Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Aug. 15, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | PNRG | |
Entity Registrant Name | PRIMEENERGY CORP | |
Entity Central Index Key | 56,868 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 2,061,963 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Current Assets | ||
Cash and cash equivalents | $ 5,441 | $ 8,438 |
Accounts receivable, net | 13,787 | 16,961 |
Other current assets | 611 | 1,232 |
Total Current Assets | 19,839 | 26,631 |
Property and Equipment, at cost | ||
Oil and gas properties (successful efforts method), net | 215,921 | 213,001 |
Field and office equipment, net | 6,879 | 6,974 |
Total Property and Equipment, Net | 222,800 | 219,975 |
Other Assets | 160 | 159 |
Total Assets | 242,799 | 246,765 |
Current Liabilities | ||
Accounts payable | 12,573 | 24,615 |
Accrued liabilities | 9,174 | 16,294 |
Current portion of long-term debt | 1,289 | 2,378 |
Current portion of asset retirement | 2,665 | 2,309 |
Derivative liability short-term | 5,716 | 1,509 |
Due to Related Parties | 71 | 65 |
Total Current Liabilities | 31,488 | 47,170 |
Long-Term Bank Debt | 59,693 | 48,459 |
Asset Retirement Obligations | 20,359 | 21,269 |
Derivative Liability Long-Term | 3,367 | 1,913 |
Deferred Income Taxes | 25,900 | 24,962 |
Other Long-Term Obligations | 555 | 553 |
Total Liabilities | 141,362 | 144,326 |
Commitments and Contingencies | ||
Equity | ||
Common stock, $.10 par value; 2018 and 2017: Authorized: 4,000,000 shares, issued: 3,836,397 shares; outstanding 2018: 2,096,531 shares; 2017: 2,169,370 shares | 383 | 383 |
Paid-in capital | 8,772 | 8,729 |
Retained earnings | 141,046 | 138,320 |
Treasury stock, at cost; 2018: 1,739,866 shares; 2017: 1,667,027 shares | (55,819) | (52,123) |
Total Stockholders' Equity - PrimeEnergy | 94,382 | 95,309 |
Non-controllinginterest | 7,055 | 7,130 |
Total Equity | 101,437 | 102,439 |
Total Liabilities and Equity | $ 242,799 | $ 246,765 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - $ / shares | Jun. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 4,000,000 | 4,000,000 |
Common stock, shares issued | 3,836,397 | 3,836,397 |
Common stock, shares outstanding | 2,096,531 | 2,169,370 |
Treasury stock, shares | 1,739,866 | 1,667,027 |
Consolidated Statement of Opera
Consolidated Statement of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues | ||||
Realized (loss) gain on derivative instruments, net | $ (1,081) | $ 22 | $ (1,576) | $ (205) |
Unrealized (loss) gain on derivative instruments, net | (4,136) | 1,550 | (5,957) | 4,354 |
Other income | 22 | 4 | 22 | 122 |
Total Revenues | 22,387 | 21,532 | 50,854 | 42,007 |
Costs and Expenses | ||||
Lease operating expense | 8,757 | 7,157 | 17,336 | 14,296 |
Field service expense | 3,219 | 3,044 | 6,429 | 6,026 |
Depreciation, depletion, amortization and accretion on discounted liabilities | 7,909 | 8,071 | 15,832 | 16,009 |
General and administrative expense | 2,571 | 2,620 | 8,547 | 4,355 |
Total Costs and Expenses | 22,456 | 20,892 | 48,144 | 40,686 |
Gain on Sale and Exchange of Assets | 185 | 117 | 2,657 | 41,719 |
Income from Operations | 116 | 757 | 5,369 | 43,040 |
Other Income (Expense) | ||||
Interest income | 12 | 23 | ||
Interest expense | (917) | (460) | (1,779) | (1,065) |
Income (Loss) Before Income Taxes | (789) | 297 | 3,611 | 41,975 |
Income Taxes (Benefit) Expense | (192) | 124 | 907 | 13,791 |
Net (Loss) Income | (597) | 173 | 2,704 | 28,184 |
Less: Net (Loss) Income Attributable to Non-Controlling Interests | (37) | (188) | (22) | 5,525 |
Net (Loss) Income Attributable to PrimeEnergy | $ (560) | $ 361 | $ 2,726 | $ 22,659 |
Basic (Loss) Income Per Common Share | $ (0.27) | $ 0.16 | $ 1.29 | $ 10.11 |
Diluted (Loss) Income Per Common Share | $ (0.27) | $ 0.12 | $ 0.95 | $ 7.57 |
Oil and Gas [Member] | ||||
Revenues | ||||
Oil, gas and service income | $ 16,622 | $ 10,237 | $ 36,723 | $ 18,911 |
Natural Gas [Member] | ||||
Revenues | ||||
Oil, gas and service income | 1,989 | 2,505 | 4,352 | 5,163 |
Natural Gas Liquids [Member] | ||||
Revenues | ||||
Oil, gas and service income | 3,098 | 1,261 | 5,698 | 2,367 |
Oil and Gas Service [Member] | ||||
Revenues | ||||
Oil, gas and service income | 4,447 | 4,306 | 8,662 | 8,067 |
Administrative Service [Member] | ||||
Revenues | ||||
Oil, gas and service income | $ 1,426 | $ 1,647 | $ 2,930 | $ 3,228 |
Consolidated Statement of Equit
Consolidated Statement of Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total Stockholders' Equity - PrimeEnergy [Member] | Non-Controlling Interest [Member] |
Balance at Dec. 31, 2016 | $ 65,880 | $ 383 | $ 8,313 | $ 96,322 | $ (46,473) | $ 58,545 | $ 7,335 |
Balance, shares at Dec. 31, 2016 | 3,836,397 | ||||||
Repurchase of common stock | (4,605) | (4,605) | (4,605) | ||||
Net income | 28,184 | 22,659 | 22,659 | 5,525 | |||
Purchase of Non-controlling Interest | (61) | 126 | 126 | (187) | |||
Balance at Jun. 30, 2017 | 89,398 | $ 383 | 8,439 | 118,981 | (51,078) | 76,725 | 12,673 |
Balance, shares at Jun. 30, 2017 | 3,836,397 | ||||||
Balance at Dec. 31, 2017 | $ 102,439 | $ 383 | 8,729 | 138,320 | (52,123) | 95,309 | 7,130 |
Balance, shares at Dec. 31, 2017 | 3,836,397 | 3,836,397 | |||||
Repurchase of common stock | $ (3,696) | (3,696) | (3,696) | ||||
Net income | 2,704 | 2,726 | 2,726 | (22) | |||
Purchase of Non-controlling Interest | (10) | 43 | 43 | (53) | |||
Balance at Jun. 30, 2018 | $ 101,437 | $ 383 | $ 8,772 | $ 141,046 | $ (55,819) | $ 94,382 | $ 7,055 |
Balance, shares at Jun. 30, 2018 | 3,836,397 | 3,836,397 |
Consolidated Statement of Equi6
Consolidated Statement of Equity (Parenthetical) - shares | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Repurchase of common stock, shares | 72,839 | 92,824 |
Treasury Stock [Member] | ||
Repurchase of common stock, shares | 72,839 | 92,824 |
Total Stockholders' Equity - PrimeEnergy [Member] | ||
Repurchase of common stock, shares | 72,839 | 92,824 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash Flows from Operating Activities: | ||
Net Income including non-controlling interest | $ 2,704 | $ 28,184 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, depletion, amortization and accretion on discounted liabilities | 15,832 | 16,009 |
Gain on sale of properties | (2,657) | (41,719) |
Unrealized loss (gain) on derivative instruments, net | 5,957 | (4,354) |
Provision for deferred income taxes | 938 | 7,305 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 3,174 | (2,252) |
Due to related parties | 6 | 352 |
Other assets | 620 | (1,105) |
