Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-K | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Dec-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'FY | ' |
Trading Symbol | 'AOIP | ' |
Entity Registrant Name | 'APACHE OFFSHORE INVESTMENT PARTNERSHIP | ' |
Entity Central Index Key | '0000727538 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | 0 | ' |
Entity Public Float | ' | $15,128,259 |
STATEMENT_OF_CONSOLIDATED_INCO
STATEMENT OF CONSOLIDATED INCOME (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
REVENUES: | ' | ' | ' |
Oil and gas sales | $3,555,970 | $4,376,662 | $5,195,487 |
Interest income | 116 | 59 | 36 |
Total Revenues | 3,556,086 | 4,376,721 | 5,195,523 |
EXPENSES: | ' | ' | ' |
Depreciation, depletion and amortization | 727,861 | 897,763 | 1,053,964 |
Asset retirement obligation accretion | 107,568 | 122,101 | 132,120 |
Lease operating expenses | 1,256,031 | 1,334,687 | 1,661,778 |
Gathering and transportation costs | 116,696 | 141,291 | 147,518 |
Administrative | 382,000 | 392,000 | 397,000 |
Total Expenses | 2,590,156 | 2,887,842 | 3,392,380 |
NET INCOME | 965,930 | 1,488,879 | 1,803,143 |
NET INCOME ALLOCATED TO: | ' | ' | ' |
Managing Partner | 326,207 | 462,382 | 551,769 |
Investing Partners | 639,723 | 1,026,497 | 1,251,374 |
NET INCOME | $965,930 | $1,488,879 | $1,803,143 |
NET INCOME PER INVESTING PARTNER UNIT | $626 | $1,005 | $1,225 |
WEIGHTED AVERAGE INVESTING PARTNER UNITS OUTSTANDING | 1,021.50 | 1,021.50 | 1,021.50 |
STATEMENT_OF_CONSOLIDATED_CASH
STATEMENT OF CONSOLIDATED CASH FLOWS (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
NET INCOME | $965,930 | $1,488,879 | $1,803,143 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation, depletion and amortization | 727,861 | 897,763 | 1,053,964 |
Asset retirement obligation accretion | 107,568 | 122,101 | 132,120 |
Changes in operating assets and liabilities: | ' | ' | ' |
(Increase) decrease in accrued receivables | 83,551 | 170,348 | -26,315 |
Increase (decrease) in receivable from/payable to Apache Corporation | -83,356 | -87,410 | 99,448 |
Increase (decrease) in accrued operating expenses | 28,183 | -282,123 | 296,686 |
Increase (decrease) in deferred credits and other | -248,843 | 2,937 | -635,930 |
Net cash provided by operating activities | 1,580,894 | 2,312,495 | 2,723,116 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Additions to oil and gas properties | -19,361 | -71,158 | -3,863,213 |
Net cash used in investing activities | -19,361 | -71,158 | -3,863,213 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Distributions to Managing Partner | -360,104 | -526,942 | -427,409 |
Net cash used in financing activities | -360,104 | -526,942 | -427,409 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 1,201,429 | 1,714,395 | -1,567,506 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 3,118,789 | 1,404,394 | 2,971,900 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $4,320,218 | $3,118,789 | $1,404,394 |
CONSOLIDATED_BALANCE_SHEET
CONSOLIDATED BALANCE SHEET (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $4,320,218 | $3,118,789 |
Accrued revenues receivable | 35,296 | 118,847 |
Receivable from Apache Corporation | 8,335 | ' |
Total Current Assets | 4,363,849 | 3,237,636 |
OIL AND GAS PROPERTIES, on the basis of full cost accounting: | ' | ' |
Proved properties | 194,634,634 | 194,451,931 |
Less - Accumulated depreciation, depletion and amortization | -186,199,819 | -185,471,958 |
Total oil and gas properties, on the basis of full cost accounting | 8,434,815 | 8,979,973 |
Total Assets | 12,798,664 | 12,217,609 |
CURRENT LIABILITIES: | ' | ' |
Payable to Apache Corporation | ' | 75,021 |
Current asset retirement obligation | 991,248 | ' |
Accrued operating expenses | 152,540 | 124,357 |
Accrued development costs | ' | 35,978 |
Total Current Liabilities | 1,143,788 | 235,356 |
ASSET RETIREMENT OBLIGATION | 1,228,604 | 2,161,807 |
PARTNERS' CAPITAL: | ' | ' |
Managing Partner | 408,908 | 442,805 |
Investing Partners (1,021.5 units outstanding) | 10,017,364 | 9,377,641 |
Total Partners' Capital | 10,426,272 | 9,820,446 |
Total liabilities and partners' capital | $12,798,664 | $12,217,609 |
CONSOLIDATED_BALANCE_SHEET_Par
CONSOLIDATED BALANCE SHEET (Parenthetical) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Statement Of Financial Position [Abstract] | ' | ' | ' | ' |
Investing Partners, units outstanding | 1,021.50 | 1,021.50 | 1,021.50 | 1,021.50 |
STATEMENT_OF_CONSOLIDATED_CHAN
STATEMENT OF CONSOLIDATED CHANGES IN PARTNERS CAPITAL (USD $) | Total | Managing Partner [Member] | Investing Partners [Member] |
BEGINNING BALANCE at Dec. 31, 2010 | $7,482,775 | $383,005 | $7,099,770 |
Distributions | -427,409 | -427,409 | ' |
NET INCOME | 1,803,143 | 551,769 | 1,251,374 |
ENDING BALANCE at Dec. 31, 2011 | 8,858,509 | 507,365 | 8,351,144 |
Distributions | -526,942 | -526,942 | ' |
NET INCOME | 1,488,879 | 462,382 | 1,026,497 |
ENDING BALANCE at Dec. 31, 2012 | 9,820,446 | 442,805 | 9,377,641 |
Distributions | -360,104 | -360,104 | ' |
NET INCOME | 965,930 | 326,207 | 639,723 |
ENDING BALANCE at Dec. 31, 2013 | $10,426,272 | $408,908 | $10,017,364 |
ORGANIZATION
ORGANIZATION | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
ORGANIZATION | ' | ||||||||||||
1. ORGANIZATION | |||||||||||||
Nature of Operations | |||||||||||||
