Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Feb. 27, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | SWIFT ENERGY CO | |
Entity Central Index Key | 351,817 | |
Document Type | 10-K | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Dec. 31, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | FY | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 11,465,688 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Public Float | $ 124,874,291 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Predecessor [Member] | ||
Current Assets: | ||
Cash and cash equivalents | $ 29,460 | |
Accounts receivable | 21,704 | |
Other current assets | 10,683 | |
Total Current Assets | 61,847 | |
Property and Equipment: | ||
Property and Equipment, Full Cost Method, including $33,354 and $18,839 of unproved property costs not being amortized | 6,035,757 | |
Less - Accumulated depreciation, depletion, and amortization | (5,577,854) | |
Property and Equipment, Net | 457,903 | |
Other Long-Term Assets | 5,248 | |
Total Assets | 524,998 | |
Current Liabilities: | ||
Accounts payable and accrued liabilities | 7,663 | |
Accrued capital costs | 0 | |
Accrued interest | 490 | |
Undistributed oil and gas revenues | 0 | |
Current portion of long-term debt | 324,900 | |
Total Current Liabilities | 333,053 | |
Long-Term Debt | 0 | |
Deferred Tax Liabilities | 0 | |
Asset Retirement Obligation | 56,390 | |
Other Long-Term Liabilities | 3,891 | |
Liabilities Subject to Compromise | 984,388 | |
Stockholders' Equity: | ||
Predecessor Common stock, $.01 par value, 150,000,000 shares authorized, 44,771,258 shares issued, and 44,591,863 shares outstanding | 448 | |
Additional paid-in capital | 776,358 | |
Predecessor Treasury stock held, at cost, 179,395 shares | (2,491) | |
Retained earnings (Accumulated deficit) | (1,627,039) | |
Total Stockholders' Equity (Deficit) | (852,724) | |
Total Liabilities and Stockholders' Equity | $ 524,998 | |
Successor [Member] | ||
Current Assets: | ||
Cash and cash equivalents | $ 303 | |
Accounts receivable | 17,490 | |
Other current assets | 3,686 | |
Total Current Assets | 21,479 | |
Property and Equipment: | ||
Property and Equipment, Full Cost Method, including $33,354 and $18,839 of unproved property costs not being amortized | 517,074 | |
Less - Accumulated depreciation, depletion, and amortization | (169,879) | |
Property and Equipment, Net | 347,195 | |
Other Long-Term Assets | 8,625 | |
Total Assets | 377,299 | |
Current Liabilities: | ||
Accounts payable and accrued liabilities | 56,257 | |
Accrued capital costs | 11,954 | |
Accrued interest | 1,721 | |
Undistributed oil and gas revenues | 9,192 | |
Current portion of long-term debt | 0 | |
Total Current Liabilities | 79,124 | |
Long-Term Debt | 198,000 | |
Deferred Tax Liabilities | 0 | |
Asset Retirement Obligation | 22,291 | |
Other Long-Term Liabilities | 1,829 | |
Liabilities Subject to Compromise | 0 | |
Stockholders' Equity: | ||
Preferred Stock, Value, Outstanding | 0 | |
Predecessor Common stock, $.01 par value, 150,000,000 shares authorized, 44,771,258 shares issued, and 44,591,863 shares outstanding | 101 | |
Additional paid-in capital | 232,917 | |
Predecessor Treasury stock held, at cost, 179,395 shares | (675) | |
Retained earnings (Accumulated deficit) | (156,288) | |
Total Stockholders' Equity (Deficit) | 76,055 | |
Total Liabilities and Stockholders' Equity | $ 377,299 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Successor [Member] | ||
Capitalized Costs, Unproved Properties | $ 33,354 | |
Preferred stock, par value (in dollars per share) | $ 0.01 | |
Preferred stock, shares authorized | 10,000,000 | |
Preferred stock, shares outstanding | 0 | |
Common stock, par value per share (in dollars per share) | $ 0.01 | |
Common stock, shares authorized | 40,000,000 | |
Common stock, shares issued | 10,076,059 | |
Common stock, shares outstanding | 10,053,574 | |
Treasury stock shares held, at cost | 22,485 | |
Predecessor [Member] | ||
Capitalized Costs, Unproved Properties | $ 18,839 | |
Common stock, par value per share (in dollars per share) | $ 0.01 | |
Common stock, shares authorized | 150,000,000 | |
Common stock, shares issued | 44,771,258 | |
Common stock, shares outstanding | 44,591,863 | |
Treasury stock shares held, at cost | 179,395 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Apr. 22, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Predecessor [Member] | ||||
Revenues: | ||||
Oil and gas sales | $ 43,027 | $ 246,270 | $ 547,790 | |
Price-risk management and other, net | (245) | (1,549) | 1,666 | |
Total Revenues | 42,782 | 244,721 | 549,456 | |
Costs and Expenses: | ||||
General and administrative, net | 9,245 | 42,611 | 39,629 | |
Depreciation, depletion, and amortization | 20,439 | 177,512 | 267,590 | |
Accretion of asset retirement obligation | 1,610 | 5,572 | 5,712 | |
Lease operating cost | 14,933 | 70,188 | 93,214 | |
Transportation and gas processing | 6,090 | 21,741 | 21,140 | |
Severance and other taxes | 3,917 | 17,090 | 37,038 | |
Interest expense, net | 13,347 | 75,870 | 73,207 | |
Write-down of oil and gas properties | 77,732 | 1,562,086 | 445,396 | |
Reorganization items | (956,142) | 6,565 | 0 | |
Total Costs and Expenses | (808,829) | 1,979,235 | 982,926 | |
Income (Loss) Before Income Taxes | 851,611 | (1,734,514) | (433,470) | |
Provision (Benefit) for Income Taxes | 0 | (80,543) | (150,043) | |
Net Income (Loss) | $ 851,611 | $ (1,653,971) | $ (283,427) | |
Per Share Amounts- | ||||
Earnings (Loss) Per Share, Basic | $ 19.06 | $ (37.20) | $ (6.47) | |
Earnings (Loss) Per Share, Diluted | $ 18.64 | $ (37.20) | $ (6.47) | |
Weighted Average Shares Outstanding - Basic | 44,692 | 44,463 | 43,795 | |
Weighted Average Shares Outstanding - Diluted | 45,697 | 44,463 | 43,795 | |
Successor [Member] | ||||
Revenues: | ||||
Oil and gas sales | $ 121,386 | |||
Price-risk management and other, net | (19,849) | |||
Total Revenues | 101,537 | |||
Costs and Expenses: | ||||
General and administrative, net | 22,538 | |||
Depreciation, depletion, and amortization | 36,436 | |||
Accretion of asset retirement obligation | 2,878 | |||
Lease operating cost | 25,777 | |||
Transportation and gas processing | 13,038 | |||
Severance and other taxes | 6,713 | |||
Interest expense, net | 15,310 | |||
Write-down of oil and gas properties | 133,496 | |||
Reorganization items | 1,639 | |||
Total Costs and Expenses | 257,825 | |||
Income (Loss) Before Income Taxes | (156,288) | |||
Provision (Benefit) for Income Taxes | 0 | |||
Net Income (Loss) | $ (156,288) | |||
Per Share Amounts- | ||||
Earnings (Loss) Per Share, Basic | $ (15.61) | |||
Earnings (Loss) Per Share, Diluted | $ (15.61) | |||
Weighted Average Shares Outstanding - Basic | 10,013 | |||
Weighted Average Shares Outstanding - Diluted | 10,013 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Earnings (Deficit) |
Beginning Balance | Predecessor [Member] | $ 1,065,350 | $ 439 | $ 762,242 | $ (12,575) | $ 315,244 |
Stock issued for benefit plans | Predecessor [Member] | 1,909 | 0 | (1,876) | 3,785 | 0 |
Purchase of treasury shares | Predecessor [Member] | (1,065) | 0 | 0 | (1,065) | 0 |
Employee stock purchase plan | Predecessor [Member] | 824 | 1 | 823 | 0 | 0 |
Issuance of restricted stock | Predecessor [Member] | 0 | 4 | (4) | 0 | 0 |
Amortization of share-based compensation | Predecessor [Member] | 10,787 | 0 | 10,787 | 0 | 0 |
Net Income (Loss) | Predecessor [Member] | (283,427) | 0 | 0 | 0 | (283,427) |
Beginning Balance | Predecessor [Member] | 794,378 | 444 | 771,972 | (9,855) | 31,817 |
Stock issued for benefit plans | Predecessor [Member] | 919 | 0 | (1,714) | 7,518 | (4,885) |
Purchase of treasury shares | Predecessor [Member] | (154) | 0 | 0 | (154) | 0 |
Employee stock purchase plan | Predecessor [Member] | 302 | 1 | 301 | 0 | 0 |
Issuance of restricted stock | Predecessor [Member] | 0 | 3 | (3) | 0 | 0 |
Amortization of share-based compensation | Predecessor [Member] | 5,802 | 0 | 5,802 | 0 | 0 |
Net Income (Loss) | Predecessor [Member] | (1,653,971) | 0 | 0 | 0 | (1,653,971) |
Beginning Balance | Predecessor [Member] | (852,724) | 448 | 776,358 | (2,491) | (1,627,039) |
Purchase of treasury shares | Predecessor [Member] | (5) | 0 | 0 | (5) | 0 |
Issuance of restricted stock | Predecessor [Member] | 0 | 2 | (2) | 0 | 0 |
Amortization of share-based compensation | Predecessor [Member] | 1,118 | 0 | 1,118 | 0 | 0 |
Net Income (Loss) | Predecessor [Member] | 851,611 | 0 | 0 | 0 | 851,611 |
Beginning Balance | Predecessor [Member] | 0 | 0 | 0 | 0 | 0 |
Beginning Balance | Successor [Member] | 229,399 | 100 | 229,299 | 0 | 0 |
Stockholders' Equity Attributable to Parent before Cancellation | Predecessor [Member] | 0 | 450 | 777,474 | (2,496) | (775,428) |
Cancellation of Common Stock | Predecessor [Member] | 0 | (450) | (777,474) | 2,496 | 775,428 |
Issuance of Successor Common Stock & Warrants | Successor [Member] | 229,399 | 100 | 229,299 | 0 | 0 |
Purchase of treasury shares | Successor [Member] | (675) | 0 | 0 | (675) | 0 |
Issuance of restricted stock | Successor [Member] | 1 | 1 | 0 | 0 | 0 |
Amortization of share-based compensation | Successor [Member] | 3,618 | 0 | 3,618 | 0 | 0 |
Net Income (Loss) | Successor [Member] | (156,288) | 0 | 0 | 0 | (156,288) |
Beginning Balance | Successor [Member] | $ 76,055 | $ 101 | $ 232,917 | $ (675) | $ (156,288) |
Consolidated Statements of Sto6
Consolidated Statements of Stockholders' Equity (Parenthetical) - shares | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Apr. 22, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Predecessor [Member] | ||||
Stock issued for benefit plans (shares) | 0 | 352,476 | 154,665 | |
Shares issued from stock option exercises | 0 | 0 | 0 | |
Purchase of treasury shares (shares) | 65,170 | 70,437 | 102,673 | |
Employee stock purchase plan (shares) | 0 | 87,629 | 71,825 | |
Issuance of restricted stock (shares) | 229,690 | 304,166 | 392,292 | |
Successor [Member] | ||||
Stock issued for benefit plans (shares) | 0 | |||
Shares issued from stock option exercises | 0 | |||
Purchase of treasury shares (shares) | 22,485 | |||
Employee stock purchase plan (shares) | 0 | |||
Issuance of restricted stock (shares) | 76,058 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Apr. 22, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Predecessor [Member] | ||||
Cash Flows from Operating Activities: | ||||
Net Income (Loss) | $ 851,611 | $ (1,653,971) | $ (283,427) | |
Adjustments to reconcile net income to net cash provided by operation activities - | ||||
Write-down of oil and gas properties | 77,732 | 1,562,086 | 445,396 | |
Depreciation, depletion, and amortization | 20,439 | 177,512 | 267,590 | |
Accretion of asset retirement obligation | 1,610 | 5,572 | 5,712 | |
Deferred income taxes | 0 | (80,133) | (150,357) | |
Stock-based compensation expense | 886 | 4,435 | 7,309 | |
Gain (Loss) on Sale of Derivatives | 0 | (186) | (1,269) | |
Cash Received (Paid) On Settlements of Derivative Contracts | 0 | 2,544 | (1,053) | |
Reorganization items (non-cash) | (977,696) | 6,565 | 0 | |
Other Noncash Income | (3,189) | (6,588) | ||
Other Noncash Expense | 229 | |||
Change in assets and liabilities- | ||||
(Increase) decrease in accounts receivable and other assets | (5,474) | 26,747 | 21,411 | |
Increase (decrease) in accounts payable and accrued liabilities | (10,495) | (15,003) | 1,505 | |
Increase (decrease) in income taxes payable | 0 | (435) | 314 | |
Increase (decrease) in accrued interest | (308) | 9,730 | (172) | |
Net Cash Provided by Operating Activities | (41,466) | 42,274 | 306,371 | |
Cash Flows from Investing Activities: | ||||
Additions to property and equipment | (24,530) | (139,688) | (386,336) | |
Proceeds from the sale of property and equipment | 48,661 | 1,164 | 145,035 | |
Funds withdrawn from restricted cash account | 0 | 0 | 25,994 | |
Funds deposited into restricted cash account | 0 | 0 | (25,994) | |
Net Cash Used in Investing Activities | 24,131 | (138,524) | (241,301) | |
Cash Flows from Financing Activities: | ||||
Proceeds from bank borrowings | 328,000 | 281,100 | 487,400 | |
Payments of bank borrowings | (324,900) | (153,500) | (555,100) | |
Net proceeds from issuances of common stock | 0 | 302 | 824 | |
Purchase of treasury shares | (4) | (154) | (1,065) | |
Payments of debt issuance costs | (6,482) | (2,444) | 0 | |
Net Cash Provided by (Used in) Financing Activities | (3,386) | 125,304 | (67,941) | |
Net Increase (decrease) in Cash and Cash Equivalents | (20,721) | 29,054 | (2,871) | |
Cash and Cash Equivalents at Beginning of Period | 29,460 | $ 8,739 | 406 | 3,277 |
Cash and Cash Equivalents at End of Period | 8,739 | 29,460 | 406 | |
Supplemental Disclosures of Cash Flows Information: | ||||
Cash paid during period for interest, net of amounts capitalized | 10,367 | 63,132 | 70,933 | |
Cash paid during period for income taxes | 0 | 450 | 150 | |
Payments for Restructuring | 15,643 | 0 | 0 | |
Increase (decrease) in accrued payables for capital | 1,843 | $ (27,611) | $ (21,702) | |
Successor [Member] | ||||
Cash Flows from Operating Activities: | ||||
Net Income (Loss) | (156,288) | |||
Adjustments to reconcile net income to net cash provided by operation activities - | ||||
Write-down of oil and gas properties | 133,496 | |||
Depreciation, depletion, and amortization | 36,436 | |||
Accretion of asset retirement obligation | 2,878 | |||
Deferred income taxes | 0 | |||
Stock-based compensation expense | 3,618 | |||
Gain (Loss) on Sale of Derivatives | 19,676 | |||
Cash Received (Paid) On Settlements of Derivative Contracts | (1,928) | |||
Reorganization items (non-cash) | 0 | |||
Other Noncash Expense | 1,351 | |||
Change in assets and liabilities- | ||||
(Increase) decrease in accounts receivable and other assets | 16,812 | |||
Increase (decrease) in accounts payable and accrued liabilities | (9,682) | |||
Increase (decrease) in income taxes payable | 0 | |||
Increase (decrease) in accrued interest | 1,058 | |||
Net Cash Provided by Operating Activities | 47,427 | |||
Cash Flows from Investing Activities: | ||||
Additions to property and equipment | (45,671) | |||
Proceeds from the sale of property and equipment | 45,985 | |||
Funds withdrawn from restricted cash account | 0 | |||
Funds deposited into restricted cash account | 0 | |||
Net Cash Used in Investing Activities | 314 | |||
Cash Flows from Financing Activities: | ||||
Proceeds from bank borrowings | 84,000 | |||
Payments of bank borrowings | (139,000) | |||
Net proceeds from issuances of common stock | 0 | |||
Purchase of treasury shares | (675) | |||
Payments of debt issuance costs | (502) | |||
Net Cash Provided by (Used in) Financing Activities | (56,177) | |||
Net Increase (decrease) in Cash and Cash Equivalents | (8,436) | |||
Cash and Cash Equivalents at Beginning of Period | 8,739 | |||
Cash and Cash Equivalents at End of Period | $ 8,739 | 303 | ||
Supplemental Disclosures of Cash Flows Information: | ||||
Cash paid during period for interest, net of amounts capitalized | 12,517 | |||
Cash paid during period for income taxes | 0 | |||
Payments for Restructuring | 12,929 | |||
Increase (decrease) in accrued payables for capital | $ (6,265) |
Emergence from Voluntary Reorga
Emergence from Voluntary Reorganization under Chapter 11 Proceedings Emergence from Voluntary Reorganization under Chapter 11 Proceedings | 12 Months Ended |
Dec. 31, 2016 | |
Reorganizations [Abstract] | |
Chapter 11 Proceedings | On December 31, 2015 , Swift Energy Company ("Swift Energy," the "Company" or "we") and eight of its U.S. subsidiaries (the "Chapter 11 Subsidiaries") filed voluntary petitions seeking relief under Chapter 11 of Title 11 of the U.S. Bankruptcy Code (the "Bankruptcy Code") in the U.S. Bankruptcy Court for the District of Delaware under the caption In re Swift Energy Company, et al (Case No. 15-12670). The Company and the Chapter 11 Subsidiaries received bankruptcy court confirmation of their joint plan of reorganization (the "Plan") on March 31, 2016, and subsequently emerged from bankruptcy on April 22, 2016 (the "Effective Date"). Effect of the Bankruptcy Proceedings. During the bankruptcy proceedings, the Company conducted normal business activities and was authorized to pay and has paid (subject to caps applicable to payments of certain pre-petition obligations) pre-petition employee wages and benefits, pre-petition amounts owed to certain lienholders and critical vendors, pre-petition amounts owed to pipeline owners that transport the Company's production, and funds belonging to third parties, including royalty holders and partners. In addition, subject to certain specific exceptions under the Bankruptcy Code, the Chapter 11 filings automatically stayed most judicial or administrative actions against the Company and efforts by creditors to collect on or otherwise exercise rights or remedies with respect to pre-petition claims. As a result, we did not record interest expense on the Company’s senior notes for the period of January 1, 2016 through April 22, 2016 (as the predecessor). For that period, contractual interest on the senior notes totaled $21.6 million . Plan of Reorganization . Pursuant to the Plan, the significant transactions that occurred upon emergence from bankruptcy were as follows: • the approximately $906 million of indebtedness outstanding on account of the Company’s senior notes, $75 million in borrowings under the Company's DIP Credit Agreement (described below) and certain other unsecured claims were exchanged for 88.5% of the post-emergence Company’s common stock; • the lenders under the DIP Credit Agreement (as defined and more fully described below) received an additional backstop fee consisting of 7.5% of the post-emergence Company’s common stock; • the Company’s pre-petition common stock was canceled and the current shareholders received 4% of the post-emergence Company’s common stock and warrants to purchase up to 30% of the reorganized Company's equity. See Note 1B of these consolidated financial statements for more information; • claims of other creditors were paid in full in cash, reinstated or otherwise treated in a manner acceptable to the creditors; • the Company entered into a registration rights agreement to provide customary registration rights to certain holders of the Company’s post-emergence common stock who, together with their affiliates received upon emergence 5% or more of the outstanding common stock of the Company; • the Company sold (effective April 15, 2016) a portion of its interest in its Central Louisiana fields known as Burr Ferry and South Bearhead Creek to Texegy LLC, for net proceeds of approximately $46.9 million including deposits received prior to the closing date; and • the Company's previous credit facility (the "Prior First Lien Credit Facility") was terminated and a new senior secured credit facility (the "New Credit Facility") with an initial $320 million borrowing base was established. For more information refer to Note 5 of these consolidated financial statements. In accordance with the Plan, the post-emergence Company’s new board of directors is made up of seven directors consisting of the Chief Executive Officer, two directors appointed by Strategic Value Partners LLC ("SVP"), a former holder of the Company’s senior notes, two directors appointed by other former holders of the Company’s senior notes, one independent director and one independent non-executive chairman of the Board. In addition, pursuant to the Plan, SVP and the other former holders of the Company’s senior notes were given certain continuing director nomination rights subject to minimum share ownership conditions. DIP Credit Agreement. In connection with the pre-petition negotiations of the restructuring support agreement, certain holders of the Company’s senior notes agreed to provide the Company and the Chapter 11 Subsidiaries a debtor in possession facility (the “DIP Credit Agreement”). The DIP Credit Agreement provided for a multi-draw term loan of up to $75.0 million , which became available to the Company upon the satisfaction of certain milestones and contingencies. Upon emergence from bankruptcy, the Company had drawn down the entire $75.0 million available. Pursuant to the Plan, the borrowings under the DIP Credit Agreement, at the option of the lenders to the DIP Credit Agreement, converted into the post-emergence Company's common stock, which was part of the 88.5% of the common stock distributed to the holders of the Company's senior notes and certain unsecured creditors. As such, the $75.0 million borrowed under the DIP Credit Agreement was not required to be repaid in cash and terminated upon the Company’s exit from bankruptcy. For more information refer to Note 5 of these consolidated financial statements. Financial Statement Classification of Liabilities Subject to Compromise . As of December 31, 2015, our financial statements included amounts classified as liabilities subject to compromise, a majority of which were equitized upon emergence from bankruptcy on April 22, 2016. See Note 1B of these consolidated financial statements for more information. |
Fresh Start Accounting Fresh St
Fresh Start Accounting Fresh Start Accounting | 12 Months Ended |
Dec. 31, 2016 | |
Fresh Start Accounting [Abstract] | |
Fresh Start Accounting | 1B. Fresh Start Accounting Upon the Company's emergence from Chapter 11 bankruptcy, the Company adopted fresh start accounting, pursuant to FASB ASC 852, “ Reorganizations” , and applied the provisions thereof to its consolidated financial statements. The Company qualified for fresh start accounting because (i) the holders of existing voting shares of the pre-emergence debtor-in-possession, referred to herein as the "Predecessor" or "Predecessor Company," received less than 50% of the voting shares of the post-emergence successor entity, which we refer to herein as the "Successor" or "Successor Company" and (ii) the reorganization value of the Company's assets immediately prior to confirmation was less than the post-petition liabilities and allowed claims. The Company applied fresh start accounting following the close of business on April 22, 2016 when it emerged from bankruptcy protection. Adopting fresh start accounting results in a new reporting entity for financial reporting purposes with no beginning retained earnings or deficit. The cancellation of all existing shares outstanding on the Effective Date and issuance of new shares of the Successor Company caused a related change of control of the Company under ASC 852. As a result of the application of fresh start accounting, as well as the effects of the implementation of the Plan, the consolidated financial statements as of April 23, 2016 forward are not comparable with the consolidated financial statements prior to that date. References to “Successor” or “Successor Company” relate to the financial position and results of operations of the reorganized Company subsequent to April 22, 2016. References to “Predecessor” or “Predecessor Company” refer to the financial position and results of operations of the Company prior to and including April 22, 2016. Reorganization Value . Reorganization value represents the fair value of the Successor Company’s total assets and is intended to approximate the amount a willing buyer would pay for the assets immediately before restructuring. Under fresh start accounting, we allocated the reorganization value to our individual assets based on their estimated fair values. Our reorganization value was derived from an estimate of enterprise value. Enterprise value represents the estimated fair value of an entity’s long term debt and shareholders’ equity. In support of the Plan, the enterprise value of the Successor Company was estimated and approved by the bankruptcy court to be in the range of $460 million to $800 million . Based on the estimates and assumptions used in determining the enterprise value, as further discussed below, the Company estimated the enterprise value to be approximately $474 million . This valuation analysis was prepared using reserve information, development schedules, other financial information and financial projections and applying standard valuation techniques, including risked net asset value analysis and public comparable company analyses. Valuation of Oil and Gas Properties. The Company’s principal assets are its oil and gas properties, which the Company accounts for under the Full Cost Accounting method as described in Note 2. With the assistance of valuation experts, the Company determined the fair value of its oil and gas properties based on the discounted cash flows expected to be generated from these assets. The computations were based on market conditions and reserves in place as of the bankruptcy emergence date. The Company’s Reserves Engineers developed full cycle production models for all of the Company’s developed wells and identified undeveloped drilling locations within the Company’s leased acreage. The undeveloped locations were categorized based on varying levels of risk using industry standards. The proved locations were limited to wells expected to be drilled in the Company’s five year plan. The locations were then segregated into geographic areas. Future cash flows before application of risk factors were estimated by using the New York Mercantile Exchange five year forward prices for West Texas Intermediate oil and Henry Hub natural gas with inflation adjustments applied to periods beyond five years. These prices were adjusted for typical differentials realized by the Company for location and product quality adjustments. Transportation cost estimates were based on agreements in place at the emergence date. Development and operating costs were based the Company’s recent cost trends adjusted for inflation. Risk factors were determined separately for each geographic area. Based on the geological characteristics of each area appropriate risk factors for each of the reserve categories were applied. The Company and its valuation experts considered production, geological and mechanical risk to determine the probability factor for each reserve category in each area. The risk adjusted after tax cash flows were discounted at 12% . This discount factor was derived from a weighted average cost of capital computation which utilized a blended expected cost of debt and expected returns on equity for similar industry participants. The after tax cash flow computations included utilization of the Company’s unamortized tax basis in the properties as of the emergence date. Plugging and abandonment costs were included in the cash flow projections for undeveloped reserves but were excluded for developed reserves since the fair value of this liability was determined separately and included in the emergence date liabilities reported on the consolidated balance sheet. From this analysis the Company concluded the fair value of its proved reserves was $509.4 million , and the value of its probable reserves was $45.5 million as of the Effective Date. The fair value of the possible reserves was determined to be de minimus and no value therefore recognized. The value of probable reserves was classified as unevaluated costs. The Company also reviewed its undeveloped leasehold acreage and concluded that the fair value of its probable reserves appropriately captured the fair value of its undeveloped leasehold acreage. These amounts are reflected in the Fresh Start Adjustments item number 12 below. The following table reconciles the enterprise value to the estimated fair value of the Successor Company's common stock as of the Effective Date (in thousands): April 22, 2016 Enterprise Value $ 473,660 Plus: Cash and cash equivalents 8,739 Less: Fair value of debt (253,000 ) Less: Fair value of warrants (14,967 ) Fair value of Successor common stock $ 214,432 Shares outstanding at April 22, 2016 10,000 Per share value $ 21.44 Upon issuance of the New Credit Facility on April 22, 2016, the Company received net proceeds of approximately $253 million and incurred debt issuance costs of approximately $7.0 million . In accordance with the Plan, the Company issued two series of warrants (each for up to 15% of the reorganized Company's equity) to the former holders of the Company’s common stock, one to expire on the close of business on April 22, 2019 (the “2019 Warrants”) and the other to expire on the close of business on April 22, 2020 (the “2020 Warrants” and, together with the 2019 Warrants, the “Warrants”). Following the Effective Date, there were 2019 Warrants outstanding to purchase up to an aggregate of 2,142,857 shares of Common Stock at