Accounts payable | (12,042) | (2,647) |
Accrued liabilities | (7,121) | 14,760 |
Net Cash Provided by Operating Activities | 7,434 | 14,533 |
Cash Flows from Investing Activities: | ||
Capital expenditures | (18,788) | (30,463) |
Proceeds from sale of properties and equipment | 2,112 | 46,572 |
Net Cash (Used in) Provided by Investing Activities | (16,597) | 16,109 |
Cash Flows from Financing Activities: | ||
Purchase of stock for treasury | (3,696) | (4,605) |
Purchase of non-controlling interests | (10) | (60) |
Proceeds from long-term bank debt and other long-term obligations | 35,300 | 42,000 |
Repayment of long-term bank debt and other long-term obligations | (25,428) | (66,823) |
Net Cash Provided by (Used in) Financing Activities | 6,166 | (29,488) |
Net (Decrease) increase in Cash and Cash Equivalents | (2,997) | 1,154 |
Cash and Cash Equivalents at the Beginning of the Period | 8,438 | 6,588 |
Cash and Cash Equivalents at the End of the Period | 5,441 | 7,222 |
Supplemental Disclosures: | ||
Income taxes paid | 4,341 | 2,587 |
Interest paid | $ 1,950 | $ 1,356 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | (1) Basis of Presentation: The accompanying condensed consolidated financial statements of PrimeEnergy Corporation (“PrimeEnergy” or the “Company”) have not been audited by independent public accountants. Pursuant to applicable Securities and Exchange Commission (“SEC”) rules and regulations, the accompanying interim financial statements do not include all disclosures presented in annual financial statements and the reader should refer to the Company’s Form 10-K As of June 30, 2018, PrimeEnergy’s significant accounting policies are consistent with those discussed in Note 1—Description of Operations and Significant Accounting Policies of its consolidated financial statements contained in PrimeEnergy’s Annual Report on Form 10-K 2014-09, Recently Adopted Accounting Pronouncements On January 1, 2018, PrimeEnergy adopted ASU 2014-09, The Company applies the provisions of ASC 606 for revenue recognition to contracts with customers. Sales of crude oil, natural gas, and natural gas liquids (NGLs) are included in revenue when production is sold to a customer in fulfillment of performance obligations under the terms of agreed contracts. Performance obligations primarily comprise delivery of oil, gas, or NGLs at a delivery point, as negotiated within each contract. Each barrel of oil, million Btu (MMBtu) of natural gas, or other unit of measure is separately identifiable and represents a distinct performance obligation to which the transaction price is allocated. Performance obligations are satisfied at a point in time once control of the product has been transferred to the customer. The Company considers a variety of facts and circumstances in assessing the point of control transfer, including but not limited to: whether the purchaser can direct the use of the hydrocarbons, the transfer of significant risks and rewards, the Company’s right to payment, and transfer of legal title. In each case, the term between delivery and when payments are due is not significant. PrimeEnergy records trade accounts receivable for its unconditional rights to consideration arising under sales contracts with customers. The carrying value of such receivables, net of the allowance for doubtful accounts, represents estimated net realizable value. The Company routinely assesses the collectability of all material trade and other receivables. The Company accrues a reserve on a receivable when, based on the judgment of management, it is probable that a receivable will not be collected and the amount of any reserve may be reasonably estimated. PrimeEnergy has concluded that the disaggregation of revenue by product appropriately depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Practical Expedients and Exemptions PrimeEnergy does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less or contracts for which variable consideration is allocated entirely to a wholly unsatisfied performance obligation. PrimeEnergy will utilize the practical expedient to expense incremental costs of obtaining a contract if the expected amortization period is one year or less. Costs to obtain a contract with expected amortization periods of greater than one year will be recorded as an asset and will be recognized in accordance with ASC 340, “Other Assets and Deferred Costs.” Currently, the Company does not have contract assets related to incremental costs to obtain a contract. New Pronouncements Issued But Not Yet Adopted In February 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-02, |
Acquisitions and Dispositions
Acquisitions and Dispositions | 6 Months Ended |
Jun. 30, 2018 | |
Business Combinations [Abstract] | |
Acquisitions and Dispositions | (2) Acquisitions and Dispositions: Historically the Company has repurchased the interests of the partners and trust unit holders in the oil and gas limited partnerships (the “Partnerships”) and the asset and business income trusts (the “Trusts”) managed by the Company as general partner and as managing trustee, respectively. The Company purchased such interests in amounts totaling $10,000 and $60,000 for the six months ended June 30, 2018 and 2017, respectively. During the six months ended June 30, 2018, the Company sold or farmed out interests in certain non-core |
Additional Balance Sheet Inform
Additional Balance Sheet Information | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Additional Balance Sheet Information | 3) Additional Balance Sheet Information: Certain balance sheet amounts are comprised of the following: (Thousands of dollars) June 30, 2018 December 31, Accounts Receivable Joint interest billing $ 2,949 $ 3,173 Trade receivables 1,957 941 Oil and gas sales 8,618 12,941 Other 361 4 13,885 17,059 Less: Allowance for doubtful accounts (98 ) (98 ) Total $ 13,787 $ 16,961 Accounts Payable Trade $ 3,014 $ 14,317 Royalty and other owners 6,441 7,073 Partner advances 1,161 1,268 Prepaid drilling deposits 103 67 Other 1,854 1,890 Total $ 12,573 $ 24,615 Accrued Liabilities Compensation and related expenses $ 2,165 $ 2,449 Property costs 6,605 9,141 Income Tax — 4,180 Other 404 524 Total $ 9,174 $ 16,294 |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | (4) Property and Equipment: Property and equipment at June 30, 2018 and December 31, 2017 consisted of the following: (Thousands of dollars) June 30, 2018 December 31, Proved oil and gas properties, at cost $ 490,522 $ 476,570 Less: Accumulated depletion and depreciation (274,601 ) (263,569 ) Oil and Gas