Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 09, 2019 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | PNRG | |
Entity Registrant Name | PRIMEENERGY RESOURCES CORP | |
Entity Central Index Key | 0000056868 | |
Current Fiscal Year End Date | --12-31 | |
Entity Interactive Data Current | Yes | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NASDAQ | |
Entity Address, State or Province | TX | |
Entity Common Stock, Shares Outstanding | 2,010,613 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current Assets | ||
Cash and cash equivalents | $ 2,821 | $ 6,315 |
Accounts receivable, net | 16,848 | 14,961 |
Prepaid obligations | 485 | 640 |
Derivative asset short-term | 1,081 | 1,674 |
Other current assets | 139 | 144 |
Total Current Assets | 21,374 | 23,734 |
Property and Equipment, at cost | ||
Oil and gas properties (successful efforts method), net | 216,123 | 223,669 |
Field and office equipment, net | 6,905 | 6,756 |
Total Property and Equipment, Net | 223,028 | 230,425 |
Derivative asset long-term and other assets | 623 | 893 |
Total Assets | 245,025 | 255,052 |
Current Liabilities | ||
Accounts payable | 13,440 | 9,553 |
Accrued liabilities | 6,767 | 18,431 |
Current portion of long-term debt | 698 | |
Current portion of asset retirement and other obligations | 2,098 | 1,687 |
Derivative liability short-term | 1,675 | 88 |
Due to Related Parties | 5 | |
Total Current Liabilities | 23,980 | 30,462 |
Long-Term Bank Debt | 62,000 | 65,547 |
Asset Retirement Obligations | 19,377 | 19,647 |
Derivative Liability Long-Term | 10 | |
Deferred Income Taxes | 33,534 | 32,828 |
Other Long-Term Obligations | 608 | 555 |
Total Liabilities | 139,499 | 149,049 |
Commitments and Contingencies | ||
Equity | ||
Common stock, $.10 par value; 2019 and 2018: Authorized and Issued: 2,810,000 shares; outstanding 2019: 2,017,508 shares; 2018: 2,039,919 shares | 281 | 281 |
Paid-in capital | 7,612 | 7,388 |
Retained earnings | 128,381 | 125,644 |
Treasury stock, at cost; 2019: 792,492 shares; 2018: 770,081 shares | (34,316) | (31,304) |
Total Stockholders' Equity – PrimeEnergy | 101,958 | 102,009 |
Non-controlling interest | 3,568 | 3,994 |
Total Equity | 105,526 | 106,003 |
Total Liabilities and Equity | $ 245,025 | $ 255,052 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 2,810,000 | 2,810,000 |
Common stock, shares issued | 2,810,000 | 2,810,000 |
Common stock, shares outstanding | 2,017,508 | 2,039,919 |
Treasury stock, shares | 792,492 | 770,081 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues | ||||
Realized loss on derivative instruments, net | $ (851) | $ (1,081) | $ (773) | $ (1,576) |
Unrealized gain (loss) on derivative instruments, net | 2,862 | (4,136) | (2,890) | (5,957) |
Other income | 4 | 22 | 63 | 22 |
Total Revenues | 31,534 | 22,387 | 55,953 | 50,854 |
Costs and Expenses | ||||
Lease operating expense | 8,149 | 8,757 | 16,225 | 17,336 |
Field service expense | 3,979 | 3,219 | 7,644 | 6,429 |
Depreciation, depletion, amortization and accretion on discounted liabilities | 9,292 | 7,909 | 18,550 | 15,832 |
General and administrative expense | 2,895 | 2,571 | 9,771 | 8,547 |
Total Costs and Expenses | 24,315 | 22,456 | 52,190 | 48,144 |
Gain on Sale and Exchange of Assets | 1,023 | 185 | 1,689 | 2,657 |
Income from Operations | 8,242 | 116 | 5,452 | 5,367 |
Other Income (Expense) | ||||
Interest Income | 3 | 12 | 10 | 23 |
Interest (Expense) | (1,013) | (917) | (1,988) | (1,779) |
Income (Loss) Before Income Taxes | 7,232 | (789) | 3,474 | 3,611 |
Income Taxes Expense (Benefit) | 1,410 | (192) | 683 | 907 |
Net Income (Loss) | 5,822 | (597) | 2,791 | 2,704 |
Less: Net Income (Loss) Attributable to Non-Controlling Interests | 47 | (37) | 54 | (22) |
Net Income (Loss) Attributable to PrimeEnergy | $ 5,775 | $ (560) | $ 2,737 | $ 2,726 |
Basic Income (Loss) Per Common Share | $ 2.85 | $ (0.27) | $ 1.35 | $ 1.29 |
Diluted Income (Loss) Per Common Share | $ 2.07 | $ (0.27) | $ 0.98 | $ 0.95 |
Oil sales [Member] | ||||
Revenues | ||||
Oil, gas and service income | $ 19,644 | $ 16,622 | $ 38,442 | $ 36,723 |
Natural gas sales [Member] | ||||
Revenues | ||||
Oil, gas and service income | 1,355 | 1,989 | 3,590 | 4,352 |
Natural gas liquids sales [Member] | ||||
Revenues | ||||
Oil, gas and service income | 2,375 | 3,098 | 5,219 | 5,698 |
Oil and gas service [Member] | ||||
Revenues | ||||
Oil, gas and service income | 4,757 | 4,447 | 9,490 | 8,662 |
Administrative Service [Member] | ||||
Revenues | ||||
Oil, gas and service income | $ 1,388 | $ 1,426 | $ 2,812 | $ 2,930 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENT OF EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid in capital | Retained Earnings [Member] | Treasury Stock [Member] | Total Stockholders' Equity - PrimeEnergy [Member] | Non-Controlling Interest [Member] |
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 | ||||||
Purchase shares of common stock | (3,696) | (3,696) | (3,696) | ||||
Net income (loss) | 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 | ||||||
Balance at Dec. 31, 2018 | $ 106,003 | $ 281 | 7,388 | 125,644 | (31,304) | 102,009 | 3,994 |
Balance, shares at Dec. 31, 2018 | 2,810,000 | 2,810,000 | |||||