an initial exercise price of $80.00 per share. Following the Effective Date, there were 2020 Warrants outstanding to purchase up to an aggregate of 2,142,857 shares of Common Stock at an initial exercise price of $86.18 per share. All unexercised Warrants shall expire, and the rights of the holders of such Warrants to purchase Common Stock shall terminate at the close of business on the first to occur of (i) their respective expiration dates or (ii) the date of completion of (A) any Fundamental Equity Change (as defined in the Warrant Agreement) or (B) an Asset Sale (as defined in the Warrant Agreement). The fair value of the 2019 and 2020 Warrants was $3.26 and $3.73 per warrant, respectively. A Black- Scholes pricing model with the following assumptions was used in determining the fair value: strike price of $80 and $86.18 ; expected volatility of 70% and 65% ; expected dividend rate of 0.0% ; risk free interest rate of 1.01% and 1.19% ; and expiration date of 3 and 4 years, respectively. The fair value of these warrants was estimated using Level 2 inputs (for additional discussion of the Level 2 inputs, refer to Note 11 of these consolidated financial statements). The following table reconciles the enterprise value to the estimated reorganization value as of the Effective Date (in thousands): April 22, 2016 Enterprise Value $ 473,660 Plus: Cash and cash equivalents 8,739 Plus: Other working capital liabilities 73,318 Plus: Other long-term liabilities 58,992 Reorganization value of Successor assets $ 614,709 Reorganization value and enterprise value were estimated using numerous projections and assumptions that are inherently subject to significant uncertainties and resolution of contingencies that are beyond our control. Accordingly, the estimates set forth herein are not necessarily indicative of actual outcomes, and there can be no assurance that the estimates, projections or assumptions will be realized. Consolidated Balance Sheet. The adjustments set forth in the following consolidated balance sheet reflect the effect of the consummation of the transactions contemplated by the Plan (reflected in the column “Reorganization Adjustments”) as well as fair value adjustments as a result of the adoption of fresh start accounting (reflected in the column “Fresh Start Adjustments”). The explanatory notes highlight methods used to determine fair values or other amounts of the assets and liabilities as well as significant assumptions. The following table reflects the reorganization and application of ASC 852 on our consolidated balance sheet as of April 22, 2016 (in thousands): Predecessor Company Reorganization Adjustments Fresh Start Adjustments Successor Company ASSETS Current Assets: Cash and cash equivalents $ 57,599 $ (48,860 ) (1) $ — $ 8,739 Accounts receivable 34,278 (597 ) (2) — 33,681 Other current assets 3,503 — — 3,503 Total current assets 95,380 (49,457 ) — 45,923 Property and equipment 6,007,326 — (5,448,759 ) (12) 558,567 Less - accumulated depreciation, depletion and amortization (5,676,252 ) — 5,676,252 (12) — Property and equipment, net 331,074 — 227,493 558,567 Other Long-Term Assets 4,629 6,388 (3) (798 ) (13) 10,219 Total Assets $ 431,083 $ (43,069 ) $ 226,695 $ 614,709 Predecessor Company Reorganization Adjustments Fresh Start Adjustments Successor Company LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable and accrued liabilities $ 64,324 $ (4,666 ) (4) $ (885 ) (14 ) $ 58,773 Accrued capital costs 5,410 — — 5,410 Accrued interest 768 (104 ) (5) — 664 Undistributed oil and gas revenues 8,471 — — 8,471 Current portion of debt 364,500 (364,500 ) (6) — — Total current liabilities 443,473 (369,270 ) (885 ) 73,318 Long-Term Debt — 253,000 (7) — 253,000 Asset retirement obligation 51,800 — 6,101 (14 ) 57,901 Other long-term liabilities 2,124 — (1,033 ) (15 ) 1,091 Liabilities subject to compromise 911,381 (911,381 ) (8) — — Total Liabilities 1,408,778 (1,027,651 ) 4,183 385,310 Stockholders' Equity: Preferred stock — — — Common stock (Predecessor) 450 (450 ) (9) — — Common stock (Successor) — 100 (10) — 100 Additional paid-in capital (Predecessor) 777,475 (777,475 ) (9) — — Additional paid-in capital (Successor) — 229,299 (10) — 229,299 Treasury stock held at cost (2,496 ) 2,496 (9) — — Retained earnings (accumulated deficit) (1,753,124 ) 1,530,612 (11) 222,512 (16 ) — Total Stockholders' Equity (Deficit) (977,695 ) 984,582 222,512 229,399 Total Liabilities and Stockholders' Equity $ 431,083 $ (43,069 ) $ 226,695 $ 614,709 Reorganization Adjustments 1. Reflects the net cash payments recorded as of the Effective Date from implementation of the Plan (in thousands): Sources: Net proceeds from New Credit Facility 253,000 Total Sources $ 253,000 Uses: Repayment of Prior First Lien Credit Facility 289,500 Debt issuance costs 6,482 Predecessor accounts payable paid upon emergence 5,878 Total Uses $ 301,860 Net Uses $ (48,860 ) 2. Reflects the impairment of a short-term leasehold improvement build-out receivable for $0.6 million that will no longer be reimbursed by the building lessor as the Company's office lease contract was rejected as part of the bankruptcy. 3. Reflects the capitalization of debt issuance costs on the New Credit Facility for $7.0 million , of which $6.5 million was paid on emergence and $0.5 million included in accounts payable and accrued liabilities and paid in the subsequent month, as well as the write-off of a long-term leasehold improvement build-out receivable for $0.6 million relating to an office lease contract that was rejected in connection with the bankruptcy. 4. Reflects the settlement of predecessor accounts payable of $5.2 million partially offset by accrued debt issuance costs of $0.5 million . 5. Reflects the settlement of accrued interest on the Company's DIP Credit Agreement which was equitized upon emergence. 6. On the Effective Date, the Company repaid in full all borrowings outstanding of $289.5 million under the Prior First Lien Credit Facility. In addition the Company equitized the outstanding DIP Credit Agreement borrowings of $75 million via the issuance of equity valued at $142.3 million . 7. Reflects the $253 million in new borrowings under the New Credit Facility. 8. Liabilities subject to compromise were settled as follows in accordance with the Plan (in thousands): 7.125% senior notes due 2017 $ 250,000 8.875% senior notes due 2020 225,000 7.875% senior notes due 2022 400,000 Accrued interest 30,043 Accounts payable and accrued liabilities 1,713 Other long-term liabilities 4,625 Liabilities subject to compromise of the Predecessor Company (LSTC) 911,381 Fair value of equity issued to former holders of the senior notes of the Predecessor (47,443 ) Gain on settlement of Liabilities subject to compromise $ 863,938 9. Reflects the cancellation of the Predecessor Company equity to retained earnings. 10. Reflects the issuance of 10.0 million shares of common stock at a per share price of $21.44 and 4.3 million warrants to purchase up to 30% of the reorganized Company's equity valued at $15.0 million with an average per unit value of $3.49 . Former holders of the senior notes and certain unsecured creditors were issued 8.85 million shares of common stock while the Backstop Lenders (as defined in the DIP Credit Agreement) were issued 0.75 million shares of common stock. Former shareholders received the warrants and 0.4 million shares of common stock. 11. Reflects the cumulative impact of the reorganization adjustments discussed above (in thousands): Gain on settlement of Liabilities subject to compromise $ 863,938 Fair value of equity issued in excess of DIP principal (67,329 ) Fair value of equity and warrants issued to Predecessor stockholders (23,544 ) Fair value of equity issued to DIP lenders for backstop fee (16,082 ) Other reorganization adjustments (1,800 ) Cancellation of Predecessor Company equity 775,429 Net impact to accumulated deficit $ 1,530,612 Fresh Start Adjustments 12. The following table summarizes the fair value adjustment on our oil and gas properties and accumulated depletion, depreciation and amortization (in thousands): Predecessor Company Fresh Start Adjustments Successor Company Oil and Gas Properties Proved properties $ 5,951,016 $ (5,441,655 ) $ 509,361 Unproved properties 12,057 33,448 45,505 Total Oil and Gas Properties 5,963,073 (5,408,207 ) 554,866 Less - Accumulated depletion and impairments (5,638,741 ) 5,638,741 — Net Oil and Gas Properties 324,332 230,534 554,866 Furniture, Fixtures, and other equipment 44,252 (40,551 ) 3,701 Less - Accumulated depreciation (37,510 ) 37,510 — Net Furniture, Fixtures and other equipment $ 6,742 $ (3,041 ) $ 3,701 Net Oil and Gas Properties, Furniture and fixtures and accumulated depreciation $ 331,074 $ 227,493 $ 558,567 13. Reflects the adjustment of other non-current assets to fair value. 14. Reflects the current and long-term portion of the Company’s asset retirement obligation computed in accordance with ASC 410-20, applying the appropriate discount rate to future costs as of the emergence date. 15. Reflects the adjustment of other non-current liabilities to fair value. 16. Reflects the cumulative impact of fresh start adjustments as discussed above. Reorganization Items Reorganization items represent liabilities settled, net of amounts incurred subsequent to the Chapter 11 filing as a direct result of the Plan and are classified as “(Gain) Loss on Reorganization items, net” in the Consolidated Statements of Operations. The following table summarizes reorganization items (in thousands): Successor Predecessor Predecessor Period from April 23, 2016 through December 31, 2016 Period from January 1, 2016 through April 22, 2016 December 31, 2015 Gain on settlement of liabilities subject to compromise $ — $ (863,938 ) $ — Fair value of equity issued in excess of DIP principal — 67,329 — Fresh start adjustments — (222,512 ) — Reorganization legal and professional fees and expenses 1,598 25,573 — Fair value of equity issued to DIP lenders for backstop fee — 16,082 — Write-off of debt issuance costs, including premium and discount on senior notes — — 6,565 Other reorganization items 41 21,324 — (Gain) Loss on Reorganization items, net $ 1,639 $ (956,142 ) $ 6,565 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Fresh Start Accounting. Upon emergence from bankruptcy the Company adopted Fresh Start Accounting, see Note 1B for further details. Basis of Presentation . The consolidated financial statements included herein have been prepared by Swift Energy Company (“Swift Energy,” the “Company,” or “we”) assuming the Company will continue as a going concern, 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. Principles of Consolidation . The accompanying consolidated financial statements include the accounts of Swift Energy and its wholly owned subsidiaries, which are engaged in the exploration, development, acquisition, and operation of oil and gas properties, with a focus on oil and natural gas reserves in the Eagle Ford trend in Texas. Our undivided interests in oil and gas properties are accounted for using the proportionate consolidation method, whereby our proportionate share of each entity’s assets, liabilities, revenues, and expenses are included in the appropriate classifications in the accompanying consolidated financial statements. Intercompany balances and transactions have been eliminated in preparing the accompanying consolidated financial statements. Subsequent Events. We have evaluated subsequent events requiring potential accrual or disclosure in our consolidated financial statements. Effective January 25, 2017 the Company entered into an agreement to sell approximately 1.4 million shares of its Common Stock in a private placement at a price of $28.50 per share, which resulted in approximately $40.0 million in gross proceeds. The shares were sold to select institutional accredited investors and proceeds were primarily used to repay credit facility borrowings. Effective January 26, 2017 our borrowing base was reduced from $320 million , allocated between a non-conforming borrowing base of $70 million and conforming borrowing base of $250 million , to a fully conforming borrowing base of $250 million . See Note 5 for more information. There were no other material subsequent events requiring additional disclosure in these financial statements. Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires us to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the reported amounts of certain revenues and expenses during each reporting period. We believe our estimates and assumptions are reasonable; however, such estimates and assumptions are subject to a number of risks and uncertainties that may cause actual results to differ materially from such estimates. Significant estimates and assumptions underlying these financial statements include: • the estimates of reorganization value, enterprise value and fair value of assets and liabilities upon emergence from bankruptcy and application of fresh start accounting, • the estimated quantities of proved oil and natural gas reserves used to compute depletion of oil and natural gas properties, the related present value of estimated future net cash flows there-from, and the ceiling test impairment calculation, • 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 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, • estimates in the assessment of current litigation claims against the Company, and • estimates in amounts due with respect to open state regulatory audits. 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 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. 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 period of April 23, 2016 through December 31, 2016 (successor) , the period of January 1, 2016 through April 22, 2016 (predecessor) , and the years ended December 31, 2015 and 2014 (predecessor) , such internal costs capitalized totaled $5.4 million , $2.9 million , $12.7 million and $26.3 million , respectively. Interest costs are also capitalized to unproved oil and natural gas properties (refer to Note 5 of these consolidated financial statements for further discussion on capitalized interest costs). The “Property and Equipment” balances on the accompanying consolidated balance sheets are summarized for presentation purposes. The following is a detailed breakout of our “Property and Equipment” balances. Successor Predecessor (in thousands) December 31, December 31, Property and Equipment Proved oil and gas properties $ 480,499 $ 5,972,666 Unproved oil and gas properties 33,354 18,839 Furniture, fixtures, and other equipment 3,221 44,252 Less – Accumulated depreciation, depletion, amortization and impairment (169,879 ) (5,577,854 ) Property and Equipment, Net $ 347,195 $ 457,903 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. 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 estimated 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 (which excludes natural gas consumed in operations) during the period by the total estimated units of proved oil and natural gas reserves (which excludes natural gas consumed in operations) at the beginning of the period. 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) is limited to the sum of the estimated future net revenues from proved properties (excluding cash outflows from recognized asset retirement obligations, including estimated 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”). 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. Primarily due to pricing differences between the 12-month average oil and gas prices used in the Ceiling Test and the forward strip prices used to estimate the initial fair value of oil and gas properties on the Company’s April 22, 2016 (successor) balance sheet, we incurred a non-cash impairment write-down during the period of April 23, 2016 through December 31, 2016 (successor) of $133.5 million . The full amount of this write-down was incurred as of June 30, 2016. Write-downs in prior periods were primarily the result of declining historical prices along with timing changes and reduction of projects and changes in our reserves product mix. For the period of January 1, 2016 through April 22, 2016 (predecessor) and the years ended 2015 and 2014 (predecessor) we reported non-cash impairment write-downs on a before-tax basis of $77.7 million , $1.6 billion and $445.4 million , respectively, on our oil and natural gas properties. 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) if oil or natural gas prices decline, it is likely that non-cash write-downs of our oil and natural gas properties will occur in the future. We cannot control and cannot predict what future prices for oil and natural gas will be, thus we cannot estimate the amount or timing of any potential future non-cash write-down of our oil and natural gas properties due to decreases in oil or natural gas prices. Revenue Recognition . Oil and gas revenues are recognized when production is sold to a purchaser at a fixed or determinable price, when delivery has occurred and title has transferred, and if collectability of the revenue is probable. Swift Energy uses the entitlement method of accounting in which we recognize our ownership interest in production as revenue. If our sales exceed our ownership share of production, the natural gas balancing payables are reported in “Accounts payable and accrued liabilities” on the accompanying consolidated balance sheets. Natural gas balancing receivables are reported in “Other current assets” on the accompanying consolidated balance sheets when our ownership share of production exceeds sales. As of December 31, 2016 and 2015 , we did not have any material natural gas imbalances. Accounts Receivable. We assess the collectability of accounts receivable, and based on our judgment, we accrue a reserve when we believe a receivable may not be collected. At December 31, 2016 and 2015 , we had an allowance for doubtful accounts of less than $0.1 million and approximately $0.1 million , respectively. The allowance for doubtful accounts has been deducted from the total “Accounts receivable” balance on the accompanying consolidated balance sheets. At December 31, 2016 , our “Accounts receivable” balance included $12.6 million for oil and gas sales, $2.7 million for joint interest owners, $1.6 million for severance tax credit receivables and $0.6 million for other receivables. At December 31, 2015 , our “Accounts receivable” balance included $14.9 million for oil and gas sales, $4.9 million for joint interest owners, $1.2 million for severance tax credit receivables and $0.7 million for other receivables. Supervision Fees. Consistent with industry practice, we charge a supervision fee to the wells we operate including our wells in which we own up to a 100% working interest. Supervision fees are recorded as a reduction to “General and administrative, net”, on the accompanying consolidated statements of operations. Our supervision fees are allocated to each well based on general and administrative costs incurred for well maintenance and support. The amount of supervision fees charged for the period of April 23, 2016 through December 31, 2016 (successor) , the period of January 1, 2016 through April 22, 2016 (predecessor) and the years ended December 31, 2015 and 2014 (predecessor) did not exceed our actual costs incurred. The total amount of supervision fees charged to the wells we operated was $4.5 million and $2.7 million for the period of April 23, 2016 through December 31, 2016 (successor) and the period of January 1, 2016 through April 22, 2016 (predecessor) , respectively, and $9.2 million and $12.7 million for the years ended December 31, 2015 and 2014 (predecessor) , respectively. Other Current Assets. Included in "Other current assets" on the accompanying consolidated balance sheets are inventories which consist primarily of tubulars and other equipment and supplies that we expect to place in service in production operations. Our inventories are recorded at cost (weighted average method) and totaled $0.4 million and $0.6 million at December 31, 2016 and 2015 , respectively. During the year ended December 31, 2015 , we recorded a charge of $2.0 million , related to inventory obsolescence in "Price-risk management and other, net" on the accompanying consolidated statement of operations. Also included in "Other current assets" on the accompanying consolidated balance sheets are prepaid expenses totaling $2.0 million and $4.4 million at December 31, 2016 and 2015 , respectively. These prepaid amounts cover well insurance, drilling contracts and various other prepaid expenses. In 2015 we also recorded $2.4 million in "Other current assets" related to a deposit received from Texegy as part of a purchase and sale agreement to sell a participating working interest of the Company's position in the South Bearhead Creek and Burr Ferry Field in central Louisiana. This amount was restricted until the transaction closed which occurred prior to our emergence from bankruptcy on April 22, 2016 . Finally, as a result of the Company's bankruptcy proceedings, we reclassified $3.3 million in debt issuance costs related to our revolving credit facility as of December 31, 2015 from "Other Long-Term Assets" to "Other current assets". Debt issuance costs incurred on our New Credit Facility in 2016 were recorded in "Other Long-Term Assets" as of December 31, 2016 . Income Taxes. 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. 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 December 31, 2016 , 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. The Company has evaluated the full impact of the reorganization on our carryover tax attributes and believes it will not incur an immediate cash income tax liability as a result of emergence from bankruptcy. The Company will be able to fully absorb cancellation of debt income with NOL carryforwards. The amount of remaining NOL carryforward available will be limited under IRC Sec. 382 due to the change in control. The Company’s amortizable tax basis exceeded the book carrying value of its assets at April 22 and December 31, 2016 , leaving the Company in a net deferred tax asset position. Management has determined that it is not more likely than not that the Company will realize future cash benefits from this additional tax basis and remaining carryover items and accordingly has taken a full valuation allowance to offset its tax assets. The Company expects to incur a net taxable loss in the current taxable period thus no current income taxes are anticipated to be paid and no benefit will be recorded due to the full valuation allowance on the tax assets. Accounts Payable and Accrued Liabilities . The “Accounts payable and accrued liabilities” balances on the accompanying consolidated balance sheets are summarized below (in thousands): Successor Predecessor December 31, December 31, Trade accounts payable (1) $ 10,563 $ — Accrued operating expenses (1) 2,990 — Accrued compensation costs (1) 4,730 — Asset retirement obligations – current portion 9,965 7,165 Accrued non-income based taxes (1) 3,937 — Accrued price risk management liabilities 17,632 — Accrued corporate and legal fees (1) 3,075 — Other payables (1)(2) 3,365 498 Total Accounts payable and accrued liabilities $ 56,257 $ 7,663 (1) Classified as Liabilities Subject to Compromise as of December 31, 2015. Total Liabilities subject to compromise were $984.4 million as of December 31, 2015 . (2) Total balance at December 31, 2015 was $5.3 million of which $4.8 million was classified as Liabilities Subject to Compromise with the remaining portion classified as "Other payables". Cash and Cash Equivalents. We consider all highly liquid instruments with an initial maturity of three months or less to be cash equivalents. Recognition of Severance Expense for Executive Retirements . On August 9, 2016, the Company announced that the Chief Executive Officer and Chief Financial Officer for the Company would be retiring. In the third quarter of 2016 we accrued $2.1 million for severance payments that will be paid out in accordance with their employment agreement. This amount was expensed in "General and administrative, net" in the consolidated statement of operations for the period of April 23, 2016 through December 31, 2016 (successor) . Additionally we accelerated expense related to the equity awards held by the retiring Chief Executive Officer and Chief Financial Officer. See Note 8 for more details. Credit Risk Due to Certain Concentrations. We extend credit, primarily in the form of uncollateralized oil and gas sales and joint interest owners' receivables, to various companies in the oil and gas industry, which results in a concentration of credit risk. The concentration of credit risk may be affected by changes in economic or other conditions within our industry and may accordingly impact our overall credit risk. However, we believe that the risk of these unsecured receivables is mitigated by the size, reputation, and nature of the companies to which we extend credit. From certain customers we also obtain letters of credit or parent company guarantees, if applicable, to reduce risk of loss. For the period of April 23, 2016 through December 31, 2016 (successor) , the period of January 1, 2016 through April 22, 2016 (predecessor) and the years ended December 31, 2015 and 2014 (predecessor), Shell Oil Company and affiliates accounted for 15% , 19% , 16% and 21% , respectively of our sales proceeds, Kinder Morgan accounted for approximately 38% , 20% , 27% and 20% , respectively, of our sales proceeds and Plains Marketing accounted for approximately 14% , 14% , 18% and 11% , respectively, of our sales proceeds. Howard Energy accounted for approximately 11% and 13% of our sales proceeds during the period of January 1, 2016 through April 22, 2016 (predecessor) and year ended December 31, 2015 (predecessor). Southcross Energy accounted for approximately 11% of our sales proceeds during the period of January 1, 2016 through April 22, 2016 (predecessor) . Treasury Stock. Our treasury stock repurchases are reported at cost and are included in “Treasury stock held, at cost" on the accompanying consolidated balance sheets. When the Company reissues treasury stock the gains are recorded in "Additional paid-in capital" ("APIC") on the accompanying consolidated balance sheets, while the losses are recorded to APIC to the extent that previous net gains on the reissuance of treasury stock are available to offset the losses. If the loss is larger than the previous gains available then the loss is recorded to "Retained earnings (Accumulated deficit)" on the accompanying consolidated balance sheets. For the year ended December 31, 2015 (predecessor), the Company recorded losses of $4.9 million to "Retained earnings (Accumulated deficit)" as a result of treasury stock transactions. All treasury stock was canceled upon emergence from bankruptcy for the Predecessor Company. For the period of April 23, 2016 through December 31, 2016 (successor) , 22,485 treasury shares were purchased in connection with the retirement of the former Chief Executive Officer and future retirement of the Chief Financial Officer. 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 requires entities 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, at the option of the Company, in retrospective application, either in the form of recasting all prior periods presented or a cumulative adjustment to equity in the period of adoption. The guidance is effective for annual and interim reporting periods beginning after December 15, 2017. The Company’s revenues are virtually all attributable to oil and gas sales. Based on our initial review of our contracts, the Company believes the timing and presentation of revenues under ASU 2014-09 will be consistent with our current revenue recognition policy as described above with one probable exception. The Company currently uses the entitlement method of accounting when sales for our account are not in proportion to ownership interest in production. To comply with ASU 2014-09, the Company expects to recognize revenue on the production sold for our account irrespective of ownership share of such production. Currently we do not have any significant imbalance situations; therefore, this is not expected to immediately impact our financial statements. The Company will continue to monitor specific developments for our industry as it relates to ASU 2014-09. In August 2014, the FASB issued ASU 2014-15, which provides guidance on determining when and how to disclose going-concern uncertainties in the financial statements. