain reclassifications have been made to prior period amounts to conform to the current-year presentation. | ||||||||||||||||||
Accounts Receivable. We assess the collectability of accounts receivable, and based on our judgment, we accrue a reserve when we believe a receivable may not be collected. At December 31, 2013 and 2012, we had an allowance for doubtful accounts of approximately $0.1 million. The allowance for doubtful accounts has been deducted from the total “Accounts receivable” balance on the accompanying consolidated balance sheets. | ||||||||||||||||||
At December 31, 2013, our “Accounts receivable” balance included $56.9 million for oil and gas sales, $1.6 million for joint interest owners, $11.6 million for severance tax credit receivables and $0.8 million for other receivables. At December 31, 2012, our “Accounts receivable” balance included $53.9 million for oil and gas sales, $3.6 million for joint interest owners, $5.8 million for severance tax credit receivables and $4.1 million for other receivables. | ||||||||||||||||||
Debt Issuance Costs. Legal fees, accounting fees, underwriting fees, printing costs, and other direct expenses associated with extensions of our bank credit facility and public debt offerings were capitalized and are amortized on an effective interest basis over the life of each of the respective senior note offerings and credit facility. | ||||||||||||||||||
The 7.125% senior notes due in 2017 mature on June 1, 2017, and the remaining balance of their issuance costs at December 31, 2013, was $1.8 million. The 8.875% senior notes due in 2020 mature on January 15, 2020, and the remaining balance of their issuance costs at December 31, 2013, was $3.6 million. The 7.875% senior notes due in 2022 mature on March 1, 2022, and the balance of their remaining issuance costs at December 31, 2013, was $6.5 million. The remaining balance of revolving credit facility issuance costs at December 31, 2013, was $3.3 million. | ||||||||||||||||||
Price-Risk Management Activities. The Company follows FASB ASC 815-10, which requires that changes in the derivative’s fair value are recognized currently in earnings unless specific hedge accounting criteria are met. The guidance also establishes accounting and reporting standards requiring that every derivative instrument (including certain derivative instruments embedded in other contracts) is recorded in the consolidated balance sheets as either an asset or a liability measured at its fair value. Hedge accounting for a qualifying hedge allows the gains and losses on derivatives to offset related results on the hedged item in the statement of operations and requires that a company formally document, designate, and assess the effectiveness of transactions that receive hedge accounting. | ||||||||||||||||||
Prior to January 1, 2013, the Company had elected hedge accounting on all qualifying derivative instruments. As of December 31, 2012, the Company did not have any outstanding derivatives. For all derivatives entered into after January 1, 2013, the Company elected not to apply hedge accounting. The changes in the fair value of our derivatives initiated after January 1, 2013 are recognized in "Price-risk management and other, net” on the accompanying consolidated statements of operations. | ||||||||||||||||||
We have a price-risk management policy to use derivative instruments to protect against declines in oil and natural gas prices, mainly through the purchase of price floors, calls, swaps, collars and participating collars. Prior to January 1, 2013, all hedges were designated as a hedge of the variability in cash flows associated with the forecasted sale of oil and natural gas production. Changes in the fair value of a hedge that was highly effective and was designated, documented and qualified as a cash flow hedge, to the extent that the hedge was effective, were recorded in “Accumulated other comprehensive income, net of income tax” on the accompanying consolidated balance sheets. When the hedged transactions were recorded upon the actual sale of the oil and natural gas, those gains or losses were reclassified from “Accumulated other comprehensive income, net of income tax” and were recorded in “Price-risk management and other, net” on the accompanying consolidated statements of operations. Changes in the fair value of derivatives that did not meet the criteria for hedge accounting, and the ineffective portion of the hedge for which hedge accounting was elected, were recognized in "Price-risk management and other, net." | ||||||||||||||||||
For the years ended December 31, 2013, 2012 and 2011, we recognized net gains (losses) of ($0.9) million, $2.3 million and ($0.9) million, respectively, relating to our derivative activities. These amounts include an unrealized loss of $0.1 million for the year ended December 31, 2013. Had these amounts been recognized in the oil and gas sales account they would not have materially changed our per unit sales prices received. The ineffectiveness for the years ended December 31, 2012 and 2011, was not material. The effects of our derivatives are included in the "Other" section of our operating activities on the accompanying consolidated statements of cash flows. | ||||||||||||||||||
The fair values of our derivatives are computed using commonly accepted industry-standard models and are periodically verified against quotes from brokers. The fair value of our derivative assets at December 31, 2013 was $0.8 million which was recognized on the accompanying consolidated balance sheet in “Other current assets.” The fair value of our derivative liabilities at December 31, 2013 was $0.9 million which was recognized on the accompanying consolidated balance sheet in “Accounts payable and accrued liabilities.” | ||||||||||||||||||
The Company uses an International Swap and Derivatives Association "ISDA" master agreement for all derivative contracts. This is an industry standardized contract containing the general conditions of our derivative transactions including provisions relating to netting derivative settlement payments under certain circumstances (such as default). For reporting purposes, the Company has elected to not offset the asset and liability fair value amounts of its derivatives on the accompanying balance sheets. If all counterparties were in a default situation, the Company, under the right of set-off, would show a net derivative fair value liability of $0.1 million at December 31, 2013. For further discussion related to the fair value of the Company's derivatives, refer to Note 10 of these consolidated financial statements. | ||||||||||||||||||
At December 31, 2013, we had less than $0.1 million in receivables for settled derivatives which were recognized on the accompanying balance sheet in “Accounts receivable” and were subsequently collected in January 2014. At December 31, 2013, we also had $0.2 million in payables for settled derivatives which were recognized on the accompanying balance sheet in "Accounts payable and accrued liabilities" and were subsequently paid in January 2014. | ||||||||||||||||||
The following tables summarize the weighted average prices and future production volumes for various derivative contracts the Company had in place as of December 31, 2013. | ||||||||||||||||||
Collars | ||||||||||||||||||
Oil Derivatives | Total Volumes (Bbls) | Swap Fixed Price | Purchased Call Price | Floor | Ceiling Price | |||||||||||||
(NYMEX WTI Settlements) | Price | |||||||||||||||||
2014 Contracts | ||||||||||||||||||
Swaps | 462,000 | $ | 98.19 | |||||||||||||||
Calls | 87,000 | $ | 116.6 | |||||||||||||||
Collars | 87,000 | $ | 95 | $ | 107.3 | |||||||||||||
Collars | ||||||||||||||||||
Natural Gas Derivatives | Total Volumes (MMBtu) | Swap Fixed Price | Floor | Ceiling Price | ||||||||||||||
(NYMEX Henry Hub Settlements) | Price | |||||||||||||||||
2014 Contracts | ||||||||||||||||||
Swaps | 7,460,000 | $ | 4.1 | |||||||||||||||
Collars | 3,075,000 | $ | 4.13 | $ | 4.44 | |||||||||||||
2015 Contracts | ||||||||||||||||||
Swaps | 900,000 | $ | 4.42 | |||||||||||||||
Natural Gas Basis Derivatives | Total Volumes (MMBtu) | Swap Fixed Price | ||||||||||||||||
(East Texas Houston Ship Channel Settlements) | ||||||||||||||||||
2014 Contracts | ||||||||||||||||||
Swaps | 2,030,000 | $ | 0.085 | |||||||||||||||
Supervision Fees. Consistent with industry practice, we charge a supervision fee to the wells we operate including our wells in which we own up to a 100% working interest. Supervision fees are recorded as a reduction to “General and administrative, net”, on the accompanying consolidated statements of operations. Our supervision fees are based on COPAS industry guidelines. The amount of supervision fees charged for the years ended December 31, 2013, 2012 and 2011, respectively, did not exceed our actual costs incurred. The total amount of supervision fees charged to the wells we operated was $11.6 million, $11.3 million and $12.9 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||||||
Inventories. Inventories consist primarily of tubulars and other equipment and supplies that we expect to place in service in production operations. Inventories carried at cost (weighted average method) are included in “Other current assets” on the accompanying consolidated balance sheets totaling $3.5 million and $5.6 million at December 31, 2013 and 2012, respectively. | ||||||||||||||||||
For the year ended December 31, 2011, we recorded a charge of $2.1 million related to inventory obsolescence in “Price-risk management and other, net” on the accompanying consolidated statement of operations. | ||||||||||||||||||
Income Taxes. Under guidance contained in FASB ASC 740-10, deferred taxes are determined based on the estimated future tax effects of differences between the financial statement and tax basis of assets and liabilities, given the provisions of the enacted tax laws. | ||||||||||||||||||
We follow the recognition and disclosure provisions under guidance contained in FASB ASC 740-10-25. Under this guidance, tax positions are evaluated for recognition using a more-likely-than-not threshold, and those tax positions requiring recognition are measured as the largest amount of tax benefit that is greater than fifty percent likely of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. Our policy is to record interest and penalties relating to uncertain tax positions in income tax expense. | ||||||||||||||||||
Accounts Payable and Accrued Liabilities. The “Accounts payable and accrued liabilities” balances on the accompanying consolidated balance sheets are summarized below (in thousands): | ||||||||||||||||||
December 31, | December 31, | |||||||||||||||||
2013 | 2012 | |||||||||||||||||
Trade accounts payable (1) | $ | 30,769 | $ | 31,128 | ||||||||||||||
Accrued operating expenses | 17,059 | 14,647 | ||||||||||||||||
Accrued payroll costs | 10,938 | 12,297 | ||||||||||||||||
Asset retirement obligation – current portion | 15,859 | 7,134 | ||||||||||||||||
Accrued taxes | 5,845 | 5,373 | ||||||||||||||||
Other payables | 2,891 | 4,799 | ||||||||||||||||
Total accounts payable and accrued liabilities | $ | 83,361 | $ | 75,378 | ||||||||||||||
(1) Included in “trade accounts payable” are liabilities of approximately $26.1 million and $13.3 million at December 31, 2013 and 2012, respectively, for outstanding checks. | ||||||||||||||||||
Cash and Cash Equivalents. We consider all highly liquid instruments with an initial maturity of three months or less to be cash equivalents. | ||||||||||||||||||
Credit Risk Due to Certain Concentrations. We extend credit, primarily in the form of uncollateralized oil and gas sales and joint interest owners' receivables, to various companies in the oil and gas industry, which results in a concentration of credit risk. The concentration of credit risk may be affected by changes in economic or other conditions within our industry and may accordingly impact our overall credit risk. However, we believe that the risk of these unsecured receivables is mitigated by the size, reputation, and nature of the companies to which we extend credit. From certain customers we also obtain letters of credit or parent company guaranties, if applicable, to reduce risk of loss. For the years ended December 31, 2013, 2012 and 2011, Shell Oil Company and affiliates accounted for 33%, 46% and 49% of our total oil and gas gross receipts, respectively. BP America accounted for approximately 21% of our total oil and gas gross receipts in 2013 while Southcross Energy accounted for approximately 11% of our total oil and gas gross receipts in 2012. Credit losses in each of the last three years were immaterial. | ||||||||||||||||||
Restricted Cash. These balances primarily include amounts held in escrow accounts to satisfy plugging and abandonment obligations. As of December 31, 2013 and 2012, these assets were approximately $1.0 million, respectively. These amounts are restricted as to their current use, and will be released when we have satisfied all plugging and abandonment obligations in certain fields. Restricted cash balances are reported in “Other Long-Term Assets” on the accompanying consolidated balance sheets. | ||||||||||||||||||
Asset Retirement Obligation. We record these obligations in accordance with the guidance contained in FASB ASC 410-20. This guidance requires entities to record the fair value of a liability for legal obligations associated with the retirement obligations of tangible long-lived assets in the period in which it is incurred. When the liability is initially recorded, the carrying amount of the related long-lived asset is increased. The liability is discounted from the expected date of abandonment. Over time, accretion of the liability is recognized each period, and the capitalized cost is depreciated on a unit-of-production basis as part of depreciation, depletion, and amortization expense for our oil and gas properties. Upon settlement of the liability, the Company either settles the obligation for its recorded amount or incurs a gain or loss upon settlement which is included in the “Property and Equipment” balance on our accompanying consolidated balance sheets. This guidance requires us to record a liability for the fair value of our dismantlement and abandonment costs, excluding salvage values. | ||||||||||||||||||
The following provides a roll-forward of our asset retirement obligation (in thousands): | ||||||||||||||||||
Asset Retirement Obligation as of December 31, 2011 | $ | 76,393 | ||||||||||||||||
Accretion expense | 5,121 | |||||||||||||||||
Liabilities incurred for new wells and facilities construction | 2,195 | |||||||||||||||||
Reductions due to sold and abandoned wells and facilities | (2,824 | ) | ||||||||||||||||
Revisions in estimates | 5,892 | |||||||||||||||||
Asset Retirement Obligation as of December 31, 2012 | $ | 86,777 | ||||||||||||||||
Accretion expense | 6,181 | |||||||||||||||||
Liabilities incurred for new wells and facilities construction | 1,588 | |||||||||||||||||
Reductions due to sold and abandoned wells and facilities | (16,394 | ) | ||||||||||||||||
Revisions in estimates | 932 | |||||||||||||||||
Asset Retirement Obligation as of December 31, 2013 | $ | 79,084 | ||||||||||||||||
Effective May 1, 2013, we sold our Brookeland field in Texas. This sale included the buyer's assumption of our plugging and abandonment liability for which we were carrying an $11.3 million asset retirement obligation. This decrease is shown above in “Reductions due to sold and abandoned wells and facilities.” | ||||||||||||||||||
At December 31, 2013 and 2012, approximately $15.9 million and $7.1 million, respectively, of our asset retirement obligation was classified as a current liability in “Accounts payable and accrued liabilities” on the accompanying consolidated balance sheets. | ||||||||||||||||||
New Accounting Pronouncements. There are no material new accounting pronouncements that have been issued but not yet adopted as of December 31, 2013. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||||||||||||||||||
Earnings Per Share | |||||||||||||||||||||||||||||||||
The Company computes earnings per share in accordance with FASB ASC 260-10. Basic earnings per share (“Basic EPS”) has been computed using the weighted average number of common shares outstanding during each period. Diluted earnings per share ("Diluted EPS") assumes, as of the beginning of the period, exercise of stock options and restricted stock grants using the treasury stock method. Diluted EPS also assumes conversion of performance-based restricted stock units to common shares based on the number of shares (if any) that would be issuable, according to predetermined performance and market goals, if the end of the reporting period was the end of the performance period. As we recognized a net loss for the year ended December 31, 2013, the unvested share-based payments and stock options were not recognized in diluted earnings per share (“Diluted EPS”) calculations as they would be antidilutive. Certain of our stock options and restricted stock grants that would potentially dilute Basic EPS in the future were also antidilutive for the years ended December 31, 2012 and 2011, and are discussed below. | |||||||||||||||||||||||||||||||||