Purchase shares of common stock | $ (3,012) | (3,012) | (3,012) | ||||
Net income (loss) | 2,791 | 2,737 | 2,737 | 54 | |||
Purchase of Non-controlling Interest | (256) | 224 | 224 | (480) | |||
Balance at Jun. 30, 2019 | $ 105,526 | $ 281 | $ 7,612 | $ 128,381 | $ (34,316) | $ 101,958 | $ 3,568 |
Balance, shares at Jun. 30, 2019 | 2,810,000 | 2,810,000 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Parenthetical) - shares | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Treasury Stock [Member] | ||
Purchase of common stock, shares | 22,411 | 72,839 |
Total Stockholders' Equity - PrimeEnergy [Member] | ||
Purchase of common stock, shares | 72,839 | 22,411 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash Flows from Operating Activities: | ||
Net Income including non-controlling interest | $ 2,791 | $ 2,704 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, depletion, amortization and accretion on discounted liabilities | 18,550 | 15,832 |
Gain on sale of properties | (1,689) | (2,657) |
Unrealized loss on derivative instruments, net | 2,890 | 5,957 |
Provision for deferred income taxes | 706 | 961 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,887) | 3,174 |
Due to related parties | (5) | 6 |
Other assets | 160 | 620 |
Accounts payable | 3,887 | (12,042) |
Accrued liabilities | (11,664) | (7,121) |
Net Cash Provided by Operating Activities | 13,739 | 7,434 |
Cash Flows from Investing Activities: | ||
Capital expenditures | (11,412) | (18,709) |
Proceeds from sale of properties and equipment | 1,693 | 2,112 |
Net Cash Used in Investing Activities | (9,719) | (16,597) |
Cash Flows from Financing Activities: | ||
Purchase of stock for treasury | (3,012) | (3,696) |
Purchase of non-controlling interests | (256) | (10) |
Proceeds from long-term bank debt and other long-term obligations | 13,000 | 35,300 |
Repayment of long-term bank debt and other long-term obligations | (17,246) | (25,428) |
Net Cash (Used in) Provided by Financing Activities | (7,514) | 6,166 |
Net (Decrease) Increase in Cash and Cash Equivalents | (3,494) | (2,997) |
Cash and Cash Equivalents at the Beginning of the Period | 6,315 | 8,438 |
Cash and Cash Equivalents at the End of the Period | 2,821 | 5,441 |
Supplemental Disclosures: | ||
Income taxes paid | 130 | 4,341 |
Interest paid | $ 2,015 | $ 1,950 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | (1) Basis of Presentation: The accompanying condensed consolidated financial statements of PrimeEnergy Resources 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 for the year ended December 31, 2018. In the opinion of management, the accompanying interim condensed consolidated financial statements contain all material adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s condensed consolidated balance sheets as of June 30, 2019 and December 31, 2018, the condensed consolidated results of operations, cash flows and equity for the six months ended June 30, 2019 and 2018. As of June 30, 2019, 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 2016-02, Recently Adopted Accounting Pronouncements Leases. 2016-02, 2018-11, ASC 842 allowed for the election of certain practical expedients at adoption to ease the burden of implementation. At implementation, the Company elected to (i) maintain the historical lease classification for leases prior to January 1, 2019, (ii) maintain the historical accounting treatment for land easements that existed at adoption, (iii) use historical practices in assessing the lease term of existing contracts at adoption, (iv) combine lease and non-lease The adoption of ASC 842 did not have a material impact on the consolidated statements of operations and had no impact on cash flows. The Company did not record a change to its opening retained earnings as of January 1, 2019, as there was no material change to the timing or pattern of recognition of lease costs due to the adoption of ASC 842. As of June 30, 2019, the Company has operating lease assets and liabilities of $452 thousand and a financing lease included in property and equipment and lease liabilities for $13 thousand. New Pronouncements Issued But Not Yet Adopted In August 2018, the FASB issued ASU 2018-13, 2018-13 In August 2018, the FASB issued ASU 2018-15, internal-use |
Acquisitions and Dispositions
Acquisitions and Dispositions | 6 Months Ended |
Jun. 30, 2019 | |
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 $256,000 and $10,000 for the six months ended June 30, 2019 and 2018, respectively. During the first six months of 2019 and 2018, the Company sold or farmed out interests in certain non-core oil and natural gas properties and undeveloped acreage through a number of separate, individually negotiated transactions in exchange for cash or cash and a royalty or working interest in Texas, Oklahoma, Colorado and West Virginia. Proceeds under these agreements were $1.6 million and $2.8 million, respectively. During the first six months of 2018, the Company acquired approximately 464 net mineral acres and working interest in 53 oil and gas wells for $6.08 million and sold or farmed out interests in certain non-core undeveloped oil and natural gas properties located in Oklahoma, Kansas, Colorado and Texas, in exchange for cash and a royalty or working interest, with proceeds of $2.19 million. |
