Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 31, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'SWIFT ENERGY CO | ' |
Entity Central Index Key | '0000351817 | ' |
Document Type | '10-Q/A | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Document Period End Date | 30-Jun-14 | ' |
Amendment Flag | 'true | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 43,846,281 |
Amendment Description | 'Explanatory NoteWe are filing this Amendment No. 1 on Form 10-Q/A (this “Form 10-Q/Aâ€) to amend our Quarterly Report on Form 10-Q for the quarter ended June 30, 2014, originally filed with the Securities and Exchange Commission (the “SECâ€) on August 1, 2014 (the “Original Filingâ€), to restate our unaudited condensed consolidated financial statements and related footnote disclosures for the three and six months ended June 30, 2014. This Form 10-Q/A also amends certain other Items in the Original Filing, as listed in “Items Amended in this Form 10-Q/A†below.    Restatement BackgroundOn November 10, 2014, the Audit Committee of our Board of Directors (the “Audit Committeeâ€), after discussion with management and Ernst & Young LLP (“EYâ€), our independent registered public accounting firm, determined that the following financial statements previously filed with the SEC should no longer be relied upon: (1) the audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2013; (2) the unaudited condensed consolidated financial statements included in our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2013, June 30, 2013, and September 30, 2013; and (3) the unaudited condensed consolidated financial statements included our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2014 and June 30, 2014. In connection with the preparation of our financial statements for the quarter ended September 30, 2014, we determined that an error occurred in our model used for the ceiling test calculation we prepared at December 31, 2013, March 31, 2009 and December 31, 2008, to determine whether the net book value of the Company's oil and gas properties exceed the ceiling. Specifically, this error related to incorrectly including the deferred income tax effect of the Company's asset retirement obligations when computing the ceiling test limitation of its oil and natural gas properties under the full-cost method of accounting. The Company determined that the error caused a material overstatement of its full-cost ceiling test write-down of oil and gas properties in periods prior to 2014.As a result of this error, we are restating our unaudited consolidated financial statements for the three and six months ended June 30, 2014 and 2013. As of June 30, 2014, the correction of this error principally increased the Company's net oil and gas property balances by approximately $48 million, increased the net deferred tax liabilities by approximately $18 million, and increased retained earnings by approximately $30 million. The correction of the error also resulted in an increase in our depreciation, depletion and amortization expense for the three months ended June 30, 2014 and 2013 of approximately $0.8 million and $0.3 million, respectively, and decreased net income for the three months ended June 30, 2014 and 2013 by approximately $0.5 million and $0.2 million, respectively (net of a decrease to the income tax provision for the three months ended June 30, 2014 and 2013, of approximately $0.3 million and $0.1 million, respectively). Further, the correction of the error also resulted in an increase in our depreciation, depletion and amortization expense for the six months ended June 30, 2014 and 2013 of approximately $1.4 million and $0.7 million, respectively, and decreased net income for the six months ended June 30, 2014 and 2013 by approximately $0.9 million and $0.4 million, respectively (net of a decrease to the income tax provision for the six months ended June 30, 2014 and 2013, of approximately $0.5 million and $0.3 million, respectively). Please refer to Note 1A - “Restatement of Previously Issued Consolidated Financial Statements†of this Form 10-Q/A for more information regarding the impact of these adjustments.Along with restating our financial statements to correct the error discussed above, we are making adjustments for certain previously identified immaterial accounting errors related to the periods covered by this form 10-Q/A. When these financial statements were originally issued, we assessed the impact of these errors and concluded that they were not material to our financial statements for the three and six months ended June 30, 2014 and 2013. However, in conjunction with our need to restate our financial statements as a result of the error noted above, we have determined that it would be appropriate within this form 10-Q/A to make adjustments for all such previously unrecorded adjustments. Please refer to Note 1A - “Restatement of Previously Issued Consolidated Financial Statements†of this Form 10-Q/A for more information regarding the impact of these adjustments.Because these revisions are treated as corrections of errors to our prior period financial results, the revisions are considered to be a “restatement†under U.S. generally accepted accounting principles. Accordingly, the revised financial information included in this Quarterly Report on Form 10-Q/A has been identified as “restatedâ€.Internal Control ConsiderationOur management has determined that there was a deficiency in our internal control over financial reporting that constitutes a material weakness, as defined by SEC regulations, at June 30, 2014. For a discussion of management’s consideration of our disclosure controls and procedures and the material weakness identified, see Part I, Item 4 included in this Form 10-Q/A.Items Amended in this Form 10-Q/AThis Form 10-Q/A sets forth the Original Filing, in its entirety, as modified and superseded as necessary to reflect the restatement. The following items in the Original Filing have been amended as a result of, and to reflect, the restatement:A.Part I, Item 1. Financial StatementsB.Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsC.Part I, Item 4. Controls and Procedures D.Part II, Item 1A. Risk Factors E.Part II, Item 6. ExhibitsThis report on Form 10-Q/A is presented as of the filing date of the Original Filing and does not reflect events occurring after that date, or modify or update the information contained therein in any way other than as required to correct the error and record the adjustments described above.In accordance with applicable SEC rules, this Form 10-Q/A includes new certifications required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002, as amended, from our Chief Executive Officer and Chief Financial Officer dated as of the filing date of this Form 10-Q/A. | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Current Assets: | ' | ' | ||
Cash and cash equivalents | $564 | $3,277 | ||
Accounts receivable | 69,387 | 70,897 | ||
Deferred tax asset | 9,795 | 10,715 | ||
Other current assets | 21,032 | 7,600 | ||
Total Current Assets | 100,778 | 92,489 | ||
Property and Equipment: | ' | ' | ||
Property and Equipment | 5,923,457 | 5,714,099 | ||
Less - Accumulated depreciation, depletion, and amortization | -3,261,672 | -3,125,282 | ||
Property and Equipment, Net | 2,661,785 | 2,588,817 | ||
Other Long-Term Assets | 15,030 | 17,199 | ||
Total Assets | 2,777,593 | 2,698,505 | ||
Current Liabilities: | ' | ' | ||
Accounts payable and accrued liabilities | 104,523 | 82,318 | ||
Accrued capital costs | 49,870 | 61,164 | ||
Accrued interest | 21,505 | 21,561 | ||
Undistributed oil and gas revenues | 11,109 | 10,990 | ||
Total Current Liabilities | 187,007 | 176,033 | ||
Long-Term Debt | 1,178,301 | [1] | 1,142,368 | [1] |
Deferred Tax Liabilities | 251,482 | 241,205 | ||
Asset Retirement Obligation | 65,963 | 63,225 | ||
Other Long-Term Liabilities | 9,695 | 10,324 | ||
Commitments and Contingencies | 0 | 0 | ||
Stockholders' Equity: | ' | ' | ||
Preferred stock, $0.01 par value | 0 | 0 | ||
Common stock, $0.01 par value | 443 | 439 | ||
Additional paid-in capital | 766,875 | 762,242 | ||
Treasury stock held, at cost | -9,686 | -12,575 | ||
Retained earnings | 327,513 | 315,244 | ||
Total Stockholders' Equity | 1,085,145 | 1,065,350 | ||
Total Liabilities and Stockholders' Equity | $2,777,593 | $2,698,505 | ||
[1] | Amounts are shown net of any debt discount or premium |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Capitalized Costs, Unproved Properties | $63,662 | $71,452 |
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 | 44,278,732 | 43,915,346 |
Common stock, shares outstanding | 43,845,333 | 43,401,920 |
Treasury stock shares held, at cost | 433,399 | 513,426 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Oil and gas sales | $158,487 | $142,503 | $307,544 | $289,034 |
Price-risk management and other, net | -2,493 | 1,574 | -7,370 | 1,334 |
Total Revenues | 155,994 | 144,077 | 300,174 | 290,368 |
Costs and Expenses: | ' | ' | ' | ' |
General and administrative, net | 12,058 | 11,191 | 22,584 | 23,916 |
Depreciation, depletion, and amortization | 73,090 | 59,773 | 135,741 | 120,229 |
Accretion of asset retirement obligation | 1,415 | 1,479 | 2,801 | 3,254 |
Lease operating cost | 23,572 | 26,957 | 48,539 | 53,841 |
Transportation and gas processing | 6,013 | 4,865 | 11,305 | 9,603 |
Severance and other taxes | 9,436 | 10,501 | 18,638 | 20,526 |
Interest expense, net | 18,649 | 17,000 | 37,098 | 33,802 |
Total Costs and Expenses | 144,233 | 131,766 | 276,706 | 265,171 |
Income Before Income Taxes | 11,761 | 12,311 | 23,468 | 25,197 |
Provision for Income Taxes | 4,934 | 4,762 | 11,199 | 9,610 |
Net Income | $6,827 | $7,549 | $12,269 | $15,587 |
Per Share Amounts- | ' | ' | ' | ' |
Earnings Per Share (Basic) | $0.16 | $0.17 | $0.28 | $0.36 |
Earnings Per Share (Diluted) | $0.15 | $0.17 | $0.28 | $0.36 |
Weighted Average Shares Outstanding - Basic | 43,826 | 43,369 | 43,727 | 43,268 |
Weighted Average Shares Outstanding - Diluted | 44,312 | 43,612 | 44,215 | 43,599 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Earnings | |
In Thousands | ||||||
Beginning Balance at Dec. 31, 2012 | $1,052,783 | $435 | $748,517 | ($13,855) | $317,686 | |
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 compensation | -1,607 | ' | -1,607 | ' | ' | |
Employee stock purchase plan | 946 | 1 | 945 | ' | ' | |
Issuance of restricted stock | ' | 3 | -3 | ' | ' | |
Amortization of share-based compensation | 15,557 | ' | 15,557 | ' | ' | |
Net Income | -2,442 | ' | ' | ' | -2,442 | |
Ending Balance at Dec. 31, 2013 | 1,065,350 | 439 | 762,242 | -12,575 | 315,244 | |
Stock issued for benefit plans | 1,909 | ' | -1,876 | 3,785 | ' | |
Purchase of treasury shares | -896 | ' | ' | -896 | ' | |
Employee stock purchase plan | 824 | 1 | 823 | ' | ' | |
Issuance of restricted stock | ' | 3 | -3 | ' | ' | |
Amortization of share-based compensation | 5,689 | ' | 5,689 | ' | ' | |
Net Income | 12,269 | ' | ' | ' | 12,269 | |
Ending Balance at Jun. 30, 2014 | [1] | $1,085,145 | $443 | $766,875 | ($9,686) | $327,513 |
[1] | (1) Unaudited |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Stock issued for benefit plans (shares) | 154,665 | 104,890 |
Options exercised (shares) | 0 | 1,125 |
Purchase of treasury stock (shares) | 74,638 | 98,020 |
Employee stock purchase plan (shares) | 71,825 | 72,273 |
Issuance of restricted stock (shares) | 291,561 | 391,581 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash Flows from Operating Activities: | ' | ' |
Net Income | $12,269 | $15,587 |
Adjustments to reconcile net income to net cash provided by operation activities - | ' | ' |
Depreciation, depletion, and amortization | 135,741 | 120,229 |
Accretion of asset retirement obligation | 2,801 | 3,254 |
Deferred income taxes | 11,199 | 9,610 |
Stock-based compensation expenses | 3,683 | 6,018 |
Other Noncash Income (Expense) | -2,439 | -6,321 |
(Increase) Decrease in accounts receivable | 1,360 | -1,064 |
Increase (decrease) in accounts payable and accrued liabilities | 5,895 | 2,320 |
Increase (decrease) in income taxes payable | -150 | -178 |
Increase (decrease) in accrued interest | -56 | 76 |
Net Cash Provided by Operating Activities | 170,303 | 149,531 |
Cash Flows from Investing Activities: | ' | ' |
Additions to property and equipment | -208,979 | -265,317 |
Proceeds from the sale of property and equipment | 35 | 6,841 |
Net Cash Used in Investing Activities | -208,944 | -258,476 |
Cash Flows from Financing Activities: | ' | ' |
Proceeds from bank borrowings | 257,100 | 568,200 |
Payments of bank borrowings | -221,100 | -447,600 |
Net proceeds from issuances of common stock | 824 | 946 |
Purchase of treasury shares | -896 | -1,433 |
Net Cash Used in Financing Activities | 35,928 | 120,113 |
Net Increase (Decrease) in Cash and Cash Equivalents | -2,713 | 11,168 |
Cash and Cash Equivalents at Beginning of Period | 3,277 | 170 |
Cash and Cash Equivalents at End of Period | 564 | 11,338 |
Supplemental Disclosures of Cash Flows Information: | ' | ' |
Cash paid during period for interest, net of amounts capitalized | 36,031 | 32,708 |
Cash paid during period for income taxes | $150 | $178 |
General_Information
General Information | 6 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
General Information | ' |
(1) General Information | |
The condensed consolidated financial statements included herein have been prepared by Swift Energy Company (“Swift Energy,” the “Company,” or “we”) and reflect necessary adjustments, all of which were of a recurring nature unless otherwise disclosed herein, and are in the opinion of our management necessary for a fair presentation. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been omitted pursuant to the rules and regulations of the Securities and Exchange Commission. We believe that the disclosures presented are adequate to allow the information presented not to be misleading. The condensed consolidated financial statements should be read in conjunction with the audited financial statements and the notes thereto included in our Annual Report on Form 10-K/A for the fiscal year ended December 31, 2013 as filed with the Securities and Exchange Commission on November 17, 2014. |