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. The guidance applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter. We implemented procedures to comply with this guidance as of December 31, 2016. Adoption of this standard had no impact on our financial statements. In February 2016, the FASB issued ASU 2016-02, which requires lessees to record most leases on the balance sheet. Under the new guidance, lease classification as either a finance lease or an operating lease will determine how lease-related revenue and expense are recognized. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. At December 31, 2016 the Company had lease commitments of approximately $8.8 million that it believes would be subject to capitalization under ASU 2016-02. This includes $1.9 million for our new corporate office sub-lease which has a term of 4.4 years and commitments for equipment and vehicle leases which total $6.5 million . These equipment leases generally have original terms of 2 to 3 years. In some instances further analysis is needed to determine if renewal options would result in capitalized amounts in excess of the obligations during the primary lease term. Based on our preliminary assessment, we believe these leases would most likely be deemed to be operating leases under the new standard. The corporate office lease is the only existing lease that extends beyond December 31, 2018. Management plans to adopt ASU 2016-02 in the quarter ending March 31, 2019. Management continuously evaluates the economics of leasing vs. purchase for operating equipment. The lease obligations that will be in place upon adoption of ASU 2016-02 may be significantly different than the current obligations. Accordingly, at this time we cannot estimate the amount that will be capitalized when this standard is adopted. In March 2016, the FASB issued ASU 2016-09, which simplifies several aspects of the accounting for employee share based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The guidance is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years, with early adoption permitted. This standard was adopted by the Company as of the bankruptcy emergence date April 22, 2016. The adoption of this guidance did not result in any adjustments. In August 2016, the FASB issued ASU 2016-15, which provides greater clarity to preparers on the treatment of eight specific items within an entity’s statement of cash flows with the goal of reducing existing diversity on these items. The guidance is effective for public business entities for annual and interim periods in fiscal years beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the ASU in an interim period, adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. We are currently reviewing these new requirements to determine the impact of this guidance on our financial statements. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Upon the Company's emergence from bankruptcy on April 22, 2016, as discussed in Note 1A, the Company’s then outstanding common stock was canceled and new common stock and warrants were issued. 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 have been issuable, according to predetermined performance and market goals, if the end of the reporting period was the end of the performance period. As we recognized a net loss for the period of April 23, 2016 through December 31, 2016 (successor) and the years ended 2015 and 2014 (predecessor), the unvested share-based payments and stock options were not recognized in the Diluted EPS calculations as they would be antidilutive. Certain stock options and restricted stock grants that would potentially dilute Basic EPS in the future were also antidilutive for the period of January 1, 2016 through April 22, 2016 (predecessor) , 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 period of April 23, 2016 through December 31, 2016 (successor) , the period of January 1, 2016 through April 22, 2016 (predecessor) and the years ended 2015 and 2014 (predecessor) (in thousands, except per share amounts): Successor from April 23, 2016 through December 31, 2016 Predecessor from January 1, 2016 through April 22, 2016 Net Income (Loss) Shares Per Share Net Income (Loss) Shares Per Share Basic EPS: Net Income (Loss) and Share Amounts $ (156,288 ) 10,013 $ (15.61 ) $ 851,611 44,692 $ 19.06 Dilutive Securities: Restricted Stock Awards — 1,005 Restricted Stock Units Awards — — Stock Option Awards — — Diluted EPS: Net Income (Loss) and Assumed Share Conversions $ (156,288 ) 10,013 $ (15.61 ) $ 851,611 45,697 $ 18.64 Predecessor 2015 Predecessor 2014 Net Income (Loss) Shares Per Share Net Income (Loss) Shares Per Share Basic EPS: Net Income (Loss) and Share Amounts $ (1,653,971 ) 44,463 $ (37.20 ) $ (283,427 ) 43,795 $ (6.47 ) Dilutive Securities: Restricted Stock Awards — — Restricted Stock Unit Awards — — Stock Option Awards — — Diluted EPS: Net Income (Loss) and Assumed Share Conversions $ (1,653,971 ) 44,463 $ (37.20 ) $ (283,427 ) 43,795 $ (6.47 ) Approximately 0.1 million stock options to purchase shares were not included in the computation of Diluted EPS for the period of April 23, 2016 through December 31, 2016 (successor) , because these stock options were antidilutive. Approximately 1.3 million stock options to purchase shares were not included in the computation of Diluted EPS for the period of January 1, 2016 through April 22, 2016 (predecessor) , because the exercise price was out of the money, while 1.3 million and 1.4 million stock options to purchase shares were not included in the computation of Diluted EPS for the years ended December 31, 2015 and 2014 (predecessor), respectively, as they were antidilutive. Approximately 0.3 million restricted stock awards for the period of January 1, 2016 through April 22, 2016 (predecessor) , and 0.5 million restricted stock awards for the years ended December 31, 2015 and 2014 , respectively, were not included in the computation of Diluted EPS because they were antidilutive. Approximately 0.2 million shares related to restricted stock units for the period of April 23, 2016 through December 31, 2016 (successor) were not included in the computation of Diluted EPS because these stock awards were antidilutive. Approximately 0.8 million shares for the period of January 1, 2016 through April 22, 2016 (predecessor) and 0.6 million and 0.4 million shares related to performance-based restricted stock units that could be converted to common shares based on predetermined performance and market goals were not included in the computation of Diluted EPS for years ended December 31, 2015 and 2014 (predecessor), respectively, primarily because the performance and market conditions had not been met, assuming the end of the reporting period was the end of the performance period. Upon the Company's emergence from bankruptcy on April 22, 2016, the Company issued 2019 and 2020 warrants (as previously discussed in Note 1B of these consolidated financial statements). They were not included in the computation of Diluted EPS for the period of April 23, 2016 through December 31, 2016, as they were antidilutive. |
Provision (Benefit) for Income
Provision (Benefit) for Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Provision (Benefit) for Income Taxes | Provision (Benefit) for Income Taxes Income (Loss) before taxes is as follows (in thousands): Successor Predecessor Period from April 23, 2016 through December 31, 2016 Period from January 1, 2016 through April 22, 2016 Year Ended December 31, 2015 2014 Income (Loss) Before Income Taxes $ (156,288 ) $ 851,611 $ (1,734,514 ) $ (433,470 ) The following is an analysis of the consolidated income tax provision (benefit) (in thousands): Successor Predecessor Period from April 23, 2016 through December 31, 2016 Period from January 1, 2016 through April 22, 2016 Year Ended December 31, 2015 2014 Current $ — $ — $ (410 ) $ 314 Deferred — — (80,133 ) (150,357 ) Total $ — $ — $ (80,543 ) $ (150,043 ) Reconciliations of income taxes computed using the U.S. Federal statutory rate ( 35% ) to the effective income tax rates are as follows (in thousands): Successor Predecessor Period from April 23, 2016 through December 31, 2016 Period from January 1, 2016 through April 22, 2016 Year Ended December 31, 2015 2014 Federal Statutory Rate 35.0 % 35.0 % 35.0 % 35.0 % State tax provisions (benefits), net of federal benefits 0.9 % 0.9 % 1.0 % 1.4 % Reorganization Adjustments — % (1.8 )% — % — % Expiration/Write-off of NOL Carryovers (74.9 )% — % — % (0.1 )% Valuation allowance adjustments 38.9 % (35.1 )% (31.3 )% (1.1 )% Other, net 0.2 % 1.0 % (0.1 )% (0.7 )% Effective rate — % — % 4.6 % 34.5 % The tax effects of temporary differences representing the net deferred tax asset (liability) at December 31, 2016 and 2015 were as follows (in thousands): Successor Predecessor Year Ended December 31, 2016 Year Ended December 31, 2015 Deferred tax assets: Federal net operating loss (“NOL”) carryovers $ 40,104 $ 287,720 NOLs for excess stock-based compensation — (9,571 ) Oil and gas exploration and development costs 71,292 214,413 State NOL carryovers — 18,384 Alternative minimum tax credits 2,092 2,092 Other Carryover Items 1,107 1,215 Asset Retirement Obligations 11,447 22,884 Derivative Contracts 5,802 — Unrealized share-based compensation 648 9,953 Valuation allowance (136,656 ) (553,283 ) Other 4,164 6,193 Total deferred tax assets $ — $ — Deferred tax liabilities: Oil and gas exploration and development costs $ — $ — Other — — Total deferred tax liabilities $ — $ — Net deferred tax liabilities $ — $ — Net current deferred tax assets — — Net non-current deferred tax liabilities $ — $ — The Company has evaluated the full impact of the reorganization on our carryover tax attributes and believes it will not incur an immediate cash income tax liability as a result of emergence from bankruptcy. The Company will be able to fully absorb cancellation of debt income (CODI), estimated to be $854 million , with NOL carryforwards. The remaining NOL carryforward will be severely limited under Sec. 382 due to the change in control annual limitation of $5.8 million . The NOL carryforward that will expire before utilization due to the IRC Sec. 382 limitation is estimated to be $305 million . The deferred tax asset associated with the NOLs expected to expire was written off as of December 31, 2016 . The remaining NOL carryforward after CODI and excess Sec. 382 limitation is $115 million , which will expire between 2034 and 2035 if not utilized in earlier periods. The Company’s state NOL carryforwards and deferred tax benefits for excess stock-based compensation deductions were written off as part of the reorganization. The Company’s amortizable tax basis exceeded the book carrying value of its assets at December 31, 2016 and December 31, 2015, leaving the Company in a net deferred tax asset position. Management has determined that it is not more likely than not that the Company will realize future cash benefits from this additional tax basis and remaining carryover items and accordingly has recorded a full valuation allowance to offset its tax assets. The Company’s valuation allowance balance was $137 million and $553 million at December 31, 2016 and December 31, 2015, respectively. As of December 31, 2016, we do not have any accrued liability for uncertain tax positions. We do not believe the total of unrecognized tax positions will significantly increase or decrease during the next 12 months. The Company records interest and penalties related to potential underpayment of any unrecognized tax benefits as a component of income tax expense. The Company has not incurred any interest or penalties associated with unrecognized tax benefits. Our U.S. federal and state income tax returns from 2015 forward are subject to examination. For years prior to 2015 our U.S federal and state returns are subject to examination to the extent of our net operating loss (NOL) carryforwards. There are no material unresolved items related to periods previously audited by these taxing authorities. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 5. Long-Term Debt Bankruptcy Filing. The Chapter 11 filing of the Company and the Chapter 11 Subsidiaries constituted an event of default with respect to our then-existing debt obligations. As a result, the Company's pre-petition unsecured senior notes and secured debt under the Prior First Lien Credit Facility became immediately due and payable, but any efforts to enforce such payment obligations were automatically stayed as a result of the Chapter 11 filing. On April 22, 2016, upon the Company's emergence from bankruptcy, the senior notes and borrowing under the DIP Credit Agreement (along with certain unsecured claims) were exchanged for 88.5% of the common stock of the reorganized entity. Additional information regarding the bankruptcy proceedings is included in Note 1A of the consolidated financial statements. Our debt balances as of December 31, 2016 and 2015 , were as follows (in thousands): Successor Predecessor December 31, 2016 December 31, 2015 7.125% senior notes due in 2017 (1) — — 8.875% senior notes due in 2020 (1) — — 7.875% senior notes due in 2022 (1) — — Bank Borrowings $ 198,000 $ 324,900 Total Debt 198,000 324,900 Less: Current portion of long-term debt (2) $ — $ (324,900 ) Long-Term Debt $ 198,000 $ — (1) Classified as Liabilities Subject to Compromise as of December 31, 2015 (2) As a result of our Chapter 11 filing, we classified our credit facility borrowings as current at December 31, 2015. New Credit Facility. As discussed in Note 1A of these consolidated financial statements, on the Effective Date, the Prior First Lien Credit Facility was terminated and paid in full, and the Company entered the New Credit Facility among the Company, as borrower, JPMorgan Chase Bank, National Association, as administrative agent, and certain lenders party thereto. The New Credit Facility matures on April 22, 2019 and provides for advancing loans of up to the maximum credit amount that the lenders, in the aggregate, make available, subject to the Company meeting certain financial requirements, including certain financial tests. As of the Effective Date, the maximum credit amount was $500.0 million with an initial borrowing base of $320.0 million . The obligations under the New Credit Facility are secured, subject to certain exceptions, by a first priority lien of the Company's, and certain of its subsidiaries, oil and natural gas properties containing at least 95% of the Company's estimated proved producing reserves. The terms of the New Credit Facility also include the following, based on terms as defined in the New Credit Facility agreement: • As of the Effective Date and through December 31, 2016 , the initial borrowing base of $320.0 million was allocated between a non-conforming borrowing base of $70.0 million which was originally scheduled to terminate on November 1, 2017, and a conforming borrowing base of $250.0 million . Effective January 26, 2017 the Company and the lenders agreed to terminate the non-conforming borrowing base leaving only the conforming borrowing base of $250.0 million . As of December 31, 2016 , the Company had borrowings of $198.0 million drawn on the credit facility. • Borrowing base redeterminations are scheduled to occur semi-annually in November and May and are determined by the lenders in their discretion and in the usual and customary manner. • The interest rate for Alternative Base Rate ("ABR") loans will be based on the ABR plus the applicable margin, and the interest rate for Eurodollar loans will be based on the adjusted London Interbank Offered Rate (“LIBOR”), plus the applicable margin. • As of December 31, 2016 , the applicable margins varied and had escalating rates of either (a) 500 to 600 basis points for ABR loans and 600 to 700 basis points for Eurodollar loans, during the non-conforming period, and depending on the level of the non-conforming borrowing base and the non-conforming borrowing base loans outstanding, or (b) 200 to 300 basis points for ABR loans and 300 to 400 basis points for Eurodollar loans depending on the borrowing base utilization percentage, after the non-conforming period or when the non-conforming borrowing base is zero. Given the termination of the non-conforming borrowing base effective January 26, 2017, the applicable margins going forward are 200 to 300 basis points for ABR loans and 300 to 400 basis points for Eurodollar loans. As of December 31, 2016 , our average borrowing rate was 7.9% . • Certain covenants, including (a) a ratio of total debt to EBITDA (as defined in the agreement) not to exceed 6.0 to 1.0 for the quarter ending December 31, 2016 , declining gradually over time to 3.5 to 1.0 for the quarter ending March 31, 2019, and thereafter, (b) a current ratio of not less than 1.0 to 1.0 and (c) a minimum liquidity requirement of $10.0 million . As of December 31, 2016 , the Company was in compliance with these covenants and liquidity requirements. Interest expense on the New Credit Facility, including commitment fees and amortization of debt issuance costs, totaled $15.3 million for the period of April 23, 2016 through December 31, 2016 (successor) . The amount of commitment fees amortization included in interest expense, net was $0.2 million for the period of April 23, 2016 through December 31, 2016 (successor) . Additionally, we capitalized interest on our unproved properties in the amount of $0.5 million for the period of April 23, 2016 through December 31, 2016 (successor) . Debtor-In-Possession Financing . As part of the Chapter 11 filings, we entered into the DIP Credit Agreement. The proceeds of borrowings under the DIP Credit Agreement were primarily used to pay down the pre-petition Prior First Lien Credit Facility upon emergence from bankruptcy, and were also used to pay certain costs, fees and expenses related to the Chapter 11 cases, authorized pre-petition claims, and amounts due in connection with the DIP Credit Agreement, including on account of certain “adequate protection” obligations. Pursuant to the Plan, the DIP Credit Agreement, at the option of the lenders, converted into the post-emergence Company’s common stock, which was part of the 88.5% of the common stock distributed to the then current holders of the senior notes and certain unsecured creditors upon emergence from the bankruptcy proceedings. As a result, the $75.0 million borrowed under the DIP Credit Agreement was not required to be repaid and the DIP Credit Agreement was terminated upon the Company’s exit from bankruptcy. We paid the lenders under the DIP Credit Agreement a 3.0% commitment fee, at the time funds were made available under the facility, totaling $0.9 million . The commitment fee was included in interest expense during the period of January 1, 2016 through April 22, 2016 (predecessor) . Total interest expense on the DIP Credit Agreement was $6.4 million during the period of January 1, 2016 through April 22, 2016 (predecessor) . Prior First Lien Credit Facility Bank Borrowings . Amounts outstanding under our pre-petition Prior First Lien Credit Facility due in 2017 of $324.9 million were classified as a current liability in the Consolidated Balance Sheet dated as of December 31, 2015 due to cross-default provisions as a result of the bankruptcy filings. The interest rate on our Prior First Lien Credit Facility was 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 was 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 then applied. The applicable margins varied depending on the level of outstanding debt with escalating rates of 100 to 200 basis points above the Alternative Base Rate and escalating rates of 200 to 300 basis points for Eurodollar rate loans. The commitment fee terms associated with the Prior First Lien Credit Facility were 0.50% . During the bankruptcy proceedings we paid interest on our Prior First Lien Credit Facility in the normal course. Interest expense on the Prior First Lien Credit Facility, including commitment fees and amortization of debt issuance costs, totaled $6.8 million , $9.4 million and $7.5 million for the period of January 1, 2016 through April 22, 2016 (predecessor) and the years ended December 31, 2015 and 2014 (predecessor) , respectively. The amount of commitment fees included in interest expense, net was no t material for the period of January 1, 2016 through April 22, 2016 (predecessor) and $0.5 million and $0.8 million for the years ended December 31, 2015 and 2014 (predecessor) , respectively. Additionally, we have capitalized interest on our unproved properties in the amount of $4.9 million and $5.0 million for the years ended December 31, 2015 and 2014 (predecessor) , respectively. Capitalized interest on our unproved properties would have been immaterial for the period of January 1, 2016 through April 22, 2016 (predecessor) , and therefore we did no t capitalize any interest. Senior Notes Liabilities . Senior Notes due in 2017 of $250.0 million , Senior Notes due in 2020 of $225.0 million and Senior Notes due in 2022 of $400.0 million are included in Liabilities subject to compromise in the Consolidated Balance Sheet as of December 31, 2015 . These notes were canceled upon emergence from bankruptcy. Senior Notes Due In 2022. These notes consist of $400.0 million of 7.875% senior notes that were scheduled to mature on March 1, 2022. The filing of the petition for bankruptcy protection constituted an “event of default” under the indenture governing these senior notes. On April 22, 2016, the obligations of the Company and the Chapter 11 Subsidiaries with respect to these notes were canceled pursuant to the plan of reorganization and the holders thereof were issued common stock of the post-emergence entity in exchange therefor. 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 filing of the petition for bankruptcy protection constituted an “event of default” under the indenture governing these senior notes. On April 22, 2016, the obligations of the Company and the Chapter 11 Subsidiaries with respect to these notes were canceled pursuant to the plan of reorganization and the holders thereof were issued common stock of the post-emergence entity in exchange therefor. 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 were scheduled to mature on June 1, 2017. The filing of the petition for bankruptcy protection constituted an “event of default” under the indenture governing these senior notes. On April 22, 2016, the obligations of the Company and the Chapter 11 Subsidiaries with respect to these notes were canceled pursuant to the plan of reorganization and the holders thereof were issued common stock of the post-emergence entity in exchange therefor. Debt Issuance Costs . Our policy is to capitalize legal fees, accounting fees, underwriting fees, printing costs, and other direct expenses associated with issuing debt. The costs associated with our senior notes were amortized on an effective interest basis over the term of the senior notes, while issuance costs related to our line of credit arrangement are capitalized and then amortized ratably over the term of the line of credit arrangement, regardless of whether there are any outstanding borrowings. Interest Expense on Senior Notes . There was no interest expense on the senior notes, for the period of January 1, 2016 through April 22, 2016 (predecessor) due to bankruptcy proceedings. Contractual interest on the senior notes for the period of January 1, 2016 through April 22, 2016 (predecessor) totaled $21.6 million . Interest expense on the senior notes, including amortization of debt issuance costs, debt discount and debt premium, totaled $70.8 million and $70.7 million for the years ended December 31, 2015 and 2014 (predecessor) , respectively. |
Price-Risk Management Price-Ris
Price-Risk Management Price-Risk Management (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Price-Risk Management Activities | Price-Risk Management Activities Derivatives are recorded on the balance sheet at fair value with changes in fair value recognized in earnings. The changes in the fair value of our derivatives are recognized in "Price-risk management and other, net" on the accompanying consolidated statements of operations. We have a price-risk management policy to use derivative instruments to protect against declines in oil and natural gas prices, mainly through the purchase of price swaps and collars. For the period of April 23, 2016 through December 31, 2016 (successor) we recognized a $19.7 million loss relating to our derivative activities. For the years ended December 31, 2015 and 2014 (predecessor) we recognized a $0.2 million and $1.3 million gain, respectively. The Company made net cash payments of $1.9 million for settled derivative contracts during the period of April 23, 2016 through December 31, 2016 (successor) . For the years ended December 31, 2015 and 2014 (predecessor) we received net cash payments of $2.5 million and made net cash payments of $1.1 million , respectively, for settled derivative contracts. There were no derivative instruments outstanding during the period of January 1, 2016 through April 22, 2016 (predecessor) . At December 31, 2016 we had $0.4 million in receivables for settled derivatives which were recognized on the accompanying consolidated balance sheet in “Accounts receivable” and were subsequently collected in January 2017. At December 31, 2016 we had $1.8 million in payables for settled derivatives which were recognized on the accompanying consolidated balance sheet in "Accounts payable and accrued liabilities" and were subsequently paid in January 2017. The fair values of our derivatives are computed using commonly accepted industry-standard models and are periodically verified against quotes from brokers. At December 31, 2016 there was $0.5 million in current unsettled derivative assets, while our long-term unsettled derivative assets were no t material. At December 31, 2016 there was $15.8 million and $1.0 million in current and long-term unsettled derivative liabilities, respectively. The Company uses an International Swap and Derivatives Association "ISDA" master agreement for all derivative contracts. This is an industry standardized contract containing the general conditions of our derivative transactions including provisions relating to netting derivative settlement payments under certain circumstances (such as default). For reporting purposes, the Company does not offset the asset and liability fair value amounts of its derivatives on the accompanying balance sheets. Under the right of set-off, there was a $16.4 million net fair value liability at December 31, 2016 . For further discussion related to the fair value of the Company's derivatives, refer to Note 11 of these consolidated financial statements. The following table summarizes the weighted average prices as well as future production volumes for our unsettled derivative contracts in place as of December 31, 2016. Oil Derivative Swaps Total Volumes (Bbls) Weighted Average Price 2017 Contracts 1Q17 106,245 $ 48.04 2Q17 97,401 $ 48.13 3Q17 90,000 $ 48.16 4Q17 84,798 $ 48.18 Natural Gas Derivative Contracts Total Volumes (MMBtu) Weighted Average Swap Price Weighted Average Collar Floor Price Weighted Average Collar Call Price Swap Contracts 1Q18 4,395,000 $ 3.47 1Q17 4,500,000 $ 3.13 2Q17 5,420,005 $ 2.96 3Q17 5,104,999 $ 2.98 4Q17 3,725,001 $ 2.92 Collar Contracts 1Q17 550,000 $ 3.300 $ 3.900 2Q17 2,400,000 $ 3.050 $ 3.545 3Q17 2,865,000 $ 3.050 $ 3.585 4Q17 3,102,000 $ 3.100 $ 3.715 Natural Gas Basis Derivative Swaps Total Volumes (MMBtu) Weighted Average Price 2018 Contracts 1Q18 1,500,000 $ (0.08 ) 2017 Contracts 1Q17 5,050,000 $ (0.08 ) 2Q17 7,820,005 $ (0.03 ) 3Q17 7,969,999 $ (0.02 ) 4Q17 6,827,001 $ (0.04 ) |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Rental and lease expenses were $5.7 million , $4.5 million , $16.8 million and $21.0 million for the period of April 23, 2016 through December 31, 2016 (successor) , period of January 1, 2016 through April 22, 2016 (predecessor) and the years ended December 31, 2015 and 2014 (predecessor), respectively. The rental and lease expenses primarily relate to compressor rentals and the lease of our office space in Houston, Texas. During 2016 the Company entered into a new four year sub-lease agreement for office space in Houston, Texas. The operating lease commenced on January 1, 2017. As of December 31, 2016 , the minimum contractual obligations were approximately $1.9 million in the aggregate. Our policy is to amortize the total payments under the lease agreement on a straight-line basis over the term of the lease. Our minimum annual obligations under non-cancelable operating lease commitments were $5.5 million for 2017, $2.0 million for 2018, $0.6 million for 2019 , $0.5 million for 2020 , $0.2 million for 2021 and approximately $8.8 million in the aggregate. The minimum annual obligations under non-cancelable operating lease commitments primarily relate to compressor rentals and office space for the Houston office. We have gas transportation and processing minimum obligations amounting to $8.3 million for 2017 , $13.5 million for 2018 , $12.8 million for 2019 , $10.8 million for 2020 and $45.4 million in the aggregate. In the ordinary course of business, we are party to various legal actions, which arise primarily from our activities as operator of oil and natural gas wells. In management's opinion, the outcome of any such currently pending legal actions will not have a material adverse effect on our financial position or results of operations. |