Properties, Net $ 215,921 $ 213,001 Field and office equipment $ 26,690 $ 26,241 Less: Accumulated depreciation (19,811 ) (19,267 ) Field and Office Equipment, Net $ 6,879 $ 6,974 Total Property and Equipment, Net $ 222,800 $ 219,975 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | (5) Long-Term Debt: Bank Debt: On February 15, 2017, the Company and its lenders entered into a Third Amended and Restated Credit Agreement (the “2017 Credit Agreement”) with a maturity date of February 15, 2021. The Second Amended and Restated Credit Agreement and subsequent amendments were amended and restated by the 2017 Credit Agreement. Pursuant to the terms and conditions of the 2017 Credit Agreement, the Company has a revolving line of credit and letter of credit facility of up to $300 million subject to a borrowing base that is determined semi-annually by the lenders based upon the Company’s financial statements and the estimated value of the Company’s oil and gas properties, in accordance with the Lenders’ customary practices for oil and gas loans. The credit facility is secured by substantially all of the Company’s oil and gas properties. The 2017 Credit Agreement includes terms and covenants that require the Company to maintain a minimum current ratio, total indebtedness to EBITDAX (earnings before depreciation, depletion, amortization, taxes, interest expense and exploration costs) ratio and interest coverage ratio, as defined, and restrictions are placed on the payment of dividends, the amount of treasury stock the Company may purchase, commodity hedge agreements, and loans and investments in its consolidated subsidiaries and limited partnerships. On December 22, 2017, the Company and its lenders entered into a First Amendment to the Third Amended and Restated Credit Agreement. The credit agreement includes the addition of a new lender and retains all other aspects of the original credit agreement. As of the effective date of this amendment the Company’s borrowing base was increased to $85 million. On July 17, 2018, the Company and its lenders entered into a Second Amendment to the Third Amended and Restated Credit Agreement. The credit agreement includes modifications for the borrowing base utilization margins and rates by type of borrowing, revises minimum quantifications for individual borrowings, reduces the overall percentage required for commodity hedge agreements, modifies the requirements placed on the company’s ability to purchase equity interests and retains all other aspects of the original credit agreement. As of the effective date of this amendment the Company’s borrowing base was increased to $90 million. At June 30, 2018, the Company had a total of $59.5 million of borrowings outstanding under its revolving credit facility at a weighted-average interest rate of 5.59% and $25.5 million available for future borrowings. The combined weighted average interest rate paid on outstanding bank borrowings subject to base rate and LIBO interest was 5.38% for the six months ended June 30, 2018 as compared to 5.20% for six months ended June 30, 2017. The Company’s borrowings under this credit facility approximates fair value because the interest rates are variable and reflective of market rates. Equipment Loans: On July 31, 2013, the Company entered into a $10.0 million Loan and Security Agreement with JP Morgan Chase Bank (“Equipment Loan”). The Equipment Loan is secured by a portion of the Company’s field service equipment, carries an interest rate of 3.95% per annum, requires monthly payments (principal and interest) of $184,000, and has a final maturity date of July 31, 2018. As of June 30, 2018 the Company had a total of $179 thousand outstanding on this Equipment Loan. On July 29, 2014, the Company entered into additional equipment financing facilities (“Additional Equipment Loans”) totaling $6.0 million with JP Morgan Chase Bank. In August 2014, the Company drew down $4.8 million of this facility that is secured by field service equipment, carries an interest rate of 3.40% per annum, requires monthly payments (principal and interest) of $87,800, and has a final maturity date of July 31, 2019. The remaining $1.2 million under the Additional Equipment Loans was available for interim draws to finance the acquisition of any future field service equipment. In December 2014, the Company made an interim draw of an additional $0.5 million on this facility. Interim draws on this facility carried a floating interest rate; payable monthly at the LIBO published rate plus 2.50% and on June 26, 2015 converted into a fixed term loan, with a rate of 3.50% and requiring monthly payments (principal and interest) of $8,700 with a final maturity date of June 26, 2020. As of June 30, 2018, the Company had a total of $1.302 million outstanding on the Additional Equipment Loans. On January 12, 2018, the Company made a principal payment towards the third interim loan in the amount of $20,858. Effective with the payment due of January 26, 2018 the required monthly payments (principal and interest) on this loan changed to $7,986 with a continuing effective rate of 3.50% and a final maturity of June 26, 2020. The Company determined these loans are Level 3 liabilities in the fair-value hierarchy and estimated their fair value as $1.346 million and $4.751 million at June 30, 2018 and 2017, respectively, using a discounted cash flow model. |
Other Long-Term Obligations and
Other Long-Term Obligations and Commitments | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Other Long-Term Obligations and Commitments | (6) Other Long-Term Obligations and Commitments: Operating Leases: The Company has several non-cancelable (Thousands of dollars) Operating 2018 $ 267 2019 236 2020 69 2021 17 Total minimum payments $ 589 Rent expense for office space for the six months ended June 30, 2018 and 2017 was $296,000 and $340,000, respectively. Asset Retirement Obligation: A reconciliation of the liability for plugging and abandonment costs for the six months ended June 30, 2018 is as follows: (Thousands of dollars) Asset retirement obligation – December 31, 2017 $ 23,578 Liabilities incurred — Liabilities settled (1,114 ) Accretion expense 560 Asset retirement obligation – June 30, 2018 $ 23,024 The Company’s liability is determined using significant assumptions, including current estimates of plugging and abandonment costs, annual inflation of these costs, the productive life of wells and a risk-adjusted interest rate. Changes in any of these assumptions can result in significant revisions to the estimated asset retirement obligation. Revisions to the asset retirement obligation are recorded with an offsetting change to producing properties, resulting in prospective changes to depreciation, depletion and amortization expense and accretion of discount. Because of the subjectivity of assumptions and the relatively long life of most of the Company’s wells, the costs to ultimately retire the wells may vary significantly from previous estimates. |