Additional Balance Sheet Inform
Additional Balance Sheet Information | 6 Months Ended |
Jun. 30, 2019 | |
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, December 31, Accounts Receivable Joint interest billing $ 2,303 $ 1,976 Trade receivables 2,725 1,979 Oil and gas sales 11,131 6,112 Tax refund receivable — 4,760 Other 913 358 17,072 15,185 Less: Allowance for doubtful accounts (224 ) (224 ) Total $ 16,848 $ 14,961 Accounts Payable: Trade $ 5,399 $ 1,174 Royalty and other owners 5,742 6,197 Partner advances 1,335 1,357 Other 964 825 Total $ 13,440 $ 9,553 Accrued Liabilities: Compensation and related expenses $ 3,161 $ 2,907 Property costs 3,606 14,993 Other — 531 Total $ 6,767 $ 18,431 |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | (4) Property and Equipment: Property and equipment at June 30, 2019 and December 31, 2018 consisted of the following: (Thousands of dollars) June 30, December 31, Proved oil and gas properties, at cost $ 522,239 $ 514,821 Less: Accumulated depletion and depreciation (306,116 ) (291,152 ) Oil and Gas Properties, Net $ 216,123 $ 223,669 Field and office equipment $ 28,188 $ 27,252 Less: Accumulated depreciation (21,283 ) (20,496 ) Field and Office Equipment, Net $ 6,905 $ 6,756 Total Property and Equipment, Net $ 223,028 $ 230,425 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2019 | |
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 companies’ 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. On January 8, 2019, the Company and its lenders entered into a Third Amendment to the Third Amended and Restated Credit Agreement. The credit agreement includes additions for a Beneficial Ownership Certification on the effective date of the amendment. The agreement includes further clarifications for potential Libor loan market rate issues, swap agreement modifications 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 $100 million. Effective on June 26, 2019 the Company’s lenders adjusted the borrowing base to $90 million. At June 30 2019, the Company had a total of $62 million of borrowings outstanding under its revolving credit facility at a weighted-average interest rate of 5.52% and $28 million available for future borrowings. The combined weighted average interest rate paid on outstanding bank borrowings subject to base rate and LIBO interest was 5.53% for the six months ended June 30, 2019 as compared to 5.38% for six months ended June 30, 2018. 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 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 that is secured by recently purchased field service equipment. 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. 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. On May 23, 2019, the Company made its final payment towards both the second and third loans. At this time all equipment loans have been paid in full and the field service equipment liens secured by these loans have been cancelled and all titles returned to the Company. |
Other Long-Term Obligations and
Other Long-Term Obligations and Commitments | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Other Long-Term Obligations and Commitments | (6) Other Long-Term Obligations and Commitments: Operating Leases: The Company leases office facilities under operating leases and recognizes lease expense on a straight-line basis over the lease term. Leases assets and liabilities are initially recorded at commencement date based on the present value of lease payments over the lease term. A new finance lease for office equipment is included in property and equipment, other current liabilities and other long-term liabilities this quarter. As most of the Company’s lease contracts do not provide an implicit discount rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The weighted average discount rate used was 5.5%. Certain leases may contain variable costs above the minimum required payments and are not included in the right-of-use assets or liabilities. Leases may include renewal, purchase or termination options that can extend or shorten the term of the lease. The exercise of those options is at the Company’s sole discretion and is evaluated at inception and throughout the contract to determine if a modification of the lease term is required. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Operating lease costs for the six months ended June 30, 2019 were $293 thousand. Cash payments included in the operating lease cost for the six months ended June 30, 2019 were $284 thousand. The weighted-average remaining operating lease terms is 12 months. The amortization and interest expense for financing lease amounted to $1,275 and the cash payment for the lease was $1,200 and the lease term remaining was for 22 months. The payment schedule for the Company’s operating and financing lease obligations as of June 30, 2019 is as follows: (Thousands of dollars) Operating Financing Leases 2019 $ 299 $ 5 2020 155 7 2021 17 2 Total undiscounted lease payments $ 471 $ 14 Less: Amount associated with discounting (19 ) (1 ) Net operating lease liabilities $ 452 $ 13 Asset Retirement Obligation: A reconciliation of the liability for plugging and abandonment costs for the six months ended June 30, 2019 is as follows: (Thousands of dollars) June 30, Asset retirement obligation at December 31, 2018 $ 21,334 Liabilities incurred — Liabilities settled (829 ) Accretion expense 560 Revisions in estimated liabilities — Asset retirement obligation at June 30, 2019 $ 21,065 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, 2019 | |