Apache Offshore Investment Partnership, a Delaware general partnership (the Investment Partnership), was formed on October 31, 1983, consisting of Apache Corporation (Apache or Managing Partner) as Managing Partner and public investors (the Investing Partners). The Investment Partnership invested its entire capital in Apache Offshore Petroleum Limited Partnership, a Delaware limited partnership (the Operating Partnership). The primary business of the Investment Partnership is to serve as the sole limited partner of the Operating Partnership. The primary business of the Operating Partnership is to conduct oil and gas exploration, development and production operations. The Operating Partnership conducts the operations of the Investment Partnership. The accompanying financial statements include the accounts of both the Investment Partnership and Operating Partnership. Apache is the general partner of both the Investment and Operating partnerships, and held approximately five percent of the 1,021.5 Investing Partner Units (Units) outstanding at December 31, 2013. The term “Partnership”, as used hereafter, refers to the Investment Partnership or the Operating Partnership, as the case may be. | |||||||||||||
The Partnership purchased, at cost, an 85 percent interest in offshore leasehold interests acquired by Apache as a co-venturer in a series of oil and gas exploration, development and production activities on 87 federal lease tracts in the Gulf of Mexico, offshore Louisiana and Texas. The remaining 15 percent interest was purchased by an affiliated partnership or retained by Apache. The Partnership acquired an increased net revenue interest in Matagorda Island Blocks 681 and 682 in November 1992, when the Partnership and Apache formed a joint venture to acquire a 92.6 percent working interest in the blocks. | |||||||||||||
Since inception, the Partnership has participated in 14 federal offshore lease sales in which 49 prospects were acquired (over the same period, 45 of those prospects have been surrendered/sold). The Partnership’s working interests in the four remaining venture prospects range from 6.29 percent to 7.08 percent. As of December 31, 2013, the Partnership held a remaining interest in eight tracts acquired through federal lease sales. | |||||||||||||
The Partnership’s future financial condition and results of operations will depend largely upon prices received for its oil and natural gas production and the costs of acquiring, finding, developing and producing reserves. A substantial portion of the Partnership’s production is sold under market-sensitive contracts. Prices for oil and natural gas are subject to fluctuations in response to changes in supply, market uncertainty and a variety of factors beyond the Partnership’s control. These factors include worldwide political instability (especially in the Middle East), the foreign supply of oil and natural gas, the price of foreign imports, the level of consumer demand, and the price and availability of alternative fuels. | |||||||||||||
Under the terms of the Partnership Agreements, the Investing Partners receive 80 percent and Apache receives 20 percent of revenue. Lease operating, gathering and transportation, and administrative expenses are allocated to the Investing Partners and Apache in the same proportion as revenues. The Investing Partners receive 100 percent of the interest income earned on short-term cash investments. The Investing Partners generally pay for 90 percent and Apache generally pays for 10 percent of exploration and development costs and expenses incurred by the Partnership. However, intangible drilling costs, interest costs and fees or expenses related to the loans incurred by the Partnership are allocated 99 percent to the Investing Partners and one percent to Apache until such time as the amount so allocated to the Investing Partners equals 90 percent of the total amount of such costs, including such costs incurred by Apache prior to the formation of the Partnership. | |||||||||||||
Right of Presentment | |||||||||||||
In February 1994, an amendment to the Partnership Agreement created a right of presentment under which all Investing Partners have a limited and voluntary right to offer their Units to the Partnership twice each year to be purchased for cash. The Partnership did not offer to purchase any Units from Investing Partners in 2013, 2012, or 2011 as a result of the limited amount of cash available for discretionary purposes. | |||||||||||||
The Partnership is not in a position to predict how many Units will be presented for repurchase during 2014; however, no more than 10 percent of the outstanding Units may be purchased under the right of presentment in any year. The Partnership has no obligation to purchase any Units presented to the extent that it determines that it has insufficient funds for such purchases. | |||||||||||||
The table below sets forth the total repurchase price and the repurchase price per Unit for all outstanding Units at each presentment period, based on the right of presentment valuation formula defined in the amendment to the Partnership Agreement. The right of presentment offers made twice annually are based on a discounted Unit value formula. The discounted Unit value will be not less than the Investing Partner’s share of: (a) the sum of (i) 70 percent of the discounted estimated future net revenues from proved reserves, discounted at a rate of 1.5 percent over prime or First National Bank of Chicago’s base rate in effect at the time the calculation is made, (ii) cash on hand, (iii) prepaid expenses, (iv) accounts receivable less a reasonable reserve for doubtful accounts, (v) oil and gas properties other than proved reserves at cost less any amounts attributable to drilling and completion costs incurred by the Partnership and included therein, and (vi) the book value of all other assets of the Partnership, less the debts, obligations and other liabilities of all kinds (including accrued expenses) then allocable to such interest in the Partnership, all determined as of the valuation date, divided by (b) the number of Units, and fractions thereof, outstanding as of the valuation date. The discounted Unit value does not purport to be, and may be substantially different from, the fair market value of a Unit. | |||||||||||||