Accounting_Changes_and_Error_C
Accounting Changes and Error Corrections Accounting Changes and Error Corrections (Notes) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Accounting Changes and Error Corrections [Abstract] | ' | |||||||||||||||||||
Accounting Changes and Error Corrections | ' | |||||||||||||||||||
Restatement of Previously Issued Condensed Consolidated Financial Statements | ||||||||||||||||||||
Overview. In connection with the preparation of our financial statements for the quarter ended September 30, 2014, we determined that the ceiling test calculation we had prepared at December 31, 2013, March 31, 2009 and December 31, 2008, to determine whether the net book value of the Company's oil and gas properties exceed the ceiling, incorrectly included the deferred income tax effect of the Company's asset retirement obligations when computing the ceiling test limitation of its oil and natural gas properties under the full-cost method of accounting. The Company determined that the error caused a material overstatement of its full-cost ceiling test write-down of oil and gas properties in periods prior to 2014, more specifically in the fourth quarter of 2013, in the first quarter of 2009 and the fourth quarter of 2008, including associated depletion for all periods presented. As a result of this error, in this Form 10-Q/A we are restating our unaudited condensed consolidated financial information for the three and six months ended June 30, 2014 and 2013. | ||||||||||||||||||||
As of June 30, 2014, the correction of this error principally increased the Company's net oil and gas property balances by approximately $48 million, increased net deferred tax liabilities by approximately $18 million, and increased retained earnings by approximately $30 million. The correction of the error resulted in an increase in our depreciation, depletion and amortization expense for the three months ended June 30, 2014 and 2013 of approximately $0.8 million and $0.3 million, respectively, and decreased net income for the three months ended June 30, 2014 and 2013 by approximately $0.5 million and $0.2 million, respectively (net of a decrease to the income tax provision for the three months ended June 30, 2014 and 2013, of approximately $0.3 million and $0.1 million, respectively). The correction of the error also results in an increase in our depreciation, depletion and amortization expense for the six months ended June 30, 2014 and 2013 of approximately $1.4 million and $0.7 million, respectively, and decreases net income for the six months ended June 30, 2014 and 2013 by approximately $0.9 million and $0.4 million, respectively (net of a decrease to the income tax provision for the six months ended June 30, 2014 and 2013, of approximately $0.5 million and $0.3 million, respectively). | ||||||||||||||||||||
Along with restating our financial statements to correct the error discussed above, we have recorded adjustments for certain previously identified immaterial accounting errors related to the periods covered by this Form 10-Q/A. When these financial statements were originally issued, we assessed the impact of these errors and concluded that they were not material to our financial statements for the three and six months ended June 30, 2014 and 2013. However, in conjunction with our need to restate our financial statements as a result of the error noted above, we have determined that it would be appropriate to make adjustments within this Form 10-Q/A for all such previously unrecorded adjustments. | ||||||||||||||||||||
The combined impacts of all adjustments to the applicable line items in our unaudited condensed consolidated financial statements for the periods covered by this Form 10-Q/A are provided in the tables below. | ||||||||||||||||||||
Financial Statement Presentation. In addition to the restatement of our unaudited condensed consolidated financial statements, we have restated the following notes to the unaudited condensed consolidated financial statements to reflect certain changes noted above. | ||||||||||||||||||||
• | Note 2. Summary of Significant Accounting Policies | |||||||||||||||||||
• | Note 3. Share-Based Compensation | |||||||||||||||||||
• | Note 4. Earnings Per Share | |||||||||||||||||||
The following tables present the effect of the correction of the error and other adjustments on selected line items of our previously reported unaudited condensed consolidated financial statements for the three and six months ended June 30, 2014 and 2013 (in thousands): | ||||||||||||||||||||
Consolidated Balance Sheets as of June 30, 2014 | ||||||||||||||||||||
(As Reported) | Adjustments | (As Restated) | ||||||||||||||||||
Accounts Receivable | $ | 68,615 | $ | 772 | $ | 69,387 | ||||||||||||||
Deferred tax asset | 4,829 | 4,966 | 9,795 | |||||||||||||||||
Other Current Assets | 21,033 | (1 | ) | 21,032 | ||||||||||||||||
Total Current Assets | 95,041 | 5,737 | 100,778 | |||||||||||||||||
Accumulated depreciation, depletion, and amortization (1) | (3,308,992 | ) | 47,320 | (3,261,672 | ) | |||||||||||||||
Property and Equipment, Net | 2,614,465 | 47,320 | 2,661,785 | |||||||||||||||||
Total Assets | 2,724,536 | 53,057 | 2,777,593 | |||||||||||||||||
Deferred Tax Liabilities (1) | 229,107 | 22,375 | 251,482 | |||||||||||||||||
Retained earnings (1) | 296,831 | 30,682 | 327,513 | |||||||||||||||||
Total Stockholders’ Equity | 1,054,463 | 30,682 | 1,085,145 | |||||||||||||||||
Total Liabilities and Stockholders’ Equity | 2,724,536 | 53,057 | 2,777,593 | |||||||||||||||||
(1) The adjustments column includes the impact of correcting the error in the ceiling test write-down as of June 30, 2014. Included in these amounts are approximately $48 million related to Accumulated depreciation, depletion, and amortization, $18 million related to the net deferred tax liabilities and $30 million related to retained earnings. | ||||||||||||||||||||
Condensed Consolidated Statements of Operations For the Three Months Ended June 30, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(As Reported) | Adjustments | (As Restated) | (As Reported) | Adjustments | (As Restated) | |||||||||||||||
Oil and Gas Sales | $ | 158,214 | $ | 273 | $ | 158,487 | $ | 140,892 | $ | 1,611 | $ | 142,503 | ||||||||
Total Revenues | 155,721 | 273 | 155,994 | 142,466 | 1,611 | 144,077 | ||||||||||||||
General and Administrative, net | 12,412 | (354 | ) | 12,058 | 11,191 | — | 11,191 | |||||||||||||
Depreciation, depletion, and amortization | 72,205 | 885 | 73,090 | 59,458 | 315 | 59,773 | ||||||||||||||
Lease operating cost | 21,932 | 1,640 | 23,572 | 26,957 | — | 26,957 | ||||||||||||||
Total Costs and Expenses | 142,062 | 2,171 | 144,233 | 131,451 | 315 | 131,766 | ||||||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | 13,659 | (1,898 | ) | 11,761 | 11,015 | 1,296 | 12,311 | |||||||||||||
Provision (Benefit) for Income Taxes | 5,621 | (687 | ) | 4,934 | 4,293 | 469 | 4,762 | |||||||||||||
Net Income (Loss) | 8,038 | (1,211 | ) | 6,827 | 6,722 | 827 | 7,549 | |||||||||||||
Basic EPS: Net Income (Loss) | $ | 0.18 | $ | (0.02 | ) | $ | 0.16 | $ | 0.15 | $ | 0.02 | $ | 0.17 | |||||||
Diluted EPS: Net Income (Loss) | $ | 0.18 | $ | (0.03 | ) | $ | 0.15 | $ | 0.15 | $ | 0.02 | $ | 0.17 | |||||||
Condensed Consolidated Statements of Operations For the Six Months Ended June 30, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(As Reported) | Adjustments | (As Restated) | (As Reported) | Adjustments | (As Restated) | |||||||||||||||
Oil and Gas Sales | $ | 306,772 | $ | 772 | $ | 307,544 | $ | 287,369 | $ | 1,665 | $ | 289,034 | ||||||||
Total Revenues | 299,402 | 772 | 300,174 | 288,703 | 1,665 | 290,368 | ||||||||||||||
General and Administrative, net | 23,151 | (567 | ) | 22,584 | 23,916 | — | 23,916 | |||||||||||||
Depreciation, depletion, and amortization | 133,890 | 1,851 | 135,741 | 119,578 | 651 | 120,229 | ||||||||||||||
Lease operating cost | 47,199 | 1,340 | 48,539 | 54,381 | (540 | ) | 53,841 | |||||||||||||
Transportation and gas processing | 11,305 | — | 11,305 | 10,895 | (1,292 | ) | 9,603 | |||||||||||||
Severance and other taxes | 18,638 | — | 18,638 | 20,276 | 250 | 20,526 | ||||||||||||||
Total Costs and Expenses | 274,082 | 2,624 | 276,706 | 266,102 | (931 | ) | 265,171 | |||||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | 25,320 | (1,852 | ) | 23,468 | 22,601 | 2,596 | 25,197 | |||||||||||||
Provision (Benefit) for Income Taxes | 11,869 | (670 | ) | 11,199 | 8,670 | 940 | 9,610 | |||||||||||||
Net Income (Loss) | 13,451 | (1,182 | ) | 12,269 | 13,931 | 1,656 | 15,587 | |||||||||||||
Basic EPS: Net Income (Loss) | $ | 0.31 | $ | (0.03 | ) | $ | 0.28 | $ | 0.32 | $ | 0.04 | $ | 0.36 | |||||||
Diluted EPS: Net Income (Loss) | $ | 0.3 | $ | (0.02 | ) | $ | 0.28 | $ | 0.32 | $ | 0.04 | $ | 0.36 | |||||||
Consolidated Statements of Cash Flows For the Six Months Ended June 30, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(As Reported) | Adjustments | (As Restated) | (As Reported) | Adjustments | (As Restated) | |||||||||||||||
Net income (loss) | $ | 13,451 | $ | (1,182 | ) | $ | 12,269 | $ | 13,931 | $ | 1,656 | $ | 15,587 | |||||||
Depreciation, depletion, and amortization | 133,890 | 1,851 | 135,741 | 119,578 | 651 | 120,229 | ||||||||||||||
Deferred income taxes | 11,869 | (670 | ) | 11,199 | 8,670 | 940 | 9,610 | |||||||||||||
Share-based compensation expense | 3,953 | (270 | ) | 3,683 | 6,018 | — | 6,018 | |||||||||||||
Other | (2,439 | ) | — | (2,439 | ) | (6,024 | ) | (297 | ) | (6,321 | ) | |||||||||
(Increase) decrease in accounts receivable | 2,132 | (772 | ) | 1,360 | 601 | (1,665 | ) | (1,064 | ) | |||||||||||
Increase (decrease) in accounts payable and accrued liabilities | 4,852 | 1,043 | 5,895 | 3,605 | (1,285 | ) | 2,320 | |||||||||||||
Net Cash Provided by Operating Activities | 170,303 | — | 170,303 | 149,531 | — | 149,531 | ||||||||||||||
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||||
(2) Summary of Significant Accounting Policies (As Restated) | ||||||||||||||
Principles of Consolidation. The accompanying condensed 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 condensed consolidated financial statements. Intercompany balances and transactions have been eliminated in preparing the accompanying condensed consolidated financial statements. | ||||||||||||||
Subsequent Events. On July 15, 2014, we closed our transaction with PT Saka Energi Indonesia ("Saka Energi") to fully develop 8,300 acres of Fasken area Eagle Ford shale properties owned by Swift Energy in Webb County, Texas. Swift Energy sold a 36% full participating interest in the Fasken properties to Saka Energi for $175 million in total cash consideration, with $125 million paid at closing and $50 million in cash to be paid by Saka Energi over time to carry a portion of Swift Energy's field development costs incurred after the effective date, January 1, 2014. | ||||||||||||||
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 three months ended June 30, 2014 and 2013, such internal costs capitalized totaled $6.9 million and $7.5 million, respectively. For the six months ended June 30, 2014 and 2013, such internal costs capitalized totaled $14.1 million and $16.0 million, respectively. Interest costs are also capitalized to unproved oil and natural gas properties. For the three months ended June 30, 2014 and 2013, capitalized interest on unproved properties totaled $1.2 million and $1.9 million, respectively. For the six months ended June 30, 2014 and 2013, capitalized interest on unproved properties totaled $2.5 million and $3.8 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 condensed consolidated balance sheets are summarized for presentation purposes. The following is a detailed breakout of our “Property and Equipment” balances (in thousands): | ||||||||||||||
June 30, 2014 (As Restated) | December 31, 2013 (As Restated) | |||||||||||||
Property and Equipment | ||||||||||||||
Proved oil and gas properties | $ | 5,817,395 | $ | 5,600,279 | ||||||||||
Unproved oil and gas properties | 63,662 | 71,452 | ||||||||||||
Furniture, fixtures, and other equipment | 42,400 | 42,368 | ||||||||||||
Less – Accumulated depreciation, depletion, and amortization | (3,261,672 | ) | (3,125,282 | ) | ||||||||||
Property and Equipment, Net | $ | 2,661,785 | $ | 2,588,817 | ||||||||||
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. | ||||||||||||||
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. | ||||||||||||||
It is reasonably possible that our estimate of discounted future net cash flows from proved oil and natural gas reserves could change in the future and that non-cash write-downs of oil and natural gas properties could occur in the future. For example, 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 estimate the amount or timing of any potential future non-cash write-down of our oil and natural gas properties. | ||||||||||||||
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 condensed consolidated balance sheets. Natural gas balancing receivables are reported in “Other current assets” on the accompanying condensed consolidated balance sheets when our ownership share of production exceeds sales. As of June 30, 2014 and December 31, 2013, 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 June 30, 2014 and December 31, 2013, 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 condensed consolidated balance sheets. | ||||||||||||||
At June 30, 2014, our “Accounts receivable” balance included $59.7 million (restated) for oil and gas sales, $1.1 million for joint interest owners, $7.7 million for severance tax credit receivables and $0.8 million for other receivables. 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. | ||||||||||||||