Due to amendments to our stock plan agreement made in May 2013 which clarify that unvested shares or unvested units are not dividend eligible, our earnings per share calculations, including historical periods, have been presented based on the traditional earnings per share calculation methodology instead of the two-class methodology. The effects of this change were immaterial for all historical periods presented. | |||||||||||||||||||||||||||||||||
The following is a reconciliation of the numerators and denominators used in the calculation of Basic and Diluted EPS for the years ended December 31, 2013, 2012 and 2011 (in thousands, except per share amounts): | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Income | Shares | Per Share | Income | Shares | Per Share | Income | Shares | Per Share | |||||||||||||||||||||||||
from | Amount | from | Amount | from | Amount | ||||||||||||||||||||||||||||
Continuing | Continuing | Continuing | |||||||||||||||||||||||||||||||
Operations | Operations | Operations | |||||||||||||||||||||||||||||||
Basic EPS: | |||||||||||||||||||||||||||||||||
Net Income (Loss) and Share Amounts | $ | (19,032 | ) | 43,331 | $ | (0.44 | ) | $ | 20,939 | 42,840 | $ | 0.49 | $ | 84,610 | 42,394 | $ | 2 | ||||||||||||||||
Dilutive Securities: | |||||||||||||||||||||||||||||||||
Stock Options | — | 90 | 235 | ||||||||||||||||||||||||||||||
Restricted Stock Awards | — | 244 | 267 | ||||||||||||||||||||||||||||||
Restricted Stock Units | — | — | — | ||||||||||||||||||||||||||||||
Diluted EPS: | |||||||||||||||||||||||||||||||||
Net Income (Loss) and Assumed Share Conversions | $ | (19,032 | ) | 43,331 | $ | (0.44 | ) | $ | 20,939 | 43,174 | $ | 0.48 | $ | 84,610 | 42,896 | $ | 1.97 | ||||||||||||||||
Options to purchase approximately 1.5 million shares at an average exercise price of $33.38 were outstanding at December 31, 2013, while options to purchase approximately 1.6 million shares at an average exercise price of $33.13 were outstanding at December 31, 2012 and options to purchase approximately 1.4 million shares at an average exercise price of $32.46 were outstanding at December 31, 2011. | |||||||||||||||||||||||||||||||||
All of the 1.6 million stock options to purchase shares were not included in the computation of Diluted EPS for the year ended December 31, 2013, as they would be antidilutive given the net loss from continuing operations. Approximately 1.3 million and 0.8 million stock options to purchase shares were not included in the computation of Diluted EPS for the years ended December 31, 2012 and 2011, respectively, because these stock options were antidilutive. | |||||||||||||||||||||||||||||||||
All of the 0.3 million restricted stock awards were not included in the computation of Diluted EPS for the year ended December 31, 2013, as they would be antidilutive given the net loss from continuing operations. Approximately 0.3 million and 0.2 million restricted stock awards were not included in the computation of Diluted EPS for the years ended December 31, 2012 and 2011, respectively, because they were antidilutive. | |||||||||||||||||||||||||||||||||
Approximately 0.3 million shares related to performance-based restricted stock units that could be converted to common shares based on predetermined performance and market goals were not included in the computation of Diluted EPS for year ended December 31, 2013, primarily because the performance and market conditions had not been met, assuming the end of the reporting period was the end of the performance period. |
Provision_Benefit_for_Income_T
Provision (Benefit) for Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Provision (Benefit) for Income Taxes | ' | |||||||||||
Provision (Benefit) for Income Taxes | ||||||||||||
Income (Loss) from continuing operations before taxes is as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | $ | (25,805 | ) | $ | 36,578 | $ | 135,104 | |||||
The following is an analysis of the consolidated income tax provision (benefit) from continuing operations (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current | $ | (12 | ) | $ | (1,144 | ) | $ | 1,616 | ||||
Deferred | (6,761 | ) | 16,783 | 48,878 | ||||||||
Total | $ | (6,773 | ) | $ | 15,639 | $ | 50,494 | |||||
Reconciliations of income taxes computed using the U.S. Federal statutory rate to the effective income tax rates are as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Income taxes computed at U.S. statutory rate (35%) | $ | (9,032 | ) | $ | 12,803 | $ | 47,282 | |||||
State tax provisions (benefits), net of federal benefits | (496 | ) | (964 | ) | (1,158 | ) | ||||||
Non-deductible equity compensation | 1,127 | 1,911 | 1,537 | |||||||||
Stock-based compensation tax shortfall | 558 | — | — | |||||||||
Valuation allowances | 385 | 2,370 | 2,273 | |||||||||
Expiration of carryover items | 400 | — | — | |||||||||
Uncertain Tax Positions | — | (977 | ) | — | ||||||||
Other, net | 285 | 496 | 560 | |||||||||
Provision (benefit) for income taxes | $ | (6,773 | ) | $ | 15,639 | $ | 50,494 | |||||
Effective rate | 26.2 | % | 42.8 | % | 37.4 | % | ||||||
The Company’s operations are concentrated in Texas and Louisiana. The Company’s state tax provision varies in proportion to the overall statutory rate due to differences in deductions allowed for U.S. Federal and state income taxes. | ||||||||||||
In 2013, the Company recorded tax expense of $0.6 million for stock-based compensation shortfall. This shortfall is for stock compensation grants on which the realized tax deduction was less than expense booked for these grants. Historically, the Company recorded excess tax benefits and shortfalls to paid-in-capital. However, during 2013 the Company exhausted its APIC Pool. The total tax effect of the shortfall for the year was $2.2 million, with $1.6 million being recorded as a reduction in paid-in-capital, and the remainder to tax expense. | ||||||||||||
The valuation allowances are primarily attributable to Louisiana net operating loss carryovers. | ||||||||||||
The tax effects of temporary differences representing the net deferred tax asset (liability) at December 31, 2013 and 2012 were as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets: | ||||||||||||
Federal net operating loss (“NOL”) carryovers | $ | 117,984 | $ | 93,600 | ||||||||
NOLs for excess stock-based compensation | (9,615 | ) | (9,676 | ) | ||||||||
State NOL carryovers | 14,626 | 13,686 | ||||||||||
Alternative minimum tax credits | 2,092 | 2,092 | ||||||||||
Other Carryover Items | 1,295 | 1,378 | ||||||||||
Unrealized share-based compensation | 9,957 | 9,096 | ||||||||||
Valuation allowance | (6,703 | ) | (6,318 | ) | ||||||||
Other | 6,050 | 5,909 | ||||||||||
Total deferred tax assets | $ | 135,686 | $ | 109,767 | ||||||||
Deferred tax liabilities: | ||||||||||||
Oil and gas exploration and development costs | $ | (347,178 | ) | $ | (324,031 | ) | ||||||
Other | (918 | ) | (3,300 | ) | ||||||||
Total deferred tax liabilities | $ | (348,096 | ) | $ | (327,331 | ) | ||||||
Net deferred tax liabilities | $ | (212,410 | ) | $ | (217,564 | ) | ||||||
Net current deferred tax assets | 4,974 | 5,679 | ||||||||||
Net non-current deferred tax liabilities | $ | (217,384 | ) | $ | (223,243 | ) | ||||||
The federal NOL carryovers totaling $337.1 million will expire between 2027 and 2033 if not utilized in earlier periods. Deferred tax benefits for excess stock-based compensation deductions represent stock-based compensation that have generated tax deductions that have not yet resulted in a cash tax benefit because the Company has NOL carryovers. The Company plans to recognize the federal NOL net deferred tax assets associated with excess stock-based compensation tax deductions only when all other components of the federal NOL carryover tax assets have been fully utilized. If and when the excess stock-based compensation related NOL carryover tax assets are realized, the benefit will be credited directly to equity. The state NOL carryovers are for Louisiana. The Louisiana loss carryovers are scheduled to expire between 2014 and 2028. The valuation allowances include $6.6 million and $6.0 million for 2013 and 2012, respectively for the Louisiana NOL carryovers. | ||||||||||||
U.S. Federal income tax returns for 2007 forward, Louisiana income tax returns from 1999 forward, New Zealand income tax returns after 2007, and Texas franchise tax returns after 2008 remain open to possible examination by the taxing authorities. There are no material unresolved items related to periods previously audited by these taxing authorities. No other state returns are significant to our financial position. | ||||||||||||
As of December 31, 2013, we do not have any accrued liability for uncertain tax positions. We do not believe the total of unrecognized tax positions will significantly increase or decrease during the next 12 months. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
Long-Term Debt | ||||||||
Our long-term debt as of December 31, 2013 and 2012, was as follows (in thousands): | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
7.125% senior notes due in 2017 | $ | 250,000 | $ | 250,000 | ||||
8.875% senior notes due in 2020 (1) | 222,446 | 222,147 | ||||||
7.875% senior notes due in 2022 (1) | 404,922 | 405,387 | ||||||
Bank Borrowings | 265,000 | 39,400 | ||||||
Long-Term Debt (1) | $ | 1,142,368 | $ | 916,934 | ||||
(1) Amounts are shown net of any debt discount or premium | ||||||||
As of December 31, 2013, our bank borrowings of $265.0 million were due in 2017. The maturities on our senior notes were $250.0 million in 2017, $225.0 million in 2020 and $400.0 million in 2022. | ||||||||
We have capitalized interest on our unproved properties in the amount of $7.2 million, $7.9 million and $7.7 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||
Bank Borrowings. On October 28, 2013, our syndicate of 11 banks reaffirmed the borrowing base of $450.0 million on our $500.0 million credit facility. The commitment amount of $450.0 million and maturity date of November 1, 2017 remained unchanged. Our next scheduled borrowing base redetermination is scheduled for May 2014. | ||||||||
At December 31, 2013 and 2012, we had $265.0 million and $39.4 million in outstanding borrowings under our credit facility, respectively. The interest rate on our credit facility is either (a) the lead bank’s prime rate plus an applicable margin or (b) the Eurodollar rate plus an applicable margin. However with respect to (a), if the lead bank’s prime rate is not higher than each of the federal funds rate plus 0.5%, and the adjusted London Interbank Offered Rate (“LIBOR”) plus 1%, the greatest of these three rates will then apply. The applicable margins vary depending on the level of outstanding debt with escalating rates of 50 to 150 basis points above the Alternative Base Rate and escalating rates of 150 to 250 basis points for Eurodollar rate loans. During 2013, the lead bank’s prime rate was 3.25% and the commitment fee associated with the credit facility was 0.5%. | ||||||||
The terms of our credit facility include, among other restrictions, a limitation on the level of cash dividends (not to exceed $15.0 million in any fiscal year), a remaining aggregate limitation on purchases of our stock of $50.0 million, requirements as to maintenance of certain minimum financial ratios (principally pertaining to adjusted working capital ratios and EBITDAX as defined in the terms of our credit facility) and limitations on incurring other debt. Since inception, no cash dividends have been declared on our common stock. As of December 31, 2013, we were in compliance with the provisions of this agreement. The credit facility is secured by our oil and natural gas properties. Under the terms of the credit facility, the commitment amount can be less than or equal to the total amount of the borrowing base with unanimous consent of the bank group as it might change from time to time. | ||||||||
Interest expense on the credit facility, including commitment fees and amortization of debt issuance costs, totaled $6.0 million, $3.7 million and $2.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. The amount of commitment fees included in interest expense, net was $1.1 million, $1.4 million and $1.5 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||
Senior Notes Due In 2022. These notes consist of $400.0 million of 7.875% senior notes that will mature on March 1, 2022. On November 30, 2011, we issued $250.0 million of these senior notes at a discount of $2.1 million or 99.156% of par, which equates to an effective yield to maturity of 8%. The original discount of $2.1 million is recorded in “Long-Term Debt” on our consolidated balance sheets and will be amortized over the life of the notes using the effective interest method. On October 3, 2012, we issued an additional $150.0 million of these senior notes at 105% of par, which equates to a yield to worst of 6.993%. The premium of $7.5 million is recorded in “Long-Term Debt” on our consolidated balance sheets and will be amortized over the life of the notes using the effective interest method. The notes are senior unsecured obligations that rank equally with all of our existing and future senior unsecured indebtedness, are effectively subordinated to all our existing and future secured indebtedness to the extent of the value of the collateral securing such indebtedness, including borrowing under our bank credit facility, and will rank senior to any future subordinated indebtedness of Swift Energy. Interest on these notes is payable semi-annually on March 1 and September 1 and commenced on March 1, 2012. On or after March 1, 2017, we may redeem some or all of these notes, with certain restrictions, at a redemption price, plus accrued and unpaid interest, of 103.938% of principal, declining in twelve-month intervals to 100% in 2020 and thereafter. In addition, prior to March 1, 2015, we may redeem up to 35% of the principal amount of the notes with the net proceeds of qualified offerings of our equity at a redemption price of 107.875% of the principal amount of the notes, plus accrued and unpaid interest. We incurred approximately $7.5 million of debt issuance costs related to these notes, which is included in “Other Long–Term Assets” on the accompanying consolidated balance sheets and will be amortized to interest expense, net over the life of the notes using the effective interest method. In the event of certain changes in control of Swift Energy, each holder of notes will have the right to require us to repurchase all or any part of the notes at a purchase price in cash equal to 101% of the principal amount, plus accrued and unpaid interest to the date of purchase. The terms of these notes include, among other restrictions, limitations on our ability to repurchase shares, incur debt, create liens, make investments, transfer or sell assets, enter into transactions with affiliates and consolidate, merge or transfer all or substantially all of our assets. We were in compliance with the provisions of the indenture governing these senior notes as of December 31, 2013. | ||||||||
Interest expense on the senior notes due in 2022, including amortization of debt issuance costs and debt premium, totaled $31.6 million, $22.4 million and $1.7 million for the years ended December 31, 2013, 2012 and 2011. | ||||||||
Senior Notes Due In 2020. These notes consist of $225.0 million of 8.875% senior notes issued at 98.389% of par, which equates to an effective yield to maturity of 9.125%. The notes were issued on November 25, 2009 with an original discount of $3.6 million and will mature on January 15, 2020. The original discount of $3.6 million is recorded in “Long-Term Debt” on our consolidated balance sheets and will be amortized over the life of the notes using the effective interest method. The notes are senior unsecured obligations that rank equally with all of our existing and future senior unsecured indebtedness, are effectively subordinated to all our existing and future secured indebtedness to the extent of the value of the collateral securing such indebtedness, including borrowing under our bank credit facility, and will rank senior to any future subordinated indebtedness of Swift Energy. Interest on these notes is payable semi-annually on January 15 and July 15 and commenced on January 15, 2010. On or after January 15, 2015, we may redeem some or all of these notes, with certain restrictions, at a redemption price, plus accrued and unpaid interest, of 104.438% of principal, declining in twelve-month intervals to 100% in 2018 and thereafter. We incurred approximately $5.0 million of debt issuance costs related to these notes, which is included in “Other Long–Term Assets” on the accompanying consolidated balance sheets and will be amortized to interest expense, net over the life of the notes using the effective interest method. In the event of certain changes in control of Swift Energy, each holder of notes will have the right to require us to repurchase all or any part of the notes at a purchase price in cash equal to 101% of the principal amount, plus accrued and unpaid interest to the date of purchase. The terms of these notes include, among other restrictions, limitations on our ability to repurchase shares, incur debt, create liens, make investments, transfer or sell assets, enter into transactions with affiliates and consolidate, merge or transfer all or substantially all of our assets. We were in compliance with the provisions of the indenture governing these senior notes as of December 31, 2013. | ||||||||