Right of Presentment Valuation Date | Total Valuation | Valuation Price | |||||||||||
Price | Per Unit | ||||||||||||
December 31, 2010 | $ | 15,237,383 | $ | 14,917 | |||||||||
June 30, 2011 | 13,790,742 | 13,500 | |||||||||||
December 31, 2011 | 15,849,687 | 15,516 | |||||||||||
June 30, 2012 | 16,274,165 | 15,932 | |||||||||||
December 31, 2012 | 15,743,540 | 15,412 | |||||||||||
June 30, 2013 | 15,958,079 | 15,622 | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Investing Partner Units Outstanding: | |||||||||||||
Balance, beginning of year | 1,021.50 | 1,021.50 | 1,021.50 | ||||||||||
Repurchase of Partnership Units | — | — | — | ||||||||||
Balance, end of year | 1,021.50 | 1,021.50 | 1,021.50 | ||||||||||
Capital Contributions | |||||||||||||
A total of $85,000 per Unit, or approximately 57 percent, of investor subscription had been called through December 31, 2013. The Partnership determined the full purchase price of $150,000 per Unit was not needed, and upon completion of the last subscription call in November 1989, released the Investing Partners from their remaining liability. As a result of investors defaulting on cash calls and repurchases under the presentment offer discussed above, the original 1,500 Units have been reduced to 1,021.5 Units at December 31, 2013. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Accounting policies used by the Partnership reflect industry practices and conform to accounting principles generally accepted in the United States (GAAP). Significant policies are discussed below. | |
Statement Presentation | |
The accompanying consolidated financial statements include the accounts of Apache Offshore Investment Partnership and Apache Offshore Petroleum Limited Partnership after elimination of intercompany balances and transactions. | |
Use of Estimates | |
The preparation of financial statements in conformity with GAAP and the disclosure of contingent assets and liabilities requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Partnership bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances. The Partnership evaluates its estimates and assumptions on a regular basis. Actual results may differ from these estimates and assumptions used in preparation of its financial statements and changes in these estimates are recorded when known. Significant estimates with regard to these financial statements include the estimate of proved oil and gas reserve quantities and the related present value of estimated future net cash flows therefrom (see Note10 - Supplemental Oil and Gas Disclosures) and assessing asset retirement obligations (see Note 8 – Asset Retirement Obligation). | |
Cash Equivalents | |
The Partnership considers all highly liquid short-term investments with an original maturity of three months or less at the time of purchase to be cash equivalents. These investments are carried at cost, which approximates fair value. As of December 31, 2013 and 2012, the Partnership had $4.3 million and $3.1 million, respectively, of cash and cash equivalents. | |
Oil and Gas Properties | |
The Partnership follows the full-cost method of accounting for its investment in oil and gas properties for financial statement purposes. Under this method of accounting, the Partnership capitalizes all acquisition, exploration and development costs incurred for the purpose of finding oil and gas reserves. The amounts capitalized under this method include dry hole costs, leasehold costs, engineering, geological, exploration, development and other similar costs. All costs related to production and administrative functions are expensed in the period incurred. The Partnership includes the present value of its dismantlement, restoration and abandonment costs within the capitalized oil and gas property balance as described in Note 8. Unless a significant portion of the Partnership’s reserve volumes are sold (greater than 25 percent), proceeds from the sale of oil and gas properties are accounted for as reductions to capitalized costs, and gains or losses are not recognized. | |
Capitalized costs of oil and gas properties are amortized on the future gross revenue method whereby depreciation, depletion and amortization (DD&A) expense is computed quarterly by dividing current period oil and gas sales by estimated future gross revenue from proved oil and gas reserves (including current period oil and gas sales) and applying the resulting rate to the net cost of evaluated oil and gas properties, including estimated future development costs. | |
Under the full-cost method of accounting, the Partnership limits the capitalized costs of proved oil and gas properties, net of accumulated DD&A, to the estimated future net cash flows from proved oil and gas reserves discounted at 10 percent, plus the lower of cost or fair value of unproved properties included in the costs being amortized, if any. This ceiling test is performed each quarter. If capitalized costs exceed this limit, the excess is charged to expense and reflected as additional DD&A in the accompanying statement of consolidated income. Estimated future net cash flows are calculated using end-of-period costs and an unweighted arithmetic average of commodity prices in effect on the first day of each of the previous 12 months, held flat for the life of the production, except where prices are defined by contractual arrangements. The Partnership has not recorded any write-downs of capitalized costs for the three years presented. See Note 10 - Supplemental Oil and Gas Disclosures included in this Form 10-K for a discussion on calculation of estimated future net cash flows. | |
Asset Retirement Costs and Obligation | |