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 balance of their issuance costs at June 30, 2014, was $1.5 million. The 8.875% senior notes due in 2020 mature on January 15, 2020, and the balance of their issuance costs at June 30, 2014, was $3.3 million. The 7.875% senior notes due in 2022 mature on March 1, 2022, and the balance of their issuance costs at June 30, 2014, was $6.2 million. The balance of revolving credit facility issuance costs at June 30, 2014, was $2.9 million. | ||||||||||||||
Price-Risk Management Activities. The Company follows FASB ASC 815-10, which requires that changes in the derivative’s fair value are recognized in earnings. The changes in the fair value of our derivatives are recognized in "Price-risk management and other, net” on the accompanying condensed 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 swaps, floors, calls, collars and participating collars. | ||||||||||||||
During the three months ended June 30, 2014 and 2013, we recorded net losses of $2.7 million and net gains of $1.5 million, respectively, relating to our derivative activities. The 2014 amount includes a revenue reduction of $1.2 million during the second quarter of 2014 for the non-cash fair value adjustments on commodity derivatives. The effects of our derivatives are included in the "Other" section of our operating activities on the accompanying condensed 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 unsettled derivative assets at June 30, 2014 was $0.2 million which was recognized on the accompanying condensed consolidated balance sheet in “Other current assets.” The fair value of our unsettled derivative liabilities at June 30, 2014 was $3.1 million which was recognized on the accompanying condensed consolidated balance sheet in “Accounts payable and accrued liabilities.” | ||||||||||||||
At June 30, 2014, we had less than $0.1 million in receivables for settled derivatives which were recognized on the accompanying condensed consolidated balance sheet in “Accounts receivable” and were subsequently collected in July 2014. At June 30, 2014, we also had $1.3 million in payables for settled derivatives which were recognized on the accompanying condensed consolidated balance sheet in "Accounts payable and accrued liabilities" and were subsequently paid in July 2014. | ||||||||||||||
The Company uses an International Swap and Derivatives Association "ISDA" master agreement for our 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 $2.9 million at June 30, 2014. For further discussion related to the fair value of the Company's derivatives, refer to Note 7 of these condensed consolidated financial statements. | ||||||||||||||
The following tables summarize the weighted average prices and future production volumes for our unsettled derivative contracts in place as of June 30, 2014: | ||||||||||||||
Oil Derivatives | Total Volumes (Bbls) | Swap Fixed Price | ||||||||||||
(NYMEX WTI Settlements) | ||||||||||||||
2014 Contracts | ||||||||||||||
Swaps | 197,500 | $ | 101.76 | |||||||||||
Collars | ||||||||||||||
Natural Gas Derivatives | Total Volumes (MMBtu) | Swap Fixed Price | Floor | Ceiling Price | ||||||||||
(NYMEX Henry Hub Settlements) | Price | |||||||||||||
2014 Contracts | ||||||||||||||
Swaps | 7,020,000 | $ | 4.29 | |||||||||||
Collars | 2,100,000 | $ | 4.13 | $ | 4.46 | |||||||||
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 | 8,850,000 | $ | (0.09 | ) | ||||||||||
2015 Contracts | ||||||||||||||
Swaps | 8,200,000 | $ | (0.02 | ) | ||||||||||
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 condensed consolidated statements of operations. Our supervision fees are based on COPAS industry guidelines. The amount of supervision fees charged for the three and six months ended June 30, 2014 and 2013 did not exceed our actual costs incurred. The total amount of supervision fees charged to the wells we operated were $3.0 million and $3.3 million for the three months ended June 30, 2014 and 2013, respectively and $5.7 million and $6.1 million for the six months ended June 30, 2014 and 2013, 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 condensed consolidated balance sheets totaling $3.0 million and $3.5 million at June 30, 2014 and December 31, 2013, respectively. | ||||||||||||||
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. At June 30, 2014, we did not have any accrued liability for uncertain tax positions and do not anticipate recognition of any significant liabilities for uncertain tax positions during the next 12 months. | ||||||||||||||
Our U.S. Federal income tax returns for 2007 forward, our Louisiana income tax returns from 1999 forward and our Texas franchise tax returns after 2008 remain subject to examination by the taxing authorities. There are no material unresolved items related to periods previously audited by these taxing authorities. No other jurisdiction returns are significant to our financial position. | ||||||||||||||
For the six months ended June 30, 2014, we recognized an income tax expense increase of $1.9 million related to a shortfall between the tax deduction received with respect to prior restricted stock grants that vested during the year versus the actual book expense recorded over the life of those grants. | ||||||||||||||
Accounts Payable and Accrued Liabilities. The “Accounts payable and accrued liabilities” balances on the accompanying condensed consolidated balance sheets are summarized below (in thousands): | ||||||||||||||
June 30, | December 31, 2013 (As Restated) | |||||||||||||
2014 | ||||||||||||||
Trade accounts payable (1) | $ | 39,240 | $ | 30,769 | ||||||||||
Accrued operating expenses | 15,988 | 16,016 | ||||||||||||
Accrued payroll costs | 8,655 | 10,938 | ||||||||||||
Asset retirement obligation – current portion | 13,717 | 15,859 | ||||||||||||
Accrued taxes | 7,533 | 5,845 | ||||||||||||
Escrow deposit liability (2) | 12,500 | — | ||||||||||||
Other payables | 6,890 | 2,891 | ||||||||||||
Total accounts payable and accrued liabilities | $ | 104,523 | $ | 82,318 | ||||||||||
(1) Included in “trade accounts payable” are liabilities of approximately $7.5 million and $26.1 million at June 30, 2014 and December 31, 2013, respectively, for outstanding checks. | ||||||||||||||
(2) This amount includes the liability related to the Fasken joint venture for the restricted cash, held in escrow, at June 30, 2014. | ||||||||||||||
Cash and Cash Equivalents. We consider all highly liquid instruments with an initial maturity of three months or less to be cash equivalents. | ||||||||||||||
Restricted Cash. During the second quarter we received a cash deposit, held in an escrow account, of $12.5 million related to the Fasken joint venture. These amounts were contractually restricted until the transaction closed on July 15, 2014. As of June 30, 2014, this balance is reported in “Other current assets” on the accompanying condensed consolidated balance sheets. | ||||||||||||||
Restricted Cash also includes amounts held in escrow accounts to satisfy plugging and abandonment obligations. As of June 30, 2014 and December 31, 2013, these assets were approximately $1.0 million. 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. These restricted cash balances are reported in “Other Long-Term Assets” on the accompanying condensed 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 condensed 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): | ||||||||||||||
2014 | ||||||||||||||
Asset Retirement Obligation recorded as of January 1 | $ | 79,084 | ||||||||||||
Accretion expense | 2,801 | |||||||||||||
Liabilities incurred for new wells and facilities construction | 180 | |||||||||||||
Reductions due to sold and abandoned wells and facilities | (2,643 | ) | ||||||||||||
Revisions in estimates | 258 | |||||||||||||
Asset Retirement Obligation as of June 30 | $ | 79,680 | ||||||||||||
At June 30, 2014 and December 31, 2013, approximately $13.7 million and $15.9 million of our asset retirement obligation was classified as a current liability in “Accounts payable and accrued liabilities” on the accompanying condensed consolidated balance sheets. | ||||||||||||||
New Accounting Pronouncements. In May 2014, the FASB issued ASU 2014-09, providing a comprehensive revenue recognition standard for contracts with customers that supersedes current revenue recognition guidance. The guidance is effective for annual and interim reporting periods beginning after December 15, 2016 and upon adoption, entities are required to recognize revenue using the following five-step model: identify the contract with a customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue as the entity satisfies each performance obligation. Adoption of this standard could result in retrospective application, either in the form of recasting all prior periods presented or a cumulative adjustment to equity in the period of adoption. We plan to review and assess the effect and implement any necessary requirements as needed. |
ShareBased_Compensation
Share-Based Compensation | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||
Share-Based Compensation | ' | ||||||
(3) Share-Based Compensation (As Restated) | |||||||
We have various types of share-based compensation plans. Refer to our definitive proxy statement for our annual meeting of shareholders filed with the SEC on April 2, 2014, as well as Note 6 of our consolidated financial statements in our Annual Report on Form 10-K/A for the fiscal year ended December 31, 2013, for additional information related to these share-based compensation plans. We follow guidance contained in FASB ASC 718 to account for share-based compensation. | |||||||
We receive a tax deduction for certain stock option exercises during the period the stock options 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. In accordance with guidance contained in FASB ASC 718, we are required to report excess tax benefits from the award of equity instruments as financing cash flows. For the three and six months ended June 30, 2014, we recognized an income tax shortfall in earnings of $0.2 million and $1.9 million, respectively, related to restricted stock awards that vested at a price lower than the grant date fair value. For the three and six months ended June 30, 2013, we did not recognize any material excess tax benefit or shortfall in earnings. There were no stock option exercises for the six months ended June 30, 2014 and 2013. | |||||||
Share-based compensation expense for awards issued to both employees and non-employees, which was recorded in “General and administrative, net” in the accompanying condensed consolidated statements of operations, was $1.7 million and $2.8 million for the three months ended June 30, 2014 and 2013, respectively and $3.3 million (restated) and $5.6 million for the six months ended June 30, 2014 and 2013, respectively. Share-based compensation recorded in lease operating cost was less than $0.1 million for the three months ended June 30, 2014 and 2013 and was $0.1 million and $0.2 million for the six months ended June 30, 2014 and 2013, respectively. We also capitalized $0.9 million and $1.6 million of share-based compensation for the three months ended June 30, 2014 and 2013, respectively, and capitalized $2.0 million and $3.2 million for the six months ended June 30, 2014 and 2013, 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. | |||||||
Stock Option Awards | |||||||
We use the Black-Scholes-Merton option pricing model to estimate the fair value of stock option awards. During the six months ended June 30, 2014 and 2013 we did not grant any stock option awards. | |||||||
At June 30, 2014, we had $0.3 million of unrecognized compensation cost related to stock option awards, which is expected to be recognized over a weighted-average period of 0.6 years. The following table represents stock option award activity for the six months ended June 30, 2014: | |||||||
Shares | Wtd. Avg. | ||||||
Exercise Price | |||||||
Options outstanding, beginning of period | 1,488,314 | $ | 33.38 | ||||
Options granted | — | $ | — | ||||
Options canceled | -58,694 | $ | 23.24 | ||||
Options exercised | — | $ | — | ||||
Options outstanding, end of period | 1,429,620 | $ | 33.78 | ||||
Options exercisable, end of period | 1,327,449 | $ | 33.87 | ||||
Our stock option awards outstanding and exercisable at June 30, 2014 were out of the money and therefore had no aggregate intrinsic value. At June 30, 2014, the weighted average contract life of stock option awards outstanding was 5.0 years and the weighted average contract life of stock option awards exercisable was 4.8 years. There were no stock option exercises for the six months ended June 30, 2014 and 2013. | |||||||
Restricted Stock Awards | |||||||
The plans, as described in Note 6 of our consolidated financial statements in our Annual Report on Form 10-K/A for the fiscal year ended December 31, 2013, allow for the issuance of restricted stock awards that generally may not be sold or otherwise transferred until certain restrictions have lapsed. The unrecognized compensation cost related to these awards is expected to be expensed over the period the restrictions lapse (generally one to three years). | |||||||
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 June 30, 2014, we had unrecognized compensation expense of $14.9 million related to restricted stock awards which is expected to be recognized over a weighted-average period of 1.9 years. The grant date fair value of shares vested during the six months ended June 30, 2014 was $10.2 million. | |||||||
The following table represents restricted stock award activity for the six months ended June 30, 2014: | |||||||
Shares | Wtd. Avg. | ||||||
Grant Price | |||||||
Restricted shares outstanding, beginning of period | 1,267,110 | $ | 21.54 | ||||
Restricted shares granted | 716,650 | $ | 11.57 | ||||
Restricted shares canceled | (114,672 | ) | $ | 15.37 | |||
Restricted shares vested | (291,561 | ) | $ | 34.83 | |||