Share-Based Compensation Share-
Share-Based Compensation Share-Based Compensation (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Share-based Compensation [Abstract] | |
Share-Based Compensation | Share-Based Compensation Emergence from Voluntary Reorganization Upon the Company's emergence from bankruptcy on April 22, 2016, as discussed in Note 1A, the Company’s common stock was canceled and new common stock was issued. The Company's previous share-based compensation awards were either vested or canceled upon the Company's emergence from bankruptcy. Share-Based Compensation Plans Upon the Company's emergence from bankruptcy on April 22, 2016, the new Swift Energy Company 2016 Equity Incentive Plan was approved in accordance with the joint plan of reorganization. Under the previous share-based compensation plan the outstanding restricted stock awards and restricted stock unit awards for most employees vested on an accelerated basis while awards issued to certain officers of the Company and the Board of Directors were canceled. For awards granted after emergence from bankruptcy, the Company does not estimate the forfeiture rate during the initial calculation of compensation cost but rather has elected to account for forfeitures in compensation cost when they occur. For the predecessor periods the Company had estimated the forfeiture rate for share-based compensation during the initial calculation of compensation cost. The Company computes a deferred tax benefit for restricted stock awards, unit awards and stock options expected to generate future tax deductions by applying its effective tax rate to the expense recorded. For restricted stock units the Company's actual tax deduction is based on the value of the units at the time of vesting. We receive a tax deduction for certain stock option exercises during the period the stock option awards are exercised, generally for the excess of the market value on the exercise date over the exercise price of the stock option awards. We receive an additional tax deduction when restricted stock awards vest at a higher value than the value used to recognize compensation expense at the date of grant. We are required to report excess tax benefits from the award of equity instruments as financing cash flows. For the period of April 23, 2016 through December 31, 2016 (successor) , no incremental tax benefit was recognized for shares that vested due to the offsetting valuation allowance as discussed in Note 4 in our Form 10-K of these consolidated financial statements. For the period of January 1, 2016 through April 22, 2016 (predecessor) the tax deduction realized was significantly less than the associated deferred tax asset, however the tax asset had been fully offset with a valuation allowance in prior periods so no incremental tax expense was realized. For the years ended December 31, 2015 and 2014 (predecessor), we recognized an income tax shortfall in earnings as referenced in Note 4 of these consolidated financial statements. Share-based compensation for the predecessor and successor periods are not comparable. The expense for awards issued to both employees and non-employees, which was recorded in “General and administrative, net” in the accompanying consolidated statements of operations was $3.6 million for the period of April 23, 2016 through December 31, 2016 (successor) , while for the period of January 1, 2016 through April 22, 2016 (predecessor) and the years ended December 31, 2015 and 2014 (predecessor) the expense was $0.9 million , $4.1 million and $6.7 million , respectively. We have no t capitalized any share-based compensation for the period of April 23, 2016 through December 31, 2016 (successor) . For the period of January 1, 2016 through April 22, 2016 (predecessor) and the years ended December 31, 2015 and 2014 (predecessor) we capitalized $0.2 million , $1.4 million and $3.5 million , respectively. We view stock option awards and restricted stock unit awards with graded vesting as single awards with an expected life equal to the average expected life of component awards, and we amortize the awards on a straight-line basis over the life of the awards. Share-based compensation recorded in lease operating cost was $0.2 million for the years ended December 31, 2015 and 2014 (predecessor) . There was no share-based compensation recorded in lease operating cost for the period of January 1, 2016 through April 22, 2016 (predecessor) and the period of April 23, 2016 through December 31, 2016 (successor) . Our shares available for future grant under our Share-Based Compensation plans were 221,295 at December 31, 2016 . Each restricted stock award and restricted stock unit granted reduces the shares available for future grant by one share. Stock Option Awards On June 8, 2016, 105,811 stock option awards were granted to various officers and directors with an exercise price of $23.25 . The compensation cost related to these awards is based on the grant date fair value and is expensed over the vesting period (generally one to three years). We use the Black-Scholes-Merton option pricing model to estimate the fair value of stock option awards with the following assumptions for stock option awards issued during the period of April 23, 2016 through December 31, 2016 (successor) : Stock Option Valuation Assumptions Expected Dividend — Expected volatility 69.3 % Risk-free interest rate 1.42 % Expected life of stock option awards (in years) 4 Weighted average grant-date fair value $ 12.64 To estimate expected volatility of our 2016 stock option grants we used the historical volatility of stock prices based on a group of our peer companies. The expected term for grants issued considers all relevant factors including historical and expected future employee exercise behavior. We have analyzed historical volatility and, based on an analysis of all relevant factors, we have used a 4 year look-back period to estimate expected volatility of our stock option awards. At December 31, 2016 , we had $0.4 million unrecognized compensation cost related to stock option awards. The following table represents stock option award activity for the year ended December 31, 2016 : 2016 Shares Wtd. Avg. Exer. Price Options outstanding, beginning of period (Predecessor) 1,330,390 $ 34.02 Options canceled/vested upon emergence from bankruptcy (1,330,390 ) $ — Options outstanding, as of April 22, 2016 (Successor) — $ — Options granted 105,811 $ 23.25 Options canceled — $ — Options exercised — $ — Options outstanding, end of period (Successor) 105,811 $ 23.25 Options exercisable, end of period (Successor) 60,847 $ 23.25 Our outstanding stock option awards at December 31, 2016 had $1.1 million aggregate intrinsic value. At December 31, 2016 the weighted average remaining contract life of stock option awards outstanding was 3.2 years and exercisable was 2.3 years. The total intrinsic value of stock option awards exercisable for the year ended December 31, 2016 was $0.6 million . The following table summarizes information about stock option awards outstanding at December 31, 2016 : Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding at 12/31/16 Wtd. Avg. Remaining Contractual Life Wtd. Avg. Exercise Price Number Exercisable at 12/31/16 Wtd. Avg. Exercise Price $1.00 to $25.00 105,811 3.2 $ 23.25 60,874 $ 23.25 Restricted Stock Awards The following table represents restricted stock award activity for the year ended December 31, 2016 : 2016 Shares Wtd. Avg. Grant Price Restricted awards outstanding, beginning of period (Predecessor) 1,487,076 $ 8.94 Restricted awards canceled/vested upon emergence from bankruptcy (1,487,076 ) $ 8.94 Restricted awards, as of April 22, 2016 (Successor) $ — $ — Restricted shares outstanding, end of period (Successor) — $ — Restricted Stock Units The 2016 equity incentive compensation plan allows for the issuance of restricted stock unit awards that generally may not be sold or otherwise transferred until certain restrictions have lapsed. The compensation cost related to these awards is based on the grant date fair value and is expensed over the requisite service period (generally one to three years). On June 8, 2016, 254,905 restricted stock unit awards were granted to various officers and directors with a grant-date fair value of $23.25 . These grants generally vest over a period of one to three years. As of December 31, 2016 , we had unrecognized compensation expense of $3.2 million related to our restricted stock units which is expected to be recognized over a weighted-average period of 2.3 years . The following table represents restricted stock unit activity for the year ended December 31, 2016 : Shares Wtd. Avg. Restricted units outstanding, beginning of period (Predecessor) 591,400 $ 9.20 Restricted units canceled/vested upon emergence from bankruptcy (591,400 ) $ 9.20 Restricted units, as of April 22, 2016 (Successor) — $ — Restricted stock units granted 254,905 $ 23.25 Restricted stock units canceled — $ — Restricted stock units vested 76,058 $ 23.25 Restricted stock units outstanding, end of period (Successor) 178,847 $ 23.25 In accordance with their employment agreements, the Chief Executive Officer and Chief Financial Officer vested in all of their share-based compensation awards in conjunction with their retirements. As such, all expense for their stock option awards and restricted stock unit awards was accelerated and is included in the share-based compensation expense for the period of April 23, 2016 through December 31, 2016 (successor) . The total expense included in the period for such awards was $1.6 million for 76,058 restricted stock unit awards and $0.7 million for 60,847 stock option awards. Employee Savings Plan We have a savings plan under Section 401(k) of the Internal Revenue Code. For 2016 the Company contributed on behalf of the eligible employee an amount up to 100% of the first 2% of compensation based on the contributions made by the eligible employees. The Company's 2016 plan contribution of $0.3 million was paid in cash during the first quarter of 2017. The Company's contributions to the 401(k) savings plan were $0.7 million for the year ended December 31, 2015 and were $1.9 million for the year ended December 31, 2014. These amounts were recorded as “General and administrative, net” on the accompanying consolidated statements of operations. The 2014 plan contributions were made with a combination of $0.9 million of cash and 352,476 shares of common stock, from treasury shares. Predecessor Share-Based Compensation Awards We previously had shares outstanding under multiple share-based compensation plans with outstanding awards including the 2005 Stock Compensation Plan, last amended by our Board of Directors in May 2013, which was approved by shareholders at the 2005 annual meeting of shareholders; the 2001 Omnibus Stock Compensation Plan, which was adopted by our Board of Directors in February 2001 and was approved by shareholders at the 2001 annual meeting of shareholders; the 1990 Non-Qualified Stock Option Plan solely for our independent directors. In addition, we had an employee stock purchase plan and also had an employee stock ownership plan prior to their termination during 2016 and 2015, respectively. Under the 2005 plan, stock option awards and other equity-based awards could be granted to employees, directors, and consultants, with directors only eligible to receive restricted awards. Under the 2001 plan, stock option awards and other equity based awards were granted to employees. Under the 1990 non-qualified plan, non-employee members of our Board of Directors were automatically granted stock option awards to purchase shares of common stock on a formula basis. Restricted stock grants became vested over a three year period, and stock option awards were exercisable in various terms ranging from one year to five years. Stock option awards granted typically expired ten years after the date of grant or earlier in the event of the optionee's separation from employment. At the time the stock option awards were exercised, the cash received was credited to common stock and additional paid-in capital. The employee stock purchase plan, which began in 1993, provided eligible employees the opportunity to acquire shares of Swift Energy common stock at a discount through payroll deductions. Under this plan, we had issued 87,629 shares at a price of $3.44 in 2015 and 71,825 shares at a price of $11.47 in 2014. As of December 31, 2015, this plan was terminated. During the years ended December 31, 2015 and 2014, we did no t grant any stock option awards and there were no stock option exercises for the years ended December 31, 2015 and 2014. The total intrinsic value of stock option awards exercised for the years ended December 31, 2015 and 2014 was no t material. For the years ended December 31, 2015 and 2014, the Company issued 609,238 shares and 747,400 shares, respectively, of restricted stock to employees, consultants, and directors. The weighted average fair values of these shares when issued, for the years ended December 31, 2015 and 2014 were $2.64 and $11.55 per share, respectively. The grant date fair values of shares vested for the years ended December 31, 2015 and 2014 were $6.1 million and $11.8 million , respectively. All of the remaining grants either vested or were canceled upon emergence from bankruptcy. During the year ended 2015, the Company granted 147,812 units of cash-settled restricted stock units. The grants had a cliff vesting period of approximately 1.0 year while the compensation expense and corresponding liability were re-measured quarterly over the corresponding service period. All of the remaining grants were canceled upon emergence from bankruptcy. For the years ended December 31, 2015 and 2014, the Company granted 216,450 and 185,250 performance-based restricted stock units, respectively. These units contained predetermined market and performance conditions set by our compensation committee with a performance period of 3 years. No shares vested during the years ended December 31, 2015 and 2014. The weighted average grant date fair value for the restricted stock units granted during the years ended December 31, 2015 and 2014 was $1.98 and $11.68 per unit, respectively. All of the remaining grants were canceled upon emergence from bankruptcy. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related-Party Transactions We received research, technical writing, publishing, and website-related services from Tec-Com Inc., a corporation located in Knoxville, Tennessee and controlled and majority owned by the aunt of the Company's former Chairman of the Board and Chief Executive Officer. We paid Tec-Com, for services pursuant to the terms of the contract, approximately $0.5 million and $0.6 million for the years ended 2015 and 2014 (predecessor), respectively. The contract was terminated on March 31, 2016. As a matter of corporate governance policy and practice, related party transactions are annually presented and considered by the Corporate Governance Committee of our Board of Directors in accordance with the Committee's charter. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions and Dispositions | Acquisitions and Dispositions On April 15, 2016, we closed our transaction with Texegy LLC for the sale of a 75% working interest share of the Company's holdings in the South Bearhead Creek and Burr Ferry field areas located in Central Louisiana. The net proceeds of $46.9 million received by the Company in this transaction, including deposits received prior to the closing date, were credited to the full cost pool and used primarily to reduce the amount of borrowings under the Company’s Prior First Lien Credit Facility, and for other general corporate purposes. This disposition also included the buyer's assumption of approximately $6.5 million of plugging and abandonment liability. On December 8, 2016 we sold the remaining 25% working interest share of the Company's holdings in the South Bearhead Creek and Burr Ferry fields to Texegy. We received net proceeds of $7.1 million on the sale which were used to reduce the amount of borrowings under the Company's credit facility. This disposition also included the buyer's assumption of approximately $2.4 million of plugging and abandonment liability. Effective April 25, 2016, we disposed of our Masters Creek field in Central Louisiana. We received net proceeds of less than $0.1 million and the buyer assumed approximately $8.1 million of plugging and abandonment liability. Effective September 30, 2016, we closed our transaction with Blue Marble Resources LLC for the sale of the Company's holdings in our Sun TSH field located in South Texas. We received net proceeds of approximately $0.9 million and the buyer assumed approximately $1.8 million of plugging and abandonment liability. On December 1, 2016, we closed our transaction with Hilcorp Energy I, L.P., effective September 1, 2016, for the sale of the Company's holdings in our Lake Washington field located in South East Louisiana. We received net proceeds of approximately $37.0 million which were used to reduce the amount of borrowings under the Company's credit facility. The buyer assumed approximately $30.5 million of plugging and abandonment liability. Effective December 16, 2016, we sold an overriding royalty package in the Barnett Shale area for $0.5 million to San Saba Royalty Company. In accordance with our Full Cost Accounting policy, no gains or losses were recognized on these disposition transactions. The sales proceeds were credited to our proved oil and gas property accounts. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Our financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, bank borrowings, and senior notes. The carrying amounts of cash and cash equivalents, restricted cash, accounts receivable, and accounts payable approximate fair value due to the highly liquid or short-term nature of these instruments. The carrying amount of the revolving long-term debt approximates fair value because the Company's current borrowing base rate does not materially differ from market rates for similar bank borrowings. Based upon quoted market prices as of December 31, 2015 (predecessor), the fair value and carrying value of our senior notes was as follows (in millions): Predecessor Subject to Compromise December 31, 2015 Fair Value Carrying (1) Value 7.125% senior notes due in 2017 $ 23.0 $ 250.0 8.875% senior notes due in 2020 $ 21.4 $ 225.0 7.875% senior notes due in 2022 $ 34.5 $ 400.0 (1) Includes write-off of discount associated with the 2020 notes and premium associated with the 2022 notes due to the Company's bankruptcy proceedings. Our senior notes due in 2017, 2020 and 2022 were stated at carrying value on our accompanying consolidated balance sheets until they were canceled as part of the Company's plan of reorganization and emergence from bankruptcy. If we recorded these notes at fair value they would have been Level 1 in our fair value hierarchy as they were traded in an active market with quoted prices for identical instruments until they were canceled. The fair value hierarchy has three levels based on the reliability of the inputs used to determine the fair value (table below in millions): 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. The following table presents our assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2016 for the Successor Company, and are categorized using the fair value hierarchy. As of December 31, 2015 all of the Predecessor Company's hedging agreements had settled. For additional discussion related to the fair value of the Company's derivatives, refer to Note 6 of these consolidated financial statements. Fair Value Measurements at (in millions) Total Quoted Prices in Active markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2016 Assets Natural Gas Basis Derivatives $ 0.4 $ — $ 0.4 $ — Liabilities Natural Gas Derivatives $ 13.7 $ — $ 13.7 $ — Natural Gas Basis Derivatives $ 0.1 $ — $ 0.1 $ — Oil Derivatives $ 3.0 $ — $ 3.0 $ — Our current and long-term unsettled derivative assets and liabilities in the table above are measured at gross fair value and are shown on the accompanying consolidated balance sheets in “Other current assets”, "Other long-term assets", "Accounts payable and accrued liabilities" and "Other long-term liabilities", respectively. |
Asset Retirement Obligations As
Asset Retirement Obligations Asset Retirement Obligations (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | Asset Retirement Obligations Liabilities for legal obligations associated with the retirement obligations of tangible long-lived assets are initially recorded at fair value in the period in which they are incurred. When a 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 DD&A 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 recorded to the “Property and Equipment” balance on our accompanying consolidated balance sheets. Upon the Company's emergence from bankruptcy on April 22, 2016, as discussed in Note 1A, the Company applied fresh start accounting. This included adjusting the Asset Retirement Obligations based on the estimated fair values at April 22, 2016. The following provides a roll-forward of our asset retirement obligations (in thousands): Asset Retirement Obligations as of December 31, 2014 $ 72,831 Accretion expense 5,572 Liabilities incurred for new wells and facilities construction 151 Reductions due to sold and abandoned wells and facilities (4,576 ) Revisions in estimates (10,423 ) Asset Retirement Obligations as of December 31, 2015 $ 63,555 Accretion expense 1,610 Liabilities incurred for new wells and facilities construction 1 Reductions due to sold wells and facilities (6,545 ) Reductions due to plugged wells and facilities (85 ) Revisions in estimates 488 Asset Retirement Obligations as of April 22, 2016 (Predecessor) $ 59,024 Fair value fresh start adjustment 5,216 Asset Retirement Obligation as of April 22, 2016 (Successor) $ 64,240 Accretion expense 2,878 Liabilities incurred for new wells and facilities construction 34 Reductions due to sold wells and facilities (42,857 ) Reductions due to plugged wells and facilities (916 ) Revisions in estimates 8,877 Asset Retirement Obligations as of December 31, 2016 (Successor) $ 32,256 At December 31, 2016 and 2015 , approximately $10.0 million and $7.2 million , respectively, of our asset retirement obligation was classified as a current liability in “Accounts payable and accrued liabilities” on the accompanying consolidated balance sheets. The 2016 revisions in estimates are primarily attributable to revaluation changes in our Bay De Chene field and a portion of our South Texas AWP field, which led to an increase in the estimated plugging and abandonment costs for our wells. |
Emergence from Voluntary Reor21
Emergence from Voluntary Reorganization under Chapter 11 Proceedings Emergence from Voluntary Reorganization under Chapter 11 Proceedings (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Reorganizations [Abstract] | |
Chapter 11 Proceedings | 1A. Emergence from Voluntary Reorganization under Chapter 11 Proceedings On December 31, 2015 , Swift Energy Company ("Swift Energy," the "Company" or "we") and eight of its U.S. subsidiaries (the "Chapter 11 Subsidiaries") filed voluntary petitions seeking relief under Chapter 11 of Title 11 of the U.S. Bankruptcy Code (the "Bankruptcy Code") in the U.S. Bankruptcy Court for the District of Delaware under the caption In re Swift Energy Company, et al (Case No. 15-12670). The Company and the Chapter 11 Subsidiaries received bankruptcy court confirmation of their joint plan of reorganization (the "Plan") on March 31, 2016, and subsequently emerged from bankruptcy on April 22, 2016 (the "Effective Date"). Effect of the Bankruptcy Proceedings. During the bankruptcy proceedings, the Company conducted normal business activities and was authorized to pay and has paid (subject to caps applicable to payments of certain pre-petition obligations) pre-petition employee wages and benefits, pre-petition amounts owed to certain lienholders and critical vendors, pre-petition amounts owed to pipeline owners that transport the Company's production, and funds belonging to third parties, including royalty holders and partners. In addition, subject to certain specific exceptions under the Bankruptcy Code, the Chapter 11 filings automatically stayed most judicial or administrative actions against the Company and efforts by creditors to collect on or otherwise exercise rights or remedies with respect to pre-petition claims. As a result, we did not record interest expense on the Company’s senior notes for the period of January 1, 2016 through April 22, 2016 (as the predecessor). For that period, contractual interest on the senior notes totaled $21.6 million . Plan of Reorganization . Pursuant to the Plan, the significant transactions that occurred upon emergence from bankruptcy were as follows: • the approximately $906 million of indebtedness outstanding on account of the Company’s senior notes, $75 million in borrowings under the Company's DIP Credit Agreement (described below) and certain other unsecured claims were exchanged for 88.5% of the post-emergence Company’s common stock; • the lenders under the DIP Credit Agreement (as defined and more fully described below) received an additional backstop fee consisting of 7.5% of the post-emergence Company’s common stock; • the Company’s pre-petition common stock was canceled and the current shareholders received 4% of the post-emergence Company’s common stock and warrants to purchase up to 30% of the reorganized Company's equity. See Note 1B of these consolidated financial statements for more information; • claims of other creditors were paid in full in cash, reinstated or otherwise treated in a manner acceptable to the creditors; • the Company entered into a registration rights agreement to provide customary registration rights to certain holders of the Company’s post-emergence common stock who, together with their affiliates received upon emergence 5% or more of the outstanding common stock of the Company; • the Company sold (effective April 15, 2016) a portion of its interest in its Central Louisiana fields known as Burr Ferry and South Bearhead Creek to Texegy LLC, for net proceeds of approximately $46.9 million including deposits received prior to the closing date; and • the Company's previous credit facility (the "Prior First Lien Credit Facility") was terminated and a new senior secured credit facility (the "New Credit Facility") with an initial $320 million borrowing base was established. For more information refer to Note 5 of these consolidated financial statements. In accordance with the Plan, the post-emergence Company’s new board of directors is made up of seven directors consisting of the Chief Executive Officer, two directors appointed by Strategic Value Partners LLC ("SVP"), a former holder of the Company’s senior notes, two directors appointed by other former holders of the Company’s senior notes, one independent director and one independent non-executive chairman of the Board. In addition, pursuant to the Plan, SVP and the other former holders of the Company’s senior notes were given certain continuing director nomination rights subject to minimum share ownership conditions. DIP Credit Agreement. In connection with the pre-petition negotiations of the restructuring support agreement, certain holders of the Company’s senior notes agreed to provide the Company and the Chapter 11 Subsidiaries a debtor in possession facility (the “DIP Credit Agreement”). The DIP Credit Agreement provided for a multi-draw term loan of up to $75.0 million , which became available to the Company upon the satisfaction of certain milestones and contingencies. Upon emergence from bankruptcy, the Company had drawn down the entire $75.0 million available. Pursuant to the Plan, the borrowings under the DIP Credit Agreement, at the option of the lenders to the DIP Credit Agreement, converted into the post-emergence Company's common stock, which was part of the 88.5% of the common stock distributed to the holders of the Company's senior notes and certain unsecured creditors. As such, the $75.0 million borrowed under the DIP Credit Agreement was not required to be repaid in cash and terminated upon the Company’s exit from bankruptcy. For more information refer to Note 5 of these consolidated financial statements. Financial Statement Classification of Liabilities Subject to Compromise . As of December 31, 2015, our financial statements included amounts classified as liabilities subject to compromise, a majority of which were equitized upon emergence from bankruptcy on April 22, 2016. See Note 1B of these consolidated financial statements for more information. |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation . The accompanying consolidated financial statements include the accounts of Swift Energy and its wholly owned subsidiaries, which are engaged in the exploration, development, acquisition, and operation of oil and gas properties, with a focus on oil and natural gas reserves in the Eagle Ford trend in Texas. Our undivided interests in oil and gas properties are accounted for using the proportionate consolidation method, whereby our proportionate share of each entity’s assets, liabilities, revenues, and expenses are included in the appropriate classifications in the accompanying consolidated financial statements. Intercompany balances and transactions have been eliminated in preparing the accompanying consolidated financial statements. |