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, 2019 | |
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 stock options were granted by the Company to four key executive officers for the purchase of shares of common stock. At June 30, 2019 and December 31, 2018, remaining options held by two key executive officers on 767,500 shares were outstanding and exercisable at prices ranging from $1.00 to $1.25. According to their terms, the options have no expiration date. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2019 | |
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 or Trusts. The Company purchased interests totaling $256,000 and $10,000 for the six months ended June 30, 2019 and 2018, respectively. |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2019 | |
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, 2019 and December 31, 2018: June 30, 2019 Quoted Prices in Significant Significant Balance at (Thousands of dollars) Assets Commodity derivative contracts $ — $ — $ 1,081 $ 1,081 Total assets — $ — $ 1,081 $ 1,081 Liabilities Commodity derivative contracts $ — $ — $ (1,675 ) $ (1,675 ) Total liabilities $ — $ — $ (1,675 ) $ (1,675 ) December 31, 2018 Quoted Prices in Significant Significant Balance at (Thousands of dollars) Assets Commodity derivative contracts $ — $ — $ 2,394 $ 2,394 Total assets $ — $ — $ 2,394 $ 2,394 Liabilities Commodity derivative contract $ — $ — $ (98 ) $ (98 ) Total liabilities $ — $ — $ (98 ) $ (98 ) 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, 2019. (Thousands of dollars) Net Asset– December 31, 2018 $ 2,296 Total realized and unrealized (gains) losses: Included in earnings (a) (3,663 ) Purchases, sales, issuances and settlements 773 Net Liabilities June 30, 2019 $ (594 ) 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. Interest rate swap derivatives are treated as cash-flow hedges and are used to fix our floating interest rates on existing debt. The value of interest rate swaps if applicable, would be recorded in accumulated other comprehensive loss, net of tax. There are no current interest rate swaps for the periods ending June 30, 2019 and December 31, 2018. The following table sets forth the effect of derivative instruments on the consolidated balance sheets at June 30, 2019 and December 31, 2018: 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 Derivative asset short-term $ 136 $ 63 Natural gas liquid contracts Derivative asset short-term $ 185 $ 138 Crude oil commodity contracts Derivative asset short-term $ 760 $ 1,473 Natural gas commodity contracts Derivative asset long-term and $ — $ 7 Crude oil commodity contracts Derivative asset long-term and — 713 Total $ 1,081 $ 2,394 Liability Derivatives: Derivatives not designated as cash-flow hedging instruments: Crude oil commodity contracts Derivative liability short-term $ (1,675 ) $ — Natural gas commodity contracts Derivative liability short-term — (75 ) Natural gas liquid contracts Derivative liability short-term — (13 ) Natural gas commodity contracts Derivative liability long-term — (10 ) Total $ (1,675 ) $ (98 ) Total derivative instruments $ (594 ) $ 2,296 The following table sets forth the effect of derivative instruments on the consolidated statements of operations for the six-month period ended June 30, 2019 and 2018: Location of gain (loss) recognized in income Amount of gain/loss (Thousands of dollars) 2019 2018 Derivatives not designated as cash-flow hedge instruments: Natural gas commodity contracts Unrealized gain (loss) on derivative instruments, net $ 151 $ (328 ) Crude oil commodity contracts Unrealized loss on derivative instruments, net (3,101 ) (5,432 ) Natural gas liquids contracts Unrealized gain (loss) on derivative instruments, net 60 (197 ) Natural gas commodity contracts Realized (loss) gain on derivative instruments, net (8 ) 85 Crude oil commodity contracts Realized loss on derivative instruments, net (876 ) (1,634 ) Natural gas liquids contracts Realized gain (loss) on derivative instruments, net 111 (27 ) $ (3,663 ) $ (7,533 ) |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2019 | |