The initial estimated asset retirement obligation related to properties is recorded as a liability at its fair value, with an offsetting asset retirement cost recorded as an increase to oil and gas properties on the consolidated balance sheet. If the fair value of the recorded asset retirement obligation changes, a revision is recorded to both the asset retirement obligation and the asset retirement cost. Revisions in estimated liabilities can result from revisions of estimated inflation rates, changes in service and equipment costs and changes in the estimated timing of settling asset retirement obligations. Accretion expense on the liability is recognized over the estimated productive life of the related assets. | |
Revenue Recognition | |
Oil and gas revenues are recognized when production is sold to a purchaser at a fixed or determinable price, when delivery has occurred and title has transferred, and if collectability of the revenue is probable. The Partnership uses the sales method of accounting for natural gas revenues. Under this method, revenues are recognized based on actual volumes of gas sold to purchasers. The volumes of gas sold may differ from the volumes to which the Partnership is entitled based on its interests in the properties. These differences create imbalances that are recognized as a liability only when the estimated remaining reserves will not be sufficient to enable the underproduced owner to recoup its entitled share through production. As of December 31, 2013 and 2012, the Partnership did not have any liabilities for imbalances in excess of remaining reserves. No receivables are recorded for those wells where the Partnership has taken less than its share of production. Gas imbalances are reflected as adjustments to proved gas revenues and future cash flows in the unaudited supplemental oil and gas disclosures. Adjustments for gas imbalances totaled less than one percent of the Partnership’s proved gas reserves at December 31, 2013 and 2012. | |
Insurance Coverage | |
The Partnership recognizes an insurance receivable when collection of the receivable is deemed probable. Any recognition of an insurance receivable is recorded by crediting and offsetting the original charge. Any differential arising between insurance recoveries and insurance receivables is recorded as a capitalized cost or as an expense, consistent with its original treatment. | |
Net Income Per Investing Unit | |
The net income per Investing Partner Unit is calculated by dividing the aggregate Investing Partners’ net income for the period by the number of weighted average Investing Partner Units outstanding for that period. | |
Income Taxes | |
The profit or loss of the Partnership for federal income tax reporting purposes is included in the income tax returns of the partners. Accordingly, no recognition has been given to income taxes in the accompanying financial statements. | |
Receivable from / Payable to Apache Corporation | |
The receivable from/payable to Apache Corporation, the Partnership’s Managing Partner, represents the net result of the Investing Partners’ revenue and expenditure transactions in the current month. Generally, cash in this amount will be paid by Apache to the Partnership or transferred to Apache in the month after the Partnership’s transactions are processed and the net results of operations are determined. | |
Maintenance and Repairs | |
Maintenance and repairs are charged to expense as incurred. |
COMPENSATION_TO_AFFILIATES
COMPENSATION TO AFFILIATES | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||
COMPENSATION TO AFFILIATES | ' | ||||||||||||||
3. COMPENSATION TO AFFILIATES | |||||||||||||||
Apache is entitled to the following types of compensation and reimbursement for costs and expenses. | |||||||||||||||
Total Reimbursed by the | |||||||||||||||
Investing Partners for the | |||||||||||||||
Year Ended December 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
(In thousands) | |||||||||||||||
a. | Apache is reimbursed for general, administrative and overhead expenses incurred in connection with the management and operation of the Partnership’s business | $ | 306 | $ | 314 | $ | 318 | ||||||||
b. | Apache is reimbursed for development overhead costs incurred in the Partnership’s operations. These costs are based on development activities and are capitalized to oil and gas properties | $ | 1 | $ | — | $ | 61 | ||||||||
Apache operated certain Partnership properties through September 30, 2013, at which time Fieldwood Energy LLC purchased Apache’s interest in South Timbalier 295, Ship Shoal 258/259 and Matagorda Island 681/682 and became operator of these properties. Billings to the Partnership were made on the same basis as to unaffiliated third parties or at prevailing industry rates. |
OIL_AND_GAS_PROPERTIES
OIL AND GAS PROPERTIES | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Extractive Industries [Abstract] | ' | ||||||||||||
OIL AND GAS PROPERTIES | ' | ||||||||||||
4. OIL AND GAS PROPERTIES | |||||||||||||
The following tables contain direct cost information and changes in the Partnership’s oil and gas properties for each of the years ended December 31. All costs of oil and gas properties are currently being amortized. | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Oil and Gas Properties | |||||||||||||
Balance, beginning of year | $ | 194,452 | $ | 194,492 | $ | 191,277 | |||||||
Costs incurred during the year: | |||||||||||||
Development – Investing Partners | 166 | (44 | ) | 3,084 | |||||||||
Managing Partner | 17 | 4 | 131 | ||||||||||
Balance, end of year | $ | 194,635 | $ | 194,452 | $ | 194,492 | |||||||
Development cost for 2013 and 2011 included $0.2 million and $0.3 million, respectively, of asset retirement cost. The Partnership’s 2012 asset retirement cost additions were negligible. | |||||||||||||
Managing | Investing | Total | |||||||||||
Partner | Partners | ||||||||||||