Interest expense on the senior notes due in 2020, including amortization of debt issuance costs and debt discount, totaled $20.7 million for the year ended December 31, 2013 and $20.6 million for the years ended December 31, 2012 and 2011, respectively. | ||||||||
Senior Notes Due In 2017. These notes consist of $250.0 million of 7.125% senior notes due in 2017, which were issued on June 1, 2007 at 100% of the principal amount and will mature on June 1, 2017. The notes are senior unsecured obligations that rank equally with all of our existing and future senior unsecured indebtedness, are effectively subordinated to all our existing and future secured indebtedness to the extent of the value of the collateral securing such indebtedness, including borrowing under our bank credit facility, and will rank senior to any future subordinated indebtedness of Swift Energy. Interest on these notes is payable semi-annually on June 1 and December 1, and commenced on December 1, 2007. We may redeem some or all of these notes, with certain restrictions, starting at a redemption price of 102.375% of the principal, plus accrued and unpaid interest, declining in twelve-month intervals to 100% on June 1, 2015 and thereafter. We incurred approximately $4.2 million of debt issuance costs related to these notes, which is included in “Other Long-Term Assets” on the accompanying consolidated balance sheets and will be amortized to interest expense, net over the life of the notes using the effective interest method. In the event of certain changes in control of Swift Energy, each holder of notes will have the right to require us to repurchase all or any part of the notes at a purchase price in cash equal to 101% of the principal amount, plus accrued and unpaid interest to the date of purchase. The terms of these notes include, among other restrictions, limitations on our ability to repurchase shares, incur debt, create liens, make investments, transfer or sell assets, enter into transactions with affiliates and consolidate, merge or transfer all or substantially all of our assets. We were in compliance with the provisions of the indenture governing these senior notes as of December 31, 2013. | ||||||||
Interest expense on the senior notes due in 2017, including amortization of debt issuance costs, totaled $18.3 million for the year ended December 31, 2013 and $18.2 million for the years ended December 31, 2012 and 2011, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Rental and lease expenses were $20.5 million, $19.9 million and $19.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. The rental and lease expenses primarily relate to compressor rentals during the year and the lease of our office space in Houston, Texas. | |
Our remaining minimum annual obligations under non-cancelable operating lease commitments were $9.0 million for 2014, $1.3 million for 2015, $0.1 million for 2016 and $10.5 million in total. The remaining minimum annual obligations under non-cancelable operating lease commitments primarily relate to our initial ten-year lease for our office space in Houston, Texas which was set to expire in February 2015. In February 2014 we amended the lease eliminating our renewal options and extending the lease through November 30, 2015. We will amortize the total payments required under the lease agreement on a straight-line basis over the term of the lease. | |
Our employment agreement liabilities for certain named executive officers, as detailed in our most recent proxy statement, constitute the majority of other long-term liabilities on the balance sheet at both December 31, 2013 and 2012. | |
Our remaining gas transportation and processing minimum obligations were $8.8 million for 2014, $8.0 million for 2015, $6.5 million for 2016, $3.7 million for 2017, $3.7 million for 2018 and $36.2 million in the aggregate. | |
In the ordinary course of business, we have been party to various legal actions, which arise primarily from our activities as operator of oil and natural gas wells. In management's opinion, the outcome of any such currently pending legal actions will not have a material adverse effect on our financial position or results of operations. |
ShareBased_Compensation_Stockh
Share-Based Compensation Stockholders Equity (Notes) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Share-Based Compensation | ' | ||||||||||||||||
Share-Based Compensation | |||||||||||||||||
Share-Based Compensation Plans | |||||||||||||||||
We have multiple share-based compensation plans with outstanding awards including the 2005 Stock Compensation Plan, most recently amended by our Board of Directors in May 2013, which was approved by shareholders at the 2005 annual meeting of shareholders; the 2001 Omnibus Stock Compensation Plan, which was adopted by our Board of Directors in February 2001 and was approved by shareholders at the 2001 annual meeting of shareholders; the 1990 Non-Qualified Stock Option Plan solely for our independent directors. No further grants will be made under the 2001 Omnibus Stock Compensation Plan or the 1990 Non-Qualified Stock Option Plan, both of which were replaced by the 2005 Stock Compensation Plan, although stock option awards remain outstanding under the plans and are accordingly included in the tables below. In addition, we have an employee stock purchase plan and an employee stock ownership plan. We follow guidance contained in FASB ASC 718 to account for share-based compensation. | |||||||||||||||||
Under the 2005 plan, stock option awards and other equity based awards may be granted to employees, directors, and consultants, with directors only eligible to receive restricted awards. Under the 2001 plan, stock option awards and other equity based awards were granted to employees. Under the 1990 non-qualified plan, non-employee members of our Board of Directors were automatically granted stock option awards to purchase shares of common stock on a formula basis. All three plans provide that the exercise prices for stock option awards equal 100% of the fair value of the common stock on the date of grant. Restricted stock grants become vested over a three year period, and stock option awards become exercisable in various terms ranging from one year to five years. Stock option awards granted typically expire ten years after the date of grant or earlier in the event of the optionee's separation from employment. At the time the stock option awards are exercised, the cash received is credited to common stock and additional paid-in capital. The 2005 plan allows for the use of a “stock swap” in lieu of a cash exercise for stock option awards, under certain circumstances. The delivery of Swift Energy common stock, held by the optionee for a minimum of six months, which are considered mature shares, with a fair market value equal to the required purchase price of the shares to which the exercise relates, constitutes a valid “stock swap.” Stock option awards issued under a “stock swap” also previously included a reload feature that was discontinued during 2012. Mature shares that were delivered in “stock swap” transactions were 10,752, 20,692 and 79,194 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||
The employee stock purchase plan, which began in 1993, provides eligible employees the opportunity to acquire shares of Swift Energy common stock at a discount through payroll deductions. To date, employees have been allowed to authorize payroll deductions of up to 10% of their base salary, within IRS limitations and plan rules, during the plan year by making an election to participate prior to the start of a plan year. The purchase price for stock acquired under the plan is 85% of the lower of the closing price of our common stock as quoted on the New York Stock Exchange at the beginning or end of the plan year. Under this plan for the last three years, we have issued 72,273 shares at a price of $13.08 in 2013, 42,624 shares at a price of $25.26 in 2012 and 49,089 shares at a price of $20.37 in 2011. The contributions for the years ended December 31, 2013, 2012 and 2011 were all made in common stock. As of December 31, 2013, 405,656 shares remained available for issuance under this plan. | |||||||||||||||||
We receive a tax deduction for certain stock option exercises during the period the stock option awards are exercised, generally for the excess of the market value on the exercise date over the exercise price of the stock option awards. We receive an additional tax deduction when restricted stock awards vest at a higher value than the value used to recognize compensation expense at the date of grant. We are required to report excess tax benefits from the award of equity instruments as financing cash flows. We recognized an excess tax shortfall for the year ended December 31, 2013, as noted in Note 3. We did not recognize any material excess tax benefit or shortfall in earnings for the years ended December 31, 2012 and 2011. | |||||||||||||||||
Net cash proceeds from the exercise of stock option awards were not material for the year ended December 31, 2013 and were $0.6 million and $1.2 million for the years ended December 31, 2012 and 2011, respectively. The actual income tax benefit from stock option exercises was $0.3 million and $1.1 million for the years ended December 31, 2012 and 2011, respectively. | |||||||||||||||||
Share-based compensation expense for both stock option awards and restricted stock issued to both employees and non-employees, which was recorded in “General and administrative, net” in the accompanying consolidated statements of operations, was $9.7 million, $12.6 million and $11.9 million for the years ended December 31, 2013, 2012 and 2011, respectively. Share-based compensation recorded in lease operating cost was $0.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. We also capitalized $5.5 million, $5.2 million and $4.2 million of share-based compensation for the years ended December 31, 2013, 2012 and 2011, respectively. We view stock option awards and restricted stock awards with graded vesting as single awards with an expected life equal to the average expected life of component awards and amortize the awards on a straight-line basis over the life of the awards. | |||||||||||||||||
Our shares available for future grant under our Share-Based Compensation plans were 2,383,672 at December 31, 2013. Each stock option award granted reduces the aforementioned total by one share, while each restricted stock award and restricted stock unit granted reduces the shares available for future grant by 1.44 shares. | |||||||||||||||||
Stock Option Awards | |||||||||||||||||
We use the Black-Scholes-Merton option pricing model to estimate the fair value of stock option awards with the following weighted-average assumptions for stock option awards issued during the indicated periods: | |||||||||||||||||
Twelve Months Ended | |||||||||||||||||
December 31, | |||||||||||||||||
2012 | 2011 | ||||||||||||||||
Dividend yield | 0% | 0% | |||||||||||||||
Expected volatility | 61.20% | 58.80% | |||||||||||||||
Risk-free interest rate | 0.80% | 1.90% | |||||||||||||||
Expected life of stock option awards (in years) | 4.3 | 3.8 | |||||||||||||||
Weighted-average grant-date fair value | $15.71 | $19.17 | |||||||||||||||
During the year ended December 31, 2013, we did not grant any stock option awards. The expected term for grants issued considers all relevant factors including historical and expected future employee exercise behavior. We have analyzed historical volatility and, based on an analysis of all relevant factors, we have used a 5.5 year look-back period to estimate expected volatility of our stock option awards. | |||||||||||||||||
At December 31, 2013, we had $0.6 million of unrecognized compensation cost related to stock option awards, which is expected to be recognized over a weighted-average period of 0.5 years. The following table represents stock option award activity for the year ended December 31, 2013: | |||||||||||||||||
2013 | |||||||||||||||||
Shares | Wtd. Avg. | ||||||||||||||||
Exer. Price | |||||||||||||||||
Options outstanding, beginning of period | 1,585,594 | $ | 33.13 | ||||||||||||||
Options granted | — | $ | — | ||||||||||||||
Options canceled | (85,403 | ) | $ | 31.51 | |||||||||||||
Options exercised | (11,877 | ) | $ | 13.84 | |||||||||||||
Options outstanding, end of period | 1,488,314 | $ | 33.38 | ||||||||||||||
Options exercisable, end of period | 1,201,971 | $ | 32.93 | ||||||||||||||
There was no aggregate intrinsic value for our outstanding and exercisable stock option awards at December 31, 2013 since all outstanding stock option awards were out of the money. The weighted average remaining contract life of stock option awards outstanding and exercisable at December 31, 2013 was 5.3 years and 4.7 years, respectively. The total intrinsic value of stock option awards exercised for the year ended December 31, 2013 was not material and was $0.9 million and $4.2 million, for the years ended December 31, 2012 and 2011, respectively. | |||||||||||||||||
The following table summarizes information about stock option awards outstanding at December 31, 2013: | |||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||
Range of Exercise Prices | Number Outstanding at 12/31/13 | Wtd. Avg. Remaining Contractual Life | Wtd. Avg. Exercise Price | Number Exercisable at 12/31/13 | Wtd. Avg. Exercise Price | ||||||||||||
$8.00 to $24.99 | 430,730 | 5.2 | $ | 20.04 | 430,730 | $ | 20.04 | ||||||||||
$25.00 to $44.99 | 1,051,893 | 5.4 | $ | 38.72 | 765,550 | $ | 40 | ||||||||||
$45.00 to $65.00 | 5,691 | 1.3 | $ | 55.98 | 5,691 | $ | 55.98 | ||||||||||
$8.00 to $65.00 | 1,488,314 | 5.3 | $ | 33.38 | 1,201,971 | $ | 32.93 | ||||||||||
Restricted Stock Awards | |||||||||||||||||
For the years ended December 31, 2013, 2012 and 2011, the Company issued 869,430, 543,800 and 499,050 shares, respectively, of restricted stock to employees, consultants, and directors. These shares vest over three years and remain subject to forfeiture if vesting conditions are not met. The weighted average fair values of these shares when issued, for the years ended December 31, 2013, 2012 and 2011 were $14.86, $31.12 and $40.28 per share, respectively. | |||||||||||||||||
The compensation expense for these awards was determined based on the closing market price of our stock at the date of grant applied to the total number of shares that were anticipated to fully vest. As of December 31, 2013, we had unrecognized compensation expense of $13.2 million related to restricted stock awards which is expected to be recognized over a weighted-average period of 1.5 years. The grant date fair values of shares vested for the years ended December 31, 2013, 2012 and 2011 were $12.8 million, $10.0 million and $8.7 million, respectively. | |||||||||||||||||
The following table represents restricted stock award activity for the year ended December 31, 2013: | |||||||||||||||||
2013 | |||||||||||||||||
Shares | Wtd. Avg. | ||||||||||||||||
Grant Price | |||||||||||||||||
Restricted shares outstanding, beginning of period | 896,164 | $ | 33.38 | ||||||||||||||
Restricted shares granted | 869,430 | $ | 14.86 | ||||||||||||||
Restricted shares canceled | (106,903 | ) | $ | 25.79 | |||||||||||||
Restricted shares vested | (391,581 | ) | $ | 32.65 | |||||||||||||
Restricted shares outstanding, end of period | 1,267,110 | $ | 21.54 | ||||||||||||||
Performance-Based Restricted Stock Units | |||||||||||||||||
In 2013, our executive compensation program was modified and, for the first time in February 2013, performance-based restricted stock units were granted containing predetermined market and performance conditions set by our compensation committee with a performance period of 3 years and a cliff vesting period of 3.1 years. We granted 189,700 of these units at a 100% of target payout while the conditions of the grants allow for a payout ranging between no payout and 200% of target. | |||||||||||||||||
The compensation expense for the market condition is based on a grant date valuation of $14.85 per unit using a Monte-Carlo simulation. The unrecognized compensation expense related to these shares is approximately $1.5 million as of December 31, 2013 and is expected to be recognized over the next 2.3 years. The performance condition is remeasured quarterly and compensation expense is recorded based on the closing market price of our stock on the date of grant ($15.47 per unit) per unit multiplied by the expected payout level. The payout level is calculated based on actual performance achieved during the performance period compared to a defined peer group. The unrecognized compensation expense related to these shares, based on the current estimated payout level achieved for the performance period, is approximately $0.4 million as of December 31, 2013 and is expected to be recognized over the next 2.3 years. All performance-based restricted stock units granted during 2013 were outstanding as of December 31, 2013. The weighted average grant date fair value for all restricted stock units granted during 2013 was $15.01 per unit. | |||||||||||||||||
Employee Stock Ownership Plan | |||||||||||||||||