Contingent Liabilities
Contingent Liabilities | 6 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities | (7) Contingent Liabilities: The Company, as managing general partner of the affiliated Partnerships, is responsible for all Partnership activities, including the drilling of development wells and the production and sale of oil and gas from productive wells. The Company also provides the administration, accounting and tax preparation work for the Partnerships, and is liable for all debts and liabilities of the affiliated Partnerships, to the extent that the assets of a given limited Partnership are not sufficient to satisfy its obligations. The Company is subject to environmental laws and regulations. Management believes that future expenses, before recoveries from third parties, if any, will not have a material effect on the Company’s financial condition. This opinion is based on expenses incurred to date for remediation and compliance with laws and regulations, which have not been material to the Company’s results of operations. From time to time, the Company is party to certain legal actions arising in the ordinary course of business. While the outcome of these events cannot be predicted with certainty, management does not expect these matters to have a materially adverse effect on the financial position or results of operations of the Company. |
Stock Options and Other Compens
Stock Options and Other Compensation | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Options and Other Compensation | (8) Stock Options and Other Compensation: In May 1989, non-statutory |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | (9) Related Party Transactions: The Company, as managing general partner or managing trustee, makes an annual offer to repurchase the interests of the partners and trust unit holders in certain of the Partnerships and Trusts. The Company purchased interests totaling $10,000 and $60,000 for the six months ended June 30, 2018 and 2017, respectively. Payables owed to related parties primarily represent receipts collected by the Company as agent for the joint venture partners, which may include members of the Company’s Board of Directors, for oil and gas sales net of expenses. |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | (10) Financial Instruments Fair Value Measurements: Authoritative guidance on fair value measurements defines fair value, establishes a framework for measuring fair value and stipulates the related disclosure requirements. The Company follows a three-level hierarchy, prioritizing and defining the types of inputs used to measure fair value. The fair values of the natural gas, crude oil price swaps and natural gas liquid swaps are designated as Level 3. The following fair value hierarchy table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis at June 30, 2018 and December 31, 2017: June 30, 2018 Quoted Prices in Significant Significant Balance at (Thousands of dollars) Assets Commodity derivative contracts $ — $ — $ 92 $ 92 Total assets — $ — $ 92 $ 92 Liabilities Commodity derivative contracts $ — $ — $ (9,083 ) $ (9,083 ) Total liabilities $ — $ — $ (9,083 ) $ (9,083 ) December 31, 2017 Quoted Prices in Significant Significant Balance at (Thousands of dollars) Assets Commodity derivative contracts $ — $ — $ 388 $ 388 Total assets $ — $ — $ 388 $ 388 Liabilities Commodity derivative contract $ — $ — $ (3,422 ) $ (3,422 ) Total liabilities $ — $ — $ (3,422 ) $ (3,422 ) The derivative contracts were measured based on quotes from the Company’s counterparties. Such quotes have been derived using valuation models that consider various inputs including current market and contractual prices for the underlying instruments, quoted forward prices for natural gas , crude oil, natural gas liquids, volatility factors and interest rates, such as a LIBOR curve for a similar length of time as the derivative contract term as applicable. These estimates are verified using comparable NYMEX futures contracts or are compared to multiple quotes obtained from counterparties for reasonableness. The significant unobservable inputs for Level 3 derivative contracts include basis differentials and volatility factors. An increase (decrease) in these unobservable inputs would result in an increase (decrease) in fair value, respectively. The Company does not have access to the specific assumptions used in its counterparties’ valuation models. Consequently, additional disclosures regarding significant Level 3 unobservable inputs were not provided. The following table sets forth a reconciliation of changes in the fair value of financial assets and liabilities classified as Level 3 in the fair value hierarchy for the six months ended June 30, 2018. (Thousands of dollars) Net Liabilities – December 31, 2017 $ (3,034 ) Total realized and unrealized gains (losses): Included in earnings (a) (7,533 ) Purchases, sales, issuances and settlements 1,576 Net Liabilities – June 30, 2018 $ (8,991 ) a) Derivative instruments are reported in revenues as realized gain (loss) and on a separately reported line item captioned unrealized gain (loss) on derivative instruments. Derivative Instruments: The Company is exposed to commodity price and interest rate risk, and management considers periodically the Company’s exposure to cash flow variability resulting from the commodity price changes and interest rate fluctuations. Futures, swaps and options are used to manage the Company’s exposure to commodity price risk inherent in the Company’s oil and gas production operations. The Company does not apply hedge accounting to any of its commodity based derivatives. Both realized and unrealized gains and losses associated with commodity derivative instruments are recognized in earnings. The following table sets forth the effect of derivative instruments on the consolidated balance sheets at June 30, 2018 and December 31, 2017: Fair Value (Thousands of dollars) Balance Sheet Location June 30, December 31, Asset Derivatives: Derivatives not designated as cash-flow hedging instruments: Natural gas commodity contracts Other Current Assets $ 61 $ — Natural gas liquid