Subsequent Events | Subsequent Events. We have evaluated subsequent events requiring potential accrual or disclosure in our consolidated financial statements. Effective January 25, 2017 the Company entered into an agreement to sell approximately 1.4 million shares of its Common Stock in a private placement at a price of $28.50 per share, which resulted in approximately $40.0 million in gross proceeds. The shares were sold to select institutional accredited investors and proceeds were primarily used to repay credit facility borrowings. Effective January 26, 2017 our borrowing base was reduced from $320 million , allocated between a non-conforming borrowing base of $70 million and conforming borrowing base of $250 million , to a fully conforming borrowing base of $250 million . See Note 5 for more information. There were no other material subsequent events requiring additional disclosure in these financial statements. |
Use of Estimates | Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires us to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the reported amounts of certain revenues and expenses during each reporting period. We believe our estimates and assumptions are reasonable; however, such estimates and assumptions are subject to a number of risks and uncertainties that may cause actual results to differ materially from such estimates. Significant estimates and assumptions underlying these financial statements include: • the estimates of reorganization value, enterprise value and fair value of assets and liabilities upon emergence from bankruptcy and application of fresh start accounting, • the estimated quantities of proved oil and natural gas reserves used to compute depletion of oil and natural gas properties, the related present value of estimated future net cash flows there-from, and the ceiling test impairment calculation, • 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 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, • estimates in the assessment of current litigation claims against the Company, and • estimates in amounts due with respect to open state regulatory audits. 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 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. 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 period of April 23, 2016 through December 31, 2016 (successor) , the period of January 1, 2016 through April 22, 2016 (predecessor) , and the years ended December 31, 2015 and 2014 (predecessor) , such internal costs capitalized totaled $5.4 million , $2.9 million , $12.7 million and $26.3 million , respectively. Interest costs are also capitalized to unproved oil and natural gas properties (refer to Note 5 of these consolidated financial statements for further discussion on capitalized interest costs). The “Property and Equipment” balances on the accompanying consolidated balance sheets are summarized for presentation purposes. The following is a detailed breakout of our “Property and Equipment” balances. Successor Predecessor (in thousands) December 31, December 31, Property and Equipment Proved oil and gas properties $ 480,499 $ 5,972,666 Unproved oil and gas properties 33,354 18,839 Furniture, fixtures, and other equipment 3,221 44,252 Less – Accumulated depreciation, depletion, amortization and impairment (169,879 ) (5,577,854 ) Property and Equipment, Net $ 347,195 $ 457,903 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. 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 estimated 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 (which excludes natural gas consumed in operations) during the period by the total estimated units of proved oil and natural gas reserves (which excludes natural gas consumed in operations) at the beginning of the period. 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) is limited to the sum of the estimated future net revenues from proved properties (excluding cash outflows from recognized asset retirement obligations, including estimated 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”). 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. Primarily due to pricing differences between the 12-month average oil and gas prices used in the Ceiling Test and the forward strip prices used to estimate the initial fair value of oil and gas properties on the Company’s April 22, 2016 (successor) balance sheet, we incurred a non-cash impairment write-down during the period of April 23, 2016 through December 31, 2016 (successor) of $133.5 million . The full amount of this write-down was incurred as of June 30, 2016. Write-downs in prior periods were primarily the result of declining historical prices along with timing changes and reduction of projects and changes in our reserves product mix. For the period of January 1, 2016 through April 22, 2016 (predecessor) and the years ended 2015 and 2014 (predecessor) we reported non-cash impairment write-downs on a before-tax basis of $77.7 million , $1.6 billion and $445.4 million , respectively, on our oil and natural gas properties. 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) if oil or natural gas prices decline, it is likely that non-cash write-downs of our oil and natural gas properties will occur in the future. We cannot control and cannot predict what future prices for oil and natural gas will be, thus we cannot estimate the amount or timing of any potential future non-cash write-down of our oil and natural gas properties due to decreases in oil or natural gas prices. |
Revenue Recognition | Revenue Recognition . Oil and gas revenues are recognized when production is sold to a purchaser at a fixed or determinable price, when delivery has occurred and title has transferred, and if collectability of the revenue is probable. Swift Energy uses the entitlement method of accounting in which we recognize our ownership interest in production as revenue. If our sales exceed our ownership share of production, the natural gas balancing payables are reported in “Accounts payable and accrued liabilities” on the accompanying consolidated balance sheets. Natural gas balancing receivables are reported in “Other current assets” on the accompanying consolidated balance sheets when our ownership share of production exceeds sales. As of December 31, 2016 and 2015 , we did not have any material natural gas imbalances. |
Accounts Receivable | Accounts Receivable. We assess the collectability of accounts receivable, and based on our judgment, we accrue a reserve when we believe a receivable may not be collected. At December 31, 2016 and 2015 , we had an allowance for doubtful accounts of less than $0.1 million and approximately $0.1 million , respectively. The allowance for doubtful accounts has been deducted from the total “Accounts receivable” balance on the accompanying consolidated balance sheets. At December 31, 2016 , our “Accounts receivable” balance included $12.6 million for oil and gas sales, $2.7 million for joint interest owners, $1.6 million for severance tax credit receivables and $0.6 million for other receivables. At December 31, 2015 , our “Accounts receivable” balance included $14.9 million for oil and gas sales, $4.9 million for joint interest owners, $1.2 million for severance tax credit receivables and $0.7 million for other receivables. |
Supervision Fees | Supervision Fees. Consistent with industry practice, we charge a supervision fee to the wells we operate including our wells in which we own up to a 100% working interest. Supervision fees are recorded as a reduction to “General and administrative, net”, on the accompanying consolidated statements of operations. Our supervision fees are allocated to each well based on general and administrative costs incurred for well maintenance and support. |
Inventories | Other Current Assets. Included in "Other current assets" on the accompanying consolidated balance sheets are inventories which consist primarily of tubulars and other equipment and supplies that we expect to place in service in production operations. Our inventories are recorded at cost (weighted average method) |
Income Taxes | Income Taxes. 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. 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 December 31, 2016 , 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. The Company has evaluated the full impact of the reorganization on our carryover tax attributes and believes it will not incur an immediate cash income tax liability as a result of emergence from bankruptcy. The Company will be able to fully absorb cancellation of debt income with NOL carryforwards. The amount of remaining NOL carryforward available will be limited under IRC Sec. 382 due to the change in control. The Company’s amortizable tax basis exceeded the book carrying value of its assets at April 22 and December 31, 2016 , leaving the Company in a net deferred tax asset position. Management has determined that it is not more likely than not that the Company will realize future cash benefits from this additional tax basis and remaining carryover items and accordingly has taken a full valuation allowance to offset its tax assets. The Company expects to incur a net taxable loss in the current taxable period thus no current income taxes are anticipated to be paid and no benefit will be recorded due to the full valuation allowance on the tax assets. |
Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities . The “Accounts payable and accrued liabilities” balances on the accompanying consolidated balance sheets are summarized below (in thousands): Successor Predecessor December 31, December 31, Trade accounts payable (1) $ 10,563 $ — Accrued operating expenses (1) 2,990 — Accrued compensation costs (1) 4,730 — Asset retirement obligations – current portion 9,965 7,165 Accrued non-income based taxes (1) 3,937 — Accrued price risk management liabilities 17,632 — Accrued corporate and legal fees (1) 3,075 — Other payables (1)(2) 3,365 498 Total Accounts payable and accrued liabilities $ 56,257 $ 7,663 (1) Classified as Liabilities Subject to Compromise as of December 31, 2015. Total Liabilities subject to compromise were $984.4 million as of December 31, 2015 . (2) Total balance at December 31, 2015 was $5.3 million of which $4.8 million was classified as Liabilities Subject to Compromise with the remaining portion classified as "Other payables". |
Cash and Cash Equivalents | Cash and Cash Equivalents. We consider all highly liquid instruments with an initial maturity of three months or less to be cash equivalents. |
Credit Risk Due To Certain Concentrations | Credit Risk Due to Certain Concentrations. We extend credit, primarily in the form of uncollateralized oil and gas sales and joint interest owners' receivables, to various companies in the oil and gas industry, which results in a concentration of credit risk. The concentration of credit risk may be affected by changes in economic or other conditions within our industry and may accordingly impact our overall credit risk. However, we believe that the risk of these unsecured receivables is mitigated by the size, reputation, and nature of the companies to which we extend credit. From certain customers we also obtain letters of credit or parent company guarantees, if applicable, to reduce risk of loss. |
Treasury Stock | Treasury Stock. Our treasury stock repurchases are reported at cost and are included in “Treasury stock held, at cost" on the accompanying consolidated balance sheets. When the Company reissues treasury stock the gains are recorded in "Additional paid-in capital" ("APIC") on the accompanying consolidated balance sheets, while the losses are recorded to APIC to the extent that previous net gains on the reissuance of treasury stock are available to offset the losses. If the loss is larger than the previous gains available then the loss is recorded to "Retained earnings (Accumulated deficit)" on the accompanying consolidated balance sheets. |
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 requires entities 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, at the option of the Company, in retrospective application, either in the form of recasting all prior periods presented or a cumulative adjustment to equity in the period of adoption. The guidance is effective for annual and interim reporting periods beginning after December 15, 2017. The Company’s revenues are virtually all attributable to oil and gas sales. Based on our initial review of our contracts, the Company believes the timing and presentation of revenues under ASU 2014-09 will be consistent with our current revenue recognition policy as described above with one probable exception. The Company currently uses the entitlement method of accounting when sales for our account are not in proportion to ownership interest in production. To comply with ASU 2014-09, the Company expects to recognize revenue on the production sold for our account irrespective of ownership share of such production. Currently we do not have any significant imbalance situations; therefore, this is not expected to immediately impact our financial statements. The Company will continue to monitor specific developments for our industry as it relates to ASU 2014-09. In August 2014, the FASB issued ASU 2014-15, which provides guidance on determining when and how to disclose going-concern uncertainties in the financial statements. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. The guidance applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter. We implemented procedures to comply with this guidance as of December 31, 2016. Adoption of this standard had no impact on our financial statements. In February 2016, the FASB issued ASU 2016-02, which requires lessees to record most leases on the balance sheet. Under the new guidance, lease classification as either a finance lease or an operating lease will determine how lease-related revenue and expense are recognized. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. At December 31, 2016 the Company had lease commitments of approximately $8.8 million that it believes would be subject to capitalization under ASU 2016-02. This includes $1.9 million for our new corporate office sub-lease which has a term of 4.4 years and commitments for equipment and vehicle leases which total $6.5 million . These equipment leases generally have original terms of 2 to 3 years. In some instances further analysis is needed to determine if renewal options would result in capitalized amounts in excess of the obligations during the primary lease term. Based on our preliminary assessment, we believe these leases would most likely be deemed to be operating leases under the new standard. The corporate office lease is the only existing lease that extends beyond December 31, 2018. Management plans to adopt ASU 2016-02 in the quarter ending March 31, 2019. Management continuously evaluates the economics of leasing vs. purchase for operating equipment. The lease obligations that will be in place upon adoption of ASU 2016-02 may be significantly different than the current obligations. Accordingly, at this time we cannot estimate the amount that will be capitalized when this standard is adopted. In March 2016, the FASB issued ASU 2016-09, which simplifies several aspects of the accounting for employee share based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The guidance is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years, with early adoption permitted. This standard was adopted by the Company as of the bankruptcy emergence date April 22, 2016. The adoption of this guidance did not result in any adjustments. In August 2016, the FASB issued ASU 2016-15, which provides greater clarity to preparers on the treatment of eight specific items within an entity’s statement of cash flows with the goal of reducing existing diversity on these items. The guidance is effective for public business entities for annual and interim periods in fiscal years beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the ASU in an interim period, adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. We are currently reviewing these new requirements to determine the impact of this guidance on our financial statements. |
Earnings Per Share Earning Per
Earnings Per Share Earning Per Share (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Upon the Company's emergence from bankruptcy on April 22, 2016, as discussed in Note 1A, the Company’s then outstanding common stock was canceled and new common stock and warrants were issued. 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 have been issuable, according to predetermined performance and market goals, if the end of the reporting period was the end of the performance period. As we recognized a net loss for the period of April 23, 2016 through December 31, 2016 (successor) and the years ended 2015 and 2014 (predecessor), the unvested share-based payments and stock options were not recognized in the Diluted EPS calculations as they would be antidilutive. |
Long-Term Debt Long-Term Debt (
Long-Term Debt Long-Term Debt (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt Issuance Costs | Debt Issuance Costs . Our policy is to capitalize legal fees, accounting fees, underwriting fees, printing costs, and other direct expenses associated with issuing debt. The costs associated with our senior notes were amortized on an effective interest basis over the term of the senior notes, while issuance costs related to our line of credit arrangement are capitalized and then amortized ratably over the term of the line of credit arrangement, regardless of whether there are any outstanding borrowings. |
Price-Risk Management Price-R25
Price-Risk Management Price-Risk Management (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Price-Risk Management Activities, Policy | Price-Risk Management Activities Derivatives are recorded on the balance sheet at fair value with changes in fair value recognized in earnings. The changes in the fair value of our derivatives are recognized in "Price-risk management and other, net" on the accompanying consolidated statements of operations. We have a price-risk management policy to use derivative instruments to protect against declines in oil and natural gas prices, mainly through the purchase of price swaps and collars. |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Rental and lease expenses were $5.7 million , $4.5 million , $16.8 million and $21.0 million for the period of April 23, 2016 through December 31, 2016 (successor) , period of January 1, 2016 through April 22, 2016 (predecessor) and the years ended December 31, 2015 and 2014 (predecessor), respectively. The rental and lease expenses primarily relate to compressor rentals and the lease of our office space in Houston, Texas. During 2016 the Company entered into a new four year sub-lease agreement for office space in Houston, Texas. The operating lease commenced on January 1, 2017. As of December 31, 2016 , the minimum contractual obligations were approximately $1.9 million in the aggregate. Our policy is to amortize the total payments under the lease agreement on a straight-line basis over the term of the lease. Our minimum annual obligations under non-cancelable operating lease commitments were $5.5 million for 2017, $2.0 million for 2018, $0.6 million for 2019 , $0.5 million for 2020 , $0.2 million for 2021 and approximately $8.8 million in the aggregate. The minimum annual obligations under non-cancelable operating lease commitments primarily relate to compressor rentals and office space for the Houston office. We have gas transportation and processing minimum obligations amounting to $8.3 million for 2017 , $13.5 million for 2018 , $12.8 million for 2019 , $10.8 million for 2020 and $45.4 million in the aggregate. In the ordinary course of business, we are party to various legal actions, which arise primarily from our activities as operator of oil and natural gas wells. In management's opinion, the outcome of any such currently pending legal actions will not have a material adverse effect on our financial position or results of operations. |
Share-Based Compensation Shar27
Share-Based Compensation Share-Based Compensation (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Share-based Compensation [Abstract] | |
Share-based Compensation | Share-Based Compensation Plans Upon the Company's emergence from bankruptcy on April 22, 2016, the new Swift Energy Company 2016 Equity Incentive Plan was approved in accordance with the joint plan of reorganization. Under the previous share-based compensation plan the outstanding restricted stock awards and restricted stock unit awards for most employees vested on an accelerated basis while awards issued to certain officers of the Company and the Board of Directors were canceled. For awards granted after emergence from bankruptcy, the Company does not estimate the forfeiture rate during the initial calculation of compensation cost but rather has elected to account for forfeitures in compensation cost when they occur. For the predecessor periods the Company had estimated the forfeiture rate for share-based compensation during the initial calculation of compensation cost. The Company computes a deferred tax benefit for restricted stock awards, unit awards and stock options expected to generate future tax deductions by applying its effective tax rate to the expense recorded. For restricted stock units the Company's actual tax deduction is based on the value of the units at the time of vesting. We receive a tax deduction for certain stock option exercises during the period the stock option awards are exercised, generally for the excess of the market value on the exercise date over the exercise price of the stock option awards. We receive an additional tax deduction when restricted stock awards vest at a higher value than the value used to recognize compensation expense at the date of grant. We are required to report excess tax benefits from the award of equity instruments as financing cash flows. |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value Measurements Our financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, bank borrowings, and senior notes. The carrying amounts of cash and cash equivalents, restricted cash, accounts receivable, and accounts payable approximate fair value due to the highly liquid or short-term nature of these instruments. |
Asset Retirement Obligations 29
Asset Retirement Obligations Asset Retirement Obligations (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations, Policy | Asset Retirement Obligations Liabilities for legal obligations associated with the retirement obligations of tangible long-lived assets are initially recorded at fair value in the period in which they are incurred. When a 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 DD&A 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 recorded to the “Property and Equipment” balance on our accompanying consolidated balance sheets. |
Fresh Start Accounting Fresh 30
Fresh Start Accounting Fresh Start Accounting (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fresh Start Accounting [Abstract] | |
Schedule of Fresh-Start Adjustments | Liabilities subject to compromise were settled as follows in accordance with the Plan (in thousands): 7.125% senior notes due 2017 $ 250,000 8.875% senior notes due 2020 225,000 7.875% senior notes due 2022 400,000 Accrued interest 30,043 Accounts payable and accrued liabilities 1,713 Other long-term liabilities 4,625 Liabilities subject to compromise of the Predecessor Company (LSTC) 911,381 Fair value of equity issued to former holders of the senior notes of the Predecessor (47,443 ) Gain on settlement of Liabilities subject to compromise $ 863,938 The following table reconciles the enterprise value to the estimated fair value of the Successor Company's common stock as of the Effective Date (in thousands): April 22, 2016 Enterprise Value $ 473,660 Plus: Cash and cash equivalents 8,739 Less: Fair value of debt (253,000 ) Less: Fair value of warrants (14,967 ) Fair value of Successor common stock $ 214,432 Shares outstanding at April 22, 2016 10,000 Per share value $ 21.44 The following table reflects the reorganization and application of ASC 852 on our consolidated balance sheet as of April 22, 2016 (in thousands): Predecessor Company Reorganization Adjustments Fresh Start Adjustments Successor Company ASSETS Current Assets: Cash and cash equivalents $ 57,599 $ (48,860 ) (1) $ — $ 8,739 Accounts receivable 34,278 (597 ) (2) — 33,681 Other current assets 3,503 — — 3,503 Total current assets 95,380 (49,457 ) — 45,923 Property and equipment 6,007,326 — (5,448,759 ) (12) 558,567 Less - accumulated depreciation, depletion and amortization (5,676,252 ) — 5,676,252 (12) — Property and equipment, net 331,074 — 227,493 558,567 Other Long-Term Assets 4,629 6,388 (3) (798 ) (13) 10,219 Total Assets $ 431,083 $ (43,069 ) $ 226,695 $ 614,709 Predecessor Company Reorganization Adjustments Fresh Start Adjustments Successor Company LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable and accrued liabilities $ 64,324 $ (4,666 ) (4) $ (885 ) (14 ) $ 58,773 Accrued capital costs 5,410 — — 5,410 Accrued interest 768 (104 ) (5) — 664 Undistributed oil and gas revenues 8,471 — — 8,471 Current portion of debt 364,500 (364,500 ) (6) — — Total current liabilities 443,473 (369,270 ) (885 ) 73,318 Long-Term Debt — 253,000 (7) — 253,000 Asset retirement obligation 51,800 — 6,101 (14 ) 57,901 Other long-term liabilities 2,124 — (1,033 ) (15 ) 1,091 Liabilities subject to compromise 911,381 (911,381 ) (8) — — Total Liabilities 1,408,778 (1,027,651 ) 4,183 385,310 Stockholders' Equity: Preferred stock — — — Common stock (Predecessor) 450 (450 ) (9) — — Common stock (Successor) — 100 (10) — 100 Additional paid-in capital (Predecessor) 777,475 (777,475 ) (9) — — Additional paid-in capital (Successor) — 229,299 (10) — 229,299 Treasury stock held at cost (2,496 ) 2,496 (9) — — Retained earnings (accumulated deficit) (1,753,124 ) 1,530,612 (11) 222,512 (16 ) — Total Stockholders' Equity (Deficit) (977,695 ) 984,582 222,512 229,399 Total Liabilities and Stockholders' Equity $ 431,083 $ (43,069 ) $ 226,695 $ 614,709 Reflects the net cash payments recorded as of the Effective Date from implementation of the Plan (in thousands): Sources: Net proceeds from New Credit Facility 253,000 Total Sources $ 253,000 Uses: Repayment of Prior First Lien Credit Facility 289,500 Debt issuance costs 6,482 Predecessor accounts payable paid upon emergence 5,878 Total Uses $ 301,860 Net Uses $ (48,860 ) Reflects the cumulative impact of the reorganization adjustments discussed above (in thousands): Gain on settlement of Liabilities subject to compromise $ 863,938 Fair value of equity issued in excess of DIP principal (67,329 ) Fair value of equity and warrants issued to Predecessor stockholders (23,544 ) Fair value of equity issued to DIP lenders for backstop fee (16,082 ) Other reorganization adjustments (1,800 ) Cancellation of Predecessor Company equity 775,429 Net impact to accumulated deficit $ 1,530,612 Reorganization items represent liabilities settled, net of amounts incurred subsequent to the Chapter 11 filing as a direct result of the Plan and are classified as “(Gain) Loss on Reorganization items, net” in the Consolidated Statements of Operations. The following table summarizes reorganization items (in thousands): Successor Predecessor Predecessor Period from April 23, 2016 through December 31, 2016 Period from January 1, 2016 through April 22, 2016 December 31, 2015 Gain on settlement of liabilities subject to compromise $ — $ (863,938 ) $ — Fair value of equity issued in excess of DIP principal — 67,329 — Fresh start adjustments — (222,512 ) — Reorganization legal and professional fees and expenses 1,598 25,573 — Fair value of equity issued to DIP lenders for backstop fee — 16,082 — Write-off of debt issuance costs, including premium and discount on senior notes — — 6,565 Other reorganization items 41 21,324 — (Gain) Loss on Reorganization items, net $ 1,639 $ (956,142 ) $ 6,565 The following table reconciles the enterprise value to the estimated reorganization value as of the Effective Date (in thousands): April 22, 2016 Enterprise Value $ 473,660 Plus: Cash and cash equivalents 8,739 Plus: Other working capital liabilities 73,318 Plus: Other long-term liabilities 58,992 Reorganization value of Successor assets $ 614,709 The following table summarizes the fair value adjustment on our oil and gas properties and accumulated depletion, depreciation and amortization (in thousands): Predecessor Company Fresh Start Adjustments Successor Company Oil and Gas Properties Proved properties $ 5,951,016 $ (5,441,655 ) $ 509,361 Unproved properties 12,057 33,448 45,505 Total Oil and Gas Properties 5,963,073 (5,408,207 ) 554,866 Less - Accumulated depletion and impairments (5,638,741 ) 5,638,741 — Net Oil and Gas Properties 324,332 230,534 554,866 Furniture, Fixtures, and other equipment 44,252 (40,551 ) 3,701 Less - Accumulated depreciation (37,510 ) 37,510 — Net Furniture, Fixtures and other equipment $ 6,742 $ (3,041 ) $ 3,701 Net Oil and Gas Properties, Furniture and fixtures and accumulated depreciation $ 331,074 $ 227,493 $ 558,567 |