(In thousands) | |||||||||||||
Accumulated Depreciation, Depletion and Amortization | |||||||||||||
Balance, December 31, 2010 | $ | 20,952 | $ | 162,568 | $ | 183,520 | |||||||
Provision | 33 | 1,021 | 1,054 | ||||||||||
Balance, December 31, 2011 | $ | 20,985 | $ | 163,589 | $ | 184,574 | |||||||
Provision | 27 | 871 | 898 | ||||||||||
Balance, December 31, 2012 | $ | 21,012 | $ | 164,460 | $ | 185,472 | |||||||
Provision | 23 | 705 | 728 | ||||||||||
Balance, December 31, 2013 | $ | 21,035 | $ | 165,165 | $ | 186,200 | |||||||
The Partnership’s aggregate DD&A expense as a percentage of oil and gas sales for 2013, 2012, and 2011 was 20 percent, 21 percent and 20 percent, respectively. |
MAJOR_CUSTOMER_AND_RELATED_PAR
MAJOR CUSTOMER AND RELATED PARTIES INFORMATION | 12 Months Ended |
Dec. 31, 2013 | |
Text Block [Abstract] | ' |
MAJOR CUSTOMER AND RELATED PARTIES INFORMATION | ' |
5. MAJOR CUSTOMER AND RELATED PARTIES INFORMATION | |
Revenues received from major third party customers that equaled ten percent or more of oil and gas sales are discussed below. No other third party customers individually accounted for ten percent or more of oil and gas sales. | |
Shell Trading Company accounted for 34 percent, 68 percent and 42 percent of the Partnership’s oil and gas sales for the year 2013, 2012 and 2011, respectively. BP Products North America accounted for 34 percent of the Partnership’s oil and gas sales for 2013. | |
Effective November 1992, with Apache’s and the Partnership’s acquisition of an additional net revenue interest in Matagorda Island Blocks 681 and 682, a wholly-owned subsidiary of Apache purchased from Shell Oil Company (Shell) a 14.4 mile natural gas and condensate pipeline connecting Matagorda Island Block 681 to onshore markets. The Partnership paid the Apache subsidiary transportation fees totaling $3,086 in 2013, $10,274 in 2012, and $26,553 in 2011 for the Partnership’s share of gas. The fees were at the same rates and terms as previously paid to Shell. Matagorda Island Blocks 681 and 682 have been shut-in since August 2013 and are expected to be plugged in the coming year. | |
All transactions with related parties were consummated at fair value. | |
The Partnership’s revenues are derived principally from uncollateralized sales to customers in the oil and gas industry; therefore, customers may be similarly affected by changes in economic and other conditions within the industry. The Partnership has not experienced material credit losses on such sales. |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2013 | |
Fair Value Disclosures [Abstract] | ' |
FAIR VALUE MEASUREMENTS | ' |
6. FAIR VALUE MEASUREMENTS | |
Certain assets and liabilities are reported at fair value on a recurring basis in the Partnership’s consolidated balance sheet. The following methods and assumptions were used to estimate the fair values: | |
Cash, Cash Equivalents, Accounts Receivable and Accounts Payable - | |
As of December 31, 2013, and December 31, 2012, the carrying amounts approximate fair value because of the short-term nature or maturity of these instruments. | |
The Partnership did not use derivative financial instruments or otherwise engage in hedging activities during the years ended December 31, 2013, and 2012. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
7. COMMITMENTS AND CONTINGENCIES | |
Litigation – The Partnership is subject to governmental and regulatory controls arising in the ordinary course of business. It is the opinion of the Apache’s management that all claims and litigation involving the Partnership are not likely to have a material adverse effect on its financial position or results of operations. | |
Environmental – The Partnership, as an owner or lessee of interests in oil and gas properties, is subject to various federal, state and local laws and regulations relating to discharge of materials into, and protection of, the environment. These laws and regulations may, among other things, impose liability on the lessee under an oil and gas lease for the cost of pollution clean-up resulting from operations and subject the lessee to liability for pollution damages. Apache maintains insurance coverage on the Partnership’s properties, which it believes is customary in the industry, although the Partnership is not fully insured against all environmental risks. |
ASSET_RETIREMENT_OBLIGATIONS
ASSET RETIREMENT OBLIGATIONS | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||||||
ASSET RETIREMENT OBLIGATIONS | ' | ||||||||
8. ASSET RETIREMENT OBLIGATIONS | |||||||||
The following table describes the changes to the Partnership’s asset retirement obligation (ARO) liability for the years ended December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Asset retirement obligation at beginning of year | $ | 2,161,807 | $ | 2,035,649 | |||||
Accretion expense | 107,568 | 122,101 | |||||||
Liabilities settled | (212,865 | ) | (33,041 | ) | |||||
Revisions in estimated liabilities | 163,342 | 37,098 | |||||||
Asset retirement obligation at end of year | $ | 2,219,852 | $ | 2,161,807 | |||||
Less current portion | (991,248 | ) | — | ||||||
Asset retirement obligation, long-term | $ | 1,228,604 | $ | 2,161,807 | |||||
The ARO liability reflects the estimated present value of the amount of dismantlement, removal, site reclamation, and similar activities associated with the Partnership’s oil and gas properties. The Partnership utilizes current retirement costs to estimate the expected cash outflows for retirement obligations. The Partnership estimates the ultimate productive life of the properties, a risk-adjusted discount rate, and an inflation factor in order to determine the current present value of this obligation. To the extent future revisions to these assumptions impact the present value of the existing ARO liability, a corresponding adjustment is made to the oil and gas property balance. | |||||||||