contracts Other Current Assets 7 — Crude oil commodity contracts Other Current Assets — 344 Natural gas commodity contracts Other Assets 18 44 Natural gas liquid contracts Other Assets 6 — Total $ 92 $ 388 Liability Derivatives: Derivatives not designated as cash-flow hedging instruments: Crude oil commodity contracts Derivative liability short-term (5,503 ) (1,504 ) Natural gas commodity contracts Derivative liability short-term (24 ) (4 ) Natural gas liquid contracts Derivative liability short-term (189 ) — Crude oil commodity contracts Derivative liability long-term (3,343 ) (1,910 ) Natural gas commodity contracts Derivative liability long-term (3 ) (4 ) Natural gas liquid contracts Derivative liability long-term (21 ) — Total $ (9,083 ) $ (3,422 ) Total derivative instruments $ (8,991 ) $ (3,034 ) The following table sets forth the effect of derivative instruments on the consolidated statements of operations for the six month period ended June 30, 2018 and 2017: Location of gain (loss) recognized in income Amount of gain (loss) (Thousands of dollars) 2018 2017 Derivatives not designated as cash-flow hedge instruments: Natural gas commodity contracts Unrealized (loss) gain on derivative instruments, net $ (328 ) $ 1,852 Crude oil commodity contracts Unrealized (loss) gain on derivative instruments, net $ (5,432 ) 2,502 Natural gas liquids contracts Unrealized gain on derivative instruments, net (197 ) — Natural gas commodity contracts Realized (loss) on derivative instruments, net 85 (205 ) Crude oil commodity contracts Realized (loss) on derivative instruments, net (1,634 ) (— ) Natural gas liquids contracts Realized gain on derivative instruments, net (27 ) — $ (7,533 ) $ 4,149 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | (11) Earnings Per Share: Basic earnings per share are computed by dividing earnings available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflect per share amounts that would have resulted if dilutive potential common stock had been converted to common stock in gain periods. The following reconciles amounts reported in the financial statements: Six Months Ended June 30, 2018 2017 Net Income Weighted Per Share Net Income Weighted Per Share Basic $ 2,726 2,119,343 $ 1.29 $ 22,659 2,241,310 $ 10.11 Effect of dilutive securities: Options 753,404 751,019 Diluted $ 2,726 2,873,347 $ 0.95 $ 22,659 2,992,329 $ 7.57 Three Months Ended June 30, 2018 2017 Net Income Weighted Per Share Net Income Weighted Per Share Basic $ (560 ) 2,097,737 $ (0.27 ) $ 361 2,199,750 $ 0.16 Effect of dilutive securities: Options (a) 749,491 Diluted $ (560 ) 2,097,737 $ (0.27 ) $ 361 2,949,261 $ 0.12 (a) The effect of the 767,500 outstanding stock option is anti-dilutive for the three months ended June 30, 2018 due to net loss for the period. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements On January 1, 2018, PrimeEnergy adopted ASU 2014-09, The Company applies the provisions of ASC 606 for revenue recognition to contracts with customers. Sales of crude oil, natural gas, and natural gas liquids (NGLs) are included in revenue when production is sold to a customer in fulfillment of performance obligations under the terms of agreed contracts. Performance obligations primarily comprise delivery of oil, gas, or NGLs at a delivery point, as negotiated within each contract. Each barrel of oil, million Btu (MMBtu) of natural gas, or other unit of measure is separately identifiable and represents a distinct performance obligation to which the transaction price is allocated. Performance obligations are satisfied at a point in time once control of the product has been transferred to the customer. The Company considers a variety of facts and circumstances in assessing the point of control transfer, including but not limited to: whether the purchaser can direct the use of the hydrocarbons, the transfer of significant risks and rewards, the Company’s right to payment, and transfer of legal title. In each case, the term between delivery and when payments are due is not significant. PrimeEnergy records trade accounts receivable for its unconditional rights to consideration arising under sales contracts with customers. The carrying value of such receivables, net of the allowance for doubtful accounts, represents estimated net realizable value. The Company routinely assesses the collectability of all material trade and other receivables. The Company accrues a reserve on a receivable when, based on the judgment of management, it is probable that a receivable will not be collected and the amount of any reserve may be reasonably estimated. PrimeEnergy has concluded that the disaggregation of revenue by product appropriately depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Practical Expedients and Exemptions PrimeEnergy does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less or contracts for which variable consideration is allocated entirely to a wholly unsatisfied performance obligation. PrimeEnergy will utilize the practical expedient to expense incremental costs of obtaining a contract if the expected amortization period is one year or less. Costs to obtain a contract with expected amortization periods of greater than one year will be recorded as an asset and will be recognized in accordance with ASC 340, “Other Assets and Deferred Costs.” Currently, the Company does not have contract assets related to incremental costs to obtain a contract. New Pronouncements Issued But Not Yet Adopted In February 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-02, |
Additional Balance Sheet Info20
Additional Balance Sheet Information (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Components of Balance Sheet Amounts | Certain balance sheet amounts are comprised of the following: (Thousands of dollars) June 30, 2018 December 31, Accounts Receivable Joint interest billing $ 2,949 $ 3,173 Trade receivables 1,957 941 Oil and gas sales 8,618 12,941 Other 361 4 13,885 17,059 Less: Allowance for doubtful accounts (98 ) (98 ) Total $ 13,787 $ 16,961 Accounts Payable Trade $ 3,014 $ 14,317 Royalty and other owners 6,441 7,073 Partner advances 1,161 1,268 Prepaid drilling deposits 103 67 Other 1,854 1,890 Total $ 12,573 $ 24,615 Accrued Liabilities Compensation and related expenses $ 2,165 $ 2,449 Property costs 6,605 9,141 Income Tax — 4,180 Other 404 524 Total $ 9,174 $ 16,294 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment | Property and equipment at June 30, 2018 and December 31, 2017 consisted of the following: (Thousands of dollars) June 30, 2018 December 31, Proved oil and gas properties, at cost $ 490,522 $ 476,570 Less: Accumulated depletion and depreciation (274,601 ) (263,569 ) Oil and Gas Properties, Net $ 215,921 $ 213,001 Field and office equipment $ 26,690 $ 26,241 Less: Accumulated depreciation (19,811 ) (19,267 ) Field and Office Equipment, Net $ 6,879 $ 6,974 Total Property and Equipment, Net $ 222,800 $ 219,975 |