Summary of Signigicant Accounti
Summary of Signigicant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Property and Equipment | The following is a detailed breakout of our “Property and Equipment” balances. Successor Predecessor (in thousands) December 31, December 31, Property and Equipment Proved oil and gas properties $ 480,499 $ 5,972,666 Unproved oil and gas properties 33,354 18,839 Furniture, fixtures, and other equipment 3,221 44,252 Less – Accumulated depreciation, depletion, amortization and impairment (169,879 ) (5,577,854 ) Property and Equipment, Net $ 347,195 $ 457,903 |
Accounts Payable and Accrued Liabilities | The “Accounts payable and accrued liabilities” balances on the accompanying consolidated balance sheets are summarized below (in thousands): Successor Predecessor December 31, December 31, Trade accounts payable (1) $ 10,563 $ — Accrued operating expenses (1) 2,990 — Accrued compensation costs (1) 4,730 — Asset retirement obligations – current portion 9,965 7,165 Accrued non-income based taxes (1) 3,937 — Accrued price risk management liabilities 17,632 — Accrued corporate and legal fees (1) 3,075 — Other payables (1)(2) 3,365 498 Total Accounts payable and accrued liabilities $ 56,257 $ 7,663 (1) Classified as Liabilities Subject to Compromise as of December 31, 2015. Total Liabilities subject to compromise were $984.4 million as of December 31, 2015 . (2) Total balance at December 31, 2015 was $5.3 million of which $4.8 million was classified as Liabilities Subject to Compromise with the remaining portion classified as "Other payables". |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 period of April 23, 2016 through December 31, 2016 (successor) , the period of January 1, 2016 through April 22, 2016 (predecessor) and the years ended 2015 and 2014 (predecessor) (in thousands, except per share amounts): Successor from April 23, 2016 through December 31, 2016 Predecessor from January 1, 2016 through April 22, 2016 Net Income (Loss) Shares Per Share Net Income (Loss) Shares Per Share Basic EPS: Net Income (Loss) and Share Amounts $ (156,288 ) 10,013 $ (15.61 ) $ 851,611 44,692 $ 19.06 Dilutive Securities: Restricted Stock Awards — 1,005 Restricted Stock Units Awards — — Stock Option Awards — — Diluted EPS: Net Income (Loss) and Assumed Share Conversions $ (156,288 ) 10,013 $ (15.61 ) $ 851,611 45,697 $ 18.64 Predecessor 2015 Predecessor 2014 Net Income (Loss) Shares Per Share Net Income (Loss) Shares Per Share Basic EPS: Net Income (Loss) and Share Amounts $ (1,653,971 ) 44,463 $ (37.20 ) $ (283,427 ) 43,795 $ (6.47 ) Dilutive Securities: Restricted Stock Awards — — Restricted Stock Unit Awards — — Stock Option Awards — — Diluted EPS: Net Income (Loss) and Assumed Share Conversions $ (1,653,971 ) 44,463 $ (37.20 ) $ (283,427 ) 43,795 $ (6.47 ) |
Provision (Benefit) for Incom33
Provision (Benefit) for Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Summary of income (Loss) from continuing operations before taxes | Income (Loss) before taxes is as follows (in thousands): Successor Predecessor Period from April 23, 2016 through December 31, 2016 Period from January 1, 2016 through April 22, 2016 Year Ended December 31, 2015 2014 Income (Loss) Before Income Taxes $ (156,288 ) $ 851,611 $ (1,734,514 ) $ (433,470 ) |
Summary of consolidated income tax provision (benefit) | The following is an analysis of the consolidated income tax provision (benefit) (in thousands): Successor Predecessor Period from April 23, 2016 through December 31, 2016 Period from January 1, 2016 through April 22, 2016 Year Ended December 31, 2015 2014 Current $ — $ — $ (410 ) $ 314 Deferred — — (80,133 ) (150,357 ) Total $ — $ — $ (80,543 ) $ (150,043 ) |
Reconciliations of income taxes computed using the U.S. Federal statutory rate to the effective income tax rates | Reconciliations of income taxes computed using the U.S. Federal statutory rate ( 35% ) to the effective income tax rates are as follows (in thousands): Successor Predecessor Period from April 23, 2016 through December 31, 2016 Period from January 1, 2016 through April 22, 2016 Year Ended December 31, 2015 2014 Federal Statutory Rate 35.0 % 35.0 % 35.0 % 35.0 % State tax provisions (benefits), net of federal benefits 0.9 % 0.9 % 1.0 % 1.4 % Reorganization Adjustments — % (1.8 )% — % — % Expiration/Write-off of NOL Carryovers (74.9 )% — % — % (0.1 )% Valuation allowance adjustments 38.9 % (35.1 )% (31.3 )% (1.1 )% Other, net 0.2 % 1.0 % (0.1 )% (0.7 )% Effective rate — % — % 4.6 % 34.5 % |
Tax effects of temporary differences representing the net deferred tax asset (liability) | The tax effects of temporary differences representing the net deferred tax asset (liability) at December 31, 2016 and 2015 were as follows (in thousands): Successor Predecessor Year Ended December 31, 2016 Year Ended December 31, 2015 Deferred tax assets: Federal net operating loss (“NOL”) carryovers $ 40,104 $ 287,720 NOLs for excess stock-based compensation — (9,571 ) Oil and gas exploration and development costs 71,292 214,413 State NOL carryovers — 18,384 Alternative minimum tax credits 2,092 2,092 Other Carryover Items 1,107 1,215 Asset Retirement Obligations 11,447 22,884 Derivative Contracts 5,802 — Unrealized share-based compensation 648 9,953 Valuation allowance (136,656 ) (553,283 ) Other 4,164 6,193 Total deferred tax assets $ — $ — Deferred tax liabilities: Oil and gas exploration and development costs $ — $ — Other — — Total deferred tax liabilities $ — $ — Net deferred tax liabilities $ — $ — Net current deferred tax assets — — Net non-current deferred tax liabilities $ — $ — |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-term debt | Our debt balances as of December 31, 2016 and 2015 , were as follows (in thousands): Successor Predecessor December 31, 2016 December 31, 2015 7.125% senior notes due in 2017 (1) — — 8.875% senior notes due in 2020 (1) — — 7.875% senior notes due in 2022 (1) — — Bank Borrowings $ 198,000 $ 324,900 Total Debt 198,000 324,900 Less: Current portion of long-term debt (2) $ — $ (324,900 ) Long-Term Debt $ 198,000 $ — (1) Classified as Liabilities Subject to Compromise as of December 31, 2015 (2) As a result of our Chapter 11 filing, we classified our credit facility borrowings as current at December 31, 2015. |
Price-Risk Management Price-R35
Price-Risk Management Price-Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments [Table Text Block] | The following table summarizes the weighted average prices as well as future production volumes for our unsettled derivative contracts in place as of December 31, 2016. Oil Derivative Swaps Total Volumes (Bbls) Weighted Average Price 2017 Contracts 1Q17 106,245 $ 48.04 2Q17 97,401 $ 48.13 3Q17 90,000 $ 48.16 4Q17 84,798 $ 48.18 Natural Gas Derivative Contracts Total Volumes (MMBtu) Weighted Average Swap Price Weighted Average Collar Floor Price Weighted Average Collar Call Price Swap Contracts 1Q18 4,395,000 $ 3.47 1Q17 4,500,000 $ 3.13 2Q17 5,420,005 $ 2.96 3Q17 5,104,999 $ 2.98 4Q17 3,725,001 $ 2.92 Collar Contracts 1Q17 550,000 $ 3.300 $ 3.900 2Q17 2,400,000 $ 3.050 $ 3.545 3Q17 2,865,000 $ 3.050 $ 3.585 4Q17 3,102,000 $ 3.100 $ 3.715 Natural Gas Basis Derivative Swaps Total Volumes (MMBtu) Weighted Average Price 2018 Contracts 1Q18 1,500,000 $ (0.08 ) 2017 Contracts 1Q17 5,050,000 $ (0.08 ) 2Q17 7,820,005 $ (0.03 ) 3Q17 7,969,999 $ (0.02 ) 4Q17 6,827,001 $ (0.04 ) |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | We use the Black-Scholes-Merton option pricing model to estimate the fair value of stock option awards with the following assumptions for stock option awards issued during the period of April 23, 2016 through December 31, 2016 (successor) : Stock Option Valuation Assumptions Expected Dividend — Expected volatility 69.3 % Risk-free interest rate 1.42 % Expected life of stock option awards (in years) 4 Weighted average grant-date fair value $ 12.64 |
Stock option activity | The following table represents stock option award activity for the year ended December 31, 2016 : 2016 Shares Wtd. Avg. Exer. Price Options outstanding, beginning of period (Predecessor) 1,330,390 $ 34.02 Options canceled/vested upon emergence from bankruptcy (1,330,390 ) $ — Options outstanding, as of April 22, 2016 (Successor) — $ — Options granted 105,811 $ 23.25 Options canceled — $ — Options exercised — $ — Options outstanding, end of period (Successor) 105,811 $ 23.25 Options exercisable, end of period (Successor) 60,847 $ 23.25 |
Stock options outstanding | The following table summarizes information about stock option awards outstanding at December 31, 2016 : Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding at 12/31/16 Wtd. Avg. Remaining Contractual Life Wtd. Avg. Exercise Price Number Exercisable at 12/31/16 Wtd. Avg. Exercise Price $1.00 to $25.00 105,811 3.2 $ 23.25 60,874 $ 23.25 |
Schedule of RSA Activity | The following table represents restricted stock award activity for the year ended December 31, 2016 : 2016 Shares Wtd. Avg. Grant Price Restricted awards outstanding, beginning of period (Predecessor) 1,487,076 $ 8.94 Restricted awards canceled/vested upon emergence from bankruptcy (1,487,076 ) $ 8.94 Restricted awards, as of April 22, 2016 (Successor) $ — $ — Restricted shares outstanding, end of period (Successor) — $ — |
Schedule of Nonvested Restricted Stock Units Activity | The following table represents restricted stock unit activity for the year ended December 31, 2016 : Shares Wtd. Avg. Restricted units outstanding, beginning of period (Predecessor) 591,400 $ 9.20 Restricted units canceled/vested upon emergence from bankruptcy (591,400 ) $ 9.20 Restricted units, as of April 22, 2016 (Successor) — $ — Restricted stock units granted 254,905 $ 23.25 Restricted stock units canceled — $ — Restricted stock units vested 76,058 $ 23.25 Restricted stock units outstanding, end of period (Successor) 178,847 $ 23.25 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair value of senior notes | Based upon quoted market prices as of December 31, 2015 (predecessor), the fair value and carrying value of our senior notes was as follows (in millions): Predecessor Subject to Compromise December 31, 2015 Fair Value Carrying (1) Value 7.125% senior notes due in 2017 $ 23.0 $ 250.0 8.875% senior notes due in 2020 $ 21.4 $ 225.0 7.875% senior notes due in 2022 $ 34.5 $ 400.0 (1) Includes write-off of discount associated with the 2020 notes and premium associated with the 2022 notes due to the Company's bankruptcy proceedings. |
Fair value of plan assets | The following table presents our assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2016 for the Successor Company, and are categorized using the fair value hierarchy. As of December 31, 2015 all of the Predecessor Company's hedging agreements had settled. For additional discussion related to the fair value of the Company's derivatives, refer to Note 6 of these consolidated financial statements. Fair Value Measurements at (in millions) Total Quoted Prices in Active markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2016 Assets Natural Gas Basis Derivatives $ 0.4 $ — $ 0.4 $ — Liabilities Natural Gas Derivatives $ 13.7 $ — $ 13.7 $ — Natural Gas Basis Derivatives $ 0.1 $ — $ 0.1 $ — Oil Derivatives $ 3.0 $ — $ 3.0 $ — |
Asset Retirement Obligations 38
Asset Retirement Obligations Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Roll-forward of our asset retirement obligations | The following provides a roll-forward of our asset retirement obligations (in thousands): Asset Retirement Obligations as of December 31, 2014 $ 72,831 Accretion expense 5,572 Liabilities incurred for new wells and facilities construction 151 Reductions due to sold and abandoned wells and facilities (4,576 ) Revisions in estimates (10,423 ) Asset Retirement Obligations as of December 31, 2015 $ 63,555 Accretion expense 1,610 Liabilities incurred for new wells and facilities construction 1 Reductions due to sold wells and facilities (6,545 ) Reductions due to plugged wells and facilities (85 ) Revisions in estimates 488 Asset Retirement Obligations as of April 22, 2016 (Predecessor) $ 59,024 Fair value fresh start adjustment 5,216 Asset Retirement Obligation as of April 22, 2016 (Successor) $ 64,240 Accretion expense 2,878 Liabilities incurred for new wells and facilities construction 34 Reductions due to sold wells and facilities (42,857 ) Reductions due to plugged wells and facilities (916 ) Revisions in estimates 8,877 Asset Retirement Obligations as of December 31, 2016 (Successor) $ 32,256 |
Emergence from Voluntary Reor39
Emergence from Voluntary Reorganization under Chapter 11 Proceedings Emergence from Voluntary Reorganization under Chapter 11 Proceedings (Details) - USD ($) $ in Millions | Apr. 15, 2016 | Apr. 22, 2016 |
Plan of Reorganization [Abstract] | ||
Debt and Accrued Interest | $ 906 | |
Debtor-in-Possession Financing, Amount Arranged | $ 75 | |
Plan of Reogranization, percentage of common stock lenders to receive net of backstop fee | 88.50% | |
Plan of Reorganization, backstop fee | 7.50% | |
Plan of Reorganization, Percentage of Common Stock existing equity holders to retain | 4.00% | |
Plan or Reorganization, warrants existing equity holders | 30.00% | |
Plan of Reorganization, Percentage of Common Stock Registration Rights Holder to receive | 5.00% | |
Net Proceeds from Texegy Deal | $ 46.9 | |
DIP Facility [Member] | ||
Plan of Reorganization [Abstract] | ||
Debtor-in-Possession Financing, Amount Arranged | $ 75 | |
Line of Credit [Member] | New Credit Facility [Member] | ||
Plan of Reorganization [Abstract] | ||
Line of Credit Facility, Current Borrowing Capacity | 320 | |
Predecessor [Member] | Senior Notes [Member] | ||
Plan of Reorganization [Abstract] | ||
Contractual Interest Expense on Prepetition Liabilities Not Recognized in Statement of Operations | $ 21.6 |
Fresh Start Accounting Fresh 40
Fresh Start Accounting Fresh Start Accounting Narrative (Details) $ / shares in Units, $ in Thousands | Apr. 22, 2016USD ($)$ / sharesshares |
Fresh-Start Adjustment [Line Items] | |
Enterprise Value | $ 473,660 |
Discount Rate on Risk Adjusted After Tax Cash Flows | 0.12 |
Fair Value of Proved Reserves | $ 509,400 |
Fair Value of Probable Reserves | $ 45,500 |
Number of Series of Warrants Issued | 2 |
Class of Warrant or Right, Percentage of Total Equity | 15.00% |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 4,300,000 |
Class of Warrant or Right, Fair Value Disclosure, Per Share | $ / shares | $ 3.49 |
Fair Value Assumptions, Expected Dividend Rate | 0.00% |
Debtor-in-Possession Financing, Amount Arranged | $ 75,000 |
Value of Equity Issuance for DIP Credit Agreement | $ 142,300 |
Stock Issued During Period, Shares, New Issues | shares | 10,000,000 |
Plan or Reorganization, warrants existing equity holders | 30.00% |
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants | $ 15,000 |
Reorganization Adjustments [Member] | |
Fresh-Start Adjustment [Line Items] | |
Debtor Reorganization Items, Net Gain (Loss) on Rejection of Leases and Other Executory Contracts | 600 |
Debtor Reorganization Items, Discharge of Claims and Liabilities | 5,200 |
Minimum [Member] | |
Fresh-Start Adjustment [Line Items] | |
Enterprise Value | 460,000 |
Maximum [Member] | |
Fresh-Start Adjustment [Line Items] | |
Enterprise Value | 800,000 |
New Credit Facility [Member] | |
Fresh-Start Adjustment [Line Items] | |
Proceeds from Issuance of Debt | 253,000 |
Payments of Debt Issuance Costs | 7,000 |
New Credit Facility [Member] | Reorganization Adjustments [Member] | |
Fresh-Start Adjustment [Line Items] | |
Proceeds from Issuance of Debt | 253,000 |
Payments of Debt Issuance Costs | 6,482 |
Debt Issuance Costs, Net | 7,000 |
Prior First Lean Credit Facility [Member] | |
Fresh-Start Adjustment [Line Items] | |
Repayments of Debt | $ 289,500 |
2019 Warrants [Member] | |
Fresh-Start Adjustment [Line Items] | |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 2,142,857 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 80 |
Class of Warrant or Right, Fair Value Disclosure, Per Share | $ / shares | 3.26 |
Class of Warrant or Right, Strike Price | $ / shares | $ 80 |
Fair Value Assumptions, Expected Volatility Rate | 70.00% |
Fair Value Assumptions, Risk Free Interest Rate | 1.01% |
Fair Value Assumptions, Expected Term | 3 years |
2020 Warrants [Member] | |
Fresh-Start Adjustment [Line Items] | |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 2,142,857 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 86.18 |
Class of Warrant or Right, Fair Value Disclosure, Per Share | $ / shares | 3.73 |
Class of Warrant or Right, Strike Price | $ / shares | $ 86.18 |
Fair Value Assumptions, Expected Volatility Rate | 65.00% |
Fair Value Assumptions, Risk Free Interest Rate | 1.19% |
Fair Value Assumptions, Expected Term | 4 years |
Accounts Payable and Accrued Liabilities [Member] | New Credit Facility [Member] | Reorganization Adjustments [Member] | |
Fresh-Start Adjustment [Line Items] | |
Debt Issuance Costs, Net | $ 500 |
Former Holders of Senior Notes [Member] | |
Fresh-Start Adjustment [Line Items] | |
Stockholders' Equity Attributable to Parent, Excluding Warrants, Per Share | $ / shares | $ 21.44 |
Holders of General Unsecured and Retiree Committee Unsecured Claims [Member] | |
Fresh-Start Adjustment [Line Items] | |
Stock Issued During Period, Shares, New Issues | shares | 8,850,000 |
Backstop Lenders [Member] | |
Fresh-Start Adjustment [Line Items] | |
Stock Issued During Period, Shares, New Issues | shares | 750,000 |
Former Shareholders [Member] | |
Fresh-Start Adjustment [Line Items] | |
Stock Issued During Period, Shares, New Issues | shares | 400,000 |
Fresh Start Accounting Reconcil
Fresh Start Accounting Reconciliation of the Enterprise Value to the Estimated Fair Value of the Successor Company's Common Stock (Details) $ / shares in Units, shares in Thousands, $ in Thousands | Apr. 22, 2016USD ($)$ / sharesshares |
Fresh-Start Adjustment [Line Items] | |
Enterprise Value | $ 473,660 |
Plus: Cash and cash equivalents | 8,739 |
Less: Fair value of debt | (253,000) |
Less: Fair value of debt | (14,967) |
Fair value of Successor common stock | $ 214,432 |
Shares outstanding at April 22, 2016 | shares | 10,000 |
Former Holders of Senior Notes [Member] | |
Fresh-Start Adjustment [Line Items] | |
Per share value | $ / shares | $ 21.44 |
Fresh Start Accounting Reconc42
Fresh Start Accounting Reconciliation of the Enterprise Value to the Estimated Reorganization Value as of the Effective Date (Details) $ in Thousands | Apr. 22, 2016USD ($) |
Reorganizations [Abstract] | |
Enterprise Value | $ 473,660 |
Plus: Cash and cash equivalents | 8,739 |
Plus: Other working capital liabilities | 73,318 |
Plus: Other long-term liabilities | 58,992 |
Reorganization value of Successor assets | $ 614,709 |
Fresh Start Accounting Reorgani
Fresh Start Accounting Reorganization and Application of ASC 852 on Condensed Consolidated Balance Sheet (Details) $ in Thousands | Apr. 22, 2016USD ($) |
Preconfirmation, Assets [Abstract] | |
Cash and cash equivalents | $ 57,599 |
Accounts receivable | 34,278 |
Other current assets | 3,503 |
Total current assets | 95,380 |
Property and equipment | 6,007,326 |
Less - accumulated depreciation and amortization | (5,676,252) |
Property and equipment, net | 331,074 |
Other Long-term assets | 4,629 |
Total Assets | 431,083 |
Postconfirmation, Assets [Abstract] | |
Cash and cash equivalents | 8,739 |
Accounts receivable | 33,681 |
Other current assets | 3,503 |
Total current assets | 45,923 |
Property and equipment | 558,567 |
Less - accumulated deprecaition, depletion and amortization | 0 |
Property and equipment, net | 558,567 |
Other Long-term assets | 10,219 |
Total Assets | 614,709 |
Preconfirmation, Liabilities and Stockholders' Equity [Abstract] | |
Accounts payable and accrued liabilities | 64,324 |
Accrued capital costs | 5,410 |
Accrued interest | 768 |
Undistributed oil and gas revenues | 8,471 |
Current portion of debt | 364,500 |
Total current liabilities | 443,473 |
Long-term Debt | 0 |
Asset retirement obligation | 51,800 |
Other long-term liabilities | 2,124 |
Liabilities subject to compromise | 911,381 |
Total Liabilities | 1,408,778 |
Common stock (Predecessor) | 450 |
Additional paid-in capital (Predecessor) | 777,475 |
Treasury stock held at cost | (2,496) |
Retained earnings (accumulated deficit) | (1,753,124) |
Total Stockholders' Equity (Deficit) | (977,695) |
Total Liabilities and Stockholders' Equity | 431,083 |
Postconfirmation, Liabilities and Stockholders' Equity [Abstract] | |
Accounts payable and accrued liabilities | 58,773 |
Accrued capital costs | 5,410 |
Accrued interest | 664 |
Undistributed oil and gas revenues | 8,471 |
Current portion of debt | 0 |
Total current liabilities | 73,318 |
Long-term debt | 253,000 |
Asset retirement obligation | 57,901 |
Other long-term liabilities | 1,091 |
Liabilities subject to compromise | 0 |
Total Liabilities | 385,310 |
Common stock (Successor) | 100 |
Additional paid-in-capital (Successor) | 229,299 |
Treasury stock held at cost | 0 |
Retained earnings (accumulated deficit) | 0 |
Total Stockholders' Equity (Deficit) | 229,399 |
Total Liabilities and Stockholders' Equity | 614,709 |
Reorganization Adjustments [Member] | |
Fresh-Start Adjustment, Increase (Decrease), Assets [Abstract] | |
Cash and cash equivalents | (48,860) |
Accounts receivable | (597) |
Other current assets | 0 |
Total current assets | (49,457) |
Property and equipment | 0 |
Less - accumulated depreciation, depletion and amortization | 0 |
Net Oil and Gas Properties, Furniture and fixtures and accumulated depreciation | 0 |
Other Long-term assets | 6,388 |
Total Assets | (43,069) |
Fresh-Start Adjustment, Increase (Decrease), Liabilities and Stockholders' Equity [Abstract] | |
Accounts payable and accrued liabilities | (4,666) |
Accrued capital costs | 0 |
Accrued interest | (104) |
Undistributed oil and gas revenues | 0 |
Current portion of debt | (364,500) |
Total current liabilities | (369,270) |
Long-Term Debt | 253,000 |
Asset retirement obligation | 0 |
Other long-term liabilities | 0 |
Liabilities subject to compromise | (911,381) |
Total Liabilities | (1,027,651) |
Treasury stock held at cost | 2,496 |
Retained earnings (accumulated deficit) | 1,530,612 |
Total Stockholders' Equity (Deficit) | 984,582 |
Total Liabilities and Stockholders' Equity | (43,069) |
Fresh Start Adjustments [Member] | |
Fresh-Start Adjustment, Increase (Decrease), Assets [Abstract] | |
Cash and cash equivalents | 0 |
Accounts receivable | 0 |
Other current assets | 0 |
Total current assets | 0 |
Property and equipment | (5,448,759) |
Less - accumulated depreciation, depletion and amortization | 5,676,252 |
Net Oil and Gas Properties, Furniture and fixtures and accumulated depreciation | 227,493 |
Other Long-term assets | (798) |
Total Assets | 226,695 |
Fresh-Start Adjustment, Increase (Decrease), Liabilities and Stockholders' Equity [Abstract] | |
Accounts payable and accrued liabilities | (885) |
Accrued capital costs | 0 |
Accrued interest | 0 |
Undistributed oil and gas revenues | 0 |
Current portion of debt | 0 |
Total current liabilities | (885) |
Long-Term Debt | 0 |
Asset retirement obligation | 6,101 |
Other long-term liabilities | (1,033) |
Liabilities subject to compromise | 0 |
Total Liabilities | 4,183 |
Treasury stock held at cost | 0 |
Retained earnings (accumulated deficit) | 222,512 |
Total Stockholders' Equity (Deficit) | 222,512 |
Total Liabilities and Stockholders' Equity | 226,695 |
Predecessor [Member] | |
Fresh-Start Adjustment, Increase (Decrease), Assets [Abstract] | |
Net Oil and Gas Properties, Furniture and fixtures and accumulated depreciation | 331,074 |
Predecessor [Member] | Reorganization Adjustments [Member] | |
Fresh-Start Adjustment, Increase (Decrease), Liabilities and Stockholders' Equity [Abstract] | |
Common Stock | (450) |
Additional paid-in-capital | (777,475) |
Predecessor [Member] | Fresh Start Adjustments [Member] | |
Fresh-Start Adjustment, Increase (Decrease), Liabilities and Stockholders' Equity [Abstract] | |
Common Stock | 0 |
Additional paid-in-capital | 0 |
Successor [Member] | |
Fresh-Start Adjustment, Increase (Decrease), Assets [Abstract] | |
Net Oil and Gas Properties, Furniture and fixtures and accumulated depreciation | 558,567 |
Successor [Member] | Reorganization Adjustments [Member] | |
Fresh-Start Adjustment, Increase (Decrease), Liabilities and Stockholders' Equity [Abstract] | |
Common Stock | 100 |
Additional paid-in-capital | 229,299 |
Successor [Member] | Fresh Start Adjustments [Member] | |
Fresh-Start Adjustment, Increase (Decrease), Liabilities and Stockholders' Equity [Abstract] | |
Common Stock | 0 |
Additional paid-in-capital | $ 0 |
Fresh Start Accounting Net Cash
Fresh Start Accounting Net Cash Payments (Details) $ in Thousands | Apr. 22, 2016USD ($) |
Reorganization Adjustments [Member] | |
Sources: | |
Net proceeds from New Credit Facility | $ 253,000 |
Total Sources | 253,000 |
Uses: | |
Repayment of Prior First Lien Credit Facility | 289,500 |
Predecessor accounts payable paid upon emergence | 5,878 |
Total Uses | 301,860 |
Net Uses | (48,860) |
New Credit Facility [Member] | |
Uses: | |
Payments of debt issuance costs | 7,000 |
New Credit Facility [Member] | Reorganization Adjustments [Member] | |
Uses: | |
Payments of debt issuance costs | $ 6,482 |
Fresh Start Accounting Liabilit
Fresh Start Accounting Liabilities Subject to Compromise (Details) - USD ($) $ in Thousands | Apr. 22, 2016 | Dec. 31, 2015 |
Fresh-Start Adjustment [Line Items] | ||
Debt and Accrued Interest | $ 906,000 | |
Reorganization Adjustments [Member] | ||
Fresh-Start Adjustment [Line Items] | ||
Debt and Accrued Interest | 30,043 | |
Accounts payable and accrued liabilities | 1,713 | |
Other long-term liabilities | 4,625 | |
Liabilities subject to compromise of the Predecessor Company (LSTC) | 911,381 | |