Liabilities settled primarily relate to individual wells plugged and abandoned during the periods presented. The current portion of the ARO liability represents the retirement obligations expected to be incurred in the next twelve months. |
TAXBASIS_FINANCIAL_INFORMATION
TAX-BASIS FINANCIAL INFORMATION | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
TAX-BASIS FINANCIAL INFORMATION | ' | ||||||||||||
9. TAX-BASIS FINANCIAL INFORMATION | |||||||||||||
A reconciliation of ordinary income for federal income tax reporting purposes to net income under accounting principles generally accepted in the United States is as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net partnership ordinary income (loss) for federal income tax reporting purposes | $ | 1,396,047 | $ | 2,268,525 | $ | (49,125 | ) | ||||||
Plus: Items of current expense for tax reporting purposes only – Intangible drilling cost | 10,442 | (82,453 | ) | 2,058,342 | |||||||||
Dismantlement and abandonment cost | 212,865 | 33,041 | 635,930 | ||||||||||
Tax depreciation | 182,005 | 289,630 | 344,080 | ||||||||||
405,312 | 240,218 | 3,038,352 | |||||||||||
Less: full cost DD&A expense | (727,861 | ) | (897,763 | ) | (1,053,964 | ) | |||||||
Less: asset retirement obligation accretion | (107,568 | ) | (122,101 | ) | (132,120 | ) | |||||||
Net income | $ | 965,930 | $ | 1,488,879 | $ | 1,803,143 | |||||||
The Partnership’s tax bases in net oil and gas properties at December 31, 2013, and 2012 was $6,348,849 and $6,720,921, respectively, lower than the carrying value of oil and gas properties under full cost accounting. The difference reflects the timing deductions for depreciation, depletion and amortization, intangible drilling costs and dismantlement and abandonment costs. For federal income tax reporting, the Partnership had capitalized syndication cost of $8,660,878 at December 31, 2013, and 2012. | |||||||||||||
A reconciliation of liabilities for federal income tax reporting purposes to liabilities under accounting principles generally accepted in the United States is as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Liabilities for federal income tax purposes | $ | 152,540 | $ | 235,356 | |||||||||
Asset retirement liability | 2,219,852 | 2,161,807 | |||||||||||
Liabilities under accounting principles generally accepted in the United States | $ | 2,372,392 | $ | 2,397,163 | |||||||||
Asset retirement liabilities for future dismantlement and abandonment costs are not recognized for federal income tax reporting purposes until settled. |
SUPPLEMENTAL_OIL_AND_GAS_DISCL
SUPPLEMENTAL OIL AND GAS DISCLOSURES | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Extractive Industries [Abstract] | ' | ||||||||||||||||||||||||
SUPPLEMENTAL OIL AND GAS DISCLOSURES | ' | ||||||||||||||||||||||||
10. SUPPLEMENTAL OIL AND GAS DISCLOSURES (Unaudited) | |||||||||||||||||||||||||
Oil and Gas Reserve Information | |||||||||||||||||||||||||
Proved oil and gas reserves are the estimated quantities of natural gas, crude oil, condensate, and natural gas liquids (NGLs) that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing conditions, operating conditions, and government regulations. | |||||||||||||||||||||||||
There are numerous uncertainties inherent in estimating quantities of proved reserves and projecting future rates of production and timing of development expenditures. The following reserve data represents estimates only and should not be construed as being exact. | |||||||||||||||||||||||||
(Oil in Mbbls and gas in MMcf) | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Oil | Gas | Oil | Gas | Oil | Gas | ||||||||||||||||||||
Proved Reserves | |||||||||||||||||||||||||
Beginning of year | 497 | 1,331 | 513 | 2,094 | 561 | 2,354 | |||||||||||||||||||
Extensions, discoveries and other additions | — | — | — | — | 4 | 354 | |||||||||||||||||||
Revisions of previous estimates | 36 | 144 | 16 | (326 | ) | (25 | ) | 11 | |||||||||||||||||
Production | (26 | ) | (251 | ) | (32 | ) | (437 | ) | (27 | ) | (625 | ) | |||||||||||||
End of year | 507 | 1,224 | 497 | 1,331 | 513 | 2,094 | |||||||||||||||||||
Proved Developed | |||||||||||||||||||||||||
Beginning of year | 497 | 1,331 | 513 | 1,989 | 561 | 2,249 | |||||||||||||||||||
End of year | 507 | 1,224 | 497 | 1,331 | 513 | 1,989 | |||||||||||||||||||
Oil includes crude oil, condensate and natural gas liquids. | |||||||||||||||||||||||||
All the Partnership’s reserves are located on federal lease tracts in the Gulf of Mexico, offshore Louisiana and Texas. | |||||||||||||||||||||||||
Approximately 88 percent of the Partnership’s proved developed reserves are classified as proved not producing. These reserves relate to zones that are either behind pipe, or that have been completed but not yet produced or zones that have been produced in the past, but are not now producing due to mechanical reasons. These reserves may be regarded as less certain than producing reserves because they are frequently based on volumetric calculations rather than performance data. Future production associated with behind pipe reserves is scheduled to follow depletion of the currently producing zones in the same wellbores. It should be noted that additional capital will have to be spent to access these reserves. The capital and economic impact of production timing is reflected in the Partnership’s standardized measure under Future Net Cash Flows. | |||||||||||||||||||||||||
Future Net Cash Flows | |||||||||||||||||||||||||
Future cash inflows as of December 31, 2013, 2012, and 2011 were calculated using an unweighted arithmetic average of oil and gas prices in effect on the first day of each month in the respective year, except where prices are defined by contractual arrangements. Operating costs, production and ad valorem taxes and future development costs are based on current costs with no escalation. | |||||||||||||||||||||||||