Other Long-Term Obligations a22
Other Long-Term Obligations and Commitments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Summary of Future Minimum Lease Payments for Non-Cancelable Operating Leases | The future minimum lease payments for the rest of fiscal 2018 and thereafter for the operating leases are as follows: (Thousands of dollars) Operating 2018 $ 267 2019 236 2020 69 2021 17 Total minimum payments $ 589 |
Reconciliation of Liability for Plugging and Abandonment Costs | A reconciliation of the liability for plugging and abandonment costs for the six months ended June 30, 2018 is as follows: (Thousands of dollars) Asset retirement obligation – December 31, 2017 $ 23,578 Liabilities incurred — Liabilities settled (1,114 ) Accretion expense 560 Asset retirement obligation – June 30, 2018 $ 23,024 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following fair value hierarchy table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis at June 30, 2018 and December 31, 2017: June 30, 2018 Quoted Prices in Significant Significant Balance at (Thousands of dollars) Assets Commodity derivative contracts $ — $ — $ 92 $ 92 Total assets — $ — $ 92 $ 92 Liabilities Commodity derivative contracts $ — $ — $ (9,083 ) $ (9,083 ) Total liabilities $ — $ — $ (9,083 ) $ (9,083 ) December 31, 2017 Quoted Prices in Significant Significant Balance at (Thousands of dollars) Assets Commodity derivative contracts $ — $ — $ 388 $ 388 Total assets $ — $ — $ 388 $ 388 Liabilities Commodity derivative contract $ — $ — $ (3,422 ) $ (3,422 ) Total liabilities $ — $ — $ (3,422 ) $ (3,422 ) |
Schedule of Changes in Fair Value of Financial Assets and Liabilities Classified as Level 3 | The following table sets forth a reconciliation of changes in the fair value of financial assets and liabilities classified as Level 3 in the fair value hierarchy for the six months ended June 30, 2018. (Thousands of dollars) Net Liabilities – December 31, 2017 $ (3,034 ) Total realized and unrealized gains (losses): Included in earnings (a) (7,533 ) Purchases, sales, issuances and settlements 1,576 Net Liabilities – June 30, 2018 $ (8,991 ) a) Derivative instruments are reported in revenues as realized gain (loss) and on a separately reported line item captioned unrealized gain (loss) on derivative instruments. |
Effect of Derivative Instruments on Consolidated Balance Sheets | The following table sets forth the effect of derivative instruments on the consolidated balance sheets at June 30, 2018 and December 31, 2017: Fair Value (Thousands of dollars) Balance Sheet Location June 30, December 31, Asset Derivatives: Derivatives not designated as cash-flow hedging instruments: Natural gas commodity contracts Other Current Assets $ 61 $ — Natural gas liquid contracts Other Current Assets 7 — Crude oil commodity contracts Other Current Assets — 344 Natural gas commodity contracts Other Assets 18 44 Natural gas liquid contracts Other Assets 6 — Total $ 92 $ 388 Liability Derivatives: Derivatives not designated as cash-flow hedging instruments: Crude oil commodity contracts Derivative liability short-term (5,503 ) (1,504 ) Natural gas commodity contracts Derivative liability short-term (24 ) (4 ) Natural gas liquid contracts Derivative liability short-term (189 ) — Crude oil commodity contracts Derivative liability long-term (3,343 ) (1,910 ) Natural gas commodity contracts Derivative liability long-term (3 ) (4 ) Natural gas liquid contracts Derivative liability long-term (21 ) — Total $ (9,083 ) $ (3,422 ) Total derivative instruments $ (8,991 ) $ (3,034 ) |
Effect of Derivative Instruments on Consolidated Statements of Operations | The following table sets forth the effect of derivative instruments on the consolidated statements of operations for the six month period ended June 30, 2018 and 2017: Location of gain (loss) recognized in income Amount of gain (loss) (Thousands of dollars) 2018 2017 Derivatives not designated as cash-flow hedge instruments: Natural gas commodity contracts Unrealized (loss) gain on derivative instruments, net $ (328 ) $ 1,852 Crude oil commodity contracts Unrealized (loss) gain on derivative instruments, net $ (5,432 ) 2,502 Natural gas liquids contracts Unrealized gain on derivative instruments, net (197 ) — Natural gas commodity contracts Realized (loss) on derivative instruments, net 85 (205 ) Crude oil commodity contracts Realized (loss) on derivative instruments, net (1,634 ) (— ) Natural gas liquids contracts Realized gain on derivative instruments, net (27 ) — $ (7,533 ) $ 4,149 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings (Loss) per Share | The following reconciles amounts reported in the financial statements: Six Months Ended June 30, 2018 2017 Net Income Weighted Per Share Net Income Weighted Per Share Basic $ 2,726 2,119,343 $ 1.29 $ 22,659 2,241,310 $ 10.11 Effect of dilutive securities: Options 753,404 751,019 Diluted $ 2,726 2,873,347 $ 0.95 $ 22,659 2,992,329 $ 7.57 Three Months Ended June 30, 2018 2017 Net Income Weighted Per Share Net Income Weighted Per Share Basic $ (560 ) 2,097,737 $ (0.27 ) $ 361 2,199,750 $ 0.16 Effect of dilutive securities: Options (a) 749,491 Diluted $ (560 ) 2,097,737 $ (0.27 ) $ 361 2,949,261 $ 0.12 (a) The effect of the 767,500 outstanding stock option is anti-dilutive for the three months ended June 30, 2018 due to net loss for the period. |
Acquisitions and Dispositions -
Acquisitions and Dispositions - Additional Information (Detail) | 6 Months Ended | |
Jun. 30, 2018USD ($)aWell | Jun. 30, 2017USD ($) | |
Business Acquisition [Line Items] | ||
Purchase of non-controlling interests | $ 10,000 | $ 61,000 |
Proceeds from sale of property and equipment | 2,112,000 | 46,572,000 |
Capital expenditures, including exploration expense | 18,788,000 | 30,463,000 |
Texas, Oklahoma, Kansas and Colorado [Member] | Mineral Acreage [Member] | ||
Business Acquisition [Line Items] | ||
Proceeds from sale of property and equipment | $ 2,800,000 | |
Reagan County, Texas [Member] | Mineral Acreage [Member] | ||
Business Acquisition [Line Items] | ||
Number of net acres sold or farmed-out leasehold rights | a | 464 | |
Number of oil wells with working interest ownership | Well | 53 | |