Restricted shares outstanding, end of period | 1,577,527 | $ | 15 | ||||
Performance-Based Restricted Stock Units | |||||||
For the six months ended June 30, 2014 and 2013, the Company granted 185,250 and 189,700 units, respectively, of performance-based restricted stock units containing predetermined market and performance conditions with a cliff vesting period of 3.1 years. These units were granted at 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 the per unit grant date valuation using a Monte-Carlo simulation. The performance condition is remeasured quarterly and compensation expense is recorded based on the closing market price of our stock per unit on the grant date 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. | |||||||
As of June 30, 2014, we had unrecognized compensation expense of $3.1 million related to our restricted stock units which is expected to be recognized over a weighted-average period of 2.3 years. No shares vested during the six months ended June 30, 2014 and 2013. The weighted average grant date fair value for the restricted stock units granted during the six months ended June 30, 2014 and 2013 was $11.68 and $15.01 per unit, respectively. | |||||||
The following table represents restricted stock unit activity for the six months ended June 30, 2014: | |||||||
Shares | Wtd. Avg. | ||||||
Grant Price | |||||||
Restricted stock units outstanding, beginning of period | 189,700 | $ | 15.01 | ||||
Restricted stock units granted | 185,250 | $ | 11.68 | ||||
Restricted stock units canceled | — | $ | — | ||||
Restricted stock units vested | — | $ | — | ||||
Restricted stock units outstanding, end of period | 374,950 | $ | 13.36 | ||||
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | |||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||||||||
Earnings Per Share | ' | |||||||||||||||||||||
(4) Earnings Per Share (As Restated) | ||||||||||||||||||||||
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. Certain of our stock options and restricted stock grants that would potentially dilute Basic EPS in the future were also antidilutive for the three and six months ended June 30, 2014 and 2013, and are discussed below. | ||||||||||||||||||||||
The following is a reconciliation of the numerators and denominators used in the calculation of Basic and Diluted EPS for the three and six months ended June 30, 2014 and 2013 (in thousands, except per share amounts): | ||||||||||||||||||||||
Three Months Ended June 30, 2014 | Three Months Ended June 30, 2013 | |||||||||||||||||||||
(As Restated) | (As Restated) | |||||||||||||||||||||
Net Income | Shares | Per Share | Net Income | Shares | Per Share | |||||||||||||||||
Amount | Amount | |||||||||||||||||||||
Basic EPS: | ||||||||||||||||||||||
Net Income and Share Amounts | $ | 6,827 | 43,826 | $ | 0.16 | $ | 7,549 | 43,369 | $ | 0.17 | ||||||||||||
Dilutive Securities: | ||||||||||||||||||||||
Stock Options | — | — | ||||||||||||||||||||
Restricted Stock Awards | 429 | 192 | ||||||||||||||||||||
Restricted Stock Units | 57 | 51 | ||||||||||||||||||||
Diluted EPS: | ||||||||||||||||||||||
Net Income and Assumed Share Conversions | $ | 6,827 | 44,312 | $ | 0.15 | $ | 7,549 | 43,612 | $ | 0.17 | ||||||||||||
Six Months Ended June 30, 2014 | Six Months Ended June 30, 2013 | |||||||||||||||||||||
(As Restated) | (As Restated) | |||||||||||||||||||||
Net Income | Shares | Per Share | Net Income | Shares | Per Share | |||||||||||||||||
Amount | Amount | |||||||||||||||||||||
Basic EPS: | ||||||||||||||||||||||
Net Income and Share Amounts | $ | 12,269 | 43,727 | $ | 0.28 | $ | 15,587 | 43,268 | $ | 0.36 | ||||||||||||
Dilutive Securities: | ||||||||||||||||||||||
Stock Options | — | 2 | ||||||||||||||||||||
Restricted Stock Awards | 424 | 242 | ||||||||||||||||||||
Restricted Stock Units | 64 | 87 | ||||||||||||||||||||
Diluted EPS: | ||||||||||||||||||||||
Net Income and Assumed Share Conversions | $ | 12,269 | 44,215 | $ | 0.28 | $ | 15,587 | 43,599 | $ | 0.36 | ||||||||||||
Approximately 1.4 million and 1.6 million stock options to purchase shares were not included in the computation of Diluted EPS for the three months ended June 30, 2014 and 2013, respectively, and approximately 1.5 million stock options to purchase shares were not included in the computation of Diluted EPS for the six months ended June 30, 2014 and 2013 because these stock options were antidilutive. Approximately 0.3 million restricted stock awards were not included in the computation of Diluted EPS for the three and six months ended June 30, 2014 and 2013 because they were antidilutive. Approximately 0.7 million and 0.3 million shares for three and six months ended June 30, 2014 and 2013, respectively, 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 because the performance and market conditions had not been met, assuming the end of the reporting period was the end of the performance period. |
LongTerm_Debt
Long-Term Debt | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
(5) Long-Term Debt | ||||||||
Our long-term debt as of June 30, 2014 and December 31, 2013, was as follows (in thousands): | ||||||||
June 30, 2014 | December 31, 2013 | |||||||
7.125% senior notes due in 2017 | $ | 250,000 | $ | 250,000 | ||||
8.875% senior notes due in 2020 (1) | 222,607 | 222,446 | ||||||
7.875% senior notes due in 2022 (1) | 404,694 | 404,922 | ||||||
Bank Borrowings due in 2017 | 301,000 | 265,000 | ||||||
Long-Term Debt (1) | $ | 1,178,301 | $ | 1,142,368 | ||||
(1) Amounts are shown net of any debt discount or premium | ||||||||
As of June 30, 2014, we had $301.0 million of outstanding bank borrowings on our credit facility which has a maturity date of November 1, 2017. The maturities on our senior notes are $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 $1.2 million and $1.9 million for the three months ended June 30, 2014 and 2013, respectively, and we have capitalized interest on our unproved properties in the amount of $2.5 million and $3.8 million for the six months ended June 30, 2014 and 2013, respectively. | ||||||||
Bank Borrowings. Due to the closing of our recent Fasken joint venture transaction with Saka Energi, our syndicate of 11 banks automatically reduced the borrowing base and commitment amount from $450.0 million to $417.6 million on our $500.0 million credit facility, effective July 15, 2014. The maturity date of November 1, 2017 remained unchanged. | ||||||||
We had $301.0 million and $265.0 million in outstanding borrowings under our credit facility at June 30, 2014 and December 31, 2013, 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. At June 30, 2014, 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 June 30, 2014, 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 $2.1 million and $1.2 million for the three months ended June 30, 2014 and 2013, respectively. Interest expense on the credit facility, including commitment fees and amortization of debt issuance costs, totaled $4.2 million and $2.4 million for the six months ended June 30, 2014 and 2013, respectively. The amount of commitment fees included in interest expense, net was $0.2 million and $0.3 million for the three months ended June 30, 2014 and 2013, respectively, and was $0.3 million and $0.6 million for the six months ended June 30, 2014 and 2013. | ||||||||
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 condensed 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 condensed 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 condensed 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 June 30, 2014. | ||||||||
Interest expense on the senior notes due in 2022, including amortization of debt issuance costs and debt premium, totaled $7.9 million for the three months ended June 30, 2014 and 2013 and $15.8 million for the six months ended June 30, 2014 and 2013. | ||||||||
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 condensed 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 condensed 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 June 30, 2014. | ||||||||
Interest expense on the senior notes due in 2020, including amortization of debt issuance costs and debt discount, totaled $5.2 million for the three months ended June 30, 2014 and 2013 and $10.4 million and $10.3 million for the six months ended June 30, 2014 and 2013, 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 condensed 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 June 30, 2014. | ||||||||
Interest expense on the senior notes due in 2017, including amortization of debt issuance costs, totaled $4.6 million for the three months ended June 30, 2014 and 2013 and $9.1 million for the six months ended June 30, 2014 and 2013. |
Acquisitions_and_Dispositions
Acquisitions and Dispositions | 6 Months Ended |
Jun. 30, 2014 | |
Business Combinations [Abstract] | ' |
Acquisitions and Dispositions | ' |
(6) Acquisitions and Dispositions | |
Effective May 1, 2013, we disposed of our Brookeland field in Texas and received net cash proceeds of $5.8 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 condensed consolidated balance sheets. | |
There were no material acquisitions or dispositions for the six months ended June 30, 2014. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
(7) 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, restricted cash, accounts receivable, accounts payable, bank borrowings, and senior notes. The carrying amounts of cash and cash equivalents, restricted cash, 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 June 30, 2014 and December 31, 2013, the fair value and carrying value of our senior notes was as follows (in millions): | ||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | |||||||||||||
7.125% senior notes due in 2017 | $ | 253.8 | $ | 250 | $ | 256.7 | $ | 250 | ||||||||
8.875% senior notes due in 2020 | $ | 239.6 | $ | 222.6 | $ | 239.1 | $ | 222.4 | ||||||||
7.875% senior notes due in 2022 | $ | 422 | $ | 404.7 | $ | 409 | $ | 404.9 | ||||||||
Our senior notes due in 2017, 2020 and 2022 are stated as liabilities at carrying value on our accompanying condensed consolidated balance sheets, 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. | ||||||||||||||||
The following table presents our assets and liabilities that are measured at fair value as of June 30, 2014 and 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 2 of these condensed 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 Assets / Liabilities | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active markets for | Observable Inputs | Unobservable | ||||||||||||||
Identical Assets | (Level 2) | Inputs | ||||||||||||||
(Level 1) | (Level 3) | |||||||||||||||
June 30, 2014 | ||||||||||||||||
Assets: | ||||||||||||||||
Natural Gas Derivatives | $ | 0.2 | $ | — | $ | 0.2 | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Natural Gas Derivatives | 1.6 | — | 1.6 | — | ||||||||||||
Gas Basis Derivatives | 0.9 | — | 0.9 | — | ||||||||||||
Oil Derivatives | 0.6 | — | 0.6 | — | ||||||||||||
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 unsettled derivative assets and liabilities in the table above are measured at gross fair value and are shown on the accompanying condensed 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 | 6 Months Ended |
Jun. 30, 2014 | |
Guarantees [Abstract] | ' |
Condensed Consolidating Financial Information | ' |
(8) 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. |
Commitments_and_Contingencies_
Commitments and Contingencies Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
(9) Commitments and Contingencies | |
During the second quarter of 2014, the Company entered into additional gas transportation agreements. Minimum commitments under these agreements total approximately $37.0 million covering transportation from 2015 through 2020. | |
We had no other material changes from amounts referenced under Note 5 in our Notes to Consolidated Financial Statements from our Annual Report on Form 10-K/A for the year ending December 31, 2013. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Restatement, Policy | ' | |||||||
Restatement of Previously Issued Condensed Consolidated Financial Statements | ||||||||
Overview. In connection with the preparation of our financial statements for the quarter ended September 30, 2014, we determined that the ceiling test calculation we had prepared at December 31, 2013, March 31, 2009 and December 31, 2008, to determine whether the net book value of the Company's oil and gas properties exceed the ceiling, incorrectly included the deferred income tax effect of the Company's asset retirement obligations when computing the ceiling test limitation of its oil and natural gas properties under the full-cost method of accounting. The Company determined that the error caused a material overstatement of its full-cost ceiling test write-down of oil and gas properties in periods prior to 2014, more specifically in the fourth quarter of 2013, in the first quarter of 2009 and the fourth quarter of 2008, including associated depletion for all periods presented. As a result of this error, in this Form 10-Q/A we are restating our unaudited condensed consolidated financial information for the three and six months ended June 30, 2014 and 2013. | ||||||||
As of June 30, 2014, the correction of this error principally increased the Company's net oil and gas property balances by approximately $48 million, increased net deferred tax liabilities by approximately $18 million, and increased retained earnings by approximately $30 million. The correction of the error resulted in an increase in our depreciation, depletion and amortization expense for the three months ended June 30, 2014 and 2013 of approximately $0.8 million and $0.3 million, respectively, and decreased net income for the three months ended June 30, 2014 and 2013 by approximately $0.5 million and $0.2 million, respectively (net of a decrease to the income tax provision for the three months ended June 30, 2014 and 2013, of approximately $0.3 million and $0.1 million, respectively). The correction of the error also results in an increase in our depreciation, depletion and amortization expense for the six months ended June 30, 2014 and 2013 of approximately $1.4 million and $0.7 million, respectively, and decreases net income for the six months ended June 30, 2014 and 2013 by approximately $0.9 million and $0.4 million, respectively (net of a decrease to the income tax provision for the six months ended June 30, 2014 and 2013, of approximately $0.5 million and $0.3 million, respectively). | ||||||||