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, 2019 2018 Net Income Weighted Per Share Net Income Weighted Per Share Basic $ 2,737 2,031,569 $ 1.35 $ 2,726 2,119,343 $ 1.29 Effect of dilutive securities: Options 761,169 753,404 Diluted $ 2,737 2,792,738 $ 0.98 $ 2,726 2,872,747 $ 0.95 Three Months Ended June 30, 2019 2018 Net Income Weighted Per Share Net Income Weighted Per Share Basic $ 5,775 2,026,119 $ 2.85 $ (560 ) 2,097,737 $ (0.27 ) Effect of dilutive securities: Options (a) 761,584 Diluted $ 5,775 2,787,702 $ 2.07 $ (560 ) 2,097,737 $ (0.27 ) (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. This Report may contain statements relating to the future results of the Company that are considered “forward-looking statements “as defined in the Private Securities Litigation Reform Act of 1995 (the “PSLRA”). In addition, certain statements may be contained in the Company’s future filings with the SEC, in press releases, and in oral and written statements made by or with the approval of the Company that are not statements of historical fact and constitute forward-looking statements within the meaning of the PSLRA. Such forward-looking statements, in addition to historical information, which involve risk and uncertainties, are based on the beliefs, assumptions and expectations of management of the Company. Words such as “expects”, ‘believes”, “should”, “plans”, “anticipates”, “will”, “potential”, “could”, “intend”, “may”, “outlook”, “predict”, “project”, “would”, “estimates”, “assumes”, “likely” and variations of such similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve risks and uncertainties and are based on a number of assumptions that could ultimately prove inaccurate and, therefore, there can be no assurance that they will prove to be accurate. Actual results and outcomes may vary materially from what is expressed or forecast in such statements due to various risks and uncertainties. These risks and uncertainties include, among other things, the possibility of drilling cost overruns and technical difficulties, volatility of oil and gas prices, competition, risks inherent in the Company’s oil and gas operations, the inexact nature of interpretation of seismic and other geological and geophysical data, imprecision of reserve estimates, and the Company’s ability to replace and expand oil and gas reserves. Accordingly, stockholders and potential investors are cautioned that certain events or circumstances could cause actual results to differ materially from those projected. The forward-looking statements are made as of the date of this Report and other than as required by the federal securities laws, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements Leases. 2016-02, 2018-11, ASC 842 allowed for the election of certain practical expedients at adoption to ease the burden of implementation. At implementation, the Company elected to (i) maintain the historical lease classification for leases prior to January 1, 2019, (ii) maintain the historical accounting treatment for land easements that existed at adoption, (iii) use historical practices in assessing the lease term of existing contracts at adoption, (iv) combine lease and non-lease The adoption of ASC 842 did not have a material impact on the consolidated statements of operations and had no impact on cash flows. The Company did not record a change to its opening retained earnings as of January 1, 2019, as there was no material change to the timing or pattern of recognition of lease costs due to the adoption of ASC 842. As of June 30, 2019, the Company has operating lease assets and liabilities of $452 thousand and a financing lease included in property and equipment and lease liabilities for $13 thousand. New Pronouncements Issued But Not Yet Adopted In August 2018, the FASB issued ASU 2018-13, 2018-13 In August 2018, the FASB issued ASU 2018-15, internal-use |
Additional Balance Sheet Info_2
Additional Balance Sheet Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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, December 31, Accounts Receivable Joint interest billing $ 2,303 $ 1,976 Trade receivables 2,725 1,979 Oil and gas sales 11,131 6,112 Tax refund receivable — 4,760 Other 913 358 17,072 15,185 Less: Allowance for doubtful accounts (224 ) (224 ) Total $ 16,848 $ 14,961 Accounts Payable: Trade $ 5,399 $ 1,174 Royalty and other owners 5,742 6,197 Partner advances 1,335 1,357 Other 964 825 Total $ 13,440 $ 9,553 Accrued Liabilities: Compensation and related expenses $ 3,161 $ 2,907 Property costs 3,606 14,993 Other — 531 Total $ 6,767 $ 18,431 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment | Property and equipment at June 30, 2019 and December 31, 2018 consisted of the following: (Thousands of dollars) June 30, December 31, Proved oil and gas properties, at cost $ 522,239 $ 514,821 Less: Accumulated depletion and depreciation (306,116 ) (291,152 ) Oil and Gas Properties, Net $ 216,123 $ 223,669 Field and office equipment $ 28,188 $ 27,252 Less: Accumulated depreciation (21,283 ) (20,496 ) Field and Office Equipment, Net $ 6,905 $ 6,756 Total Property and Equipment, Net $ 223,028 $ 230,425 |
Other Long-Term Obligations a_2
Other Long-Term Obligations and Commitments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Future Minimum Lease Payments for Non-Cancelable Operating Leases | The payment schedule for the Company’s operating and financing lease obligations as of June 30, 2019 is as follows: (Thousands of dollars) Operating Financing Leases 2019 $ 299 $ 5 2020 155 7 2021 17 2 Total undiscounted lease payments $ 471 $ 14 Less: Amount associated with discounting (19 ) (1 ) Net operating lease liabilities $ 452 $ 13 |