Number of commercial salt water disposal well operated | Well | 1 | |
Capital expenditures, including exploration expense | $ 6,080,000 | |
Reagan County, Texas [Member] | Mineral Acreage [Member] | Minimum [Member] | ||
Business Acquisition [Line Items] | ||
Percentage of working interest ownership | 16.60% | |
Reagan County, Texas [Member] | Mineral Acreage [Member] | Maximum [Member] | ||
Business Acquisition [Line Items] | ||
Percentage of working interest ownership | 33.40% | |
Partnership And Trust [Member] | ||
Business Acquisition [Line Items] | ||
Purchase of non-controlling interests | $ 10,000 | $ 60,000 |
Additional Balance Sheet Info26
Additional Balance Sheet Information - Components of Balance Sheet Amounts (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Accounts Receivable: | ||
Joint interest billings | $ 2,949 | $ 3,173 |
Trade receivables | 1,957 | 941 |
Oil and gas sales | 8,618 | 12,941 |
Other | 361 | 4 |
Accounts Receivable, Gross | 13,885 | 17,059 |
Less: Allowance for doubtful accounts | (98) | (98) |
Total | 13,787 | 16,961 |
Accounts Payable: | ||
Trade | 3,014 | 14,317 |
Royalty and other owners | 6,441 | 7,073 |
Partner advances | 1,161 | 1,268 |
Prepaid drilling deposits | 103 | 67 |
Other | 1,854 | 1,890 |
Total | 12,573 | 24,615 |
Accrued Liabilities: | ||
Compensation and related expenses | 2,165 | 2,449 |
Property costs | 6,605 | 9,141 |
Income tax | 4,180 | |
Other | 404 | 524 |
Total | $ 9,174 | $ 16,294 |
Property and Equipment - Compon
Property and Equipment - Components of Property and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Abstract] | ||
Proved oil and gas properties, at cost | $ 490,522 | $ 476,570 |
Less: Accumulated depletion and depreciation | (274,601) | (263,569) |
Oil and Gas Properties, Net | 215,921 | 213,001 |
Field and office equipment | 26,690 | 26,241 |
Less: Accumulated depreciation | (19,811) | (19,267) |
Field and Office Equipment, Net | 6,879 | 6,974 |
Total Property and Equipment, Net | $ 222,800 | $ 219,975 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | Jan. 26, 2018 | Jan. 12, 2018 | Feb. 15, 2017 | Jun. 26, 2015 | Dec. 31, 2014 | Aug. 31, 2014 | Jun. 30, 2018 | Jul. 17, 2018 | Dec. 22, 2017 | Jun. 30, 2017 | Jul. 29, 2014 | Jul. 31, 2013 |
Credit Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Outstanding borrowings under revolving credit facility | $ 59,500,000 | |||||||||||
Weighted-average interest rate of borrowings | 5.59% | |||||||||||
Credit facility remaining borrowing capacity | $ 25,500,000 | |||||||||||
Additional Equipment Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Credit facility remaining borrowing capacity | $ 1,200,000 | |||||||||||
Equipment Loan, face amount | $ 6,000,000 | |||||||||||
Percentage for base rate loans at the prime rate | 3.50% | 3.40% | ||||||||||
Equipment Loan, monthly payment | $ 7,986 | $ 87,800 | ||||||||||
Equipment Loan, maturity date | Jun. 26, 2020 | Jul. 31, 2019 | ||||||||||
Company's bank debt | $ 1,302,000 | |||||||||||
Additional equipment Loan, drawings | $ 500,000 | $ 4,800,000 | ||||||||||
Equipment Loan, interest rate description | Interim draws on this facility carried a floating interest rate; payable monthly at the LIBO published rate plus 2.50% and on June 26, 2015 converted into a fixed term loan, with a rate of 3.50% and requiring monthly payments | |||||||||||
Equipment Loan, principal payment amount | $ 20,858 | |||||||||||
Additional Equipment Loan [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Fair Value Disclosure | $ 1,346,000 | $ 4,751,000 | ||||||||||
Fixed Term Loan [Member] | Additional Equipment Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Equipment Loan, monthly payment | $ 8,700 | |||||||||||
Equipment Loan, maturity date | Jun. 26, 2020 | |||||||||||
Equipment Loan, Interest rate on fixed loans | 3.50% | |||||||||||
2017 Credit Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Credit facility borrowing capacity | $ 300,000,000 | |||||||||||
Credit agreement date | Feb. 15, 2017 | |||||||||||
Maturity date of amended and restated credit agreement | Feb. 15, 2021 | |||||||||||
Credit facility borrowing base | $ 90,000,000 | $ 85,000,000 | ||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Additional Equipment Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
LIBOR rate loans | 2.50% | |||||||||||
Base Rate And Libor [Member] | Credit Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument basis weighted average interest rate spread on variable rate | 5.38% | 5.20% | ||||||||||
Equipment Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Equipment Loan, face amount | $ 10,000,000 | |||||||||||
Percentage for base rate loans at the prime rate | 3.95% | |||||||||||
Equipment Loan, monthly payment | $ 184,000 | |||||||||||
Equipment Loan, maturity date | Jul. 31, 2018 | |||||||||||
Company's bank debt | $ 179,000 |
Other Long-Term Obligations a29
Other Long-Term Obligations and Commitments - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Lease period description | Term of more than one year | |
Rent expense for office space | $ 296,000 | $ 340,000 |
Other Long-Term Obligations a30
Other Long-Term Obligations and Commitments - Summary of Future Minimum Lease Payments for Non-Cancelable Operating Leases (Detail) $ in Thousands | Jun. 30, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,018 | $ 267 |
2,019 | 236 |
2,020 | 69 |
2,021 | 17 |
Total minimum payments | $ 589 |
Other Long-Term Obligations a31
Other Long-Term Obligations and Commitments - Reconciliation of Liability for Plugging and Abandonment Costs (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Asset retirement obligation at beginning of period | $ 23,578 |
Liabilities incurred | 0 |
Liabilities settled | (1,114) |
Accretion expense | 560 |
Asset retirement obligation at end of period | $ 23,024 |
Stock Options and Other Compe32
Stock Options and Other Compensation - Additional Information (Detail) - Nonstatutory Stock Options [Member] | Jun. 30, 2018$ / sharesshares | Jun. 30, 2017$ / sharesshares | May 31, 1989Officers |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options outstanding, shares | shares | 767,500 | 767,500 | |
Options exercisable, shares | shares | 767,500 | 767,500 | |
Number of key executive officers to whom non-statutory stock options granted | Officers | 4 | ||
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Average exercise price | $ / shares | $ 1 | $ 1 | |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Average exercise price | $ / shares | $ 1.25 | $ 1.25 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Related Party Transaction [Line Items] | ||