The following table sets forth unaudited information concerning future net cash flows from proved oil and gas reserves. As the Partnership pays no income taxes, estimated future income tax expenses are omitted. This information does not purport to present the fair value of the Partnership’s oil and gas assets, but does present a standardized disclosure concerning possible future net cash flows that would result under the assumptions used. | |||||||||||||||||||||||||
Discounted Future Net Cash Flows Relating to Proved Reserves | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Future cash inflows | $ | 54,518 | $ | 54,044 | $ | 63,150 | |||||||||||||||||||
Future production costs | (9,563 | ) | (11,058 | ) | (9,578 | ) | |||||||||||||||||||
Future development costs | (5,139 | ) | (5,020 | ) | (5,344 | ) | |||||||||||||||||||
Net cash flows | 39,816 | 37,966 | 48,228 | ||||||||||||||||||||||
10 percent annual discount rate | (20,530 | ) | (18,467 | ) | (22,296 | ) | |||||||||||||||||||
Discounted future net cash flows | $ | 19,286 | $ | 19,499 | $ | 25,932 | |||||||||||||||||||
The following table sets forth the principal sources of change in the discounted future net cash flows: | |||||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Sales, net of production costs | $ | (2,183 | ) | $ | (2,901 | ) | $ | (3,386 | ) | ||||||||||||||||
Net change in prices and production costs | 280 | (2,976 | ) | 7,264 | |||||||||||||||||||||
Revisions of quantities | 1,935 | (1,241 | ) | (780 | ) | ||||||||||||||||||||
Discoveries and improved recoveries, net of cost | — | — | 1,680 | ||||||||||||||||||||||
Accretion of discount | 1,950 | 2,593 | 1,904 | ||||||||||||||||||||||
Changes in future development costs | (65 | ) | 177 | 341 | |||||||||||||||||||||
Changes in production rates and other | (2,130 | ) | (2,085 | ) | (130 | ) | |||||||||||||||||||
$ | (213 | ) | $ | (6,433 | ) | $ | 6,893 | ||||||||||||||||||
SUPPLEMENTAL_QUARTERLY_FINANCI
SUPPLEMENTAL QUARTERLY FINANCIAL DATA | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
SUPPLEMENTAL QUARTERLY FINANCIAL DATA | ' | ||||||||||||||||||||
11. SUPPLEMENTAL QUARTERLY FINANCIAL DATA (Unaudited) | |||||||||||||||||||||
First | Second | Third | Fourth | Total | |||||||||||||||||
(In thousands, except per Unit amounts) | |||||||||||||||||||||
2013 | |||||||||||||||||||||
Revenues | $ | 1,021 | $ | 952 | $ | 877 | $ | 706 | $ | 3,556 | |||||||||||
Expenses | 738 | 683 | 602 | 567 | 2,590 | ||||||||||||||||
Net income | $ | 283 | $ | 269 | $ | 275 | $ | 139 | $ | 966 | |||||||||||
Net income allocated to: | |||||||||||||||||||||
Managing Partner | $ | 95 | $ | 91 | $ | 88 | $ | 52 | $ | 326 | |||||||||||
Investing Partners | 188 | 178 | 187 | 87 | 640 | ||||||||||||||||
$ | 283 | $ | 269 | $ | 275 | $ | 139 | $ | 966 | ||||||||||||
Net income per Investing Partner Unit (1) | $ | 184 | $ | 175 | $ | 183 | $ | 85 | $ | 626 | |||||||||||
2012 | |||||||||||||||||||||
Revenues | $ | 1,395 | $ | 914 | $ | 1,038 | $ | 1,030 | $ | 4,377 | |||||||||||
Expenses | 804 | 640 | 746 | 698 | 2,888 | ||||||||||||||||
Net income | $ | 591 | $ | 274 | $ | 292 | $ | 332 | $ | 1,489 | |||||||||||
Net income allocated to: | |||||||||||||||||||||
Managing Partner | $ | 168 | $ | 90 | $ | 99 | $ | 105 | $ | 462 | |||||||||||
Investing Partners | 423 | 184 | 193 | 227 | 1,027 | ||||||||||||||||
$ | 591 | $ | 274 | $ | 292 | $ | 332 | $ | 1,489 | ||||||||||||
Net income per Investing Partner Unit (1) | $ | 413 | $ | 180 | $ | 188 | $ | 188 | $ | 1,005 | |||||||||||
-1 | The sum of the individual net income per Investing Partner Unit may not agree with the year-to-date net income per Investing Partner Unit as each quarterly computation is based on the weighted average number of Investing Partner Units during that period. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Statement Presentation | ' |
Statement Presentation | |
The accompanying consolidated financial statements include the accounts of Apache Offshore Investment Partnership and Apache Offshore Petroleum Limited Partnership after elimination of intercompany balances and transactions. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with GAAP and the disclosure of contingent assets and liabilities requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Partnership bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances. The Partnership evaluates its estimates and assumptions on a regular basis. Actual results may differ from these estimates and assumptions used in preparation of its financial statements and changes in these estimates are recorded when known. Significant estimates with regard to these financial statements include the estimate of proved oil and gas reserve quantities and the related present value of estimated future net cash flows therefrom. (see Note10 - Supplemental Oil and Gas Disclosures) and assessing asset retirement obligations (see Note 8 – Asset Retirement Obligation). | |
Cash Equivalents | ' |
Cash Equivalents | |
The Partnership considers all highly liquid short-term investments with an original maturity of three months or less at the time of purchase to be cash equivalents. These investments are carried at cost, which approximates fair value. As of December 31, 2013 and 2012, the Partnership had $4.3 million and $3.1 million, respectively, of cash and cash equivalents. | |
Oil and Gas Properties | ' |
Oil and Gas Properties | |