Fair value of equity issued to former holders of the senior notes of the Predecessor | (47,443) | |
Gain on settlement of Liabilities subject to compromise | 863,938 | |
Senior Notes [Member] | Senior Notes Due 2017 [Member] | ||
Fresh-Start Adjustment [Line Items] | ||
Debt and Accrued Interest | $ 250,000 | |
Senior Notes [Member] | Senior Notes Due 2017 [Member] | Reorganization Adjustments [Member] | ||
Fresh-Start Adjustment [Line Items] | ||
Debt and Accrued Interest | 250,000 | |
Senior Notes [Member] | Senior Notes Due 2020 [Member] | ||
Fresh-Start Adjustment [Line Items] | ||
Debt and Accrued Interest | 225,000 | |
Senior Notes [Member] | Senior Notes Due 2020 [Member] | Reorganization Adjustments [Member] | ||
Fresh-Start Adjustment [Line Items] | ||
Debt and Accrued Interest | 225,000 | |
Senior Notes [Member] | Senior Notes Due 2022 [Member] | ||
Fresh-Start Adjustment [Line Items] | ||
Debt and Accrued Interest | $ 400,000 | |
Senior Notes [Member] | Senior Notes Due 2022 [Member] | Reorganization Adjustments [Member] | ||
Fresh-Start Adjustment [Line Items] | ||
Debt and Accrued Interest | $ 400,000 |
Fresh Start Accounting Cumulati
Fresh Start Accounting Cumulative Impact of the Reorganization Adjustments (Details) - Reorganization Adjustments [Member] $ in Thousands | Apr. 22, 2016USD ($) |
Fresh-Start Adjustment [Line Items] | |
Gain on settlement of Liabilities subject to compromise | $ (863,938) |
Fair value of equity issued in excess of DIP principal | (67,329) |
Fair value of equity and warrants issued to Predecessor stockholders | (23,544) |
Fair value of equity issued to DIP lenders for backstop fee | (16,082) |
Other reorganization adjustments | (1,800) |
Cancellation of Predecessor Company equity | (775,429) |
Net impact to accumulated deficit | $ 1,530,612 |
Fresh Start Accounting Fair Val
Fresh Start Accounting Fair Value Adjustment of Oil and Gas Properties and Accumulated Depletion, Depreciation and Amortization (Details) $ in Thousands | Apr. 22, 2016USD ($) |
Revaluation of Assets [Member] | |
Oil and Gas Property [Abstract] | |
Proved properties | $ (5,441,655) |
Unproved properties | 33,448 |
Total Oil and Gas Properties | (5,408,207) |
Less - Accumulated depletion and impairments | 5,638,741 |
Net Oil and Gas Properties | 230,534 |
Furniture, Fixtures and other equipment | (40,551) |
Less - Accumulated depreciation | 37,510 |
Net Furniture, Fixtures and other equipment | (3,041) |
Net Oil and Gas Properties, Furniture and fixtures and accumulated depreciation | 227,493 |
Predecessor [Member] | |
Oil and Gas Property [Abstract] | |
Proved properties | 5,951,016 |
Unproved properties | 12,057 |
Total Oil and Gas Properties | 5,963,073 |
Less - Accumulated depletion and impairments | (5,638,741) |
Net Oil and Gas Properties | 324,332 |
Furniture, Fixtures and other equipment | 44,252 |
Less - Accumulated depreciation | (37,510) |
Net Furniture, Fixtures and other equipment | 6,742 |
Net Oil and Gas Properties, Furniture and fixtures and accumulated depreciation | 331,074 |
Successor [Member] | |
Oil and Gas Property [Abstract] | |
Proved properties | 509,361 |
Unproved properties | 45,505 |
Total Oil and Gas Properties | 554,866 |
Less - Accumulated depletion and impairments | 0 |
Net Oil and Gas Properties | 554,866 |
Furniture, Fixtures and other equipment | 3,701 |
Less - Accumulated depreciation | 0 |
Net Furniture, Fixtures and other equipment | 3,701 |
Net Oil and Gas Properties, Furniture and fixtures and accumulated depreciation | $ 558,567 |
Fresh Start Accounting Reorga48
Fresh Start Accounting Reorganization Items (Details) - USD ($) $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended |
Apr. 22, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Predecessor [Member] | |||
Fresh-Start Adjustment [Line Items] | |||
Gain on settlement of liabilities subject to compromise | $ (863,938) | $ 0 | |
Fair value of equity issued in excess of DIP principal | 67,329 | 0 | |
Fresh start adjustments | (222,512) | 0 | |
Reorganization legal and professional fees and expenses | 25,573 | 0 | |
Fair Value of Equity Issued for Backstop Fee | 16,082 | 0 | |
Debtor Reorganization Items, Write-off of Debt Issuance Costs and Debt Discounts | 0 | (6,565) | |
Other reorganization items | 21,324 | 0 | |
Gain (Loss) on Reorganization items, net | $ (956,142) | $ 6,565 | |
Successor [Member] | |||
Fresh-Start Adjustment [Line Items] | |||
Gain on settlement of liabilities subject to compromise | $ 0 | ||
Fair value of equity issued in excess of DIP principal | 0 | ||
Fresh start adjustments | 0 | ||
Reorganization legal and professional fees and expenses | 1,598 | ||
Fair Value of Equity Issued for Backstop Fee | 0 | ||
Debtor Reorganization Items, Write-off of Debt Issuance Costs and Debt Discounts | 0 | ||
Other reorganization items | 41 | ||
Gain (Loss) on Reorganization items, net | $ 1,639 |
Summary of Significant Accoun49
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Predecessor [Member] | ||
Property, Plant and Equipment [Abstract] | ||
Proved oil and gas properties | $ 5,972,666 | |
Unproved oil and gas properties | 18,839 | |
Furniture, fixtures, and other equipment | 44,252 | |
Less - Accumulated depreciation, depletion, and amortization | (5,577,854) | |
Property, Plant and Equipment, Net | 457,903 | |
Accounts Payable and Accrued Liabilities [Abstract] | ||
Trade accounts payable | 0 | |
Accrued operating expenses | 0 | |
Accrued payroll costs | 0 | |
Asset retirement obligation - current portion | 7,165 | |
Accrued taxes | 0 | |
Derivative Liability, Current | 0 | |
Accrued Professional Fees, Current | 0 | |
Other payables | 498 | |
Total accounts payable and accrued liabilities | $ 7,663 | |
Successor [Member] | ||
Property, Plant and Equipment [Abstract] | ||
Proved oil and gas properties | $ 480,499 | |
Unproved oil and gas properties | 33,354 | |
Furniture, fixtures, and other equipment | 3,221 | |
Less - Accumulated depreciation, depletion, and amortization | (169,879) | |
Property, Plant and Equipment, Net | 347,195 | |
Accounts Payable and Accrued Liabilities [Abstract] | ||
Trade accounts payable | 10,563 | |
Accrued operating expenses | 2,990 | |
Accrued payroll costs | 4,730 | |
Asset retirement obligation - current portion | 9,965 | |
Accrued taxes | 3,937 | |
Derivative Liability, Current | 17,632 | |
Accrued Professional Fees, Current | 3,075 | |
Other payables | 3,365 | |
Total accounts payable and accrued liabilities | $ 56,257 |
Summary of Significant Accoun50
Summary of Significant Accounting Policies (Details Textual) - USD ($) | Jan. 26, 2017 | Jan. 25, 2017 | Dec. 31, 2016 | Apr. 22, 2016 | Apr. 22, 2016 | Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2016 |
Summary of Significant Accounting Policies (Textual) [Abstract] | ||||||||||
Total capitalized internal costs | $ 2,900,000 | $ 5,400,000 | $ 12,700,000 | $ 26,300,000 | ||||||
Discount rate for estimated future net revenues from proved properties | 10.00% | |||||||||
Allowance for doubtful accounts receivable, current | $ 100,000 | 100,000 | $ 100,000 | 100,000 | ||||||
Accounts receivable from oil and gas sales | 12,600,000 | 12,600,000 | 12,600,000 | 14,900,000 | ||||||
Accounts receivable related to joint interest owners | 2,700,000 | 2,700,000 | 2,700,000 | 4,900,000 | ||||||
Severance tax credit receivables | 1,600,000 | 1,600,000 | 1,600,000 | 1,200,000 | ||||||
Other receivables | 600,000 | 600,000 | $ 600,000 | 700,000 | ||||||
Percentage of working interest in wells | 100.00% | |||||||||
Inventories carried at cost | 400,000 | 400,000 | $ 400,000 | 600,000 | ||||||
Inventory write-down | 2,000,000 | |||||||||
Prepaid expenses | 2,000,000 | 2,000,000 | 2,000,000 | 4,400,000 | ||||||
Texegy PSA deposit | $ 2,400,000 | |||||||||
Supplemental Unemployment Benefits, Severance Benefits | $ 2,100,000 | |||||||||
Lease commitments subject to capitalization | 8,800,000 | 8,800,000 | 8,800,000 | |||||||
Corporate Lease commitment subject to capitalization | 1,900,000 | 1,900,000 | 1,900,000 | |||||||
Corporate Lease commitment due in 4 years | 4.4 | 4.4 | 4.4 | |||||||
Vehicle Lease commitment subject to capitalization | $ 6,500,000 | $ 6,500,000 | $ 6,500,000 | |||||||
Minimum [Member] | ||||||||||
Summary of Significant Accounting Policies (Textual) [Abstract] | ||||||||||
Property, Plant and Equipment, Useful Life | 2 years | |||||||||
Maximum [Member] | ||||||||||
Summary of Significant Accounting Policies (Textual) [Abstract] | ||||||||||
Property, Plant and Equipment, Useful Life | 20 years | |||||||||
Line of Credit [Member] | ||||||||||
Summary of Significant Accounting Policies (Textual) [Abstract] | ||||||||||
Revolving credit facility debt issuance costs | $ 3,300,000 | |||||||||
New Credit Facility [Member] | Line of Credit [Member] | ||||||||||
Summary of Significant Accounting Policies (Textual) [Abstract] | ||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 320,000,000 | 320,000,000 | ||||||||
Line of Credit Facility, Non-Conforming Borrowing Base | 70,000,000 | |||||||||
Line of Credit Facility, Conforming Borrowing Base | $ 250,000,000 | |||||||||
Subsequent Event [Member] | New Credit Facility [Member] | Line of Credit [Member] | ||||||||||
Summary of Significant Accounting Policies (Textual) [Abstract] | ||||||||||
Line of Credit Facility, Conforming Borrowing Base | $ 250,000,000 | |||||||||
Predecessor [Member] | ||||||||||
Summary of Significant Accounting Policies (Textual) [Abstract] | ||||||||||
Common Stock, Shares, Issued | 44,771,258 | |||||||||
Write-down of oil and gas properties | 77,732,000 | $ 1,562,086,000 | 445,396,000 | |||||||
Total amount of supervision fees charged to wells | $ 2,700,000 | 9,200,000 | $ 12,700,000 | |||||||
Other payables before reclass to liabilities subject to compromise | 5,300,000 | |||||||||
Other payables reclassed to liabilities subject to compromise | $ 4,800,000 | |||||||||
Treasury stock reissued at lower than repurchase price | $ 4,900,000 | |||||||||
Treasury Stock, Shares, Acquired | 65,170 | 70,437 | 102,673 | |||||||
Predecessor [Member] | Shell Oil Company Concentration Risk [Member] | ||||||||||
Summary of Significant Accounting Policies (Textual) [Abstract] | ||||||||||
Concentration risk, percentage | 19.00% | 16.00% | 21.00% | |||||||
Predecessor [Member] | Kinder Morgan Concentration Risk [Member] | ||||||||||
Summary of Significant Accounting Policies (Textual) [Abstract] | ||||||||||
Concentration risk, percentage | 20.00% | 27.00% | 20.00% | |||||||
Predecessor [Member] | Plains Marketing Concentration Risk [Member] | ||||||||||
Summary of Significant Accounting Policies (Textual) [Abstract] | ||||||||||
Concentration risk, percentage | 14.00% | 18.00% | 11.00% | |||||||
Predecessor [Member] | Howard Energy Concentration Risk [Member] | ||||||||||
Summary of Significant Accounting Policies (Textual) [Abstract] | ||||||||||
Concentration risk, percentage | 11.00% | 13.00% | ||||||||
Predecessor [Member] | Southcross Concentration Risk [Member] | ||||||||||
Summary of Significant Accounting Policies (Textual) [Abstract] | ||||||||||
Concentration risk, percentage | 11.00% | |||||||||
Successor [Member] | ||||||||||
Summary of Significant Accounting Policies (Textual) [Abstract] | ||||||||||
Common Stock, Shares, Issued | 10,076,059 | 10,076,059 | 10,076,059 | |||||||
Write-down of oil and gas properties | $ 133,496,000 | |||||||||
Total amount of supervision fees charged to wells | $ 4,500,000 | |||||||||
Treasury Stock, Shares, Acquired | 22,485 | |||||||||
Successor [Member] | Shell Oil Company Concentration Risk [Member] | ||||||||||
Summary of Significant Accounting Policies (Textual) [Abstract] | ||||||||||
Concentration risk, percentage | 15.00% | |||||||||
Successor [Member] | Kinder Morgan Concentration Risk [Member] | ||||||||||
Summary of Significant Accounting Policies (Textual) [Abstract] | ||||||||||
Concentration risk, percentage | 38.00% | |||||||||
Successor [Member] | Plains Marketing Concentration Risk [Member] | ||||||||||
Summary of Significant Accounting Policies (Textual) [Abstract] | ||||||||||
Concentration risk, percentage | 14.00% | |||||||||
Private Placement [Member] | Subsequent Event [Member] | ||||||||||
Summary of Significant Accounting Policies (Textual) [Abstract] | ||||||||||
Common Stock, Shares, Issued | 1,400,000 | |||||||||
Sale of Stock, Price Per Share | $ 28.50 | |||||||||
Proceeds from Issuance of Private Placement | $ 40,000,000 | |||||||||
Equipment [Member] | Minimum [Member] | ||||||||||
Summary of Significant Accounting Policies (Textual) [Abstract] | ||||||||||
Equipment lease term | 2 years | |||||||||
Equipment [Member] | Maximum [Member] | ||||||||||
Summary of Significant Accounting Policies (Textual) [Abstract] | ||||||||||
Equipment lease term | 3 years | |||||||||
Building [Member] | ||||||||||
Summary of Significant Accounting Policies (Textual) [Abstract] | ||||||||||
Equipment lease term | 4 years |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Apr. 22, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Predecessor [Member] | ||||
Basic EPS: | ||||
Net Income (Loss) | $ 851,611 | $ (1,653,971) | $ (283,427) | |
Income, Share Amounts | 44,692 | 44,463 | 43,795 | |
Earnings (Loss) Per Share, Basic | $ 19.06 | $ (37.20) | $ (6.47) | |
Dilutive Securities: | ||||
Dilutive RSA's, Shares | 1,005 | 0 | 0 | |
Incremental Common Shares Attributable to Dilutive Effect of Contingently Issuable Shares | 0 | 0 | 0 | |
Contingently Issuable Shares Not Included in Diluted EPS | 0 | 0 | 0 | |
Diluted EPS: | ||||
Net Income (Loss) Available to Common Stockholders, Diluted | $ 851,611 | $ (1,653,971) | $ (283,427) | |
Weighted Average Number of Shares Outstanding, Diluted | 45,697 | 44,463 | 43,795 | |
Earnings (Loss) Per Share, Diluted | $ 18.64 | $ (37.20) | $ (6.47) | |
Predecessor [Member] | Stock Options [Member] | ||||
Earnings Per Share (Textual) [Abstract] | ||||
Antidilutive shares not included in the computation of diluted EPS | 1,300 | 1,300 | 1,400 | |
Predecessor [Member] | Restricted Stock Awards [Member] | ||||
Earnings Per Share (Textual) [Abstract] | ||||
Antidilutive shares not included in the computation of diluted EPS | 300 | 500 | 500 | |
Predecessor [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Earnings Per Share (Textual) [Abstract] | ||||
Antidilutive shares not included in the computation of diluted EPS | 800 | 600 | 400 | |
Successor [Member] | ||||
Basic EPS: | ||||
Net Income (Loss) | $ (156,288) | |||
Income, Share Amounts | 10,013 | |||
Earnings (Loss) Per Share, Basic | $ (15.61) | |||
Dilutive Securities: | ||||
Dilutive RSA's, Shares | 0 | |||
Incremental Common Shares Attributable to Dilutive Effect of Contingently Issuable Shares | 0 | |||
Contingently Issuable Shares Not Included in Diluted EPS | 0 | |||
Diluted EPS: | ||||
Net Income (Loss) Available to Common Stockholders, Diluted | $ (156,288) | |||
Weighted Average Number of Shares Outstanding, Diluted | 10,013 | |||
Earnings (Loss) Per Share, Diluted | $ (15.61) | |||
Successor [Member] | Stock Options [Member] | ||||
Earnings Per Share (Textual) [Abstract] | ||||
Antidilutive shares not included in the computation of diluted EPS | 100 | |||
Successor [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Earnings Per Share (Textual) [Abstract] | ||||
Antidilutive shares not included in the computation of diluted EPS | 200 |
Provision (Benefit) for Incom52
Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Apr. 22, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Predecessor [Member] | ||||
Summary of income (Loss) from continuing operations before taxes | ||||
Income (Loss) Before Income Taxes | $ 851,611 | $ (1,734,514) | $ (433,470) | |
Successor [Member] | ||||
Summary of income (Loss) from continuing operations before taxes | ||||
Income (Loss) Before Income Taxes | $ (156,288) |
Consolidated income tax provisi
Consolidated income tax provision (benefit) (Details) - USD ($) $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Apr. 22, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Predecessor [Member] | ||||
Summary of consolidated income tax provision (benefit) | ||||
Current income taxes | $ 0 | $ (410) | $ 314 | |
Deferred income taxes | 0 | (80,133) | (150,357) | |
Income tax provision (benefit) | $ 0 | $ (80,543) | $ (150,043) | |
Successor [Member] | ||||
Summary of consolidated income tax provision (benefit) | ||||
Current income taxes | $ 0 | |||
Deferred income taxes | 0 | |||
Income tax provision (benefit) | $ 0 |
Reconciliation of income taxes
Reconciliation of income taxes using federal statutory rate to effective income tax rate (Details) | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Apr. 22, 2016 | Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | ||||
Predecessor [Member] | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% | ||
Reconciliations of income taxes computed using the U.S. Federal statutory rate to the effective income tax rates | |||||
State tax provisions (benefits), net of federal benefits | 0.90% | 1.00% | 1.40% | ||
Valuation allowances | (1.80%) | 0.00% | 0.00% | ||
Expired operating loss carryovers | 0.00% | 0.00% | (0.10%) | ||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | (35.10%) | (31.30%) | (1.10%) | ||
Other, net | 1.00% | (0.10%) | (0.70%) | ||
Effective rate | 0.00% | 4.60% | 34.50% | ||
Successor [Member] | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | ||||
Reconciliations of income taxes computed using the U.S. Federal statutory rate to the effective income tax rates | |||||
State tax provisions (benefits), net of federal benefits | 0.90% | ||||
Valuation allowances | 0.00% | ||||
Expired operating loss carryovers | (74.90%) | ||||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 38.90% | ||||
Other, net | 0.20% | ||||
Effective rate | 0.00% |
Tax effects of temporary differ
Tax effects of temporary differences representing the net DTA (DTL) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Predecessor [Member] | ||
Deferred tax assets: | ||
DTA, Federal net operating losses (NOLs) | $ 287,720 | |
Net Operating Loss for excess stock-based compensation | (9,571) | |
DTA, Oil and gas exploration and development costs | 214,413 | |
DTA, State NOL carryovers | 18,384 | |
DTA, Alternative minimum tax credits | 2,092 | |
DTA, Other loss carryforwards | 1,215 | |
DTA, Asset retirement obligations | 22,884 | |
Deferred Tax Assets, Hedging Transactions | 0 | |
DTA, Unrealized share-based compensation | 9,953 | |
DTA, Valuation Allowance | (553,283) | |
DTA, Other | 6,193 | |
Total deferred tax assets | 0 | |
Deferred tax liabilities: | ||
DTL, Oil and gas exploration and development costs | 0 | |
DTL, Other | 0 | |
Total deferred tax liabilites | 0 | |
Net deferred tax liabilities | 0 | |
Net current deferred tax assets | 0 | |
Net non-current deferred tax liabilities | $ 0 | |
Successor [Member] | ||
Deferred tax assets: | ||
DTA, Federal net operating losses (NOLs) | $ 40,104 | |
Net Operating Loss for excess stock-based compensation | 0 | |
DTA, Oil and gas exploration and development costs | 71,292 | |
DTA, State NOL carryovers | 0 | |
DTA, Alternative minimum tax credits | 2,092 | |
DTA, Other loss carryforwards | 1,107 | |
DTA, Asset retirement obligations | 11,447 | |
Deferred Tax Assets, Hedging Transactions | 5,802 | |
DTA, Unrealized share-based compensation | 648 | |
DTA, Valuation Allowance | (136,656) | |
DTA, Other | 4,164 | |
Total deferred tax assets | 0 | |
Deferred tax liabilities: | ||
DTL, Oil and gas exploration and development costs | 0 | |
DTL, Other | 0 | |
Total deferred tax liabilites | 0 | |
Net deferred tax liabilities | 0 | |
Net current deferred tax assets | 0 | |
Net non-current deferred tax liabilities | $ 0 |
Provision (Benefit) for Incom56
Provision (Benefit) for Income Taxes (Details Textual) - USD ($) $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Apr. 22, 2016 | Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cancellation of debt income | $ 854,000 | $ 854,000 | |||
Deferred Tax Asset, Operating Loss Carryforward, Change in Control Annual Limitation | 5,800 | 5,800 | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 305,000 | 305,000 | |||
Deferred Tax Assets, Operating Loss Carryforwards | $ 115,000 | $ 115,000 | |||
Effective income tax rate reconciliation, percent | 35.00% | ||||
Predecessor [Member] | |||||
Effective income tax rate reconciliation, percent | 35.00% | 35.00% | 35.00% | ||
Deferred Tax Assets, Valuation Allowance | $ 553,283 | ||||
Successor [Member] | |||||
Effective income tax rate reconciliation, percent | 35.00% | ||||
Deferred Tax Assets, Valuation Allowance | $ 136,656 | $ 136,656 |
Long-Term Debt (Details)
Long-Term Debt (Details) $ in Thousands | Mar. 31, 2019 | Jan. 26, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016 | Jun. 30, 2016 | Apr. 22, 2016USD ($) | Apr. 22, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Oct. 03, 2012USD ($) | Nov. 25, 2009USD ($) | Jun. 01, 2007USD ($) |
Bankruptcy Proceedings | |||||||||||||
Plan of Reogranization, percentage of common stock lenders to receive net of backstop fee | 88.50% | 88.50% | |||||||||||
Debtor-in-Possession Financing [Abstract] | |||||||||||||
Debtor-in-Possession Financing, Amount Arranged | $ 75,000 | $ 75,000 | |||||||||||
Bank Borrowings | |||||||||||||
Liabilities subject to compromise, senior notes | 906,000 | $ 906,000 | |||||||||||
Line of Credit [Member] | |||||||||||||
Bank Borrowings | |||||||||||||
Percentage of applicable margin with federal fund rate | 0.50% | ||||||||||||
Percentage of applicable margin with LIBOR | 1.00% | ||||||||||||
Line of Credit [Member] | Minimum [Member] | Alternative Base Interest Rate [Member] | |||||||||||||
Bank Borrowings | |||||||||||||
Debt Instrument escalating basis spread on base rate | 100 | ||||||||||||
Line of Credit [Member] | Minimum [Member] | Eurodollar Interest Rate [Member] | |||||||||||||
Bank Borrowings | |||||||||||||
Debt instrument escalating rates for eurodollar rate loans | 200 | ||||||||||||
Line of Credit [Member] | Maximum [Member] | |||||||||||||
Bank Borrowings | |||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.50% | ||||||||||||
Line of Credit [Member] | Maximum [Member] | Alternative Base Interest Rate [Member] | |||||||||||||
Bank Borrowings | |||||||||||||
Debt Instrument escalating basis spread on base rate | 200 | ||||||||||||
Line of Credit [Member] | Maximum [Member] | Eurodollar Interest Rate [Member] | |||||||||||||
Bank Borrowings | |||||||||||||
Debt instrument escalating rates for eurodollar rate loans | 300 | ||||||||||||
New Credit Facility [Member] | Line of Credit [Member] | |||||||||||||
Bank Borrowings | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 500,000 | $ 500,000 | |||||||||||
Line of Credit, current borrowing base | $ 320,000 | 320,000 | |||||||||||
Line of Credit, Required Security Interest on Oil and Gas Properties | 95.00% | ||||||||||||
Line of Credit Facility, Non-Conforming Borrowing Base | $ 70,000 | ||||||||||||
Line of Credit Facility, Conforming Borrowing Base | 250,000 | ||||||||||||
Debt, Weighted Average Interest Rate | 7.90% | 7.90% | |||||||||||
Line of Credit, Covenant, Debt to EBITDA Ratio, Minimum | 6 | ||||||||||||
Line of Credit, Covenant, Current Ratio, Minimum | 1 | ||||||||||||
Line of Credit, Covenant, Liquidity Requirement, Minimum | 10,000 | ||||||||||||
New Credit Facility [Member] | Line of Credit [Member] | Minimum [Member] | Alternative Base Interest Rate [Member] | |||||||||||||
Bank Borrowings | |||||||||||||
Debt Instrument Escalating Basis Spread on Base Rate During Non-Conforming Period | 500 | ||||||||||||
Debt Instrument Escalating Basis Spread on Base Rate After Non-Conforming Period | 200 | ||||||||||||
New Credit Facility [Member] | Line of Credit [Member] | Minimum [Member] | Eurodollar Interest Rate [Member] | |||||||||||||
Bank Borrowings | |||||||||||||
Debt Instrument Escalating Rates for Eurodollar Rate Loans During Non-Conforming Period | 600 | ||||||||||||
Debt Instrument Escalating Rates for Eurodollar Rate Loans After Non-Conforming Period | 300 | ||||||||||||
New Credit Facility [Member] | Line of Credit [Member] | Maximum [Member] | Alternative Base Interest Rate [Member] | |||||||||||||
Bank Borrowings | |||||||||||||
Debt Instrument Escalating Basis Spread on Base Rate During Non-Conforming Period | 600 | ||||||||||||
Debt Instrument Escalating Basis Spread on Base Rate After Non-Conforming Period | 300 | ||||||||||||
New Credit Facility [Member] | Line of Credit [Member] | Maximum [Member] | Eurodollar Interest Rate [Member] | |||||||||||||
Bank Borrowings | |||||||||||||
Debt Instrument Escalating Rates for Eurodollar Rate Loans During Non-Conforming Period | 700 | ||||||||||||
Debt Instrument Escalating Rates for Eurodollar Rate Loans After Non-Conforming Period | 400 | ||||||||||||
Senior Notes Due 2017 [Member] | Senior Notes [Member] | |||||||||||||
Senior Notes | |||||||||||||
Stated rate of senior notes | 7.125% | ||||||||||||
Percentage at which senior notes are issued, of par value | 100.00% | ||||||||||||
Bank Borrowings | |||||||||||||
Long-Term Debt, excluding current maturities | $ 250,000 | ||||||||||||
Liabilities subject to compromise, senior notes | $ 250,000 | ||||||||||||
Senior Notes Due 2020 [Member] | Senior Notes [Member] | |||||||||||||
Senior Notes | |||||||||||||
Senior notes, issued | $ 225,000 | ||||||||||||
Stated rate of senior notes | 8.875% | ||||||||||||
Percentage at which senior notes are issued, of par value | 98.389% | ||||||||||||
Effective interest rate on senior notes including discount | 9.125% | ||||||||||||
Bank Borrowings | |||||||||||||
Liabilities subject to compromise, senior notes | 225,000 | ||||||||||||
Senior Notes Due 2022 [Member] | Senior Notes [Member] | |||||||||||||
Senior Notes | |||||||||||||
Senior notes, issued | $ 400,000 | ||||||||||||
Stated rate of senior notes | 7.875% | ||||||||||||
Bank Borrowings | |||||||||||||
Liabilities subject to compromise, senior notes | 400,000 | ||||||||||||
DIP Facility [Member] | |||||||||||||
Debtor-in-Possession Financing [Abstract] | |||||||||||||
Debtor-in-Possession Financing, Amount Arranged | $ 75,000 | $ 75,000 | |||||||||||
Debtor-in-Possession Financing, Fee on Unused Borrowings | 3.00% | 3.00% | |||||||||||
Subsequent Event [Member] | New Credit Facility [Member] | Line of Credit [Member] | |||||||||||||
Bank Borrowings | |||||||||||||
Line of Credit Facility, Conforming Borrowing Base | $ 250,000 | ||||||||||||
Line of Credit, Covenant, Debt to EBITDA Ratio, Minimum | 3.5 | ||||||||||||
Subsequent Event [Member] | New Credit Facility [Member] | Line of Credit [Member] | Minimum [Member] | Alternative Base Interest Rate [Member] | |||||||||||||
Bank Borrowings | |||||||||||||
Debt Instrument Escalating Basis Spread on Base Rate After Non-Conforming Period | 200 | ||||||||||||
Subsequent Event [Member] | New Credit Facility [Member] | Line of Credit [Member] | Minimum [Member] | Eurodollar Interest Rate [Member] | |||||||||||||
Bank Borrowings | |||||||||||||
Debt Instrument Escalating Rates for Eurodollar Rate Loans After Non-Conforming Period | 300 | ||||||||||||
Subsequent Event [Member] | New Credit Facility [Member] | Line of Credit [Member] | Maximum [Member] | Alternative Base Interest Rate [Member] | |||||||||||||
Bank Borrowings | |||||||||||||
Debt Instrument Escalating Basis Spread on Base Rate After Non-Conforming Period | 300 | ||||||||||||
Subsequent Event [Member] | New Credit Facility [Member] | Line of Credit [Member] | Maximum [Member] | Eurodollar Interest Rate [Member] | |||||||||||||
Bank Borrowings | |||||||||||||
Debt Instrument Escalating Rates for Eurodollar Rate Loans After Non-Conforming Period | 400 | ||||||||||||
Predecessor [Member] | |||||||||||||
Bank Borrowings | |||||||||||||
Long-Term Debt, excluding current maturities | 0 | ||||||||||||
Total Debt | 324,900 | ||||||||||||
Capitalized interest on our unproved properties | $ 0 | 4,900 | $ 5,000 | ||||||||||
Interest expense including commitment fees and amortization of debt issuance costs relating to the credit facility | 13,347 | 75,870 | 73,207 | ||||||||||
Predecessor [Member] | Senior Notes [Member] | |||||||||||||
Bank Borrowings | |||||||||||||
Interest expense including commitment fees and amortization of debt issuance costs relating to the credit facility | 0 | 70,800 | 70,700 | ||||||||||
Contractual Interest Expense on Prepetition Liabilities Not Recognized in Statement of Operations | 21,600 | ||||||||||||
Predecessor [Member] | Line of Credit [Member] | |||||||||||||
Bank Borrowings | |||||||||||||
Long-term Debt, Current Maturities | 324,900 | ||||||||||||