Along with restating our financial statements to correct the error discussed above, we have recorded adjustments for certain previously identified immaterial accounting errors related to the periods covered by this Form 10-Q/A. When these financial statements were originally issued, we assessed the impact of these errors and concluded that they were not material to our financial statements for the three and six months ended June 30, 2014 and 2013. However, in conjunction with our need to restate our financial statements as a result of the error noted above, we have determined that it would be appropriate to make adjustments within this Form 10-Q/A for all such previously unrecorded adjustments. | ||||||||
Principles of Consolidation | ' | |||||||
Principles of Consolidation. The accompanying condensed 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 condensed consolidated financial statements. Intercompany balances and transactions have been eliminated in preparing the accompanying condensed consolidated financial statements. | ||||||||
Subsequent Events | ' | |||||||
Subsequent Events. On July 15, 2014, we closed our transaction with PT Saka Energi Indonesia ("Saka Energi") to fully develop 8,300 acres of Fasken area Eagle Ford shale properties owned by Swift Energy in Webb County, Texas. Swift Energy sold a 36% full participating interest in the Fasken properties to Saka Energi for $175 million in total cash consideration, with $125 million paid at closing and $50 million in cash to be paid by Saka Energi over time to carry a portion of Swift Energy's field development costs incurred after the effective date, January 1, 2014. | ||||||||
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 three months ended June 30, 2014 and 2013, such internal costs capitalized totaled $6.9 million and $7.5 million, respectively. For the six months ended June 30, 2014 and 2013, such internal costs capitalized totaled $14.1 million and $16.0 million, respectively. Interest costs are also capitalized to unproved oil and natural gas properties. For the three months ended June 30, 2014 and 2013, capitalized interest on unproved properties totaled $1.2 million and $1.9 million, respectively. For the six months ended June 30, 2014 and 2013, capitalized interest on unproved properties totaled $2.5 million and $3.8 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 condensed consolidated balance sheets are summarized for presentation purposes. The following is a detailed breakout of our “Property and Equipment” balances (in thousands): | ||||||||
June 30, 2014 (As Restated) | December 31, 2013 (As Restated) | |||||||
Property and Equipment | ||||||||
Proved oil and gas properties | $ | 5,817,395 | $ | 5,600,279 | ||||
Unproved oil and gas properties | 63,662 | 71,452 | ||||||
Furniture, fixtures, and other equipment | 42,400 | 42,368 | ||||||
Less – Accumulated depreciation, depletion, and amortization | (3,261,672 | ) | (3,125,282 | ) | ||||
Property and Equipment, Net | $ | 2,661,785 | $ | 2,588,817 | ||||
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. | ||||||||
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. | ||||||||
It is reasonably possible that our estimate of discounted future net cash flows from proved oil and natural gas reserves could change in the future and that non-cash write-downs of oil and natural gas properties could occur in the future. For example, 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 estimate the amount or timing of any potential future non-cash write-down of our oil and natural gas properties. | ||||||||
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 condensed consolidated balance sheets. Natural gas balancing receivables are reported in “Other current assets” on the accompanying condensed consolidated balance sheets when our ownership share of production exceeds sales. As of June 30, 2014 and December 31, 2013, 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 June 30, 2014 and December 31, 2013, 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 condensed consolidated balance sheets. | ||||||||
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. | ||||||||
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 in earnings. The changes in the fair value of our derivatives are recognized in "Price-risk management and other, net” on the accompanying condensed 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 swaps, floors, calls, collars and participating collars. | ||||||||
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 condensed consolidated statements of operations. Our supervision fees are based on COPAS industry guidelines. The amount of supervision fees charged for the three and six months ended June 30, 2014 and 2013 did not exceed our actual costs incurred. The total amount of supervision fees charged to the wells we operated were $3.0 million and $3.3 million for the three months ended June 30, 2014 and 2013, respectively and $5.7 million and $6.1 million for the six months ended June 30, 2014 and 2013, respectively. | ||||||||
Inventories | ' | |||||||
Inventories. Inventories consist primarily of tubulars and other equipment and supplies that we expect to place in service in production 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 condensed consolidated balance sheets are summarized below | ||||||||
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. | ||||||||
Restricted Cash | ' | |||||||
Restricted Cash. During the second quarter we received a cash deposit, held in an escrow account, of $12.5 million related to the Fasken joint venture. These amounts were contractually restricted until the transaction closed on July 15, 2014. As of June 30, 2014, this balance is reported in “Other current assets” on the accompanying condensed consolidated balance sheets. | ||||||||
Restricted Cash also includes amounts held in escrow accounts to satisfy plugging and abandonment obligations. As of June 30, 2014 and December 31, 2013, these assets were approximately $1.0 million. 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. These restricted cash balances are reported in “Other Long-Term Assets” on the accompanying condensed 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 condensed 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. In May 2014, the FASB issued ASU 2014-09, providing a comprehensive revenue recognition standard for contracts with customers that supersedes current revenue recognition guidance. The guidance is effective for annual and interim reporting periods beginning after December 15, 2016 and upon adoption, entities are required to recognize revenue using the following five-step model: identify the contract with a customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue as the entity satisfies each performance obligation. Adoption of this standard could result in retrospective application, either in the form of recasting all prior periods presented or a cumulative adjustment to equity in the period of adoption. We plan to review and assess the effect and implement any necessary requirements as needed. | ||||||||
Share-based Compensation | ' | |||||||
Share-Based Compensation (As Restated) | ||||||||
We have various types of share-based compensation plans. Refer to our definitive proxy statement for our annual meeting of shareholders filed with the SEC on April 2, 2014, as well as Note 6 of our consolidated financial statements in our Annual Report on Form 10-K/A for the fiscal year ended December 31, 2013, for additional information related to these share-based compensation plans. We follow guidance contained in FASB ASC 718 to account for share-based compensation. | ||||||||
We receive a tax deduction for certain stock option exercises during the period the stock options 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. In accordance with guidance contained in FASB ASC 718, we are required to report excess tax benefits from the award of equity instruments as financing cash flows. For the three and six months ended June 30, 2014, we recognized an income tax shortfall in earnings of $0.2 million and $1.9 million, respectively, related to restricted stock awards that vested at a price lower than the grant date fair value | ||||||||
Earnings Per Share | ' | |||||||
Earnings Per Share (As Restated) | ||||||||
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. Certain of our stock options and restricted stock grants that would potentially dilute Basic EPS in the future were also antidilutive for the three and six months ended June 30, 2014 and 2013, and are discussed below. | ||||||||
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, restricted cash, accounts receivable, accounts payable, bank borrowings, and senior notes. The carrying amounts of cash and cash equivalents, restricted cash, accounts receivable, and accounts payable approximate fair value due to the highly liquid or short-term nature of these instruments. | ||||||||
Commitments and Contingencies | ' | |||||||
(9) Commitments and Contingencies | ||||||||
During the second quarter of 2014, the Company entered into additional gas transportation agreements. Minimum commitments under these agreements total approximately $37.0 million covering transportation from 2015 through 2020. | ||||||||
We had no other material changes from amounts referenced under Note 5 in our Notes to Consolidated Financial Statements from our Annual Report on Form 10-K/A for the year ending December 31, 2013. |
Accounting_Changes_and_Error_C1
Accounting Changes and Error Corrections Accounting Changes and Error Corrections (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Accounting Changes and Error Corrections [Abstract] | ' | |||||||||||||||||||
Schedule of Error Corrections and Prior Period Adjustments | ' | |||||||||||||||||||
Consolidated Balance Sheets as of June 30, 2014 | ||||||||||||||||||||
(As Reported) | Adjustments | (As Restated) | ||||||||||||||||||
Accounts Receivable | $ | 68,615 | $ | 772 | $ | 69,387 | ||||||||||||||
Deferred tax asset | 4,829 | 4,966 | 9,795 | |||||||||||||||||
Other Current Assets | 21,033 | (1 | ) | 21,032 | ||||||||||||||||
Total Current Assets | 95,041 | 5,737 | 100,778 | |||||||||||||||||
Accumulated depreciation, depletion, and amortization (1) | (3,308,992 | ) | 47,320 | (3,261,672 | ) | |||||||||||||||
Property and Equipment, Net | 2,614,465 | 47,320 | 2,661,785 | |||||||||||||||||
Total Assets | 2,724,536 | 53,057 | 2,777,593 | |||||||||||||||||
Deferred Tax Liabilities (1) | 229,107 | 22,375 | 251,482 | |||||||||||||||||
Retained earnings (1) | 296,831 | 30,682 | 327,513 | |||||||||||||||||
Total Stockholders’ Equity | 1,054,463 | 30,682 | 1,085,145 | |||||||||||||||||
Total Liabilities and Stockholders’ Equity | 2,724,536 | 53,057 | 2,777,593 | |||||||||||||||||
(1) The adjustments column includes the impact of correcting the error in the ceiling test write-down as of June 30, 2014. Included in these amounts are approximately $48 million related to Accumulated depreciation, depletion, and amortization, $18 million related to the net deferred tax liabilities and $30 million related to retained earnings. | ||||||||||||||||||||
Condensed Consolidated Statements of Operations For the Three Months Ended June 30, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(As Reported) | Adjustments | (As Restated) | (As Reported) | Adjustments | (As Restated) | |||||||||||||||
Oil and Gas Sales | $ | 158,214 | $ | 273 | $ | 158,487 | $ | 140,892 | $ | 1,611 | $ | 142,503 | ||||||||
Total Revenues | 155,721 | 273 | 155,994 | 142,466 | 1,611 | 144,077 | ||||||||||||||
General and Administrative, net | 12,412 | (354 | ) | 12,058 | 11,191 | — | 11,191 | |||||||||||||
Depreciation, depletion, and amortization | 72,205 | 885 | 73,090 | 59,458 | 315 | 59,773 | ||||||||||||||
Lease operating cost | 21,932 | 1,640 | 23,572 | 26,957 | — | 26,957 | ||||||||||||||
Total Costs and Expenses | 142,062 | 2,171 | 144,233 | 131,451 | 315 | 131,766 | ||||||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | 13,659 | (1,898 | ) | 11,761 | 11,015 | 1,296 | 12,311 | |||||||||||||
Provision (Benefit) for Income Taxes | 5,621 | (687 | ) | 4,934 | 4,293 | 469 | 4,762 | |||||||||||||
Net Income (Loss) | 8,038 | (1,211 | ) | 6,827 | 6,722 | 827 | 7,549 | |||||||||||||
Basic EPS: Net Income (Loss) | $ | 0.18 | $ | (0.02 | ) | $ | 0.16 | $ | 0.15 | $ | 0.02 | $ | 0.17 | |||||||
Diluted EPS: Net Income (Loss) | $ | 0.18 | $ | (0.03 | ) | $ | 0.15 | $ | 0.15 | $ | 0.02 | $ | 0.17 | |||||||
Condensed Consolidated Statements of Operations For the Six Months Ended June 30, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(As Reported) | Adjustments | (As Restated) | (As Reported) | Adjustments | (As Restated) | |||||||||||||||
Oil and Gas Sales | $ | 306,772 | $ | 772 | $ | 307,544 | $ | 287,369 | $ | 1,665 | $ | 289,034 | ||||||||
Total Revenues | 299,402 | 772 | 300,174 | 288,703 | 1,665 | 290,368 | ||||||||||||||
General and Administrative, net | 23,151 | (567 | ) | 22,584 | 23,916 | — | 23,916 | |||||||||||||
Depreciation, depletion, and amortization | 133,890 | 1,851 | 135,741 | 119,578 | 651 | 120,229 | ||||||||||||||
Lease operating cost | 47,199 | 1,340 | 48,539 | 54,381 | (540 | ) | 53,841 | |||||||||||||
Transportation and gas processing | 11,305 | — | 11,305 | 10,895 | (1,292 | ) | 9,603 | |||||||||||||