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, 2019 is as follows: (Thousands of dollars) June 30, Asset retirement obligation at December 31, 2018 $ 21,334 Liabilities incurred — Liabilities settled (829 ) Accretion expense 560 Revisions in estimated liabilities — Asset retirement obligation at June 30, 2019 $ 21,065 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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, 2019 and December 31, 2018: June 30, 2019 Quoted Prices in Significant Significant Balance at (Thousands of dollars) Assets Commodity derivative contracts $ — $ — $ 1,081 $ 1,081 Total assets — $ — $ 1,081 $ 1,081 Liabilities Commodity derivative contracts $ — $ — $ (1,675 ) $ (1,675 ) Total liabilities $ — $ — $ (1,675 ) $ (1,675 ) December 31, 2018 Quoted Prices in Significant Significant Balance at (Thousands of dollars) Assets Commodity derivative contracts $ — $ — $ 2,394 $ 2,394 Total assets $ — $ — $ 2,394 $ 2,394 Liabilities Commodity derivative contract $ — $ — $ (98 ) $ (98 ) Total liabilities $ — $ — $ (98 ) $ (98 ) |
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, 2019. (Thousands of dollars) Net Asset– December 31, 2018 $ 2,296 Total realized and unrealized (gains) losses: Included in earnings (a) (3,663 ) Purchases, sales, issuances and settlements 773 Net Liabilities June 30, 2019 $ (594 ) 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, 2019 and December 31, 2018: 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 Derivative asset short-term $ 136 $ 63 Natural gas liquid contracts Derivative asset short-term $ 185 $ 138 Crude oil commodity contracts Derivative asset short-term $ 760 $ 1,473 Natural gas commodity contracts Derivative asset long-term and $ — $ 7 Crude oil commodity contracts Derivative asset long-term and — 713 Total $ 1,081 $ 2,394 Liability Derivatives: Derivatives not designated as cash-flow hedging instruments: Crude oil commodity contracts Derivative liability short-term $ (1,675 ) $ — Natural gas commodity contracts Derivative liability short-term — (75 ) Natural gas liquid contracts Derivative liability short-term — (13 ) Natural gas commodity contracts Derivative liability long-term — (10 ) Total $ (1,675 ) $ (98 ) Total derivative instruments $ (594 ) $ 2,296 |
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, 2019 and 2018: Location of gain (loss) recognized in income Amount of gain/loss (Thousands of dollars) 2019 2018 Derivatives not designated as cash-flow hedge instruments: Natural gas commodity contracts Unrealized gain (loss) on derivative instruments, net $ 151 $ (328 ) Crude oil commodity contracts Unrealized loss on derivative instruments, net (3,101 ) (5,432 ) Natural gas liquids contracts Unrealized gain (loss) on derivative instruments, net 60 (197 ) Natural gas commodity contracts Realized (loss) gain on derivative instruments, net (8 ) 85 Crude oil commodity contracts Realized loss on derivative instruments, net (876 ) (1,634 ) Natural gas liquids contracts Realized gain (loss) on derivative instruments, net 111 (27 ) $ (3,663 ) $ (7,533 ) |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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, 2019 2018 Net Income Weighted Per Share Net Income Weighted Per Share Basic $ 2,737 2,031,569 $ 1.35 $ 2,726 2,119,343 $ 1.29 Effect of dilutive securities: Options 761,169 753,404 Diluted $ 2,737 2,792,738 $ 0.98 $ 2,726 2,872,747 $ 0.95 Three Months Ended June 30, 2019 2018 Net Income Weighted Per Share Net Income Weighted Per Share Basic $ 5,775 2,026,119 $ 2.85 $ (560 ) 2,097,737 $ (0.27 ) Effect of dilutive securities: Options (a) 761,584 Diluted $ 5,775 2,787,702 $ 2.07 $ (560 ) 2,097,737 $ (0.27 ) (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 - Additio
Basis of Presentation - Additional Information (Detail) $ in Thousands | Jun. 30, 2019USD ($) |
Operating lease liability | $ 452 |
Finance lease liabilities | 13 |
Accounting Standards Update 2016-02 [Member] | |
Operating lease assets | 452 |
Operating lease liability | 452 |
Finance lease assets | 13 |
Finance lease liabilities | $ 13 |
Acquisitions and Dispositions -
Acquisitions and Dispositions - Additional Information (Detail) | 6 Months Ended | |
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($)aWell | |
Business Acquisition [Line Items] | ||
Purchase of non-controlling interests | $ 256,000 | $ 10,000 |
Capital expenditures, including exploration expense | 11,412,000 | 18,709,000 |
Proceeds from sale of property and equipment | 1,693,000 | 2,112,000 |
Texas, Oklahoma, Colorado and West Virginia [Member] | Mineral Acreage [Member] | ||
Business Acquisition [Line Items] | ||
Proceeds from sale of property and equipment | 1,600,000 | $ 2,800,000 |
Oklahoma Kansas Colorado and Texas [Member] | Mineral Acreage [Member] | ||
Business Acquisition [Line Items] | ||
Number of net acres acquired | a | 464 | |
Capital expenditures, including exploration expense | $ 6,080,000 | |
Number of oil wells with working interest ownership | Well | 53 | |
Proceeds from sale of property and equipment | $ 2,190,000 | |
Partnership And Trust [Member] | ||
Business Acquisition [Line Items] | ||