We established an Employee Stock Ownership Plan (“ESOP”) effective January 1, 1996. All employees over the age of 21 with one year of service are participants. This plan has a three-year cliff vesting requirement. The ESOP is designed to enable our employees to accumulate stock ownership. While there will be no employee contributions, participants will receive an allocation of stock that has been contributed by Swift Energy. Compensation expense is recognized upon vesting when such shares are released to employees. The plan may also acquire Swift Energy common stock, purchased at fair market value. The ESOP can borrow money from Swift Energy to buy Swift Energy common stock. ESOP payouts will be paid in a lump sum or installments, and the participants generally have the choice of receiving cash or stock. At December 31, 2013, 2012 and 2011, all of the ESOP compensation was earned. Our contribution to the ESOP plan totaled $0.2 million for the years ended December 31, 2013, 2012 and 2011, and were all made in common stock, from treasury shares, and are recorded as “General and administrative, net” on the accompanying consolidated statements of operations. The shares of common stock contributed to the ESOP plan, from treasury shares, totaled 14,815, 12,995 and 6,729 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||
Employee Savings Plan | |||||||||||||||||
We have a savings plan under Section 401(k) of the Internal Revenue Code. In 2013 this plan was updated so that eligible employees may make voluntary contributions into the 401(k) savings plan with Swift Energy contributing on behalf of the eligible employee an amount equal to 100% of the first 6% of compensation based on the contributions made by the eligible employees. Our contributions to the 401(k) savings plan were $1.8 million, $1.5 million and $1.4 million for the years ended December 31, 2013, 2012 and 2011, respectively, and were recorded as “General and administrative, net” on the accompanying consolidated statements of operations. The contributions were all made in common stock, from treasury shares. The shares of common stock contributed to the 401(k) savings plan totaled 140,078, 91,895 and 44,258 for the years ended December 31, 2013, 2012 and 2011, respectively. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Related-Party Transactions | |
We receive research, technical writing, publishing, and website-related services from Tec-Com Inc., a corporation located in Knoxville, Tennessee and controlled and majority owned by the aunt of the Company's Chairman of the Board and Chief Executive Officer. We paid Tec-Com, for services pursuant to the terms of the contract, approximately $0.6 million in 2013, 2012 and 2011. The contract was renewed on July 1, 2013 on substantially the same terms as the previous contract and expires June 30, 2014. | |
As a matter of corporate governance policy and practice, related party transactions are annually presented and considered by the Corporate Governance Committee of our Board of Directors in accordance with the Committee's charter. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2013 | |
Discontinued Operations and Disposal Groups [Abstract] | ' |
Discontinued Operations | ' |
Discontinued Operations | |
In August 2008, we completed the sale of our remaining New Zealand permit for $15.0 million; with three payments of $5.0 million to be received 9 months after the sale, 18 months after the sale, and 30 months after the sale. The Company initially deferred the gain on the sale due to legal claims around the transfer of this property. In July 2011, a settlement was reached and all legal claims were dismissed. As a result, in the second quarter of 2011, the Company recognized sale proceeds of $15.0 million, net of $0.6 million in capitalized costs in assets held for sale, relating to our remaining New Zealand permit. In accordance with guidance contained in FASB ASC 360-10, the results of operations for the New Zealand operations have been excluded from continuing operations and reported as discontinued operations for the current and prior periods. As of December 31, 2011, all payments under this sale agreement had been received. | |
Our income from discontinued operations, net of taxes was $14.2 million for the year ended December 31, 2011, which equated to $0.34 and $0.33 per basic and diluted share, respectively. |
Acquisitions_and_Dispositions
Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2013 | |
Business Combinations [Abstract] | ' |
Acquisitions and Dispositions | ' |
Acquisitions and Dispositions | |
Effective May 1, 2013, we disposed of our Brookeland field in Texas and received net cash proceeds of approximately $6.0 million. This disposition also included the buyer's assumption of our plugging and abandonment liability that was previously included as $11.3 million in "Asset Retirement Obligation" on the accompanying consolidated balance sheets. There were no material acquisitions in 2013, 2012 and 2011. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||
FASB ASC 820-10 defines fair value, establishes guidelines for measuring fair value and expands disclosure about fair value measurements. It does not create or modify any current GAAP requirements to apply fair value accounting. However, it provides a single definition for fair value that is to be applied consistently for all prior accounting pronouncements. | ||||||||||||||||||||||||
Our financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, bank borrowings, and senior notes. The carrying amounts of cash and cash equivalents, accounts receivable, and accounts payable approximate fair value due to the highly liquid or short-term nature of these instruments. | ||||||||||||||||||||||||
Based upon quoted market prices as of December 31, 2013, 2012 and 2011, the fair value and carrying value of our senior notes was as follows (in millions): | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | ||||||||||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | Fair Value | Carrying Value | |||||||||||||||||||
7.125% senior notes due in 2017 | $ | 256.7 | $ | 250 | $ | 258.1 | $ | 250 | $ | 254.8 | $ | 250 | ||||||||||||
8.875% senior notes due in 2020 | $ | 239.1 | $ | 222.4 | $ | 244.4 | $ | 222.1 | $ | 239.6 | $ | 221.9 | ||||||||||||
7.875% senior notes due in 2022 | $ | 409 | $ | 404.9 | $ | 424 | $ | 405.4 | $ | 252.8 | $ | 247.9 | ||||||||||||
Our senior notes due in 2017, 2020 and 2022 are stated at carrying value on our financial statements, net of any discount or premium. If we recorded these notes at fair value they would be Level 1 in our fair value hierarchy as they are traded in an active market with quoted prices for identical instruments. | ||||||||||||||||||||||||
At December 31, 2012, the Company did not have any derivative instruments. The following table presents our assets that are measured at fair value as of December 31, 2013, and are categorized using the fair value hierarchy. For additional discussion related to the fair value of the Company's derivatives, refer to Note 1 of these consolidated financial statements. The fair value hierarchy has three levels based on the reliability of the inputs used to determine the fair value (in millions): | ||||||||||||||||||||||||
Fair Value Measurements at | ||||||||||||||||||||||||
Total | Quoted Prices in | Significant Other | Significant | |||||||||||||||||||||
Active markets for | Observable Inputs | Unobservable | ||||||||||||||||||||||
Identical Assets | (Level 2) | Inputs | ||||||||||||||||||||||
(Level 1) | (Level 3) | |||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Natural Gas Derivatives | $ | 0.5 | $ | — | $ | 0.5 | $ | — | ||||||||||||||||
Oil Derivatives | $ | 0.3 | $ | — | $ | 0.3 | $ | — | ||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Natural Gas Derivatives | $ | 0.7 | $ | — | $ | 0.7 | $ | — | ||||||||||||||||
Oil Derivatives | $ | 0.2 | $ | — | $ | 0.2 | $ | — | ||||||||||||||||
Our derivative assets and liabilities in the table above are measured at gross fair value and are shown on the accompanying consolidated balance sheets in “Other current assets” and "Accounts payable and accrued liabilities", respectively. | ||||||||||||||||||||||||
Level 1 – Uses quoted prices in active markets for identical, unrestricted assets or liabilities. Instruments in this category have comparable fair values for identical instruments in active markets. | ||||||||||||||||||||||||
Level 2 – Uses quoted prices for similar assets or liabilities in active markets or observable inputs for assets or liabilities in non-active markets. Instruments in this category are periodically verified against quotes from brokers and include our commodity derivatives that we value using commonly accepted industry-standard models which contain inputs such as contract prices, risk-free rates, volatility measurements and other observable market data that are obtained from independent third-party sources. | ||||||||||||||||||||||||
Level 3 – Uses unobservable inputs for assets or liabilities that are in non-active markets. We do not have any assets or liabilities in this category that are not supported by market activity and have significant unobservable inputs. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information (Notes) | 12 Months Ended |
Dec. 31, 2013 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | ' |
Condensed Consolidating Financial Information | |
Swift Energy Company (the parent) is the issuer and Swift Energy Operating, LLC (a wholly owned indirect subsidiary of Swift Energy Company) is the sole guarantor of our senior notes due in 2017, 2020 and 2022. Swift Energy Company does not have any independent assets or operations. The guarantees on our senior notes due in 2017, 2020 and 2022 are full and unconditional. All subsidiaries of Swift Energy Company, other than Swift Energy Operating, LLC, are minor. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Principles of Consolidation | ' | |||||||
Principles of Consolidation. The accompanying consolidated financial statements include the accounts of Swift Energy and its wholly owned subsidiaries, which are engaged in the exploration, development, acquisition, and operation of oil and gas properties, with a focus on inland waters and onshore oil and natural gas reserves in Louisiana and Texas. Our undivided interests in oil and gas properties are accounted for using the proportionate consolidation method, whereby our proportionate share of each entity’s assets, liabilities, revenues, and expenses are included in the appropriate classifications in the accompanying consolidated financial statements. Intercompany balances and transactions have been eliminated in preparing the accompanying consolidated financial statements. | ||||||||
Discontinued Operations | ' | |||||||
Discontinued Operations. Unless otherwise indicated, information presented in the notes to the consolidated financial statements relates only to Swift Energy’s continuing operations. Information related to discontinued operations is included in Note 8 and in some instances, where appropriate, is included as a separate disclosure within the individual footnotes. | ||||||||
Subsequent Events | ' | |||||||
Subsequent Events. We have evaluated subsequent events of our consolidated financial statements. There were no material subsequent events requiring additional disclosure in these financial statements. | ||||||||
Use of Estimates | ' | |||||||
Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires us to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the reported amounts of certain revenues and expenses during each reporting period. We believe our estimates and assumptions are reasonable; however, such estimates and assumptions are subject to a number of risks and uncertainties that may cause actual results to differ materially from such estimates. Significant estimates and assumptions underlying these financial statements include: | ||||||||
• | the estimated quantities of proved oil and natural gas reserves used to compute depletion of oil and natural gas properties and the related present value of estimated future net cash flows there-from, | |||||||
• | estimates related to the collectability of accounts receivable and the credit worthiness of our customers, | |||||||
• | estimates of the counterparty bank risk related to letters of credit that our customers may have issued on our behalf, | |||||||
• | estimates of future costs to develop and produce reserves, | |||||||
• | accruals related to oil and gas sales, capital expenditures and lease operating expenses, | |||||||
• | estimates of insurance recoveries related to property damage, and the solvency of insurance providers, | |||||||
• | estimates in the calculation of share-based compensation expense, | |||||||
• | estimates of our ownership in properties prior to final division of interest determination, | |||||||
• | the estimated future cost and timing of asset retirement obligations, | |||||||
• | estimates made in our income tax calculations, | |||||||
• | estimates in the calculation of the fair value of hedging assets and liabilities, and | |||||||
• | estimates in the assessment of current litigation claims against the company. | |||||||
While we are not aware of any material revisions to any of our estimates, there will likely be future revisions to our estimates resulting from matters such as new accounting pronouncements, changes in ownership interests, payouts, joint venture audits, re-allocations by purchasers or pipelines, or other corrections and adjustments common in the oil and gas industry, many of which require retroactive application. These types of adjustments cannot be currently estimated and will be recorded in the period during which the adjustments occur. | ||||||||
Property and Equipment | ' | |||||||
Property and Equipment. We follow the “full-cost” method of accounting for oil and natural gas property and equipment costs. Under this method of accounting, all productive and nonproductive costs incurred in the exploration, development, and acquisition of oil and natural gas reserves are capitalized. Such costs may be incurred both prior to and after the acquisition of a property and include lease acquisitions, geological and geophysical services, drilling, completion, and equipment. Internal costs incurred that are directly identified with exploration, development, and acquisition activities undertaken by us for our own account, and which are not related to production, general corporate overhead, or similar activities, are also capitalized. For the years ended December 31, 2013, 2012 and 2011, such internal costs capitalized totaled $31.8 million, $31.1 million and $29.3 million, respectively. Interest costs are also capitalized to unproved oil and natural gas properties. For the years ended December 31, 2013, 2012 and 2011, capitalized interest on unproved properties totaled $7.2 million, $7.9 million and $7.7 million, respectively. Interest not capitalized and general and administrative costs related to production and general corporate overhead are expensed as incurred. | ||||||||
The “Property and Equipment” balances on the accompanying consolidated balance sheets are summarized for presentation purposes. The following is a detailed breakout of our “Property and Equipment” balances. | ||||||||
(in thousands) | December 31, | December 31, | ||||||
2013 | 2012 | |||||||
Property and Equipment | ||||||||
Proved oil and gas properties | $ | 5,600,279 | $ | 5,058,524 | ||||
Unproved oil and gas properties | 71,452 | 92,579 | ||||||
Furniture, fixtures, and other equipment | 42,368 | 41,690 | ||||||
Less – Accumulated depreciation, depletion, and amortization | (3,174,453 | ) | (2,847,773 | ) | ||||
Property and Equipment, Net | $ | 2,539,646 | $ | 2,345,020 | ||||
No gains or losses are recognized upon the sale or disposition of oil and natural gas properties, except in transactions involving a significant amount of reserves or where the proceeds from the sale of oil and natural gas properties would significantly alter the relationship between capitalized costs and proved reserves of oil and natural gas attributable to a cost center. Internal costs associated with selling properties are expensed as incurred. | ||||||||
Future development costs are estimated property-by-property based on current economic conditions and are amortized to expense as our capitalized oil and gas property costs are amortized. | ||||||||
We compute the provision for depreciation, depletion, and amortization (“DD&A”) of oil and natural gas properties using the unit-of-production method. Under this method, we compute the provision by multiplying the total unamortized costs of oil and gas properties—including future development costs, gas processing facilities, and both capitalized asset retirement obligations and undiscounted abandonment costs of wells to be drilled, net of salvage values, but excluding costs of unproved properties—by an overall rate determined by dividing the physical units of oil and natural gas produced during the period by the total estimated units of proved oil and natural gas reserves at the beginning of the period. This calculation is done on a country-by-country basis, and the period over which we will amortize these properties is dependent on our production from these properties in future years. Furniture, fixtures, and other equipment are recorded at cost and are depreciated by the straight-line method at rates based on the estimated useful lives of the property, which range between two and 20 years. Repairs and maintenance are charged to expense as incurred. Renewals and betterments are capitalized. | ||||||||