Commitment fees included in interest expense, net | 0 | 500 | 800 | ||||||||||
Interest expense including commitment fees and amortization of debt issuance costs relating to the credit facility | 6,800 | 9,400 | $ 7,500 | ||||||||||
Predecessor [Member] | Senior Notes Due 2017 [Member] | Senior Notes [Member] | |||||||||||||
Bank Borrowings | |||||||||||||
Long-Term Debt, excluding current maturities | 0 | ||||||||||||
Predecessor [Member] | Senior Notes Due 2020 [Member] | Senior Notes [Member] | |||||||||||||
Bank Borrowings | |||||||||||||
Long-Term Debt, excluding current maturities | 0 | ||||||||||||
Predecessor [Member] | Senior Notes Due 2022 [Member] | Senior Notes [Member] | |||||||||||||
Bank Borrowings | |||||||||||||
Long-Term Debt, excluding current maturities | 0 | ||||||||||||
Predecessor [Member] | DIP Facility [Member] | |||||||||||||
Debtor-in-Possession Financing [Abstract] | |||||||||||||
Debtor-in-Possession Financing, Commitment Fees Paid | 900 | ||||||||||||
Bank Borrowings | |||||||||||||
Interest expense including commitment fees and amortization of debt issuance costs relating to the credit facility | $ 6,400 | ||||||||||||
Predecessor [Member] | Bank Borrowings [Member] | |||||||||||||
Bank Borrowings | |||||||||||||
Long-Term Debt, excluding current maturities | $ 324,900 | ||||||||||||
Successor [Member] | |||||||||||||
Bank Borrowings | |||||||||||||
Long-Term Debt, excluding current maturities | $ 198,000 | $ 198,000 | |||||||||||
Total Debt | 198,000 | 198,000 | |||||||||||
Long-term Debt, Current Maturities | 0 | 0 | |||||||||||
Capitalized interest on our unproved properties | 500 | ||||||||||||
Interest expense including commitment fees and amortization of debt issuance costs relating to the credit facility | 15,310 | ||||||||||||
Successor [Member] | New Credit Facility [Member] | Line of Credit [Member] | |||||||||||||
Bank Borrowings | |||||||||||||
Long-Term Debt, excluding current maturities | 198,000 | 198,000 | |||||||||||
Commitment fees included in interest expense, net | 200 | ||||||||||||
Successor [Member] | Senior Notes Due 2017 [Member] | Senior Notes [Member] | |||||||||||||
Bank Borrowings | |||||||||||||
Long-Term Debt, excluding current maturities | 0 | 0 | |||||||||||
Successor [Member] | Senior Notes Due 2020 [Member] | Senior Notes [Member] | |||||||||||||
Bank Borrowings | |||||||||||||
Long-Term Debt, excluding current maturities | 0 | 0 | |||||||||||
Successor [Member] | Senior Notes Due 2022 [Member] | Senior Notes [Member] | |||||||||||||
Bank Borrowings | |||||||||||||
Long-Term Debt, excluding current maturities | 0 | 0 | |||||||||||
Successor [Member] | Bank Borrowings [Member] | |||||||||||||
Bank Borrowings | |||||||||||||
Total Debt | $ 198,000 | $ 198,000 |
Price-Risk Management Price-R58
Price-Risk Management Price-Risk Management (Details) $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Apr. 22, 2016USD ($) | Dec. 31, 2016USD ($)MMBTU$ / Boe$ / MMBTUbbl | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Derivative [Line Items] | ||||
Receivables for Settled Derivatives | $ | $ 400 | |||
Payables for Settled Derivatives | $ | 1,800 | |||
Derivative, Fair Value, Net | $ | (16,400) | |||
Other Current Assets [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | $ | 500 | |||
Other Current Liabilities [Member] | ||||
Derivative [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | $ | 15,800 | |||
Other Noncurrent Assets [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset | $ | 0 | |||
Other Noncurrent Liabilities [Member] | ||||
Derivative [Line Items] | ||||
Derivative Liability, Fair Value, Gross Liability | $ | 1,000 | |||
Predecessor [Member] | ||||
Derivative [Line Items] | ||||
Gain (Loss) on Price Risk Derivatives, Net | $ | $ 200 | $ 1,300 | ||
Cash Received (Paid) On Settlements of Derivative Contracts | $ | $ 0 | $ 2,544 | $ (1,053) | |
Successor [Member] | ||||
Derivative [Line Items] | ||||
Gain (Loss) on Price Risk Derivatives, Net | $ | (19,700) | |||
Cash Received (Paid) On Settlements of Derivative Contracts | $ | $ (1,928) | |||
Swap [Member] | First Quarter 2018 [Member] | Successor [Member] | Energy Related Derivative [Member] | ||||
Derivative [Line Items] | ||||
Future Gas Production Hedged in MMBtu (Energy Item Type) | MMBTU | 4,395,000 | |||
Derivative, Swap Type, Average Fixed Price | 3.47 | |||
Swap [Member] | First Quarter 2017 [Member] | Successor [Member] | Commodity Contract [Member] | ||||
Derivative [Line Items] | ||||
Portion of Future Oil and Gas Production Being Hedged | bbl | 106,245 | |||
Derivative, Swap Type, Average Fixed Price | $ / Boe | 48.04 | |||
Swap [Member] | First Quarter 2017 [Member] | Successor [Member] | Energy Related Derivative [Member] | ||||
Derivative [Line Items] | ||||
Future Gas Production Hedged in MMBtu (Energy Item Type) | MMBTU | 4,500,000 | |||
Derivative, Swap Type, Average Fixed Price | 3.13 | |||
Swap [Member] | Second Quarter 2017 [Member] | Successor [Member] | Commodity Contract [Member] | ||||
Derivative [Line Items] | ||||
Portion of Future Oil and Gas Production Being Hedged | bbl | 97,401 | |||
Derivative, Swap Type, Average Fixed Price | $ / Boe | 48.13 | |||
Swap [Member] | Second Quarter 2017 [Member] | Successor [Member] | Energy Related Derivative [Member] | ||||
Derivative [Line Items] | ||||
Future Gas Production Hedged in MMBtu (Energy Item Type) | MMBTU | 5,420,005 | |||
Derivative, Swap Type, Average Fixed Price | 2.96 | |||
Swap [Member] | Third Quarter 2017 [Member] | Successor [Member] | Commodity Contract [Member] | ||||
Derivative [Line Items] | ||||
Portion of Future Oil and Gas Production Being Hedged | bbl | 90,000 | |||
Derivative, Swap Type, Average Fixed Price | $ / Boe | 48.16 | |||
Swap [Member] | Third Quarter 2017 [Member] | Successor [Member] | Energy Related Derivative [Member] | ||||
Derivative [Line Items] | ||||
Future Gas Production Hedged in MMBtu (Energy Item Type) | MMBTU | 5,104,999 | |||
Derivative, Swap Type, Average Fixed Price | 2.98 | |||
Swap [Member] | Fourth Quarter 2017 [Member] | Successor [Member] | Commodity Contract [Member] | ||||
Derivative [Line Items] | ||||
Portion of Future Oil and Gas Production Being Hedged | bbl | 84,798 | |||
Derivative, Swap Type, Average Fixed Price | $ / Boe | 48.18 | |||
Swap [Member] | Fourth Quarter 2017 [Member] | Successor [Member] | Energy Related Derivative [Member] | ||||
Derivative [Line Items] | ||||
Future Gas Production Hedged in MMBtu (Energy Item Type) | MMBTU | 3,725,001 | |||
Derivative, Swap Type, Average Fixed Price | 2.92 | |||
Collars [Member] | First Quarter 2017 [Member] | Successor [Member] | Energy Related Derivative [Member] | ||||
Derivative [Line Items] | ||||
Future Gas Production Hedged in MMBtu (Energy Item Type) | MMBTU | 550,000 | |||
Derivative, Average Floor Price | 3.300 | |||
Derivative, Average Cap Price | 3.900 | |||
Collars [Member] | Second Quarter 2017 [Member] | Successor [Member] | Energy Related Derivative [Member] | ||||
Derivative [Line Items] | ||||
Future Gas Production Hedged in MMBtu (Energy Item Type) | MMBTU | 2,400,000 | |||
Derivative, Average Floor Price | 3.050 | |||
Derivative, Average Cap Price | 3.545 | |||
Collars [Member] | Third Quarter 2017 [Member] | Successor [Member] | Energy Related Derivative [Member] | ||||
Derivative [Line Items] | ||||
Future Gas Production Hedged in MMBtu (Energy Item Type) | MMBTU | 2,865,000 | |||
Derivative, Average Floor Price | 3.050 | |||
Derivative, Average Cap Price | 3.585 | |||
Collars [Member] | Fourth Quarter 2017 [Member] | Successor [Member] | Energy Related Derivative [Member] | ||||
Derivative [Line Items] | ||||
Future Gas Production Hedged in MMBtu (Energy Item Type) | MMBTU | 3,102,000 | |||
Derivative, Average Floor Price | 3.100 | |||
Derivative, Average Cap Price | 3.715 | |||
Basis Swap [Member] | First Quarter 2018 [Member] | Successor [Member] | Other Contract [Member] | ||||
Derivative [Line Items] | ||||
Future Gas Production Hedged in MMBtu (Energy Item Type) | MMBTU | 1,500,000 | |||
Basis Differential Derivative Swap | (0.08) | |||
Basis Swap [Member] | First Quarter 2017 [Member] | Successor [Member] | Other Contract [Member] | ||||
Derivative [Line Items] | ||||
Future Gas Production Hedged in MMBtu (Energy Item Type) | MMBTU | 5,050,000 | |||
Basis Differential Derivative Swap | (0.08) | |||
Basis Swap [Member] | Second Quarter 2017 [Member] | Successor [Member] | Other Contract [Member] | ||||
Derivative [Line Items] | ||||
Future Gas Production Hedged in MMBtu (Energy Item Type) | MMBTU | 7,820,005 | |||
Basis Differential Derivative Swap | (0.03) | |||
Basis Swap [Member] | Third Quarter 2017 [Member] | Successor [Member] | Other Contract [Member] | ||||
Derivative [Line Items] | ||||
Future Gas Production Hedged in MMBtu (Energy Item Type) | MMBTU | 7,969,999 | |||
Basis Differential Derivative Swap | (0.02) | |||
Basis Swap [Member] | Fourth Quarter 2017 [Member] | Successor [Member] | Other Contract [Member] | ||||
Derivative [Line Items] | ||||
Future Gas Production Hedged in MMBtu (Energy Item Type) | MMBTU | 6,827,001 | |||
Basis Differential Derivative Swap | (0.04) |
Commitments and Contingencies (
Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | Dec. 31, 2016 | Apr. 22, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Obligations (Textual) | |||||
Operating Leases, Future Minimum Payments Due | $ 1.9 | $ 1.9 | |||
Operating lease commitments [Member] | |||||
Obligations (Textual) | |||||
Operating Leases, Future Minimum Payments Due | 8.8 | 8.8 | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 5.5 | 5.5 | |||
Operating Leases, Future Minimum Payments, Due in Two Years | 2 | 2 | |||
Operating Leases, Future Minimum Payments, Due in Three Years | 0.6 | 0.6 | |||
Operating Leases, Future Minimum Payments, Due in Four Years | 0.5 | 0.5 | |||
Operating Leases, Future Minimum Payments, Due in Five Years | 0.2 | 0.2 | |||
Gas transportation and processing obligations [Member] | |||||
Obligations (Textual) | |||||
Operating Leases, Future Minimum Payments Due | 45.4 | 45.4 | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 8.3 | 8.3 | |||
Operating Leases, Future Minimum Payments, Due in Two Years | 13.5 | 13.5 | |||
Operating Leases, Future Minimum Payments, Due in Three Years | 12.8 | 12.8 | |||
Operating Leases, Future Minimum Payments, Due in Four Years | $ 10.8 | 10.8 | |||
Building [Member] | |||||
Obligations (Textual) | |||||
Building Sub-lease term | 4 years | ||||
Successor [Member] | |||||
Obligations (Textual) | |||||
Operating Leases, Rent Expense | $ 5.7 | ||||
Predecessor [Member] | |||||
Obligations (Textual) | |||||
Operating Leases, Rent Expense | $ 4.5 | $ 16.8 | $ 21 |
Share-Based Compensation (Detai
Share-Based Compensation (Details 1) - Employee Stock Option [Member] - $ / shares | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Apr. 22, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Predecessor [Member] | ||||
Stock option activity in shares and weighted average price | ||||
Options outstanding, beginning of period, shares | 1,330,390 | |||
Options canceled/vested upon emergence from bankruptcy | (1,330,390) | |||
Weighted Average Exercise Price, Options canceled/vested upon emergence from bankruptcy | $ 0 | |||
Options outstanding, beginning of period, weighted average price | $ 34.02 | |||
Options granted, shares | 0 | 0 | ||
Options exercised, shares | 0 | 0 | ||
Options outstanding, end of period, shares | 1,330,390 | |||
Options outstanding, end of period, weighted average price | $ 34.02 | |||
Successor [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair Value Assumptions, Weighted Average Expected Dividend | $ 0 | |||
Fair Value Assumptions, Expected Volatility Rate | 69.30% | |||
Fair Value Assumptions, Risk Free Interest Rate | 1.42% | |||
Fair Value Assumptions, Expected Term | 4 years | |||
Stock option activity in shares and weighted average price | ||||
Options outstanding, beginning of period, shares | 0 | |||
Options outstanding, beginning of period, weighted average price | $ 0 | |||
Options granted, shares | 105,811 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 23.25 | |||
Options granted, weighted average price | $ 12.64 | |||
Options canceled, shares | 0 | |||
Options canceled, weighted average price | $ 0 | |||
Options exercised, shares | 0 | |||
Options exercised, weighted average price | $ 0 | |||
Options outstanding, end of period, shares | 0 | 105,811 | ||
Options outstanding, end of period, weighted average price | $ 0 | $ 23.25 | ||
Options exercisable, end of period, shares | 60,847 | |||
Options exercisable, end of period, weighted average price | $ 23.25 |
Share-Based Compensation (Det61
Share-Based Compensation (Details 2) - Successor [Member] - $ 8.00 to $24.99 [Member] | 8 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Number of Outstanding Options | shares | 105,811 |
Options Outstanding, Weighted Average Remaining Contractual Life | 3 years 2 months |
Options Outstanding, Weighted Average Exercise | $ / shares | $ 23.25 |
Options Exercisable, Number of Exercisable Options | shares | 60,874 |
Options Exercisable, Exercisable Options, Weighted Average Exercise Price | $ / shares | $ 23.25 |
Share-Based Compensation (Det62
Share-Based Compensation (Details 3) - $ / shares | Jun. 08, 2016 | Apr. 22, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Restricted Stock Units (RSUs) [Member] | |||||
Restricted stock activity | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | 0 | |||
Predecessor [Member] | Restricted Stock [Member] | |||||
Restricted stock activity | |||||
Restricted shares outstanding, beginning of period, shares | 1,487,076 | ||||
Restricted shares outstanding, beginning of period, weighted average price | $ 8.94 | ||||
Restricted shares granted, fair value, weighted average price | $ 2.64 | $ 11.55 | |||
Restricted shares canceled, shares | (1,487,076) | ||||
Restricted shares canceled, fair value, weighted average price | $ 8.94 | ||||
Restricted shares outstanding, end of period, shares | 1,487,076 | ||||
Restricted shares outstanding, end of period, weighted average price | $ 8.94 | ||||
Predecessor [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Restricted stock activity | |||||
Restricted shares outstanding, beginning of period, shares | 591,400 | ||||
Restricted shares outstanding, beginning of period, weighted average price | $ 9.20 | ||||
Restricted shares granted, fair value, weighted average price | $ 1.98 | $ 11.68 | |||
Restricted shares canceled, shares | (591,400) | ||||
Restricted shares canceled, fair value, weighted average price | $ 9.20 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | ||||
Restricted shares outstanding, end of period, shares | 591,400 | ||||
Restricted shares outstanding, end of period, weighted average price | $ 9.20 | ||||
Successor [Member] | Restricted Stock [Member] | |||||
Restricted stock activity | |||||
Restricted shares outstanding, beginning of period, shares | 0 | ||||
Restricted shares outstanding, beginning of period, weighted average price | $ 0 | ||||
Restricted shares outstanding, end of period, shares | 0 | 0 | |||
Restricted shares outstanding, end of period, weighted average price | $ 0 | $ 0 | |||
Successor [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Restricted stock activity | |||||
Restricted shares outstanding, beginning of period, shares | 0 | ||||
Restricted shares outstanding, beginning of period, weighted average price | $ 0 | ||||
Restricted shares granted, shares | 254,905 | ||||
Restricted shares granted, fair value, weighted average price | $ 23.25 | $ 23.25 | |||
Restricted shares canceled, shares | 0 | ||||
Restricted shares canceled, fair value, weighted average price | $ 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 76,058 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 23.25 | ||||
Restricted shares outstanding, end of period, shares | 0 | 178,847 | |||
Restricted shares outstanding, end of period, weighted average price | $ 0 | $ 23.25 |
Share-Based Compensation (Det63
Share-Based Compensation (Details Textual) - USD ($) | Dec. 31, 2016 | Jun. 08, 2016 | Apr. 22, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Stock-Based Compensation Plan | ||||||
Number of Matured Shares Delivered in Stock Swap Transactions | 0 | |||||
Performance Awards (RSUs) [Member] | ||||||
Restricted Stock Units [Abstract] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | 0 | ||||
Minimum Payout [Member] | Performance Awards (RSUs) [Member] | ||||||
Restricted Stock Awards [Abstract] | ||||||
Vesting period | 1 year | |||||
Maximum Payout [Member] | Performance Awards (RSUs) [Member] | ||||||
Restricted Stock Awards [Abstract] | ||||||
Vesting period | 3 years | |||||
Successor [Member] | ||||||
Stock-Based Compensation Plan | ||||||
Proceeds and Excess Tax Benefit from Share-based Compensation | $ 0 | |||||
Number of shares issued under employee stock purchase plan | 0 | |||||
Shares available for future grant under stock compensation plans | 221,295 | 221,295 | ||||
Share-based compensation expenses | $ 3,618,000 | |||||
Share-based compensation (capitalized) | $ 0 | |||||
Employee Savings Plan [Abstract] | ||||||
Employee Savings Plan, Employer Matching Contribution, Percent | 100.00% | |||||
Employee Savings Plan, Maximum Annual Contribution Per Employee, Percent | 2.00% | |||||
Employee Savings Plan, Employer Discretionary Contribution Amount | $ 300,000 | |||||
Successor [Member] | General and Administrative Expense [Member] | ||||||
Stock-Based Compensation Plan | ||||||
Share-based compensation expenses | $ 3,600,000 | |||||
Successor [Member] | Employee Stock Option [Member] | ||||||
Stock-Based Compensation Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | |||||
Stock Option Awards | ||||||
Look back period used to estimate expected volatility of stock option grants | 4 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | (105,811) | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 23.25 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 1,100,000 | $ 1,100,000 | ||||
Remaining contract life of outstanding stock options. | 3 years 2 months | |||||
Remaining contract life of exercisable stock option | 2 years 4 months | |||||
Intrinsic value of exercised stock option | 600,000 | |||||
Restricted Stock Awards [Abstract] | ||||||
Unrecognized compensation cost related to stock awards | $ 400,000 | 400,000 | ||||
Restricted Stock Units [Abstract] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost | $ 700,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Accelerated Vesting, Number | 60,847 | |||||
Successor [Member] | Restricted Stock Awards [Member] | ||||||
Stock-Based Compensation Plan | ||||||
Reduction in shares available for future grant by restricted stock | 1 | |||||
Successor [Member] | Performance Awards (RSUs) [Member] | ||||||
Restricted Stock Awards [Abstract] | ||||||
Number of shares issued to employees, consultants and directors | 254,905 | |||||
Fair value of non-option shares granted | $ 23.25 | $ 23.25 | ||||
Unrecognized compensation cost related to stock awards | $ 3,200,000 | $ 3,200,000 | ||||
Weighted average recognition period of cost related to stock awards | 2 years 4 months | |||||
Restricted Stock Units [Abstract] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 254,905 | |||||
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost | $ 1,600,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Accelerated Vesting, Number | 76,058 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 76,058 | |||||
Successor [Member] | Minimum Payout [Member] | Employee Stock Option [Member] | ||||||
Restricted Stock Awards [Abstract] | ||||||
Vesting period | 1 year | |||||
Successor [Member] | Minimum Payout [Member] | Performance Awards (RSUs) [Member] | ||||||
Restricted Stock Awards [Abstract] | ||||||
Vesting period | 1 year | |||||
Successor [Member] | Maximum Payout [Member] | Employee Stock Option [Member] | ||||||
Restricted Stock Awards [Abstract] | ||||||
Vesting period | 3 years | |||||
Successor [Member] | Maximum Payout [Member] | Performance Awards (RSUs) [Member] | ||||||
Restricted Stock Awards [Abstract] | ||||||
Vesting period | 3 years | |||||
Predecessor [Member] | ||||||
Stock-Based Compensation Plan | ||||||
Proceeds and Excess Tax Benefit from Share-based Compensation | $ 0 | |||||
Number of shares issued under employee stock purchase plan | 0 | 87,629 | 71,825 | |||
Purchase price of shares issued under employee stock purchase plan | $ 3.44 | $ 11.47 | ||||
Share-based compensation expenses | $ 886,000 | $ 4,435,000 | $ 7,309,000 | |||
Share-based compensation (capitalized) | 200,000 | 1,400,000 | 3,500,000 | |||
Employee Savings Plan [Abstract] | ||||||
Employee Savings Plan, Employer Discretionary Contribution Amount | 700,000 | 1,900,000 | ||||
Defined Contribution Plan, Cost Recognized | $ 900,000 | |||||
Employee Savings Plan, Stock Issued During Period, Shares | 352,476 | |||||
Predecessor [Member] | General and Administrative Expense [Member] | ||||||
Stock-Based Compensation Plan | ||||||
Share-based compensation expenses | 900,000 | 4,100,000 | $ 6,700,000 | |||
Predecessor [Member] | Operating Lease Expense [Member] | ||||||
Stock-Based Compensation Plan | ||||||
Share-based compensation expenses | $ 0 | $ 0 | $ 200,000 | $ 200,000 | ||
Predecessor [Member] | Employee Stock Option [Member] | ||||||
Stock-Based Compensation Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 0 | ||||
Stock Option Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 0 | 0 | ||||
Intrinsic value of exercised stock option | $ 0 | |||||
Predecessor [Member] | Restricted Stock Awards [Member] | ||||||
Restricted Stock Awards [Abstract] | ||||||
Number of shares issued to employees, consultants and directors | 609,238 | 747,400 | ||||
Fair value of non-option shares granted | $ 2.64 | $ 11.55 | ||||
Grant date fair value of shares vested | $ 6,100,000 | $ 11,800,000 | ||||
Predecessor [Member] | Performance Awards (RSUs) [Member] | ||||||
Restricted Stock Awards [Abstract] | ||||||
Number of shares issued to employees, consultants and directors | 216,450 | 185,250 | ||||
Fair value of non-option shares granted | $ 1.98 | $ 11.68 | ||||
Restricted Stock Units [Abstract] | ||||||
Performance Period for RSUs | 3 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | |||||
Predecessor [Member] | Cash-settled Restricted Stock Unit (RSUs) [Member] | ||||||
Restricted Stock Units [Abstract] | ||||||
Performance Period for RSUs | 1 year | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 147,812 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transactions [Abstract] | ||
Cost of service provided | $ 0.5 | $ 0.6 |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Details) - USD ($) $ in Millions | Dec. 16, 2016 | Dec. 08, 2016 | Dec. 01, 2016 | Aug. 31, 2016 | Apr. 25, 2016 | Apr. 15, 2016 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from Sale of Oil and Gas Property and Equipment | $ 46.9 | |||||
South Bearhead Creek and Burr Ferry Sale [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Participation Interest Sold in Oil and Gas Properties | 25.00% | 75.00% | ||||
Proceeds from Sale of Oil and Gas Property and Equipment | $ 7.1 | $ 46.9 | ||||
Buyer's Assumption of ARO | $ 2.4 | $ 6.5 | ||||
Masters Creek Sale [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from Sale of Oil and Gas Property and Equipment | $ 0.1 | |||||
Buyer's Assumption of ARO | $ 8.1 | |||||
Sun TSH Sale [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from Sale of Oil and Gas Property and Equipment | $ 0.9 | |||||
Buyer's Assumption of ARO | $ 1.8 | |||||
Lake Washington Sale [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from Sale of Oil and Gas Property and Equipment | $ 37 | |||||
Buyer's Assumption of ARO | $ 30.5 | |||||
Royalty Package Sale [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from Sale of Oil and Gas Property and Equipment | $ 0.5 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Predecessor [Member] | Senior Notes [Member] | Senior Notes Due 2017 [Member] | ||
Fair value of senior notes | ||
Fair value of senior notes | $ 23 | |
Carrying value of senior notes | 250 | |
Predecessor [Member] | Senior Notes [Member] | Senior Notes Due 2020 [Member] | ||
Fair value of senior notes | ||
Fair value of senior notes | 21.4 | |
Carrying value of senior notes | 225 | |
Predecessor [Member] | Senior Notes [Member] | Senior Notes Due 2022 [Member] | ||
Fair value of senior notes | ||
Fair value of senior notes | 34.5 | |
Carrying value of senior notes | $ 400 | |
Other Contract [Member] | Fair Value, Measurements, Recurring [Member] | Successor [Member] | ||
Debt Instrument [Line Items] | ||
Derivative Asset | $ 0.4 | |
Fair Value, Inputs, Level 1 [Member] | Other Contract [Member] | Fair Value, Measurements, Recurring [Member] | Successor [Member] | ||
Debt Instrument [Line Items] | ||
Derivative Asset | 0 | |
Fair Value, Inputs, Level 2 [Member] | Other Contract [Member] | Fair Value, Measurements, Recurring [Member] | Successor [Member] | ||
Debt Instrument [Line Items] | ||
Derivative Asset | 0.4 | |
Fair Value, Inputs, Level 3 [Member] | Other Contract [Member] | Fair Value, Measurements, Recurring [Member] | Successor [Member] | ||
Debt Instrument [Line Items] | ||
Derivative Asset | $ 0 |
Fair Value Measurements (Deta67
Fair Value Measurements (Details 2) - Successor [Member] - Fair Value, Measurements, Recurring [Member] $ in Millions | Dec. 31, 2016USD ($) |
Natural Gas Derivative Contract [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value of Derivative Liability | $ 13.7 |
Natural Gas Derivative Contract [Member] | Fair Value, Inputs, Level 1 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value of Derivative Liability | 0 |
Natural Gas Derivative Contract [Member] | Fair Value, Inputs, Level 2 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value of Derivative Liability | 13.7 |
Natural Gas Derivative Contract [Member] | Fair Value, Inputs, Level 3 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value of Derivative Liability | 0 |
Natural Gas Basis Derivative Contract [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value of Derivative Asset | 0.4 |
Fair Value of Derivative Liability | 0.1 |
Natural Gas Basis Derivative Contract [Member] | Fair Value, Inputs, Level 1 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value of Derivative Asset | 0 |
Fair Value of Derivative Liability | 0 |
Natural Gas Basis Derivative Contract [Member] | Fair Value, Inputs, Level 2 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value of Derivative Asset | 0.4 |
Fair Value of Derivative Liability | 0.1 |
Natural Gas Basis Derivative Contract [Member] | Fair Value, Inputs, Level 3 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value of Derivative Asset | 0 |
Fair Value of Derivative Liability | 0 |
Commodity Contract [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value of Derivative Liability | 3 |
Commodity Contract [Member] | Fair Value, Inputs, Level 1 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value of Derivative Liability | 0 |
Commodity Contract [Member] | Fair Value, Inputs, Level 2 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value of Derivative Liability | 3 |
Commodity Contract [Member] | Fair Value, Inputs, Level 3 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value of Derivative Liability | $ 0 |
Asset Retirement Obligations 68
Asset Retirement Obligations Asset Retirement Obligations (Details) - USD ($) $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Apr. 22, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Predecessor [Member] | ||||
Asset Retirement Obligation | $ 59,024 | $ 63,555 | $ 72,831 | |
Accretion expense | 1,610 | 5,572 | $ 5,712 | |
Liabilities incurred for new wells and facilities construction | 1 | 151 | ||
Reductions due to sold and abandoned wells | (6,545) | (4,576) | ||
Asset Retirement Obligation, Liabilities Plugged | (85) | |||
Revisions in estimates | 488 | (10,423) | ||
Fresh Start Adjustment for ARO | 5,216 | |||
Asset retirement obligation - current portion | $ 7,165 | |||
Successor [Member] | ||||
Asset Retirement Obligation | $ 64,240 | $ 32,256 | ||
Accretion expense | 2,878 | |||
Liabilities incurred for new wells and facilities construction | 34 | |||
Reductions due to sold and abandoned wells | (42,857) | |||
Asset Retirement Obligation, Liabilities Plugged | (916) | |||
Revisions in estimates | 8,877 | |||
Asset retirement obligation - current portion | $ 9,965 |