Purchase of non-controlling interests | $ 256,000 | $ 10,000 |
Additional Balance Sheet Info_3
Additional Balance Sheet Information - Components of Balance Sheet Amounts (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Accounts Receivable: | ||
Joint interest billing | $ 2,303 | $ 1,976 |
Trade receivables | 2,725 | 1,979 |
Oil and gas sales | 11,131 | 6,112 |
Tax refund receivable | 4,760 | |
Other | 913 | 358 |
Accounts Receivable, Gross | 17,072 | 15,185 |
Less: Allowance for doubtful accounts | (224) | (224) |
Total | 16,848 | 14,961 |
Accounts Payable: | ||
Trade | 5,399 | 1,174 |
Royalty and other owners | 5,742 | 6,197 |
Partner advances | 1,335 | 1,357 |
Other | 964 | 825 |
Total | 13,440 | 9,553 |
Accrued Liabilities: | ||
Compensation and related expenses | 3,161 | 2,907 |
Property costs | 3,606 | 14,993 |
Other | 531 | |
Total | $ 6,767 | $ 18,431 |
Property and Equipment - Compon
Property and Equipment - Components of Property and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Abstract] | ||
Proved oil and gas properties, at cost | $ 522,239 | $ 514,821 |
Less: Accumulated depletion and depreciation | (306,116) | (291,152) |
Oil and Gas Properties, Net | 216,123 | 223,669 |
Field and office equipment | 28,188 | 27,252 |
Less: Accumulated depreciation | (21,283) | (20,496) |
Field and office equipment, net | 6,905 | 6,756 |
Total Property and Equipment, Net | $ 223,028 | $ 230,425 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | Jan. 26, 2018 | Jan. 12, 2018 | Jun. 26, 2015 | Feb. 15, 2017 | Dec. 31, 2014 | Aug. 31, 2014 | Jun. 30, 2019 | Jun. 26, 2019 | Jan. 08, 2019 | Jul. 17, 2018 | Jun. 30, 2018 | Dec. 22, 2017 | Jul. 29, 2014 |
Credit Agreement [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Credit facility borrowing base | $ 100,000,000 | ||||||||||||
Outstanding borrowings under revolving credit facility | $ 62,000,000 | ||||||||||||
Weighted-average interest rate of borrowings | 5.52% | ||||||||||||
Credit facility remaining borrowing capacity | $ 28,000,000 | ||||||||||||
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 | |||||||||||
Additional equipment Loan, drawings | $ 500,000 | $ 4,800,000 | |||||||||||
Equipment Loan, interest rate description | <tr><td></td></tr></table>" id="sjs-H16">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 that is secured by recently purchased field service equipment. 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<table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | ||||||||||||
Equipment Loan, principal payment amount | $ 20,858 | ||||||||||||
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 | ||||||||||||
Credit facility borrowing base | $ 90,000,000 | $ 85,000,000 | |||||||||||
Line of Credit Facility, Expiration Date | Feb. 15, 2021 | ||||||||||||
Credit Agreement [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Credit facility borrowing base | $ 90,000,000 | ||||||||||||
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 | 5.53% | 5.38% |
Other Long-Term Obligations a_3
Other Long-Term Obligations and Commitments - Additional Information (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Weighted-average discount rate | 5.50% |
Operating lease weighted-average remaining lease term | 12 months |
Finance lease remaining lease term | 22 months |
Finance lease amortization and interest expense | $ 1,275 |
Operating lease payments | 284 |
Operating lease cost | 293 |
Finance lease payments | $ 1,200 |
Other Long-Term Obligations a_4
Other Long-Term Obligations and Commitments - Summary of Future Minimum Lease Payments for Non-Cancelable Operating Leases (Detail) $ in Thousands | Jun. 30, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2019 | $ 299 |
2020 | 155 |
2021 | 17 |
Total undiscounted lease payments | 471 |
Less: Amount associated with discounting | (19) |
Net operating lease liabilities | 452 |
2019 | 5 |
2020 | 7 |
2021 | 2 |
Total undiscounted lease payments | 14 |
Less: Amount associated with discounting | (1) |
Net operating lease liabilities | $ 13 |
Other Long-Term Obligations a_5
Other Long-Term Obligations and Commitments - Reconciliation of Liability for Plugging and Abandonment Costs (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Asset retirement obligation | $ 21,334 |
Liabilities settled | (829) |
Accretion expense | 560 |
Asset retirement obligation | $ 21,065 |
Stock Options and Other Compe_2
Stock Options and Other Compensation - Additional Information (Detail) | Jun. 30, 2019$ / sharesshares | Dec. 31, 2018$ / sharesshares | May 31, 1989Officers |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options outstanding, 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 | |
Nonstatutory Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options exercisable, shares | shares | 767,500 | 767,500 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Related Party Transaction [Line Items] | ||
Purchase of non-controlling interests | $ 256,000 | $ 10,000 |
Partnership And Trust [Member] | ||
Related Party Transaction [Line Items] | ||
Purchase of non-controlling interests | $ 256,000 | $ 10,000 |
Financial Instruments - Schedul