Geological and geophysical (“G&G”) costs incurred on developed properties are recorded in “Proved properties” and therefore subject to amortization. G&G costs incurred that are directly associated with specific unproved properties are capitalized in “Unproved properties” and evaluated as part of the total capitalized costs associated with a prospect. The cost of unproved properties not being amortized is assessed quarterly, on a property-by-property basis, to determine whether such properties have been impaired. In determining whether such costs should be impaired, we evaluate current drilling results, lease expiration dates, current oil and gas industry conditions, international economic conditions, capital availability, and available geological and geophysical information. Any impairment assessed is added to the cost of proved properties being amortized. | ||||||||
Full-Cost Ceiling Test | ' | |||||||
Full-Cost Ceiling Test. At the end of each quarterly reporting period, the unamortized cost of oil and natural gas properties (including natural gas processing facilities, capitalized asset retirement obligations, net of related salvage values and deferred income taxes, and excluding the recognized asset retirement obligation liability) is limited to the sum of the estimated future net revenues from proved properties (excluding cash outflows from recognized asset retirement obligations, including future development and abandonment costs of wells to be drilled, using the preceding 12-months’ average price based on closing prices on the first day of each month, adjusted for price differentials, discounted at 10%, and the lower of cost or fair value of unproved properties) adjusted for related income tax effects (“Ceiling Test”). This calculation is done on a country-by-country basis. | ||||||||
The calculations of the Ceiling Test and provision for DD&A are based on estimates of proved reserves. There are numerous uncertainties inherent in estimating quantities of proved reserves and in projecting the future rates of production, timing, and plan of development. The accuracy of any reserves estimate is a function of the quality of available data and of engineering and geological interpretation and judgment. Results of drilling, testing, and production subsequent to the date of the estimate may justify revision of such estimates. Accordingly, reserves estimates are often different from the quantities of oil and natural gas that are ultimately recovered. | ||||||||
Due to the effects of pricing, timing of projects and changes in our reserves product mix, in 2013 we reported a non-cash write-down on a before-tax basis of $73.9 million on our oil and natural gas properties. | ||||||||
It is reasonably possible that our estimate of discounted future net cash flows from proved oil and natural gas reserves could change in the near term and that additional non-cash write-downs of oil and natural gas properties would occur in the future. If future capital expenditures out pace future discounted net cash flows in our reserve calculations, if we have significant declines in our oil and natural gas reserves volumes (which also reduces our estimate of discounted future net cash flows from proved oil and natural gas reserves) or if oil or natural gas prices decline, non-cash write-downs of our oil and natural gas properties could occur in the future. We cannot control and cannot predict what future prices for oil and natural gas will be, thus we cannot estimate the amount or timing of any potential future non-cash write-down of our oil and natural gas properties due to decreases in oil or natural gas prices | ||||||||
Revenue Recognition | ' | |||||||
Revenue Recognition. Oil and gas revenues are recognized when production is sold to a purchaser at a fixed or determinable price, when delivery has occurred and title has transferred, and if collectability of the revenue is probable. Swift Energy uses the entitlement method of accounting in which we recognize our ownership interest in production as revenue. If our sales exceed our ownership share of production, the natural gas balancing payables are reported in “Accounts payable and accrued liabilities” on the accompanying consolidated balance sheets. Natural gas balancing receivables are reported in “Other current assets” on the accompanying consolidated balance sheets when our ownership share of production exceeds sales. As of December 31, 2013 and 2012, we did not have any material natural gas imbalances. | ||||||||
Reclassification of Prior Period Balances | ' | |||||||
Reclassification of Prior Period Balances. Certain reclassifications have been made to prior period amounts to conform to the current-year presentation. | ||||||||
Accounts Receivable | ' | |||||||
Accounts Receivable. We assess the collectability of accounts receivable, and based on our judgment, we accrue a reserve when we believe a receivable may not be collected. At December 31, 2013 and 2012, we had an allowance for doubtful accounts of approximately $0.1 million. The allowance for doubtful accounts has been deducted from the total “Accounts receivable” balance on the accompanying consolidated balance sheets. | ||||||||
At December 31, 2013, our “Accounts receivable” balance included $56.9 million for oil and gas sales, $1.6 million for joint interest owners, $11.6 million for severance tax credit receivables and $0.8 million for other receivables. At December 31, 2012, our “Accounts receivable” balance included $53.9 million for oil and gas sales, $3.6 million for joint interest owners, $5.8 million for severance tax credit receivables and $4.1 million for other receivables. | ||||||||
Debt Issuance Costs | ' | |||||||
Debt Issuance Costs. Legal fees, accounting fees, underwriting fees, printing costs, and other direct expenses associated with extensions of our bank credit facility and public debt offerings were capitalized and are amortized on an effective interest basis over the life of each of the respective senior note offerings and credit facility. | ||||||||
The 7.125% senior notes due in 2017 mature on June 1, 2017, and the remaining balance of their issuance costs at December 31, 2013, was $1.8 million. The 8.875% senior notes due in 2020 mature on January 15, 2020, and the remaining balance of their issuance costs at December 31, 2013, was $3.6 million. The 7.875% senior notes due in 2022 mature on March 1, 2022, and the balance of their remaining issuance costs at December 31, 2013, was $6.5 million. The remaining balance of revolving credit facility issuance costs at December 31, 2013, was $3.3 million. | ||||||||
Price-Risk Management Activities | ' | |||||||
Price-Risk Management Activities. The Company follows FASB ASC 815-10, which requires that changes in the derivative’s fair value are recognized currently in earnings unless specific hedge accounting criteria are met. The guidance also establishes accounting and reporting standards requiring that every derivative instrument (including certain derivative instruments embedded in other contracts) is recorded in the consolidated balance sheets as either an asset or a liability measured at its fair value. Hedge accounting for a qualifying hedge allows the gains and losses on derivatives to offset related results on the hedged item in the statement of operations and requires that a company formally document, designate, and assess the effectiveness of transactions that receive hedge accounting. | ||||||||
Prior to January 1, 2013, the Company had elected hedge accounting on all qualifying derivative instruments. As of December 31, 2012, the Company did not have any outstanding derivatives. For all derivatives entered into after January 1, 2013, the Company elected not to apply hedge accounting. The changes in the fair value of our derivatives initiated after January 1, 2013 are recognized in "Price-risk management and other, net” on the accompanying consolidated statements of operations. | ||||||||
We have a price-risk management policy to use derivative instruments to protect against declines in oil and natural gas prices, mainly through the purchase of price floors, calls, swaps, collars and participating collars. Prior to January 1, 2013, all hedges were designated as a hedge of the variability in cash flows associated with the forecasted sale of oil and natural gas production. Changes in the fair value of a hedge that was highly effective and was designated, documented and qualified as a cash flow hedge, to the extent that the hedge was effective, were recorded in “Accumulated other comprehensive income, net of income tax” on the accompanying consolidated balance sheets. When the hedged transactions were recorded upon the actual sale of the oil and natural gas, those gains or losses were reclassified from “Accumulated other comprehensive income, net of income tax” and were recorded in “Price-risk management and other, net” on the accompanying consolidated statements of operations. Changes in the fair value of derivatives that did not meet the criteria for hedge accounting, and the ineffective portion of the hedge for which hedge accounting was elected, were recognized in "Price-risk management and other, net." | ||||||||
Supervision Fees | ' | |||||||
Supervision Fees. Consistent with industry practice, we charge a supervision fee to the wells we operate including our wells in which we own up to a 100% working interest. Supervision fees are recorded as a reduction to “General and administrative, net”, on the accompanying consolidated statements of operations. Our supervision fees are based on COPAS industry guidelines. The amount of supervision fees charged for the years ended December 31, 2013, 2012 and 2011, respectively, did not exceed our actual costs incurred. The total amount of supervision fees charged to the wells we operated was $11.6 million, $11.3 million and $12.9 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||
Inventories | ' | |||||||
Inventories. Inventories consist primarily of tubulars and other equipment and supplies that we expect to place in service in production operations. Inventories carried at cost (weighted average method) are included in “Other current assets” on the accompanying consolidated balance sheets totaling $3.5 million and $5.6 million at December 31, 2013 and 2012, respectively. | ||||||||
For the year ended December 31, 2011, we recorded a charge of $2.1 million related to inventory obsolescence in “Price-risk management and other, net” on the accompanying consolidated statement of operations. | ||||||||
Income Taxes | ' | |||||||
Income Taxes. Under guidance contained in FASB ASC 740-10, deferred taxes are determined based on the estimated future tax effects of differences between the financial statement and tax basis of assets and liabilities, given the provisions of the enacted tax laws. | ||||||||
We follow the recognition and disclosure provisions under guidance contained in FASB ASC 740-10-25. Under this guidance, tax positions are evaluated for recognition using a more-likely-than-not threshold, and those tax positions requiring recognition are measured as the largest amount of tax benefit that is greater than fifty percent likely of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. Our policy is to record interest and penalties relating to uncertain tax positions in income tax expense. | ||||||||
Accounts Payable and Accrued Liabilities | ' | |||||||
Accounts Payable and Accrued Liabilities. The “Accounts payable and accrued liabilities” balances on the accompanying consolidated balance sheets are summarized below (in thousands): | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Trade accounts payable (1) | $ | 30,769 | $ | 31,128 | ||||
Accrued operating expenses | 17,059 | 14,647 | ||||||
Accrued payroll costs | 10,938 | 12,297 | ||||||
Asset retirement obligation – current portion | 15,859 | 7,134 | ||||||
Accrued taxes | 5,845 | 5,373 | ||||||
Other payables | 2,891 | 4,799 | ||||||
Total accounts payable and accrued liabilities | $ | 83,361 | $ | 75,378 | ||||
(1) Included in “trade accounts payable” are liabilities of approximately $26.1 million and $13.3 million at December 31, 2013 and 2012, respectively, for outstanding checks. | ||||||||
Cash and Cash Equivalents | ' | |||||||
Cash and Cash Equivalents. We consider all highly liquid instruments with an initial maturity of three months or less to be cash equivalents. | ||||||||
Credit Risk Due To Certain Concentrations | ' | |||||||
Credit Risk Due to Certain Concentrations. We extend credit, primarily in the form of uncollateralized oil and gas sales and joint interest owners' receivables, to various companies in the oil and gas industry, which results in a concentration of credit risk. The concentration of credit risk may be affected by changes in economic or other conditions within our industry and may accordingly impact our overall credit risk. However, we believe that the risk of these unsecured receivables is mitigated by the size, reputation, and nature of the companies to which we extend credit. From certain customers we also obtain letters of credit or parent company guaranties, if applicable, to reduce risk of loss. For the years ended December 31, 2013, 2012 and 2011, Shell Oil Company and affiliates accounted for 33%, 46% and 49% of our total oil and gas gross receipts, respectively. BP America accounted for approximately 21% of our total oil and gas gross receipts in 2013 while Southcross Energy accounted for approximately 11% of our total oil and gas gross receipts in 2012. Credit losses in each of the last three years were immaterial. | ||||||||
Restricted Cash | ' | |||||||
Restricted Cash. These balances primarily include amounts held in escrow accounts to satisfy plugging and abandonment obligations. As of December 31, 2013 and 2012, these assets were approximately $1.0 million, respectively. These amounts are restricted as to their current use, and will be released when we have satisfied all plugging and abandonment obligations in certain fields. Restricted cash balances are reported in “Other Long-Term Assets” on the accompanying consolidated balance sheets. | ||||||||
Asset Retirement Obligation | ' | |||||||
Asset Retirement Obligation. We record these obligations in accordance with the guidance contained in FASB ASC 410-20. This guidance requires entities to record the fair value of a liability for legal obligations associated with the retirement obligations of tangible long-lived assets in the period in which it is incurred. When the liability is initially recorded, the carrying amount of the related long-lived asset is increased. The liability is discounted from the expected date of abandonment. Over time, accretion of the liability is recognized each period, and the capitalized cost is depreciated on a unit-of-production basis as part of depreciation, depletion, and amortization expense for our oil and gas properties. Upon settlement of the liability, the Company either settles the obligation for its recorded amount or incurs a gain or loss upon settlement which is included in the “Property and Equipment” balance on our accompanying consolidated balance sheets. This guidance requires us to record a liability for the fair value of our dismantlement and abandonment costs, excluding salvage values. | ||||||||
New Accounting Pronouncements | ' | |||||||
New Accounting Pronouncements. There are no material new accounting pronouncements that have been issued but not yet adopted as of December 31, 2013. |
Earnings_Per_Share_Earning_Per
Earnings Per Share Earning Per Share (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Earnings Per Share [Abstract] | ' |
Earnings Per Share | ' |
Earnings Per Share | |
The Company computes earnings per share in accordance with FASB ASC 260-10. Basic earnings per share (“Basic EPS”) has been computed using the weighted average number of common shares outstanding during each period. Diluted earnings per share ("Diluted EPS") assumes, as of the beginning of the period, exercise of stock options and restricted stock grants using the treasury stock method. Diluted EPS also assumes conversion of performance-based restricted stock units to common shares based on the number of shares (if any) that would be issuable, according to predetermined performance and market goals, if the end of the reporting period was the end of the performance period. As we recognized a net loss for the year ended December 31, 2013, the unvested share-based payments and stock options were not recognized in diluted earnings per share (“Diluted EPS”) calculations as they would be antidilutive. Certain of our stock options and restricted stock grants that would potentially dilute Basic EPS in the future were also antidilutive for the years ended December 31, 2012 and 2011, and are discussed below. | |
Due to amendments to our stock plan agreement made in May 2013 which clarify that unvested shares or unvested units are not dividend eligible, our earnings per share calculations, including historical periods, have been presented based on the traditional earnings per share calculation methodology instead of the two-class methodology. The effects of this change were immaterial for all historical periods presented. |