Severance and other taxes | 18,638 | — | 18,638 | 20,276 | 250 | 20,526 | ||||||||||||||
Total Costs and Expenses | 274,082 | 2,624 | 276,706 | 266,102 | (931 | ) | 265,171 | |||||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | 25,320 | (1,852 | ) | 23,468 | 22,601 | 2,596 | 25,197 | |||||||||||||
Provision (Benefit) for Income Taxes | 11,869 | (670 | ) | 11,199 | 8,670 | 940 | 9,610 | |||||||||||||
Net Income (Loss) | 13,451 | (1,182 | ) | 12,269 | 13,931 | 1,656 | 15,587 | |||||||||||||
Basic EPS: Net Income (Loss) | $ | 0.31 | $ | (0.03 | ) | $ | 0.28 | $ | 0.32 | $ | 0.04 | $ | 0.36 | |||||||
Diluted EPS: Net Income (Loss) | $ | 0.3 | $ | (0.02 | ) | $ | 0.28 | $ | 0.32 | $ | 0.04 | $ | 0.36 | |||||||
Consolidated Statements of Cash Flows For the Six Months Ended June 30, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(As Reported) | Adjustments | (As Restated) | (As Reported) | Adjustments | (As Restated) | |||||||||||||||
Net income (loss) | $ | 13,451 | $ | (1,182 | ) | $ | 12,269 | $ | 13,931 | $ | 1,656 | $ | 15,587 | |||||||
Depreciation, depletion, and amortization | 133,890 | 1,851 | 135,741 | 119,578 | 651 | 120,229 | ||||||||||||||
Deferred income taxes | 11,869 | (670 | ) | 11,199 | 8,670 | 940 | 9,610 | |||||||||||||
Share-based compensation expense | 3,953 | (270 | ) | 3,683 | 6,018 | — | 6,018 | |||||||||||||
Other | (2,439 | ) | — | (2,439 | ) | (6,024 | ) | (297 | ) | (6,321 | ) | |||||||||
(Increase) decrease in accounts receivable | 2,132 | (772 | ) | 1,360 | 601 | (1,665 | ) | (1,064 | ) | |||||||||||
Increase (decrease) in accounts payable and accrued liabilities | 4,852 | 1,043 | 5,895 | 3,605 | (1,285 | ) | 2,320 | |||||||||||||
Net Cash Provided by Operating Activities | 170,303 | — | 170,303 | 149,531 | — | 149,531 | ||||||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||
Property and Equipment | ' | |||||||||||||
The following is a detailed breakout of our “Property and Equipment” balances (in thousands): | ||||||||||||||
June 30, 2014 (As Restated) | December 31, 2013 (As Restated) | |||||||||||||
Property and Equipment | ||||||||||||||
Proved oil and gas properties | $ | 5,817,395 | $ | 5,600,279 | ||||||||||
Unproved oil and gas properties | 63,662 | 71,452 | ||||||||||||
Furniture, fixtures, and other equipment | 42,400 | 42,368 | ||||||||||||
Less – Accumulated depreciation, depletion, and amortization | (3,261,672 | ) | (3,125,282 | ) | ||||||||||
Property and Equipment, Net | $ | 2,661,785 | $ | 2,588,817 | ||||||||||
Schedule of Derivative Instruments | ' | |||||||||||||
The following tables summarize the weighted average prices and future production volumes for our unsettled derivative contracts in place as of June 30, 2014: | ||||||||||||||
Oil Derivatives | Total Volumes (Bbls) | Swap Fixed Price | ||||||||||||
(NYMEX WTI Settlements) | ||||||||||||||
2014 Contracts | ||||||||||||||
Swaps | 197,500 | $ | 101.76 | |||||||||||
Collars | ||||||||||||||
Natural Gas Derivatives | Total Volumes (MMBtu) | Swap Fixed Price | Floor | Ceiling Price | ||||||||||
(NYMEX Henry Hub Settlements) | Price | |||||||||||||
2014 Contracts | ||||||||||||||
Swaps | 7,020,000 | $ | 4.29 | |||||||||||
Collars | 2,100,000 | $ | 4.13 | $ | 4.46 | |||||||||
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 | 8,850,000 | $ | (0.09 | ) | ||||||||||
2015 Contracts | ||||||||||||||
Swaps | 8,200,000 | $ | (0.02 | ) | ||||||||||
Accounts Payable and Accrued Liabilities | ' | |||||||||||||
The “Accounts payable and accrued liabilities” balances on the accompanying condensed consolidated balance sheets are summarized below (in thousands): | ||||||||||||||
June 30, | December 31, 2013 (As Restated) | |||||||||||||
2014 | ||||||||||||||
Trade accounts payable (1) | $ | 39,240 | $ | 30,769 | ||||||||||
Accrued operating expenses | 15,988 | 16,016 | ||||||||||||
Accrued payroll costs | 8,655 | 10,938 | ||||||||||||
Asset retirement obligation – current portion | 13,717 | 15,859 | ||||||||||||
Accrued taxes | 7,533 | 5,845 | ||||||||||||
Escrow deposit liability (2) | 12,500 | — | ||||||||||||
Other payables | 6,890 | 2,891 | ||||||||||||
Total accounts payable and accrued liabilities | $ | 104,523 | $ | 82,318 | ||||||||||
(1) Included in “trade accounts payable” are liabilities of approximately $7.5 million and $26.1 million at June 30, 2014 and December 31, 2013, respectively, for outstanding checks. | ||||||||||||||
Roll-forward of our asset retirement obligations | ' | |||||||||||||
The following provides a roll-forward of our asset retirement obligation (in thousands): | ||||||||||||||
2014 | ||||||||||||||
Asset Retirement Obligation recorded as of January 1 | $ | 79,084 | ||||||||||||
Accretion expense | 2,801 | |||||||||||||
Liabilities incurred for new wells and facilities construction | 180 | |||||||||||||
Reductions due to sold and abandoned wells and facilities | (2,643 | ) | ||||||||||||
Revisions in estimates | 258 | |||||||||||||
Asset Retirement Obligation as of June 30 | $ | 79,680 | ||||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||
Stock option activity | ' | ||||||
The following table represents stock option award activity for the six months ended June 30, 2014: | |||||||
Shares | Wtd. Avg. | ||||||
Exercise Price | |||||||
Options outstanding, beginning of period | 1,488,314 | $ | 33.38 | ||||
Options granted | — | $ | — | ||||
Options canceled | -58,694 | $ | 23.24 | ||||
Options exercised | — | $ | — | ||||
Options outstanding, end of period | 1,429,620 | $ | 33.78 | ||||
Options exercisable, end of period | 1,327,449 | $ | 33.87 | ||||
Restricted stock activity | ' | ||||||
The following table represents restricted stock award activity for the six months ended June 30, 2014: | |||||||
Shares | Wtd. Avg. | ||||||
Grant Price | |||||||
Restricted shares outstanding, beginning of period | 1,267,110 | $ | 21.54 | ||||
Restricted shares granted | 716,650 | $ | 11.57 | ||||
Restricted shares canceled | (114,672 | ) | $ | 15.37 | |||
Restricted shares vested | (291,561 | ) | $ | 34.83 | |||
Restricted shares outstanding, end of period | 1,577,527 | $ | 15 | ||||
Restricted Stock Units Activity | ' | ||||||
The following table represents restricted stock unit activity for the six months ended June 30, 2014: | |||||||
Shares | Wtd. Avg. | ||||||
Grant Price | |||||||
Restricted stock units outstanding, beginning of period | 189,700 | $ | 15.01 | ||||
Restricted stock units granted | 185,250 | $ | 11.68 | ||||
Restricted stock units canceled | — | $ | — | ||||
Restricted stock units vested | — | $ | — | ||||
Restricted stock units outstanding, end of period | 374,950 | $ | 13.36 | ||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | |||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||
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 three and six months ended June 30, 2014 and 2013 (in thousands, except per share amounts): | ||||||||||||||||||||||
Three Months Ended June 30, 2014 | Three Months Ended June 30, 2013 | |||||||||||||||||||||
(As Restated) | (As Restated) | |||||||||||||||||||||
Net Income | Shares | Per Share | Net Income | Shares | Per Share | |||||||||||||||||
Amount | Amount | |||||||||||||||||||||
Basic EPS: | ||||||||||||||||||||||
Net Income and Share Amounts | $ | 6,827 | 43,826 | $ | 0.16 | $ | 7,549 | 43,369 | $ | 0.17 | ||||||||||||
Dilutive Securities: | ||||||||||||||||||||||
Stock Options | — | — | ||||||||||||||||||||
Restricted Stock Awards | 429 | 192 | ||||||||||||||||||||
Restricted Stock Units | 57 | 51 | ||||||||||||||||||||
Diluted EPS: | ||||||||||||||||||||||
Net Income and Assumed Share Conversions | $ | 6,827 | 44,312 | $ | 0.15 | $ | 7,549 | 43,612 | $ | 0.17 | ||||||||||||
Six Months Ended June 30, 2014 | Six Months Ended June 30, 2013 | |||||||||||||||||||||
(As Restated) | (As Restated) | |||||||||||||||||||||
Net Income | Shares | Per Share | Net Income | Shares | Per Share | |||||||||||||||||
Amount | Amount | |||||||||||||||||||||
Basic EPS: | ||||||||||||||||||||||
Net Income and Share Amounts | $ | 12,269 | 43,727 | $ | 0.28 | $ | 15,587 | 43,268 | $ | 0.36 | ||||||||||||
Dilutive Securities: | ||||||||||||||||||||||
Stock Options | — | 2 | ||||||||||||||||||||
Restricted Stock Awards | 424 | 242 | ||||||||||||||||||||
Restricted Stock Units | 64 | 87 | ||||||||||||||||||||
Diluted EPS: | ||||||||||||||||||||||
Net Income and Assumed Share Conversions | $ | 12,269 | 44,215 | $ | 0.28 | $ | 15,587 | 43,599 | $ | 0.36 | ||||||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-term debt | ' | |||||||
Our long-term debt as of June 30, 2014 and December 31, 2013, was as follows (in thousands): | ||||||||
June 30, 2014 | December 31, 2013 | |||||||
7.125% senior notes due in 2017 | $ | 250,000 | $ | 250,000 | ||||
8.875% senior notes due in 2020 (1) | 222,607 | 222,446 | ||||||
7.875% senior notes due in 2022 (1) | 404,694 | 404,922 | ||||||
Bank Borrowings due in 2017 | 301,000 | 265,000 | ||||||
Long-Term Debt (1) | $ | 1,178,301 | $ | 1,142,368 | ||||
(1) Amounts are shown net of any debt discount or premium |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair value of senior notes | ' | |||||||||||||||
Based upon quoted market prices as of June 30, 2014 and December 31, 2013, the fair value and carrying value of our senior notes was as follows (in millions): | ||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | |||||||||||||
7.125% senior notes due in 2017 | $ | 253.8 | $ | 250 | $ | 256.7 | $ | 250 | ||||||||
8.875% senior notes due in 2020 | $ | 239.6 | $ | 222.6 | $ | 239.1 | $ | 222.4 | ||||||||
7.875% senior notes due in 2022 | $ | 422 | $ | 404.7 | $ | 409 | $ | 404.9 | ||||||||
Fair value of plan assets | ' | |||||||||||||||
The following table presents our assets and liabilities that are measured at fair value as of June 30, 2014 and 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 2 of these condensed 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 Assets / Liabilities | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active markets for | Observable Inputs | Unobservable | ||||||||||||||
Identical Assets | (Level 2) | Inputs | ||||||||||||||
(Level 1) | (Level 3) | |||||||||||||||
June 30, 2014 | ||||||||||||||||
Assets: | ||||||||||||||||
Natural Gas Derivatives | $ | 0.2 | $ | — | $ | 0.2 | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Natural Gas Derivatives | 1.6 | — | 1.6 | — | ||||||||||||
Gas Basis Derivatives | 0.9 | — | 0.9 | — | ||||||||||||
Oil Derivatives | 0.6 | — | 0.6 | — | ||||||||||||
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 | — | ||||||||||||
Accounting_Changes_and_Error_C2
Accounting Changes and Error Corrections Accounting Changes and Error Corrections (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |||
Property and Equipment, Net | $2,661,785,000 | ' | $2,661,785,000 | ' | ' | ||
Retained earnings | 327,513,000 | ' | 327,513,000 | ' | 315,244,000 | ||
Depreciation, Depletion and Amortization | 73,090,000 | 59,773,000 | 135,741,000 | 120,229,000 | ' | ||
Net Income | 6,827,000 | 7,549,000 | 12,269,000 | 15,587,000 | -2,442,000 | ||
Provision for Income Taxes | 4,934,000 | 4,762,000 | 11,199,000 | 9,610,000 | ' | ||
Restatement Adjustment [Member] | ' | ' | ' | ' | ' | ||
Property and Equipment, Net | 47,320,000 | ' | 47,320,000 | ' | ' | ||
Retained earnings | 30,682,000 | [1] | ' | 30,682,000 | [1] | ' | ' |
Depreciation, Depletion and Amortization | 885,000 | 315,000 | 1,851,000 | 651,000 | ' | ||
Net Income | -1,211,000 | 827,000 | -1,182,000 | 1,656,000 | ' | ||
Provision for Income Taxes | -687,000 | 469,000 | -670,000 | 940,000 | ' | ||
Ceiling Test Calculation Error Correction [Member] | Restatement Adjustment [Member] | ' | ' | ' | ' | ' | ||
Property and Equipment, Net | 48,000,000 | ' | 48,000,000 | ' | ' | ||
Deferred Tax Liabilities, Net | 18,000,000 | ' | 18,000,000 | ' | ' | ||
Retained earnings | 30,000,000 | ' | 30,000,000 | ' | ' | ||
Depreciation, Depletion and Amortization | 800,000 | 300,000 | 1,400,000 | 700,000 | ' | ||
Net Income | 500,000 | 200,000 | 900,000 | 400,000 | ' | ||
Provision for Income Taxes | $300,000 | $100,000 | $500,000 | $300,000 | ' | ||
[1] | The adjustments column includes the impact of correcting the error in the ceiling test write-down as of June 30, 2014. Included in these amounts are approximately $48 million related to Accumulated depreciation, depletion, and amortization, $18 million related to the net deferred tax liabilities and $30 million related to retained earnings. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |||
Property and Equipment | ' | ' | ' | ' | ' | |||
Proved oil and gas properties | $5,817,395 | ' | $5,817,395 | ' | $5,600,279 | |||
Unproved oil and gas properties | 63,662 | ' | 63,662 | ' | 71,452 | |||
Furniture, fixtures, and other equipment | 42,400 | ' | 42,400 | ' | 42,368 | |||
Less - Accumulated depreciation, depletion, and amortization | -3,261,672 | ' | -3,261,672 | ' | -3,125,282 | |||
Property and Equipment, Net | 2,661,785 | ' | 2,661,785 | ' | 2,588,817 | |||
Accounts Payable and Accrued Liabilities | ' | ' | ' | ' | ' | |||
Trade accounts payable | 39,240 | [1] | ' | 39,240 | [1] | ' | 30,769 | [1] |
Accrued operating expenses | 15,988 | ' | 15,988 | ' | 16,016 | |||
Accrued payroll costs | 8,655 | ' | 8,655 | ' | 10,938 | |||
Asset retirement obligation - current portion | 13,717 | ' | 13,717 | ' | 15,859 | |||
Accrued taxes | 7,533 | ' | 7,533 | ' | 5,845 | |||
Deferred liability | 12,500 | [2] | ' | 12,500 | [2] | ' | 0 | [2] |
Other payables | 6,890 | ' | 6,890 | ' | 2,891 | |||
Total accounts payable and accrued liabilities | 104,523 | ' | 104,523 | ' | 82,318 | |||
Roll-forward of our asset retirement obligation | ' | ' | ' | ' | ' | |||
Asset Retirement Obligation recorded as of January 1 | ' | ' | 79,084 | ' | ' | |||
Accretion expense | 1,415 | 1,479 | 2,801 | 3,254 | ' | |||
Liabilities incurred for new wells and facilities construction | ' | ' | 180 | ' | ' | |||