Financial Instruments - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Derivative assets | $ 1,081 | $ 2,394 |
Liabilities | ||
Derivative liabilities | (1,675) | (98) |
Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Derivative assets | 1,081 | 2,394 |
Liabilities | ||
Derivative liabilities | (1,675) | (98) |
Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Derivative assets | 1,081 | 2,394 |
Liabilities | ||
Derivative liabilities | (1,675) | (98) |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Derivative assets | 1,081 | 2,394 |
Liabilities | ||
Derivative liabilities | (1,675) | (98) |
Significant Unobservable Inputs (Level 3) [Member] | Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Derivative assets | 1,081 | 2,394 |
Liabilities | ||
Derivative liabilities | $ (1,675) | $ (98) |
Financial Instruments - Sched_2
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, 2019USD ($) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net Asset at beginning of period | $ 2,296 | |
Total realized and unrealized (gains) losses: | ||
Included in earnings | (3,663) | [1] |
Purchases, sales, issuances and settlements | 773 | |
Net Liabilities at end of period | $ (594) | |
[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, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 1,081 | $ 2,394 |
Derivative liabilities | (1,675) | (98) |
Total derivative instruments | (594) | 2,296 |
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Natural Gas Commodity Contracts [Member] | Derivative asset short-term [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 136 | 63 |
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Natural Gas Commodity Contracts [Member] | Derivative asset long-term and other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 7 | |
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 | (75) | |
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 | (10) | |
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Crude Oil Commodity Contracts [Member] | Derivative asset short-term [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 760 | 1,473 |
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Crude Oil Commodity Contracts [Member] | Derivative asset long-term and other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 713 | |
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 | (1,675) | |
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Natural Gas Liquid Contracts [Member] | Derivative asset short-term [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 185 | 138 |
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 | $ (13) |
Financial Instruments - Effec_2
Financial Instruments - Effect of Derivative Instruments on Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/loss recognized in income | $ (3,663) | $ (7,533) |
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Natural Gas Commodity Contracts [Member] | Unrealized gain (loss) on derivative instruments, net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/loss recognized in income | 151 | (328) |
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Natural Gas Commodity Contracts [Member] | Realized (loss) gain on derivative instruments, net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/loss recognized in income | (8) | 85 |
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Crude Oil Commodity Contracts [Member] | Unrealized loss on derivative instruments, net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/loss recognized in income | (3,101) | (5,432) |
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Crude Oil Commodity Contracts [Member] | Realized loss on derivative instruments, net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/loss recognized in income | (876) | (1,634) |
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Natural Gas Liquid Contracts [Member] | Unrealized gain (loss) on derivative instruments, net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/loss recognized in income | 60 | (197) |
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Natural Gas Liquid Contracts [Member] | Realized gain (loss) on derivative instruments, net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/loss recognized in income | $ 111 | $ (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, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Earnings Per Share [Abstract] | |||||
Net (Loss) Income, Basic | $ 5,775 | $ (560) | $ 2,737 | $ 2,726 | |
Net (Loss) Income, Diluted | $ 5,775 | $ (560) | $ 2,737 | $ 2,726 | |
Weighted Average Number of Shares Outstanding, Basic | 2,026,119 | 2,097,737 | 2,031,569 | 2,119,343 | |
Weighted Average Number of Shares Outstanding, Options | 761,584 | [1] | 761,169 | 753,404 | |
Weighted Average Number of Shares Outstanding, Diluted | 2,787,702 | 2,097,737 | 2,792,738 | 2,872,747 | |
Per Share Amount, Basic | $ 2.85 | $ (0.27) | $ 1.35 | $ 1.29 | |
Per Share Amount, Diluted | $ 2.07 | $ (0.27) | $ 0.98 | $ 0.95 | |
[1] | 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. |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) | 3 Months Ended |
Jun. 30, 2018shares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 767,500 |