Commitments_and_Contingencies_
Commitments and Contingencies Commitments and Contingencies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Rental and lease expenses were $20.5 million, $19.9 million and $19.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. The rental and lease expenses primarily relate to compressor rentals during the year and the lease of our office space in Houston, Texas. | |
Our remaining minimum annual obligations under non-cancelable operating lease commitments were $9.0 million for 2014, $1.3 million for 2015, $0.1 million for 2016 and $10.5 million in total. The remaining minimum annual obligations under non-cancelable operating lease commitments primarily relate to our initial ten-year lease for our office space in Houston, Texas which was set to expire in February 2015. In February 2014 we amended the lease eliminating our renewal options and extending the lease through November 30, 2015. We will amortize the total payments required under the lease agreement on a straight-line basis over the term of the lease. | |
Our employment agreement liabilities for certain named executive officers, as detailed in our most recent proxy statement, constitute the majority of other long-term liabilities on the balance sheet at both December 31, 2013 and 2012. | |
Our remaining gas transportation and processing minimum obligations were $8.8 million for 2014, $8.0 million for 2015, $6.5 million for 2016, $3.7 million for 2017, $3.7 million for 2018 and $36.2 million in the aggregate. | |
In the ordinary course of business, we have been party to various legal actions, which arise primarily from our activities as operator of oil and natural gas wells. In management's opinion, the outcome of any such currently pending legal actions will not have a material adverse effect on our financial position or results of operations. |
ShareBased_Compensation_Shareh
Share-Based Compensation Shareholders' Equity (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation [Abstract] | ' |
Share-based Compensation | ' |
Share-Based Compensation | |
Share-Based Compensation Plans | |
We have multiple share-based compensation plans with outstanding awards including the 2005 Stock Compensation Plan, most recently amended by our Board of Directors in May 2013, which was approved by shareholders at the 2005 annual meeting of shareholders; the 2001 Omnibus Stock Compensation Plan, which was adopted by our Board of Directors in February 2001 and was approved by shareholders at the 2001 annual meeting of shareholders; the 1990 Non-Qualified Stock Option Plan solely for our independent directors. No further grants will be made under the 2001 Omnibus Stock Compensation Plan or the 1990 Non-Qualified Stock Option Plan, both of which were replaced by the 2005 Stock Compensation Plan, although stock option awards remain outstanding under the plans and are accordingly included in the tables below. In addition, we have an employee stock purchase plan and an employee stock ownership plan. We follow guidance contained in FASB ASC 718 to account for share-based compensation. | |
Under the 2005 plan, stock option awards and other equity based awards may be granted to employees, directors, and consultants, with directors only eligible to receive restricted awards. Under the 2001 plan, stock option awards and other equity based awards were granted to employees. Under the 1990 non-qualified plan, non-employee members of our Board of Directors were automatically granted stock option awards to purchase shares of common stock on a formula basis. All three plans provide that the exercise prices for stock option awards equal 100% of the fair value of the common stock on the date of grant. Restricted stock grants become vested over a three year period, and stock option awards become exercisable in various terms ranging from one year to five years. Stock option awards granted typically expire ten years after the date of grant or earlier in the event of the optionee's separation from employment. At the time the stock option awards are exercised, the cash received is credited to common stock and additional paid-in capital. The 2005 plan allows for the use of a “stock swap” in lieu of a cash exercise for stock option awards, under certain circumstances. The delivery of Swift Energy common stock, held by the optionee for a minimum of six months, which are considered mature shares, with a fair market value equal to the required purchase price of the shares to which the exercise relates, constitutes a valid “stock swap.” Stock option awards issued under a “stock swap” also previously included a reload feature that was discontinued during 2012. Mature shares that were delivered in “stock swap” transactions were 10,752, 20,692 and 79,194 for the years ended December 31, 2013, 2012 and 2011, respectively. | |
The employee stock purchase plan, which began in 1993, provides eligible employees the opportunity to acquire shares of Swift Energy common stock at a discount through payroll deductions. To date, employees have been allowed to authorize payroll deductions of up to 10% of their base salary, within IRS limitations and plan rules, during the plan year by making an election to participate prior to the start of a plan year. The purchase price for stock acquired under the plan is 85% of the lower of the closing price of our common stock as quoted on the New York Stock Exchange at the beginning or end of the plan year. Under this plan for the last three years, we have issued 72,273 shares at a price of $13.08 in 2013, 42,624 shares at a price of $25.26 in 2012 and 49,089 shares at a price of $20.37 in 2011. The contributions for the years ended December 31, 2013, 2012 and 2011 were all made in common stock. As of December 31, 2013, 405,656 shares remained available for issuance under this plan. | |
We receive a tax deduction for certain stock option exercises during the period the stock option awards are exercised, generally for the excess of the market value on the exercise date over the exercise price of the stock option awards. We receive an additional tax deduction when restricted stock awards vest at a higher value than the value used to recognize compensation expense at the date of grant. We are required to report excess tax benefits from the award of equity instruments as financing cash flows. We recognized an excess tax shortfall for the year ended December 31, 2013, as noted in Note 3. We did not recognize any material excess tax benefit or shortfall in earnings for the years ended December 31, 2012 and 2011. |
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value Measurements (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value of Financial Instruments | ' |
Fair Value Measurements | |
FASB ASC 820-10 defines fair value, establishes guidelines for measuring fair value and expands disclosure about fair value measurements. It does not create or modify any current GAAP requirements to apply fair value accounting. However, it provides a single definition for fair value that is to be applied consistently for all prior accounting pronouncements. | |
Our financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, bank borrowings, and senior notes. The carrying amounts of cash and cash equivalents, accounts receivable, and accounts payable approximate fair value due to the highly liquid or short-term nature of these instruments. |
Summary_of_Signigicant_Account
Summary of Signigicant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||
Property and Equipment | ' | |||||||||||||||||
The following is a detailed breakout of our “Property and Equipment” balances. | ||||||||||||||||||
(in thousands) | December 31, | December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||||
Property and Equipment | ||||||||||||||||||
Proved oil and gas properties | $ | 5,600,279 | $ | 5,058,524 | ||||||||||||||
Unproved oil and gas properties | 71,452 | 92,579 | ||||||||||||||||
Furniture, fixtures, and other equipment | 42,368 | 41,690 | ||||||||||||||||
Less – Accumulated depreciation, depletion, and amortization | (3,174,453 | ) | (2,847,773 | ) | ||||||||||||||
Property and Equipment, Net | $ | 2,539,646 | $ | 2,345,020 | ||||||||||||||
Schedule of Derivative Instruments | ' | |||||||||||||||||
The following tables summarize the weighted average prices and future production volumes for various derivative contracts the Company had in place as of December 31, 2013. | ||||||||||||||||||
Collars | ||||||||||||||||||
Oil Derivatives | Total Volumes (Bbls) | Swap Fixed Price | Purchased Call Price | Floor | Ceiling Price | |||||||||||||
(NYMEX WTI Settlements) | Price | |||||||||||||||||
2014 Contracts | ||||||||||||||||||
Swaps | 462,000 | $ | 98.19 | |||||||||||||||
Calls | 87,000 | $ | 116.6 | |||||||||||||||
Collars | 87,000 | $ | 95 | $ | 107.3 | |||||||||||||
Collars | ||||||||||||||||||
Natural Gas Derivatives | Total Volumes (MMBtu) | Swap Fixed Price | Floor | Ceiling Price | ||||||||||||||
(NYMEX Henry Hub Settlements) | Price | |||||||||||||||||
2014 Contracts | ||||||||||||||||||
Swaps | 7,460,000 | $ | 4.1 | |||||||||||||||
Collars | 3,075,000 | $ | 4.13 | $ | 4.44 | |||||||||||||
2015 Contracts | ||||||||||||||||||
Swaps | 900,000 | $ | 4.42 | |||||||||||||||
Natural Gas Basis Derivatives | Total Volumes (MMBtu) | Swap Fixed Price | ||||||||||||||||
(East Texas Houston Ship Channel Settlements) | ||||||||||||||||||
2014 Contracts | ||||||||||||||||||
Swaps | 2,030,000 | $ | 0.085 | |||||||||||||||
Accounts Payable and Accrued Liabilities | ' | |||||||||||||||||
The “Accounts payable and accrued liabilities” balances on the accompanying consolidated balance sheets are summarized below (in thousands): | ||||||||||||||||||
December 31, | December 31, | |||||||||||||||||
2013 | 2012 | |||||||||||||||||
Trade accounts payable (1) | $ | 30,769 | $ | 31,128 | ||||||||||||||
Accrued operating expenses | 17,059 | 14,647 | ||||||||||||||||
Accrued payroll costs | 10,938 | 12,297 | ||||||||||||||||
Asset retirement obligation – current portion | 15,859 | 7,134 | ||||||||||||||||
Accrued taxes | 5,845 | 5,373 | ||||||||||||||||
Other payables | 2,891 | 4,799 | ||||||||||||||||
Total accounts payable and accrued liabilities | $ | 83,361 | $ | 75,378 | ||||||||||||||
(1) Included in “trade accounts payable” are liabilities of approximately $26.1 million and $13.3 million at December 31, 2013 and 2012, respectively, for outstanding checks. | ||||||||||||||||||
Roll-forward of our asset retirement obligations | ' | |||||||||||||||||
The following provides a roll-forward of our asset retirement obligation (in thousands): | ||||||||||||||||||
Asset Retirement Obligation as of December 31, 2011 | $ | 76,393 | ||||||||||||||||
Accretion expense | 5,121 | |||||||||||||||||
Liabilities incurred for new wells and facilities construction | 2,195 | |||||||||||||||||
Reductions due to sold and abandoned wells and facilities | (2,824 | ) | ||||||||||||||||
Revisions in estimates | 5,892 | |||||||||||||||||
Asset Retirement Obligation as of December 31, 2012 | $ | 86,777 | ||||||||||||||||
Accretion expense | 6,181 | |||||||||||||||||
Liabilities incurred for new wells and facilities construction | 1,588 | |||||||||||||||||
Reductions due to sold and abandoned wells and facilities | (16,394 | ) | ||||||||||||||||
Revisions in estimates | 932 | |||||||||||||||||
Asset Retirement Obligation as of December 31, 2013 | $ | 79,084 | ||||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||||||||||||||||||
Reconciliation of the numerators and denominators used in the calculation of Basic and Diluted EPS | ' | ||||||||||||||||||||||||||||||||
The following is a reconciliation of the numerators and denominators used in the calculation of Basic and Diluted EPS for the years ended December 31, 2013, 2012 and 2011 (in thousands, except per share amounts): | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Income | Shares | Per Share | Income | Shares | Per Share | Income | Shares | Per Share | |||||||||||||||||||||||||
from | Amount | from | Amount | from | Amount | ||||||||||||||||||||||||||||
Continuing | Continuing | Continuing | |||||||||||||||||||||||||||||||
Operations | Operations | Operations | |||||||||||||||||||||||||||||||
Basic EPS: | |||||||||||||||||||||||||||||||||
Net Income (Loss) and Share Amounts | $ | (19,032 | ) | 43,331 | $ | (0.44 | ) | $ | 20,939 | 42,840 | $ | 0.49 | $ | 84,610 | 42,394 | $ | 2 | ||||||||||||||||
Dilutive Securities: | |||||||||||||||||||||||||||||||||
Stock Options | — | 90 | 235 | ||||||||||||||||||||||||||||||
Restricted Stock Awards | — | 244 | 267 | ||||||||||||||||||||||||||||||
Restricted Stock Units | — | — | — | ||||||||||||||||||||||||||||||
Diluted EPS: | |||||||||||||||||||||||||||||||||
Net Income (Loss) and Assumed Share Conversions | $ | (19,032 | ) | 43,331 | $ | (0.44 | ) | $ | 20,939 | 43,174 | $ | 0.48 | $ | 84,610 | 42,896 | $ | 1.97 | ||||||||||||||||
Provision_Benefit_for_Income_T1
Provision (Benefit) for Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Summary of income (Loss) from continuing operations before taxes | ' | |||||||||||
Income (Loss) from continuing operations before taxes is as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | $ | (25,805 | ) | $ | 36,578 | $ | 135,104 | |||||
Summary of consolidated income tax provision (benefit) | ' | |||||||||||
The following is an analysis of the consolidated income tax provision (benefit) from continuing operations (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current | $ | (12 | ) | $ | (1,144 | ) | $ | 1,616 | ||||
Deferred | (6,761 | ) | 16,783 | 48,878 | ||||||||
Total | $ | (6,773 | ) | $ | 15,639 | $ | 50,494 | |||||
Reconciliations of income taxes computed using the U.S. Federal statutory rate to the effective income tax rates | ' | |||||||||||
Reconciliations of income taxes computed using the U.S. Federal statutory rate to the effective income tax rates are as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Income taxes computed at U.S. statutory rate (35%) | $ | (9,032 | ) | $ | 12,803 | $ | 47,282 | |||||
State tax provisions (benefits), net of federal benefits | (496 | ) | (964 | ) | (1,158 | ) | ||||||
Non-deductible equity compensation | 1,127 | 1,911 | 1,537 | |||||||||
Stock-based compensation tax shortfall | 558 | — | — | |||||||||
Valuation allowances | 385 | 2,370 | 2,273 | |||||||||
Expiration of carryover items | 400 | — | — | |||||||||
Uncertain Tax Positions | — | (977 | ) | — | ||||||||
Other, net | 285 | 496 | 560 | |||||||||
Provision (benefit) for income taxes | $ | (6,773 | ) | $ | 15,639 | $ | 50,494 | |||||
Effective rate | 26.2 | % | 42.8 | % | 37.4 | % | ||||||
Tax effects of temporary differences representing the net deferred tax asset (liability) | ' | |||||||||||
The tax effects of temporary differences representing the net deferred tax asset (liability) at December 31, 2013 and 2012 were as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Deferred tax assets: | ||||||||||||
Federal net operating loss (“NOL”) carryovers | $ | 117,984 | $ | 93,600 | ||||||||
NOLs for excess stock-based compensation | (9,615 | ) | (9,676 | ) | ||||||||
State NOL carryovers | 14,626 | 13,686 | ||||||||||
Alternative minimum tax credits | 2,092 | 2,092 | ||||||||||
Other Carryover Items | 1,295 | 1,378 | ||||||||||
Unrealized share-based compensation | 9,957 | 9,096 | ||||||||||
Valuation allowance | (6,703 | ) | (6,318 | ) | ||||||||
Other | 6,050 | 5,909 | ||||||||||
Total deferred tax assets | $ | 135,686 | $ | 109,767 | ||||||||
Deferred tax liabilities: | ||||||||||||
Oil and gas exploration and development costs | $ | (347,178 | ) | $ | (324,031 | ) | ||||||
Other | (918 | ) | (3,300 | ) | ||||||||
Total deferred tax liabilities | $ | (348,096 | ) | $ | (327,331 | ) | ||||||
Net deferred tax liabilities | $ | (212,410 | ) | $ | (217,564 | ) | ||||||
Net current deferred tax assets | 4,974 | 5,679 | ||||||||||
Net non-current deferred tax liabilities | $ | (217,384 | ) | $ | (223,243 | ) |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-term debt | ' | |||||||
Our long-term debt as of December 31, 2013 and 2012, was as follows (in thousands): | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
7.125% senior notes due in 2017 | $ | 250,000 | $ | 250,000 | ||||
8.875% senior notes due in 2020 (1) | 222,446 | 222,147 | ||||||
7.875% senior notes due in 2022 (1) | 404,922 | 405,387 | ||||||
Bank Borrowings | 265,000 | 39,400 | ||||||
Long-Term Debt (1) | $ | 1,142,368 | $ | 916,934 | ||||
(1) Amounts are shown net of any debt discount or premium |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Schedule of Stock Option Assumptions | ' | ||||||||||||||||
Twelve Months Ended | |||||||||||||||||
December 31, | |||||||||||||||||
2012 | 2011 | ||||||||||||||||
Dividend yield | 0% | 0% | |||||||||||||||
Expected volatility | 61.20% | 58.80% | |||||||||||||||
Risk-free interest rate | 0.80% | 1.90% | |||||||||||||||
Expected life of stock option awards (in years) | 4.3 | 3.8 | |||||||||||||||
Weighted-average grant-date fair value | $15.71 | $19.17 | |||||||||||||||
Stock option activity | ' | ||||||||||||||||
The following table represents stock option award activity for the year ended December 31, 2013: | |||||||||||||||||
2013 | |||||||||||||||||
Shares | Wtd. Avg. | ||||||||||||||||
Exer. Price | |||||||||||||||||