Reductions due to sold and abandoned wells | ' | ' | -2,643 | ' | ' | |||
Revisions in estimates | ' | ' | 258 | ' | ' | |||
Asset Retirement Obligation | $79,680 | ' | $79,680 | ' | ' | |||
Crude Oil [Member] | Swap [Member] | ' | ' | ' | ' | ' | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' | ' | |||
Portion of Future Oil and Gas Production Being Hedged | 197,500 | ' | 197,500 | ' | ' | |||
Derivative, Swap Type, Average Fixed Price | 101.76 | ' | 101.76 | ' | ' | |||
Natural Gas excluding NGLs [Member] | Basis Swap [Member] | Year 2014 [Member] | ' | ' | ' | ' | ' | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' | ' | |||
Derivative, Swap Type, Average Fixed Price | -0.09 | ' | -0.09 | ' | ' | |||
Future Gas Production Hedged in MMBTU (Energy Item Type) | 8,850,000 | ' | 8,850,000 | ' | ' | |||
Natural Gas excluding NGLs [Member] | Basis Swap [Member] | Year 2015 [Member] | ' | ' | ' | ' | ' | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' | ' | |||
Derivative, Swap Type, Average Fixed Price | -0.02 | ' | -0.02 | ' | ' | |||
Future Gas Production Hedged in MMBTU (Energy Item Type) | 8,200,000 | ' | 8,200,000 | ' | ' | |||
Natural Gas excluding NGLs [Member] | Swap [Member] | Year 2014 [Member] | ' | ' | ' | ' | ' | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' | ' | |||
Derivative, Swap Type, Average Fixed Price | 4.29 | ' | 4.29 | ' | ' | |||
Future Gas Production Hedged in MMBTU (Energy Item Type) | 7,020,000 | ' | 7,020,000 | ' | ' | |||
Natural Gas excluding NGLs [Member] | Swap [Member] | Year 2015 [Member] | ' | ' | ' | ' | ' | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' | ' | |||
Derivative, Swap Type, Average Fixed Price | 4.42 | ' | 4.42 | ' | ' | |||
Future Gas Production Hedged in MMBTU (Energy Item Type) | 900,000 | ' | 900,000 | ' | ' | |||
Natural Gas excluding NGLs [Member] | Collar [Member] | ' | ' | ' | ' | ' | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' | ' | |||
Derivative, Average Cap Price | 4.46 | ' | 4.46 | ' | ' | |||
Derivative, Average Floor Price | 4.13 | ' | 4.13 | ' | ' | |||
Future Gas Production Hedged in MMBTU (Energy Item Type) | 2,100,000 | ' | 2,100,000 | ' | ' | |||
[1] | Included in btrade accounts payableb are liabilities of approximately $7.5 million and $26.1 million at JuneB 30, 2014 and DecemberB 31, 2013, respectively, for outstanding checks. | |||||||
[2] | This amount includes the liability related to the Fasken joint venture for the restricted cash, held in escrow, at June 30, 2014. |
Accounting_Changes_and_Error_C3
Accounting Changes and Error Corrections Accounting Changes and Error Corrections (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | ||
Statement of Financial Position [Abstract] | ' | ' | ' | ' | ' | ||
Accounts receivable | $69,387 | ' | $69,387 | ' | $70,897 | ||
Deferred tax asset | 9,795 | ' | 9,795 | ' | 10,715 | ||
Other current assets | 21,032 | ' | 21,032 | ' | 7,600 | ||
Total Current Assets | 100,778 | ' | 100,778 | ' | 92,489 | ||
Accumulated depreciation, depletion, and amortization | -3,261,672 | ' | -3,261,672 | ' | -3,125,282 | ||
Property and Equipment, Net | 2,661,785 | ' | 2,661,785 | ' | ' | ||
Total Assets | 2,777,593 | ' | 2,777,593 | ' | 2,698,505 | ||
Deferred Tax Liabilities | 251,482 | ' | 251,482 | ' | 241,205 | ||
Retained earnings | 327,513 | ' | 327,513 | ' | 315,244 | ||
Total Stockholders' Equity | 1,085,145 | ' | 1,085,145 | ' | 1,065,350 | ||
Total Liabilities and Stockholders' Equity | 2,777,593 | ' | 2,777,593 | ' | 2,698,505 | ||
Income Statement [Abstract] | ' | ' | ' | ' | ' | ||
Oil and gas sales | 158,487 | 142,503 | 307,544 | 289,034 | ' | ||
Total Revenues | 155,994 | 144,077 | 300,174 | 290,368 | ' | ||
General and administrative, net | 12,058 | 11,191 | 22,584 | 23,916 | ' | ||
Depreciation, Depletion and Amortization | 73,090 | 59,773 | 135,741 | 120,229 | ' | ||
Lease operating cost | 23,572 | 26,957 | 48,539 | 53,841 | ' | ||
Total Costs and Expenses | 144,233 | 131,766 | 276,706 | 265,171 | ' | ||
Transportation and gas processing | 6,013 | 4,865 | 11,305 | 9,603 | ' | ||
Severance and Other Taxes | 9,436 | 10,501 | 18,638 | 20,526 | ' | ||
Income Before Income Taxes | 11,761 | 12,311 | 23,468 | 25,197 | ' | ||
Provision for Income Taxes | 4,934 | 4,762 | 11,199 | 9,610 | ' | ||
Net Income | 6,827 | 7,549 | 12,269 | 15,587 | -2,442 | ||
Earnings Per Share, Basic | $0.16 | $0.17 | $0.28 | $0.36 | ' | ||
Earnings Per Share, Diluted | $0.15 | $0.17 | $0.28 | $0.36 | ' | ||
Statement of Cash Flows [Abstract] | ' | ' | ' | ' | ' | ||
Deferred income taxes | ' | ' | 11,199 | 9,610 | ' | ||
Stock-based compensation expenses | ' | ' | 3,683 | 6,018 | ' | ||
Other Noncash Income (Expense) | ' | ' | -2,439 | -6,321 | ' | ||
(Increase) Decrease in accounts receivable | ' | ' | 1,360 | -1,064 | ' | ||
Increase (decrease) in accounts payable and accrued liabilities | ' | ' | 5,895 | 2,320 | ' | ||
Net Cash Provided by Operating Activities | ' | ' | 170,303 | 149,531 | ' | ||
Scenario, Previously Reported [Member] | ' | ' | ' | ' | ' | ||
Statement of Financial Position [Abstract] | ' | ' | ' | ' | ' | ||
Accounts receivable | 68,615 | ' | 68,615 | ' | ' | ||
Deferred tax asset | 4,829 | ' | 4,829 | ' | ' | ||
Other current assets | 21,033 | ' | 21,033 | ' | ' | ||
Total Current Assets | 95,041 | ' | 95,041 | ' | ' | ||
Accumulated depreciation, depletion, and amortization | -3,308,992 | ' | -3,308,992 | ' | ' | ||
Property and Equipment, Net | 2,614,465 | ' | 2,614,465 | ' | ' | ||
Total Assets | 2,724,536 | ' | 2,724,536 | ' | ' | ||
Deferred Tax Liabilities | 229,107 | ' | 229,107 | ' | ' | ||
Retained earnings | 296,831 | ' | 296,831 | ' | ' | ||
Total Stockholders' Equity | 1,054,463 | ' | 1,054,463 | ' | ' | ||
Total Liabilities and Stockholders' Equity | 2,724,536 | ' | 2,724,536 | ' | ' | ||
Income Statement [Abstract] | ' | ' | ' | ' | ' | ||
Oil and gas sales | 158,214 | 140,892 | 306,772 | 287,369 | ' | ||
Total Revenues | 155,721 | 142,466 | 299,402 | 288,703 | ' | ||
General and administrative, net | 12,412 | 11,191 | 23,151 | 23,916 | ' | ||
Depreciation, Depletion and Amortization | 72,205 | 59,458 | 133,890 | 119,578 | ' | ||
Lease operating cost | 21,932 | 26,957 | 47,199 | 54,381 | ' | ||
Total Costs and Expenses | 142,062 | 131,451 | 274,082 | 266,102 | ' | ||
Transportation and gas processing | ' | ' | 11,305 | 10,895 | ' | ||
Severance and Other Taxes | ' | ' | 18,638 | 20,276 | ' | ||
Income Before Income Taxes | 13,659 | 11,015 | 25,320 | 22,601 | ' | ||
Provision for Income Taxes | 5,621 | 4,293 | 11,869 | 8,670 | ' | ||
Net Income | 8,038 | 6,722 | 13,451 | 13,931 | ' | ||
Earnings Per Share, Basic | $0.18 | $0.15 | $0.31 | $0.32 | ' | ||
Earnings Per Share, Diluted | $0.18 | $0.15 | $0.30 | $0.32 | ' | ||
Statement of Cash Flows [Abstract] | ' | ' | ' | ' | ' | ||
Deferred income taxes | ' | ' | 11,869 | 8,670 | ' | ||
Stock-based compensation expenses | ' | ' | 3,953 | 6,018 | ' | ||
Other Noncash Income (Expense) | ' | ' | -2,439 | -6,024 | ' | ||
(Increase) Decrease in accounts receivable | ' | ' | 2,132 | 601 | ' | ||
Increase (decrease) in accounts payable and accrued liabilities | ' | ' | 4,852 | 3,605 | ' | ||
Net Cash Provided by Operating Activities | ' | ' | 170,303 | 149,531 | ' | ||
Restatement Adjustment [Member] | ' | ' | ' | ' | ' | ||
Statement of Financial Position [Abstract] | ' | ' | ' | ' | ' | ||
Accounts receivable | 772 | ' | 772 | ' | ' | ||
Deferred tax asset | 4,966 | ' | 4,966 | ' | ' | ||
Other current assets | -1 | ' | -1 | ' | ' | ||
Total Current Assets | 5,737 | ' | 5,737 | ' | ' | ||
Accumulated depreciation, depletion, and amortization | 47,320 | [1] | ' | 47,320 | [1] | ' | ' |
Property and Equipment, Net | 47,320 | ' | 47,320 | ' | ' | ||
Total Assets | 53,057 | ' | 53,057 | ' | ' | ||
Deferred Tax Liabilities | 22,375 | [1] | ' | 22,375 | [1] | ' | ' |
Retained earnings | 30,682 | [1] | ' | 30,682 | [1] | ' | ' |
Total Stockholders' Equity | 30,682 | ' | 30,682 | ' | ' | ||
Total Liabilities and Stockholders' Equity | 53,057 | ' | 53,057 | ' | ' | ||
Income Statement [Abstract] | ' | ' | ' | ' | ' | ||
Oil and gas sales | 273 | 1,611 | 772 | 1,665 | ' | ||
Total Revenues | 273 | 1,611 | 772 | 1,665 | ' | ||
General and administrative, net | -354 | 0 | -567 | 0 | ' | ||
Depreciation, Depletion and Amortization | 885 | 315 | 1,851 | 651 | ' | ||
Lease operating cost | 1,640 | 0 | 1,340 | -540 | ' | ||
Total Costs and Expenses | 2,171 | 315 | 2,624 | -931 | ' | ||
Transportation and gas processing | ' | ' | 0 | -1,292 | ' | ||
Severance and Other Taxes | ' | ' | 0 | 250 | ' | ||
Income Before Income Taxes | -1,898 | 1,296 | -1,852 | 2,596 | ' | ||
Provision for Income Taxes | -687 | 469 | -670 | 940 | ' | ||
Net Income | -1,211 | 827 | -1,182 | 1,656 | ' | ||
Earnings Per Share, Basic | ($0.02) | $0.02 | ($0.03) | $0.04 | ' | ||
Earnings Per Share, Diluted | ($0.03) | $0.02 | ($0.02) | $0.04 | ' | ||
Statement of Cash Flows [Abstract] | ' | ' | ' | ' | ' | ||
Deferred income taxes | ' | ' | -670 | 940 | ' | ||
Stock-based compensation expenses | ' | ' | -270 | 0 | ' | ||
Other Noncash Income (Expense) | ' | ' | 0 | -297 | ' | ||
(Increase) Decrease in accounts receivable | ' | ' | -772 | -1,665 | ' | ||
Increase (decrease) in accounts payable and accrued liabilities | ' | ' | 1,043 | -1,285 | ' | ||
Net Cash Provided by Operating Activities | ' | ' | $0 | $0 | ' | ||
[1] | The adjustments column includes the impact of correcting the error in the ceiling test write-down as of June 30, 2014. Included in these amounts are approximately $48 million related to Accumulated depreciation, depletion, and amortization, $18 million related to the net deferred tax liabilities and $30 million related to retained earnings. |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | 6 Months Ended | ||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | 1-May-13 | Jul. 15, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
Subsequent Event [Member] | Senior Notes Due Two Thousand Seven Teen [Member] | Senior Notes Due Two Thousand Twenty [Member] | Senior Notes Due 2022 [Member] | Line of Credit [Member] | Minimum [Member] | Maximum [Member] | |||||||
acre | |||||||||||||
Accounts Receivable (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for doubtful accounts receivable, current | $100,000 | ' | $100,000 | ' | $100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Trade Accounts Receivable, Gross | 59,700,000 | ' | 59,700,000 | ' | 56,900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable related to joint interest owners | 1,100,000 | ' | 1,100,000 | ' | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Severance Tax Receivable | 7,700,000 | ' | 7,700,000 | ' | 11,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Other Receivables | 800,000 | ' | 800,000 | ' | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acreage Sold in Oil and Gas Properties | ' | ' | ' | ' | ' | ' | 8,300 | ' | ' | ' | ' | ' | ' |
Interest Sold in Oil and Gas Properties | ' | ' | ' | ' | ' | ' | 36.00% | ' | ' | ' | ' | ' | ' |
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | ' | ' | ' | ' | ' | 5,800,000 | 175,000,000 | ' | ' | ' | ' | ' | ' |
Cash Paid at Closing of Oil and Gas Properties | ' | ' | ' | ' | ' | ' | 125,000,000 | ' | ' | ' | ' | ' | ' |
Cash Carry of Field Development Costs | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' |
Total capitalized internal costs | 6,900,000 | 7,500,000 | 14,100,000 | 16,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total capitalized interest cost on unproved properties | 1,200,000 | 1,900,000 | 2,500,000 | 3,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | '20 years |
Discount rate for estimated future net revenues from proved properties | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net gain (loss) on derivative activities | -2,700,000 | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized Gain (Loss) on Derivatives | -1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 200,000 | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 3,100,000 | ' | 3,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Fair Value, Net | -2,900,000 | ' | -2,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables from settled derivatives | 100,000 | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities, Fair Value Disclosure | 1,300,000 | ' | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of working interest in wells | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total amount of supervision fees charged to wells | 3,000,000 | 3,300,000 | 5,700,000 | 6,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventories carried at cost | 3,000,000 | ' | 3,000,000 | ' | 3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustments to Additional Paid in Capital, Income Tax Deficiency from Share-based Compensation | 200,000 | ' | 1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding checks included in trade accounts payable | 7,500,000 | ' | 7,500,000 | ' | 26,100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted Cash and Cash Equivalents, Current | 12,500,000 | ' | 12,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted cash and cash equivalents included in other long term assets | 1,000,000 | ' | 1,000,000 | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Asset Retirement Obligation - current portion | 13,717,000 | ' | 13,717,000 | ' | 15,859,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Issuance Costs (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | 7.13% | 8.88% | 7.88% | ' | ' | ' |
Balance of issuance costs for credit facility | ' | ' | ' | ' | ' | ' | ' | $1,500,000 | $3,300,000 | $6,200,000 | $2,900,000 | ' | ' |
ShareBased_Compensation_Detail
Share-Based Compensation (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Stock option activity in shares and weighted average price | ' | ' | ' | ' |
Options outstanding, beginning of period, shares | ' | ' | 1,488,314 | ' |
Options outstanding, beginning of period, weighted average price | ' | ' | $33.38 | ' |