Purchase of non-controlling interests | $ 10 | $ 61 |
Partnership And Trust [Member] | ||
Related Party Transaction [Line Items] | ||
Purchase of non-controlling interests | $ 10 | $ 60 |
Financial Instruments - Schedul
Financial Instruments - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Assets | ||
Derivative assets | $ 92 | $ 388 |
Liabilities | ||
Derivative liabilities | (9,083) | (3,422) |
Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Derivative assets | 92 | 388 |
Liabilities | ||
Derivative liabilities | (9,083) | (3,422) |
Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Derivative assets | 92 | 388 |
Liabilities | ||
Derivative liabilities | (9,083) | (3,422) |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Derivative assets | 92 | 388 |
Liabilities | ||
Derivative liabilities | (9,083) | (3,422) |
Significant Unobservable Inputs (Level 3) [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Derivative assets | 92 | 388 |
Liabilities | ||
Derivative liabilities | $ (9,083) | $ (3,422) |
Financial Instruments - Sched35
Financial Instruments - Schedule of Changes in Fair Value of Financial Assets and Liabilities Classified as Level 3 (Detail) - Significant Unobservable Inputs (Level 3) [Member] $ in Thousands | 6 Months Ended | |
Jun. 30, 2018USD ($) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net Liabilities at beginning of period | $ (3,034) | |
Total realized and unrealized gains (losses): | ||
Included in earnings | (7,533) | [1] |
Purchases, sales, issuances and settlements | 1,576 | |
Net Liabilities at end of period | $ (8,991) | |
[1] | Derivative instruments are reported in revenues as realized gain (loss) and on a separately reported line item captioned unrealized gain (loss) on derivative instruments. |
Financial Instruments - Effect
Financial Instruments - Effect of Derivative Instruments on Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 92 | $ 388 |
Derivative liabilities | (9,083) | (3,422) |
Total derivative instruments | (8,991) | (3,034) |
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Natural Gas Commodity Contracts [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 61 | |
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Natural Gas Commodity Contracts [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 18 | 44 |
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Natural Gas Commodity Contracts [Member] | Derivative Liability Short-Term [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | (24) | (4) |
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Natural Gas Commodity Contracts [Member] | Derivative liability Long Term [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | (3) | (4) |
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Natural Gas Liquid Contracts [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 7 | |
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Natural Gas Liquid Contracts [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 6 | |
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Natural Gas Liquid Contracts [Member] | Derivative Liability Short-Term [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | (189) | |
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Crude Oil Commodity Contracts [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 344 | |
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Crude Oil Commodity Contracts [Member] | Derivative Liability Short-Term [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | (5,503) | (1,504) |
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Crude Oil Commodity Contracts [Member] | Derivative liability Long Term [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | (3,343) | $ (1,910) |
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Natural Gas Liquids [Member] | Derivative liability Long Term [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | $ (21) |
Financial Instruments - Effec37
Financial Instruments - Effect of Derivative Instruments on Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/loss recognized in income | $ (7,533) | $ 4,149 |
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Natural Gas Commodity Contracts [Member] | Unrealized (Loss) Gain on Derivative Instruments, Net [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/loss recognized in income | (328) | 1,852 |
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Natural Gas Commodity Contracts [Member] | Realized (Loss) Gain on Derivative Instruments, Net [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/loss recognized in income | 85 | (205) |
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Crude Oil Commodity Contracts [Member] | Unrealized (Loss) Gain on Derivative Instruments, Net [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/loss recognized in income | (5,432) | $ 2,502 |
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Crude Oil Commodity Contracts [Member] | Realized (Loss) Gain on Derivative Instruments, Net [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/loss recognized in income | (1,634) | |
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Natural Gas Liquid Contracts [Member] | Unrealized (Loss) Gain on Derivative Instruments, Net [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/loss recognized in income | (197) | |
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Natural Gas Liquid Contracts [Member] | Realized (Loss) Gain on Derivative Instruments, Net [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/loss recognized in income | $ (27) |
Earnings per Share - Computatio
Earnings per Share - Computation of Basic and Diluted Earnings (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Net (Loss) Income, Basic | $ (560) | $ 361 | $ 2,726 | $ 22,659 |
Net (Loss) Income, Diluted | $ (560) | $ 361 | $ 2,726 | $ 22,659 |
Weighted Average Number of Shares Outstanding, Basic | 2,097,737 | 2,199,750 | 2,119,343 | 2,241,310 |
Weighted Average Number of Shares Outstanding, Options | 749,491 | 753,404 | 751,019 | |
Weighted Average Number of Shares Outstanding, Diluted | 2,097,737 | 2,949,261 | 2,873,347 | 2,992,329 |
Per Share Amount, Basic | $ (0.27) | $ 0.16 | $ 1.29 | $ 10.11 |
Per Share Amount, Diluted | $ (0.27) | $ 0.12 | $ 0.95 | $ 7.57 |
Earnings per Share - Computat39
Earnings per Share - Computation of Basic and Diluted Earnings (Loss) Per Share (Parenthetical) (Detail) | 3 Months Ended |
Jun. 30, 2018shares | |
Earnings Per Share [Abstract] | |
Anti dilutive shares | 767,500 |