Options outstanding, beginning of period | 1,585,594 | $ | 33.13 | ||||||||||||||
Options granted | — | $ | — | ||||||||||||||
Options canceled | (85,403 | ) | $ | 31.51 | |||||||||||||
Options exercised | (11,877 | ) | $ | 13.84 | |||||||||||||
Options outstanding, end of period | 1,488,314 | $ | 33.38 | ||||||||||||||
Options exercisable, end of period | 1,201,971 | $ | 32.93 | ||||||||||||||
Stock options outstanding | ' | ||||||||||||||||
The following table summarizes information about stock option awards outstanding at December 31, 2013: | |||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||
Range of Exercise Prices | Number Outstanding at 12/31/13 | Wtd. Avg. Remaining Contractual Life | Wtd. Avg. Exercise Price | Number Exercisable at 12/31/13 | Wtd. Avg. Exercise Price | ||||||||||||
$8.00 to $24.99 | 430,730 | 5.2 | $ | 20.04 | 430,730 | $ | 20.04 | ||||||||||
$25.00 to $44.99 | 1,051,893 | 5.4 | $ | 38.72 | 765,550 | $ | 40 | ||||||||||
$45.00 to $65.00 | 5,691 | 1.3 | $ | 55.98 | 5,691 | $ | 55.98 | ||||||||||
$8.00 to $65.00 | 1,488,314 | 5.3 | $ | 33.38 | 1,201,971 | $ | 32.93 | ||||||||||
Schedule of RSA Activity | ' | ||||||||||||||||
The following table represents restricted stock award activity for the year ended December 31, 2013: | |||||||||||||||||
2013 | |||||||||||||||||
Shares | Wtd. Avg. | ||||||||||||||||
Grant Price | |||||||||||||||||
Restricted shares outstanding, beginning of period | 896,164 | $ | 33.38 | ||||||||||||||
Restricted shares granted | 869,430 | $ | 14.86 | ||||||||||||||
Restricted shares canceled | (106,903 | ) | $ | 25.79 | |||||||||||||
Restricted shares vested | (391,581 | ) | $ | 32.65 | |||||||||||||
Restricted shares outstanding, end of period | 1,267,110 | $ | 21.54 | ||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Fair value of senior notes | ' | |||||||||||||||||||||||
Based upon quoted market prices as of December 31, 2013, 2012 and 2011, the fair value and carrying value of our senior notes was as follows (in millions): | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | ||||||||||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | Fair Value | Carrying Value | |||||||||||||||||||
7.125% senior notes due in 2017 | $ | 256.7 | $ | 250 | $ | 258.1 | $ | 250 | $ | 254.8 | $ | 250 | ||||||||||||
8.875% senior notes due in 2020 | $ | 239.1 | $ | 222.4 | $ | 244.4 | $ | 222.1 | $ | 239.6 | $ | 221.9 | ||||||||||||
7.875% senior notes due in 2022 | $ | 409 | $ | 404.9 | $ | 424 | $ | 405.4 | $ | 252.8 | $ | 247.9 | ||||||||||||
Fair value of plan assets | ' | |||||||||||||||||||||||
The following table presents our assets that are measured at fair value as of December 31, 2013, and are categorized using the fair value hierarchy. For additional discussion related to the fair value of the Company's derivatives, refer to Note 1 of these consolidated financial statements. The fair value hierarchy has three levels based on the reliability of the inputs used to determine the fair value (in millions): | ||||||||||||||||||||||||
Fair Value Measurements at | ||||||||||||||||||||||||
Total | Quoted Prices in | Significant Other | Significant | |||||||||||||||||||||
Active markets for | Observable Inputs | Unobservable | ||||||||||||||||||||||
Identical Assets | (Level 2) | Inputs | ||||||||||||||||||||||
(Level 1) | (Level 3) | |||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Natural Gas Derivatives | $ | 0.5 | $ | — | $ | 0.5 | $ | — | ||||||||||||||||
Oil Derivatives | $ | 0.3 | $ | — | $ | 0.3 | $ | — | ||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Natural Gas Derivatives | $ | 0.7 | $ | — | $ | 0.7 | $ | — | ||||||||||||||||
Oil Derivatives | $ | 0.2 | $ | — | $ | 0.2 | $ | — | ||||||||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Accounts Payable and Accrued Liabilities [Abstract] | ' | ' | ' | ||
Trade accounts payable | $30,769 | [1] | $31,128 | [1] | ' |
Accrued operating expenses | 17,059 | 14,647 | ' | ||
Accrued payroll costs | 10,938 | 12,297 | ' | ||
Asset retirement obligation - current portion | 15,859 | 7,134 | ' | ||
Accrued taxes | 5,845 | 5,373 | ' | ||
Other payables | 2,891 | 4,799 | ' | ||
Total accounts payable and accrued liabilities | 83,361 | 75,378 | ' | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ' | ' | ' | ||
Asset Retirement Obligation recorded as of January 1 | 86,777 | 76,393 | ' | ||
Accretion expense | 6,181 | 5,121 | 4,570 | ||
Liabilities incurred for new wells and facilities construction | 1,588 | 2,195 | ' | ||
Reductions due to sold and abandoned wells | -16,394 | -2,824 | ' | ||
Revisions in estimates | 932 | 5,892 | ' | ||
Asset Retirement Obligation recorded as of December 31 | 79,084 | 86,777 | 76,393 | ||
Property, Plant and Equipment [Abstract] | ' | ' | ' | ||
Proved oil and gas properties | 5,600,279 | 5,058,524 | ' | ||
Unproved oil and gas properties | 71,452 | 92,579 | ' | ||
Furniture, fixtures, and other equipment | 42,368 | 41,690 | ' | ||
Less - Accumulated depreciation, depletion, and amortization | -3,174,453 | -2,847,773 | ' | ||
Property and Equipment, Net | $2,539,646 | $2,345,020 | ' | ||
Crude Oil [Member] | Swap [Member] | ' | ' | ' | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ||
Portion of Future Oil and Gas Production Being Hedged | 462,000 | ' | ' | ||
Derivative, Swap Type, Average Fixed Price | 98.19 | ' | ' | ||
Crude Oil [Member] | Options Held [Member] | ' | ' | ' | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ||
Portion of Future Oil and Gas Production Being Hedged | 87,000 | ' | ' | ||
Derivative, Average Cap Price | 116.6 | ' | ' | ||
Crude Oil [Member] | Future [Member] | ' | ' | ' | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ||
Portion of Future Oil and Gas Production Being Hedged | 87,000 | ' | ' | ||
Derivative, Average Cap Price | 107.3 | ' | ' | ||
Derivative, Average Floor Price | 95 | ' | ' | ||
Natural Gas excluding NGLs [Member] | Swap [Member] | ' | ' | ' | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ||
Derivative, Swap Type, Average Fixed Price | 4.1 | ' | ' | ||
Future Gas Production Hedged in MMBTU (Energy Item Type) | 7,460,000 | ' | ' | ||
Natural Gas excluding NGLs [Member] | Future [Member] | ' | ' | ' | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ||
Derivative, Average Cap Price | 4.44 | ' | ' | ||
Derivative, Average Floor Price | 4.13 | ' | ' | ||
Future Gas Production Hedged in MMBTU (Energy Item Type) | 3,075,000 | ' | ' | ||
Natural Gas excluding NGLs [Member] | Non-Current Swaps [Member] | ' | ' | ' | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ||
Derivative, Swap Type, Average Fixed Price | 4.42 | ' | ' | ||
Future Gas Production Hedged in MMBTU (Energy Item Type) | 900,000 | ' | ' | ||
Natural Gas excluding NGLs [Member] | Forward Contracts [Member] | ' | ' | ' | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ||
Derivative, Swap Type, Average Fixed Price | 0.085 | ' | ' | ||
Future Gas Production Hedged in MMBTU (Energy Item Type) | 2,030,000 | ' | ' | ||
[1] | Included in btrade accounts payableb are liabilities of approximately $26.1 million and $13.3 million at December 31, 2013 and 2012, respectively, for outstanding checks. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details Textual) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 1-May-13 | |
Accounts Receivable (Textual) [Abstract] | ' | ' | ' | ' |
Allowance for doubtful accounts receivable, current | $100,000 | $100,000 | ' | ' |
Trade Accounts Receivable, Gross | 56,900,000 | 53,900,000 | ' | ' |
Accounts receivable related to joint interest owners | 1,600,000 | 3,600,000 | ' | ' |
Severance Tax Receivables | 11,600,000 | 5,800,000 | ' | ' |
Other Receivables | 800,000 | 4,100,000 | ' | ' |
Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' | ' |
Total capitalized internal costs | 31,800,000 | 31,100,000 | 29,300,000 | ' |
Total capitalized interest cost on unproved properties | 7,200,000 | 7,900,000 | 7,700,000 | ' |
Discount rate for estimated future net revenues from proved properties | 10.00% | ' | ' | ' |
Write-down of oil and gas properties | 73,911,000 | 0 | 0 | ' |
Gain (loss) on Price Risk Derivatives, Net | -900,000 | 2,300,000 | -900,000 | ' |
Unrealized Gain (Loss) on Derivatives | -100,000 | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 800,000 | ' | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 900,000 | ' | ' | ' |
Derivative, Fair Value, Net | -100,000 | ' | ' | ' |
Receivables, Fair Value Disclosure | 100,000 | ' | ' | ' |
Liabilities, Fair Value Disclosure | 200,000 | ' | ' | ' |
Percentage of working interest in wells | 100.00% | ' | ' | ' |
Total amount of supervision fees charged to wells | 11,600,000 | 11,300,000 | 12,900,000 | ' |
Inventories carried at cost | 3,500,000 | 5,600,000 | ' | ' |
Inventory Write-down | ' | 2,100,000 | ' | ' |
Outstanding checks included in trade accounts payable | 26,100,000 | 13,300,000 | ' | ' |
Restricted cash and cash equivalents included in other long term assets | 1,000,000 | 1,000,000 | ' | ' |
Reduction of asset retirement obligation due to sale of properties | ' | ' | ' | 11,300,000 |
Asset Retirement Obligation - current portion | 15,859,000 | 7,134,000 | ' | ' |
Senior Notes Due Two Thousand Seventeen [Member] | ' | ' | ' | ' |
Debt Issuance Costs (Textual) [Abstract] | ' | ' | ' | ' |
Stated Rate of Senior notes | 7.13% | ' | ' | ' |
Balance of issuance costs for credit facility | 1,800,000 | ' | ' | ' |
Senior Notes Due Two Thousand Twenty [Member] | ' | ' | ' | ' |
Debt Issuance Costs (Textual) [Abstract] | ' | ' | ' | ' |
Stated Rate of Senior notes | 8.88% | ' | ' | ' |
Balance of issuance costs for credit facility | 3,600,000 | ' | ' | ' |
Senior Notes due 2022 [Member] | ' | ' | ' | ' |
Debt Issuance Costs (Textual) [Abstract] | ' | ' | ' | ' |
Stated Rate of Senior notes | 7.88% | ' | ' | ' |
Balance of issuance costs for credit facility | 6,500,000 | ' | ' | ' |
Line of Credit [Member] | ' | ' | ' | ' |
Debt Issuance Costs (Textual) [Abstract] | ' | ' | ' | ' |
Balance of issuance costs for credit facility | $3,300,000 | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | '20 years | ' | ' |
Minimum [Member] | ' | ' | ' | ' |
Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '2 years | ' | ' | ' |
Shell Oil Company Concentration Risk [Member] | ' | ' | ' | ' |
Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' | ' |
Concentration Risk, Percentage | 33.00% | 46.00% | 49.00% | ' |
BP America Concentration Risk [Member] | ' | ' | ' | ' |
Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' | ' |
Concentration Risk, Percentage | 21.00% | ' | ' | ' |
Southcross Energy Concentration Risk [Member] | ' | ' | ' | ' |
Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' | ' |
Concentration Risk, Percentage | ' | 11.00% | ' | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Basic EPS: | ' | ' | ' |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | ($19,032) | $20,939 | $84,610 |
Income, Share Amounts | 43,331,000 | 42,840,000 | 42,394,000 |
Income (Loss) from Continuing Operations, Per Basic Share | ($0.44) | $0.49 | $2 |
Dilutive Securities: | ' | ' | ' |
Dilutive Options, Shares | ' | 90,000 | 235,000 |
Dilutive RSA's, Shares | ' | 244,000 | 267,000 |
Dilutive RSU's, Shares | ' | ' | ' |
Diluted EPS: | ' | ' | ' |
Net Income (Loss) Available to Common Stockholders, Diluted | ($19,032) | $20,939 | $84,610 |
Weighted Average Number of Shares Outstanding, Diluted | 43,331,000 | 43,174,000 | 42,896,000 |
Income (Loss) from Continuing Operations, Per Diluted Share | ($0.44) | $0.48 | $1.97 |
Earnings Per Share (Textual) [Abstract] | ' | ' | ' |
Options to purchase, shares | 1,488,314 | 1,585,594 | 1,361,779 |
Options to purchase, exercise price | $33.38 | $33.13 | $32.46 |
Antidilutive shares not included in the computation of diluted EPS | ' | 1,300,000 | 800,000 |
Stock Options [Member] | ' | ' | ' |
Earnings Per Share (Textual) [Abstract] | ' | ' | ' |
Antidilutive shares not included in the computation of diluted EPS | 1,600,000 | ' | ' |
Restricted Stock Awards [Member] | ' | ' | ' |
Earnings Per Share (Textual) [Abstract] | ' | ' | ' |
Antidilutive shares not included in the computation of diluted EPS | 300,000 | 300,000 | 200,000 |
Performance Awards (RSUs) [Member] | ' | ' | ' |
Earnings Per Share (Textual) [Abstract] | ' | ' | ' |
Antidilutive shares not included in the computation of diluted EPS | 300,000 | ' | ' |
Provision_Benefit_for_Income_T2
Provision (Benefit) for Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summary of income (Loss) from continuing operations before taxes | ' | ' | ' |
Income (Loss) from Continuing Operations Before Income Taxes | ($25,805) | $36,578 | $135,104 |
Provision_Benefit_for_Income_T3
Provision (Benefit) for Income Taxes (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summary of consolidated income tax provision (benefit) | ' | ' | ' |
Current income taxes | ($12) | ($1,144) | $1,616 |
Deferred income taxes | -6,761 | 16,783 | 48,878 |
Income tax provision (benefit) | ($6,773) | $15,639 | $50,494 |
Provision_Benefit_for_Income_T4
Provision (Benefit) for Income Taxes (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliations of income taxes computed using the U.S. Federal statutory rate to the effective income tax rates | ' | ' | ' |
Income taxes (or benefits) computed at U.S. statutory rate -35% | ($9,032) | $12,803 | $47,282 |
State tax provisions (benefits), net of federal benefits | -496 | -964 | -1,158 |
Non-deductible equity compensation | 1,127 | 1,911 | 1,537 |
Stock-based compensation tax shortfall | 558 | ' | ' |
Valuation allowance of carryover tax assets | 385 | 2,370 | 2,273 |
Expired Operating Loss Carryovers | 400 | ' | ' |
Uncertain Tax Positions | ' | -977 | ' |
Other, net | 285 | 496 | 560 |
Income tax provision (benefit) | ($6,773) | $15,639 | $50,494 |
Effective rate | 26.20% | 42.80% | 37.40% |
Provision_Benefit_for_Income_T5
Provision (Benefit) for Income Taxes (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Federal net operating losses ("NOLs") | $117,984 | $93,600 |
NOLs for excess stock-based compensation | -9,615 | -9,676 |
State NOL carryovers | 14,626 | 13,686 |
Alternative minimum tax credits | 2,092 | 2,092 |
Deferred Tax Assets, Other Loss Carryforwards | 1,295 | 1,378 |
Unrealized share-based compensation | 9,957 | 9,096 |
Valuation allowance | -6,703 | -6,318 |
Other | 6,050 | 5,909 |
Total deferred tax assets | 135,686 | 109,767 |
Deferred tax liabilities: | ' | ' |
Deferred Tax Liabilities, Property, Plant and Equipment | -347,178 | -324,031 |
Other | -918 | -3,300 |
Total deferred tax liabilities | -348,096 | -327,331 |
Net deferred tax liabilities | -212,410 | -217,564 |
Net current deferred tax assets | 4,974 | 5,679 |
Net non-current deferred tax liabilities | ($217,384) | ($223,243) |
Provision_Benefit_for_Income_T6
Provision (Benefit) for Income Taxes (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Stock-based compensation tax shortfall | $558,000 | ' | ' |
Total tax impact of APIC shortfall | 2,200,000 | ' | ' |
Adjustments to Additional Paid in Capital, Income Tax Deficiency from Share-based Compensation | 1,600,000 | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards | 337,100,000 | ' | ' |
Valuation allowance of carryover tax assets | $6,600,000 | $6,000,000 | ' |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Oct. 03, 2012 | |||||||
Banks | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Senior notes due 2017 [Member] | Senior notes due 2017 [Member] | Senior notes due 2017 [Member] | Senior notes due 2020 [Member] | Senior notes due 2020 [Member] | Senior notes due 2020 [Member] | Senior Notes due 2022 [Member] | Senior Notes due 2022 [Member] | Senior Notes due 2022 [Member] | Additional Senior Notes Due 2022 [Member] | Additional Senior Notes Due 2022 [Member] | ||||||||||
Eurodollar Interest Rate [Member] | Alternative Base Interest Rate [Member] | Eurodollar Interest Rate [Member] | Alternative Base Interest Rate [Member] | |||||||||||||||||||||||||
Bank Borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Maturities on long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | $265,000,000 | ' | ' | $250,000,000 | ' | ' | $225,000,000 | ' | ' | $400,000,000 | ' | ' | ' | ' | ||||||
Capitalized interest on our unproved properties | 7,200,000 | 7,900,000 | 7,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Number of syndicated banks | ' | ' | ' | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Current Borrowing base | ' | ' | ' | 450,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Maximum availability aggregate facility amount | ' | ' | ' | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Line of Credit, Current Commitment Amount | 450,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Long-Term Debt | 1,142,368,000 | [1] | 916,934,000 | [1] | ' | ' | ' | ' | ' | ' | 265,000,000 | 39,400,000 | ' | 250,000,000 | 250,000,000 | ' | 222,446,000 | [1] | 222,147,000 | [1] | ' | 404,922,000 | [1] | 405,387,000 | [1] | ' | ' | ' |