Options granted, shares | ' | ' | 0 | ' |
Options granted, weighted average price | ' | ' | $0 | ' |
Options canceled, shares | ' | ' | -58,694 | ' |
Options canceled, weighted average price | ' | ' | $23.24 | ' |
Options exercised, shares | ' | ' | 0 | ' |
Options exercised, weighted average price | ' | ' | $0 | ' |
Options outstanding, end of period, shares | 1,429,620 | ' | 1,429,620 | ' |
Options oustanding, end of period, weighted average price | $33.78 | ' | $33.78 | ' |
Options exercisable, end of period, shares | 1,327,449 | ' | 1,327,449 | ' |
Options exercisable, end of period, weighted average price | $33.87 | ' | $33.87 | ' |
Share-based Compensation Arrangement, Additional General Disclosures [Abstract] | ' | ' | ' | ' |
Tax shortfall in earnings related to share-based compensation | $200,000 | ' | $1,900,000 | ' |
Stock-based compensation expenses | ' | ' | 3,683,000 | 6,018,000 |
Share-based compensation (capitalized) | 900,000 | 1,600,000 | 2,000,000 | 3,200,000 |
Remaining contract life of outstanding stock options. | ' | ' | '5 years 0 months | ' |
Remaining contract life of exercisable stock option | ' | ' | '4 years 10 months | ' |
General and Administrative Expense [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement, Additional General Disclosures [Abstract] | ' | ' | ' | ' |
Stock-based compensation expenses | 1,700,000 | 2,800,000 | 3,300,000 | 5,600,000 |
Lease Operating Cost [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement, Additional General Disclosures [Abstract] | ' | ' | ' | ' |
Stock-based compensation expenses | 100,000 | 100,000 | 100,000 | 200,000 |
Employee Stock Option [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement, Additional General Disclosures [Abstract] | ' | ' | ' | ' |
Unrecognized compensation cost for stock grants | 300,000 | ' | 300,000 | ' |
Weighted average remaining recognition period of cost for stock grants | ' | ' | '7 months | ' |
Restricted Stock Awards [Member] | ' | ' | ' | ' |
Restricted stock activity | ' | ' | ' | ' |
Restricted shares outstanding, beginning of period, shares | ' | ' | 1,267,110 | ' |
Restricted shares outstanding, beginning of period, weighted average price | ' | ' | $21.54 | ' |
Restricted shares granted, weighted average price | ' | ' | $11.57 | ' |
Restricted shares granted, shares | ' | ' | 716,650 | ' |
Restricted shares canceled, weighted average price | ' | ' | $15.37 | ' |
Restricted shares canceled, shares | ' | ' | -114,672 | ' |
Restricted shares vested, weighted average price | ' | ' | $34.83 | ' |
Restricted shares vested, shares | ' | ' | -291,561 | ' |
Restricted shares outstanding, end of period, weighted average price | $15 | ' | $15 | ' |
Restricted shares outstanding, end of period, shares | 1,577,527 | ' | 1,577,527 | ' |
Share-based Compensation Arrangement, Additional General Disclosures [Abstract] | ' | ' | ' | ' |
Unrecognized compensation cost for stock grants | 14,900,000 | ' | 14,900,000 | ' |
Weighted average remaining recognition period of cost for stock grants | ' | ' | '1 year 11 months | ' |
Grant date fair value of shares vested | ' | ' | 10,200,000 | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Restricted stock activity | ' | ' | ' | ' |
Restricted shares outstanding, beginning of period, shares | ' | ' | 189,700 | ' |
Restricted shares outstanding, beginning of period, weighted average price | ' | ' | $15.01 | ' |
Restricted shares granted, weighted average price | ' | ' | $11.68 | $15.01 |
Restricted shares granted, shares | ' | ' | 185,250 | 189,700 |
Restricted shares canceled, weighted average price | ' | ' | $0 | ' |
Restricted shares canceled, shares | ' | ' | 0 | ' |
Restricted shares vested, weighted average price | ' | ' | $0 | ' |
Restricted shares vested, shares | ' | ' | 0 | ' |
Restricted shares outstanding, end of period, weighted average price | $13.36 | ' | $13.36 | ' |
Restricted shares outstanding, end of period, shares | 374,950 | ' | 374,950 | ' |
Share-based Compensation Arrangement, Additional General Disclosures [Abstract] | ' | ' | ' | ' |
Unrecognized compensation cost for stock grants | $3,100,000 | ' | $3,100,000 | ' |
Weighted average remaining recognition period of cost for stock grants | ' | ' | '2 years 4 months | ' |
Restricted Stock Awards Vesting Term | ' | ' | '3 years 1 month | ' |
Minimum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement, Additional General Disclosures [Abstract] | ' | ' | ' | ' |
Restricted Stock Awards Vesting Term | ' | ' | '1 year | ' |
Percent of payout for performance based restricted stock unit grants | ' | ' | 0.00% | ' |
Maximum Payout [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement, Additional General Disclosures [Abstract] | ' | ' | ' | ' |
Restricted Stock Awards Vesting Term | ' | ' | '3 years | ' |
Percent of payout for performance based restricted stock unit grants | ' | ' | 200.00% | ' |
Target Payout [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement, Additional General Disclosures [Abstract] | ' | ' | ' | ' |
Percent of payout for performance based restricted stock unit grants | ' | ' | 100.00% | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Basic EPS Two Class Method: | ' | ' | ' | ' | ' |
Income | $6,827 | $7,549 | $12,269 | $15,587 | ($2,442) |
Income, share amounts | 43,826,000 | 43,369,000 | 43,727,000 | 43,268,000 | ' |
Earnings Per Share, Basic | $0.16 | $0.17 | $0.28 | $0.36 | ' |
Dilutive Securities: | ' | ' | ' | ' | ' |
Dilutive Options, Shares | 0 | 0 | 0 | 2,000 | ' |
Dilutive RSA's, Shares | 429,000 | 192,000 | 424,000 | 242,000 | ' |
Dilutive RSU's, Shares | 57,000 | 51,000 | 64,000 | 87,000 | ' |
Diluted EPS: | ' | ' | ' | ' | ' |
Net Income (Loss) Available to Common Stockholders, Diluted | $6,827 | $7,549 | $12,269 | $15,587 | ' |
Weighted Average Number of Shares Outstanding, Diluted | 44,312,000 | 43,612,000 | 44,215,000 | 43,599,000 | ' |
Earnings Per Share, Diluted | $0.15 | $0.17 | $0.28 | $0.36 | ' |
Stock Options [Member] | ' | ' | ' | ' | ' |
Earnings Per Share (Textual) | ' | ' | ' | ' | ' |
Antidilutive shares excluded from EPS, shares | 1,400,000 | 1,600,000 | 1,500,000 | 1,500,000 | ' |
Restricted Stock [Member] | ' | ' | ' | ' | ' |
Earnings Per Share (Textual) | ' | ' | ' | ' | ' |
Antidilutive shares excluded from EPS, shares | 300,000 | 300,000 | 300,000 | 300,000 | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' | ' |
Earnings Per Share (Textual) | ' | ' | ' | ' | ' |
Contingently Issuable Shares Not Included in Diluted EPS | 700,000 | 300,000 | 700,000 | 300,000 | ' |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Jun. 30, 2014 | Jul. 15, 2014 | ||||||||||
Banks | Banks | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Line of Credit [Member] | Line of Credit [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 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 2020 [Member] | Senior notes due 2020 [Member] | Senior Notes Due 2022 [Member] | Senior Notes Due 2022 [Member] | Senior Notes Due 2022 [Member] | Senior Notes Due 2022 [Member] | Senior Notes Due 2022 [Member] | Senior Notes Due 2022 [Member] | Additional Senior Notes Due 2022 [Member] | Subsequent Event [Member] | |||||||||||||
Eurodollar Interest Rate [Member] | Alternative Base Interest Rate [Member] | Eurodollar Interest Rate [Member] | Alternative Base Interest Rate [Member] | ||||||||||||||||||||||||||||||||||||||
Bank Borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $250,000,000 | ' | $250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 225,000,000 | ' | 225,000,000 | ' | ' | 400,000,000 | ' | 400,000,000 | ' | ' | ' | ' | ' | |||||||||
Capitalized interest on our unproved properties | 1,200,000 | 1,900,000 | 2,500,000 | 3,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Number of syndicated banks | 11 | ' | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Line of Credit Facility, Current Borrowing Capacity | 450,000,000 | ' | 450,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 417,600,000 | |||||||||
Long-Term Debt | 1,178,301,000 | [1] | ' | 1,178,301,000 | [1] | ' | 1,142,368,000 | [1] | ' | ' | ' | ' | 301,000,000 | ' | 301,000,000 | ' | 265,000,000 | 250,000,000 | ' | 250,000,000 | ' | 250,000,000 | 222,607,000 | [1] | ' | 222,607,000 | [1] | ' | 222,446,000 | [1] | 404,694,000 | [1] | ' | 404,694,000 | [1] | ' | 404,922,000 | [1] | ' | ' | ' |
Maximum availability aggregate facility amount | 500,000,000 | ' | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Line of Credit, Current Commitment Amount | 450,000,000 | ' | 450,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 417,600,000 | |||||||||
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 eurodolllar rate loans | ' | ' | ' | ' | ' | 150 | ' | 250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Lead bank's prime rate | 3.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Commitment Fee Basis Points For The Credit Facility | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Maximum level of cash dividends in any fiscal year | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Equity Restrictions | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Interest expense including amortization of debt issuance costs | 18,649,000 | 17,000,000 | 37,098,000 | 33,802,000 | ' | ' | ' | ' | ' | 2,100,000 | 1,200,000 | 4,200,000 | 2,400,000 | ' | 4,600,000 | 4,600,000 | 9,100,000 | 9,100,000 | ' | 5,200,000 | 5,200,000 | 10,400,000 | 10,300,000 | ' | 7,900,000 | 7,900,000 | 15,800,000 | 15,800,000 | ' | ' | ' | ' | |||||||||
Commitment fees included in interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | 300,000 | 300,000 | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Senior Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Senior notes, issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | 250,000,000 | ' | ' | 225,000,000 | ' | 225,000,000 | ' | ' | 400,000,000 | ' | 400,000,000 | ' | ' | 250,000,000 | 150,000,000 | ' | |||||||||
Stated Rate of Senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.13% | ' | 7.13% | ' | ' | 8.88% | ' | 8.88% | ' | ' | 7.88% | ' | 7.88% | ' | ' | ' | ' | ' | |||||||||
Original unamortized issuance discount on senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,600,000 | ' | 3,600,000 | ' | ' | 2,100,000 | ' | 2,100,000 | ' | ' | ' | ' | ' | |||||||||
Percentage at which senior notes are issued, of par value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | 100.00% | ' | ' | 98.39% | ' | 98.39% | ' | ' | 99.16% | ' | 99.16% | ' | ' | ' | 105.00% | ' | |||||||||
Effective Interest Rate On Senior Notes Including Discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.13% | ' | 9.13% | ' | ' | 8.00% | ' | 8.00% | ' | ' | ' | 6.99% | ' | |||||||||
Debt Instrument, 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 | ' | $4,200,000 | ' | ' | $5,000,000 | ' | $5,000,000 | ' | ' | $7,500,000 | ' | $7,500,000 | ' | ' | ' | ' | ' | |||||||||
Holder right to require company to repurchase notes at purchase price in cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.00% | ' | ' | ' | ' | 101.00% | ' | ' | ' | ' | 101.00% | ' | ' | ' | ' | ' | ' | ' | |||||||||
[1] | Amounts are shown net of any debt discount or premium |
Acquisitions_and_Dispositions_
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 | $5.80 |
Reduction of asset retirement obligation due to sale of properties | $11.30 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Natural Gas [Member] | 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 Assets | $0.20 | $0.50 |
Fair Value of Derivative Liabilities | 1.6 | 0.7 |
Natural Gas [Member] | Fair Value, Inputs, Total [Member] | Gas Basis excluding NGLs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value of Derivative Liabilities | 0.9 | ' |
Natural Gas [Member] | 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 Assets | 0 | 0 |
Fair Value of Derivative Liabilities | 0 | 0 |
Natural Gas [Member] | Fair Value, Inputs, Level 1 [Member] | Gas Basis excluding NGLs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value of Derivative Liabilities | 0 | ' |
Natural Gas [Member] | 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 Assets | 0.2 | 0.5 |
Fair Value of Derivative Liabilities | 1.6 | 0.7 |
Natural Gas [Member] | Fair Value, Inputs, Level 2 [Member] | Gas Basis excluding NGLs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value of Derivative Liabilities | 0.9 | ' |
Natural Gas [Member] | 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 Assets | 0 | 0 |
Fair Value of Derivative Liabilities | 0 | 0 |
Natural Gas [Member] | Fair Value, Inputs, Level 3 [Member] | Gas Basis excluding NGLs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair Value of Derivative Liabilities | 0 | ' |
Oil [Member] | 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 Assets | ' | 0.3 |
Fair Value of Derivative Liabilities | 0.6 | 0.2 |
Oil [Member] | 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 Assets | ' | 0 |
Fair Value of Derivative Liabilities | 0 | 0 |
Oil [Member] | 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 Assets | ' | 0.3 |
Fair Value of Derivative Liabilities | 0.6 | 0.2 |
Oil [Member] | 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 Assets | ' | 0 |
Fair Value of Derivative Liabilities | 0 | 0 |
Senior notes due 2017 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of senior notes | 253.8 | 256.7 |
Carrying value of senior notes | 250 | 250 |
Senior notes due 2020 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of senior notes | 239.6 | 239.1 |
Carrying value of senior notes | 222.6 | 222.4 |
Senior notes due 2022 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of senior notes | 422 | 409 |
Carrying value of senior notes | $404.70 | $404.90 |
Commitments_and_Contingencies_1
Commitments and Contingencies Commitments and Contingencies (Details Textual) (USD $) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Gas Transportation Commitment | $37 |