Percentage of applicable margin with federal fund rate | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Percentage of applicable margin with LIBOR | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Debt Instrument escalating basis spread on base rate | ' | ' | ' | ' | ' | 50 | ' | 150 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Debt instrument escalating rates for eurodollar rate loans | ' | ' | ' | ' | 150 | ' | 250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Lead bank's prime rate | 3.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Line of Credit Facility, Commitment Fee Percentage | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Maximum level of cash dividends in any fiscal year | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Aggregate limitation on purchases of stock | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Interest expense including commitment fees and amortization of debt issuance costs relating to the credit facility | 69,382,000 | 57,303,000 | 35,566,000 | ' | ' | ' | ' | ' | 6,000,000 | 3,700,000 | 2,400,000 | 18,300,000 | 18,200,000 | 18,200,000 | 20,700,000 | 20,600,000 | 20,600,000 | 31,600,000 | 22,400,000 | 1,700,000 | ' | ' | ||||||
Commitment fees included in interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | 1,400,000 | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Senior Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Senior notes, issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | 225,000,000 | ' | ' | 400,000,000 | 250,000,000 | ' | ' | 150,000,000 | ||||||
Stated rate of senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.13% | ' | ' | 8.88% | ' | ' | 7.88% | ' | ' | ' | ' | ||||||
Percentage at which senior notes are issued, of par value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | 98.39% | ' | ' | ' | 99.16% | ' | ' | 105.00% | ||||||
Effective interest rate on senior notes including discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.13% | ' | ' | ' | 8.00% | ' | ' | 6.99% | ||||||
Original unamortized issuance discount on senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,600,000 | ' | ' | 2,100,000 | 2,100,000 | ' | ' | ' | ||||||
unamortized premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,500,000 | ' | ||||||
Redemption price plus accrued and unpaid interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 102.38% | ' | ' | 104.44% | ' | ' | 103.94% | ' | ' | ' | ' | ||||||
Redemption price, plus accrued and unpaid interest declining in twelve-month intervals | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | 100.00% | ' | ' | 100.00% | ' | ' | ' | ' | ||||||
Percentage of maximum redemption of principal amount of notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ||||||
Redemption of debts with net proceeds of qualifying offerings at price above principle amount of debts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 107.88% | ' | ' | ' | ' | ||||||
Initial debt issuance costs capitalized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,200,000 | ' | ' | 5,000,000 | ' | ' | 7,500,000 | ' | ' | ' | ' | ||||||
Holder right to require company to repurchase notes at purchase price in cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.00% | ' | ' | 101.00% | ' | ' | 101.00% | ' | ' | ' | ' | ||||||
Interest expense including commitment fees and amortization of debt issuance costs relating to the credit facility | $69,382,000 | $57,303,000 | $35,566,000 | ' | ' | ' | ' | ' | $6,000,000 | $3,700,000 | $2,400,000 | $18,300,000 | $18,200,000 | $18,200,000 | $20,700,000 | $20,600,000 | $20,600,000 | $31,600,000 | $22,400,000 | $1,700,000 | ' | ' | ||||||
[1] | Amounts are shown net of any debt discount or premium |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details Textual) (USD $) | 12 Months Ended | 120 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 28, 2015 |
Obligations (Textual) | ' | ' | ' | ' |
Operating Leases, Rent Expense | $20.50 | $19.90 | $19.30 | ' |
Lease Period For Office Space | ' | ' | ' | '10 years |
Gas transportation and processing obligations [Member] | ' | ' | ' | ' |
Obligations (Textual) | ' | ' | ' | ' |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 8.8 | ' | ' | ' |
Operating Leases, Future Minimum Payments, Due in Two Years | 8 | ' | ' | ' |
Operating Leases, Future Minimum Payments, Due in Three Years | 6.5 | ' | ' | ' |
Operating Leases, Future Minimum Payments, Due in Four Years | 3.7 | ' | ' | ' |
Operating Leases, Future Minimum Payments, Due in Five Years | 3.7 | ' | ' | ' |
Operating Leases, Future Minimum Payments Due | 36.2 | ' | ' | ' |
Operating lease commitments [Member] | ' | ' | ' | ' |
Obligations (Textual) | ' | ' | ' | ' |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 9 | ' | ' | ' |
Operating Leases, Future Minimum Payments, Due in Two Years | 1.3 | ' | ' | ' |
Operating Leases, Future Minimum Payments, Due in Three Years | 0.1 | ' | ' | ' |
Operating Leases, Future Minimum Payments Due | $10.50 | ' | ' | ' |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2011 | |
Weighted-average assumptions for options issued during the indicated periods | ' | ' |
Dividend yield | 0.00% | 0.00% |
Expected volatility | 61.20% | 58.80% |
Risk-free interest rate | 0.80% | 1.90% |
Expected life of options (in years) | '4 years 3 months | '3 years 10 months |
Weighted-average grant-date fair value | $15.71 | $19.17 |
Stockholders_Equity_Details_1
Stockholders' Equity (Details 1) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2011 | |
Stock option activity in shares and weighted average price | ' | ' |
Options outstanding, beginning of period, shares | 1,585,594 | 1,361,779 |
Options outstanding, beginning of period, weighted average price | $33.13 | $32.46 |
Options granted, shares | 0 | ' |
Options granted, weighted average price | $0 | ' |
Options canceled, shares | -85,403 | ' |
Options canceled, weighted average price | $31.51 | ' |
Options exercised, shares | -11,877 | ' |
Options exercised, weighted average price | $13.84 | ' |
Options outstanding, end of period, shares | 1,488,314 | 1,361,779 |
Options outstanding, end of period, weighted average price | $33.38 | $32.46 |
Options exercisable, end of period, shares | 1,201,971 | ' |
Options exercisable, end of period, weighted average price | $32.93 | ' |
Stockholders_Equity_Details_2
Stockholders Equity (Details 2) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
$ 8.00 to $24.99 [Member] | ' |
Stock options outstanding | ' |
Number of Outstanding Options | 430,730 |
Weighted Average Remaining Contractual Life | '5 years 2 months 16 days |
Weighted Average Exercise | $20.04 |
Number of Exercisable Options | 430,730 |
Exercisable Options, Weighted Average Exercise Price | $20.04 |
$25.00 to $44.99 [Member] | ' |
Stock options outstanding | ' |
Number of Outstanding Options | 1,051,893 |
Weighted Average Remaining Contractual Life | '5 years 4 months 20 days |
Weighted Average Exercise | $38.72 |
Number of Exercisable Options | 765,550 |
Exercisable Options, Weighted Average Exercise Price | $40 |
$45.00 to $65.00 [Member] | ' |
Stock options outstanding | ' |
Number of Outstanding Options | 5,691 |
Weighted Average Remaining Contractual Life | '1 year 3 months 7 days |
Weighted Average Exercise | $55.98 |
Number of Exercisable Options | 5,691 |
Exercisable Options, Weighted Average Exercise Price | $55.98 |
$ 8.00 to $65.00 [Member] | ' |
Stock options outstanding | ' |
Number of Outstanding Options | 1,488,314 |
Weighted Average Remaining Contractual Life | '5 years 4 months |
Weighted Average Exercise | $33.38 |
Number of Exercisable Options | 1,201,971 |
Exercisable Options, Weighted Average Exercise Price | $32.93 |
Stockholders_Equity_Details_3
Stockholders' Equity (Details 3) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Restricted stock activity | ' |
Restricted shares outstanding, beginning of period | $33.38 |
Restricted shares outstanding, beginning of period, shares | 896,164 |
Restricted shares granted, fair value | $14.86 |
Restricted shares granted, shares | 869,430 |
Restricted shares canceled | $25.79 |
Restricted shares canceled, shares | -106,903 |
Restricted shares vested | $32.65 |
Restricted shares vested, shares | -391,581 |
Restricted shares outstanding, end of period | $21.54 |
Restricted shares outstanding, end of period, shares | 1,267,110 |
Stockholders_Equity_Details_Te
Stockholders' Equity (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock-Based Compensation Plan | ' | ' | ' |
Percentage of fair value of the common stock equal to exercise price | 100.00% | ' | ' |
Number of Matured Shares Delivered in Stock Swap Transactions | 10,752 | 20,692 | 79,194 |
Percentage of payroll deductions | 10.00% | ' | ' |
Percentage of purchase price for stock acquired under the plan | 85.00% | ' | ' |
Number of shares issued under employee stock purchase plan | 72,273 | 42,624 | 49,089 |
Purchase price of shares issued under employee stock purchase plan | $13.08 | $25.26 | $20.37 |
Net cash proceed from excise of stock options | ' | $600,000 | $1,200,000 |
Actual income tax benefit from excise of stock options | ' | 300,000 | 1,100,000 |
Share-based compensation expenses | 10,478,000 | 13,476,000 | 12,625,000 |
Share-based compensation (capitalized) | 5,500,000 | 5,200,000 | 4,200,000 |
Reduction in shares available for future grant by restricted stock | 1.44 | ' | ' |
Stock Option Awards | ' | ' | ' |
Look back period used to estimate expected volatility of stock option grants | '5 years 6 months | ' | ' |
Remaining contract life of outstanding stock options. | '5 years 4 months | ' | ' |
Remaining contract life of exercisable stock option | '4 years 8 months | ' | ' |
Intrinsic value of exercised stock option | ' | 900,000 | 4,200,000 |
Restricted Stock Awards [Abstract] | ' | ' | ' |
Fair value of non-option shares granted | $14.86 | ' | ' |
Restricted Stock Units [Abstract] | ' | ' | ' |
Performance Period for RSUs | ' | '4 years 3 months | '3 years 10 months |
Employee Stock Ownership Plan | ' | ' | ' |
Minimum age to participate for ESOP | '21 years | ' | ' |
Amount contributed to ESOP | 200,000 | 200,000 | 200,000 |
Shares of common stock contributed to ESOP | 14,815 | 12,995 | 6,729 |
Employee Savings Plan [Abstract] | ' | ' | ' |
Employee Savings Plan, Employer Matching Contribution, Percent | 100.00% | ' | ' |
Employee Savings Plan, Maximum Annual Contribution Per Employee, Percent | 6.00% | ' | ' |
Employee Savings Plan, Employer Discretionary Contribution Amount | 1,800,000 | 1,500,000 | 1,400,000 |
Employee Savings Plan, Stock Issued During Period, Shares | 140,078 | 91,895 | 44,258 |
General and Administrative Expense [Member] | ' | ' | ' |
Stock-Based Compensation Plan | ' | ' | ' |
Share-based compensation expenses | 9,700,000 | 12,600,000 | 11,900,000 |
Operating Lease Expense [Member] | ' | ' | ' |
Stock-Based Compensation Plan | ' | ' | ' |
Share-based compensation expenses | 300,000 | 300,000 | 300,000 |
Employee Stock Option [Member] | ' | ' | ' |
Stock Option Awards | ' | ' | ' |
Unrecognized compensation cost related to stock options | 600,000 | ' | ' |
Weighted average recognition period of cost related to stock options | '6 months | ' | ' |
Restricted Stock Awards [Member] | ' | ' | ' |
Stock Option Awards | ' | ' | ' |
Unrecognized compensation cost related to stock options | 13,200,000 | ' | ' |
Weighted average recognition period of cost related to stock options | '1 year 6 months | ' | ' |
Restricted Stock Awards [Abstract] | ' | ' | ' |
Number of shares issued to employees, consultants and directors | 869,430 | 543,800 | 499,050 |
Fair value of non-option shares granted | $14.86 | $31.12 | $40.28 |
Grant date fair value of shares vested | 12,800,000 | 10,000,000 | 8,700,000 |
Performance Awards (RSUs) [Member] | ' | ' | ' |
Restricted Stock Awards [Abstract] | ' | ' | ' |
Number of shares issued to employees, consultants and directors | 189,700 | ' | ' |
Vesting period | '3 years 1 month | ' | ' |
Fair value of non-option shares granted | $15.01 | ' | ' |
Restricted Stock Units [Abstract] | ' | ' | ' |
Performance Period for RSUs | '3 years | ' | ' |
Performance Awards (RSUs) [Member] | Performance Awards (RSU's) - Performance Condition [Member] | ' | ' | ' |
Stock Option Awards | ' | ' | ' |
Unrecognized compensation cost related to stock options | 400,000 | ' | ' |
Weighted average recognition period of cost related to stock options | '2 years 4 months | ' | ' |
Restricted Stock Awards [Abstract] | ' | ' | ' |
Fair value of non-option shares granted | $15.47 | ' | ' |
Performance Awards (RSUs) [Member] | Performance Awards (RSU's) - Market Condition [Member] | ' | ' | ' |
Stock Option Awards | ' | ' | ' |
Unrecognized compensation cost related to stock options | $1,500,000 | ' | ' |
Restricted Stock Awards [Abstract] | ' | ' | ' |
Fair value of non-option shares granted | $14.85 | ' | ' |
Employee Stock Purchase Plan [Member] | ' | ' | ' |
Stock-Based Compensation Plan | ' | ' | ' |
Shares available for future grant under stock compensation plans | 405,656 | ' | ' |
Share-Based Compensation Plan [Member] | ' | ' | ' |
Stock-Based Compensation Plan | ' | ' | ' |
Shares available for future grant under stock compensation plans | 2,383,672 | ' | ' |
Minimum Payout [Member] | ' | ' | ' |
Restricted Stock Awards [Abstract] | ' | ' | ' |
Vesting period | '3 years | ' | ' |
Restricted Stock Units [Abstract] | ' | ' | ' |
Percent of payout for performance based restricted stock unit grants | ' | ' | ' |
Maximum Payout [Member] | ' | ' | ' |
Restricted Stock Units [Abstract] | ' | ' | ' |
Percent of payout for performance based restricted stock unit grants | 200.00% | ' | ' |
Employee Stock Ownership Plan | ' | ' | ' |
Criteria for ESOP | '1 year | ' | ' |
Target Payout [Member] | ' | ' | ' |
Restricted Stock Units [Abstract] | ' | ' | ' |
Percent of payout for performance based restricted stock unit grants | 100.00% | ' | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transactions [Abstract] | ' | ' | ' |
Cost of service provided | $0.60 | $0.60 | $0.60 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Aug. 31, 2008 | Jun. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2012 | |
payments | ||||||
Discontinued Operations (Textual) [Abstract] | ' | ' | ' | ' | ' | ' |
Sale proceeds from disposal of properties | $15,000,000 | $15,000,000 | ' | ' | ' | ' |
Number of installments in which proceeds from divestiture of businesses to be received (in payments) | 3 | ' | ' | ' | ' | ' |
Amount per installment to be received from divestiture of business | 5,000,000 | ' | ' | ' | ' | ' |
Period after which first installment received | '9 months | ' | ' | ' | ' | ' |
Period after which second installment received | '18 months | ' | ' | ' | ' | ' |
Period after which third installment received | '30 months | ' | ' | ' | ' | ' |
Capitalized cost of assets held for sale | ' | ' | ' | ' | ' | 600,000 |
Gain from discontinued operations, net of taxes | ' | ' | $0 | $0 | $14,211,000 | ' |
Income (loss) from Discontinued Operations, Basic, net of taxes (in dollars per share) | ' | ' | $0 | $0 | $0.34 | ' |
Income (loss) from Discontinued Operations, Diluted, net of taxes (in dollars per share) | ' | ' | $0 | $0 | $0.33 | ' |
Acquisitions_and_Dispositions_
Acquisitions and Dispositions (Details) (USD $) | 1-May-13 |
In Millions, unless otherwise specified | |
Business Combinations [Abstract] | ' |
Sale proceeds from disposal of properties | $6 |
Reduction of asset retirement obligation due to sale of properties | $11.30 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Senior notes due 2017 [Member] | ' | ' | ' |
Fair value of senior notes | ' | ' | ' |
Fair value of senior notes | $256.70 | $258.10 | $254.80 |
Carrying value of senior notes | 250 | 250 | 250 |
Senior notes due 2020 [Member] | ' | ' | ' |
Fair value of senior notes | ' | ' | ' |
Fair value of senior notes | 239.1 | 244.4 | 239.6 |
Carrying value of senior notes | 222.4 | 222.1 | 221.9 |
Senior Notes due 2022 [Member] | ' | ' | ' |
Fair value of senior notes | ' | ' | ' |
Fair value of senior notes | 409 | 424 | 252.8 |
Carrying value of senior notes | $404.90 | $405.40 | $247.90 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 2) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Fair Value, Inputs, Total [Member] | Crude Oil [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Fair Value of Derivative Asset | $0.30 |
Fair Value of Derivative Liability | 0.2 |
Fair Value, Inputs, Total [Member] | Natural Gas excluding NGLs [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Fair Value of Derivative Asset | 0.5 |
Fair Value of Derivative Liability | 0.7 |
Fair Value, Inputs, Level 1 [Member] | Crude Oil [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Fair Value of Derivative Asset | 0 |
Fair Value of Derivative Liability | 0 |
Fair Value, Inputs, Level 1 [Member] | Natural Gas excluding NGLs [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Fair Value of Derivative Asset | 0 |
Fair Value of Derivative Liability | 0 |
Fair Value, Inputs, Level 2 [Member] | Crude Oil [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Fair Value of Derivative Asset | 0.3 |
Fair Value of Derivative Liability | 0.2 |
Fair Value, Inputs, Level 2 [Member] | Natural Gas excluding NGLs [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Fair Value of Derivative Asset | 0.5 |
Fair Value of Derivative Liability | 0.7 |
Fair Value, Inputs, Level 3 [Member] | Crude Oil [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Fair Value of Derivative Asset | 0 |
Fair Value of Derivative Liability | 0 |
Fair Value, Inputs, Level 3 [Member] | Natural Gas excluding NGLs [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Fair Value of Derivative Asset | 0 |
Fair Value of Derivative Liability | $0 |