The Partnership follows the full-cost method of accounting for its investment in oil and gas properties for financial statement purposes. Under this method of accounting, the Partnership capitalizes all acquisition, exploration and development costs incurred for the purpose of finding oil and gas reserves. The amounts capitalized under this method include dry hole costs, leasehold costs, engineering, geological, exploration, development and other similar costs. All costs related to production and administrative functions are expensed in the period incurred. The Partnership includes the present value of its dismantlement, restoration and abandonment costs within the capitalized oil and gas property balance as described in Note 8. Unless a significant portion of the Partnership’s reserve volumes are sold (greater than 25 percent), proceeds from the sale of oil and gas properties are accounted for as reductions to capitalized costs, and gains or losses are not recognized. | |
Capitalized costs of oil and gas properties are amortized on the future gross revenue method whereby depreciation, depletion and amortization (DD&A) expense is computed quarterly by dividing current period oil and gas sales by estimated future gross revenue from proved oil and gas reserves (including current period oil and gas sales) and applying the resulting rate to the net cost of evaluated oil and gas properties, including estimated future development costs. | |
Under the full-cost method of accounting, the Partnership limits the capitalized costs of proved oil and gas properties, net of accumulated DD&A, to the estimated future net cash flows from proved oil and gas reserves discounted at 10 percent, plus the lower of cost or fair value of unproved properties included in the costs being amortized, if any. This ceiling test is performed each quarter. If capitalized costs exceed this limit, the excess is charged to expense and reflected as additional DD&A in the accompanying statement of consolidated income. Estimated future net cash flows are calculated using end-of-period costs and an unweighted arithmetic average of commodity prices in effect on the first day of each of the previous 12 months, held flat for the life of the production, except where prices are defined by contractual arrangements. The Partnership has not recorded any write-downs of capitalized costs for the three years presented. See Note 10 - Supplemental Oil and Gas Disclosures included in this Form 10-K for a discussion on calculation of estimated future net cash flows. | |
Asset Retirement Costs and Obligation | ' |
Asset Retirement Costs and Obligation | |
The initial estimated asset retirement obligation related to properties is recorded as a liability at its fair value, with an offsetting asset retirement cost recorded as an increase to oil and gas properties on the consolidated balance sheet. If the fair value of the recorded asset retirement obligation changes, a revision is recorded to both the asset retirement obligation and the asset retirement cost. Revisions in estimated liabilities can result from revisions of estimated inflation rates, changes in service and equipment costs and changes in the estimated timing of settling asset retirement obligations. Accretion expense on the liability is recognized over the estimated productive life of the related assets. | |
Revenue Recognition | ' |
Revenue Recognition | |
Oil and gas revenues are recognized when production is sold to a purchaser at a fixed or determinable price, when delivery has occurred and title has transferred, and if collectability of the revenue is probable. The Partnership uses the sales method of accounting for natural gas revenues. Under this method, revenues are recognized based on actual volumes of gas sold to purchasers. The volumes of gas sold may differ from the volumes to which the Partnership is entitled based on its interests in the properties. These differences create imbalances that are recognized as a liability only when the estimated remaining reserves will not be sufficient to enable the underproduced owner to recoup its entitled share through production. As of December 31, 2013 and 2012, the Partnership did not have any liabilities for imbalances in excess of remaining reserves. No receivables are recorded for those wells where the Partnership has taken less than its share of production. Gas imbalances are reflected as adjustments to proved gas revenues and future cash flows in the unaudited supplemental oil and gas disclosures. Adjustments for gas imbalances totaled less than one percent of the Partnership’s proved gas reserves at December 31, 2013 and 2012. | |
Insurance Coverage | ' |
Insurance Coverage | |
The Partnership recognizes an insurance receivable when collection of the receivable is deemed probable. Any recognition of an insurance receivable is recorded by crediting and offsetting the original charge. Any differential arising between insurance recoveries and insurance receivables is recorded as a capitalized cost or as an expense, consistent with its original treatment. | |
Net Income Per Investing Unit | ' |
Net Income Per Investing Unit | |
The net income per Investing Partner Unit is calculated by dividing the aggregate Investing Partners’ net income for the period by the number of weighted average Investing Partner Units outstanding for that period. | |
Income Taxes | ' |
Income Taxes | |
The profit or loss of the Partnership for federal income tax reporting purposes is included in the income tax returns of the partners. Accordingly, no recognition has been given to income taxes in the accompanying financial statements. | |
Receivable from / Payable to Apache Corporation | ' |
Receivable from / Payable to Apache Corporation | |
The receivable from/payable to Apache Corporation, the Partnership’s Managing Partner, represents the net result of the Investing Partners’ revenue and expenditure transactions in the current month. Generally, cash in this amount will be paid by Apache to the Partnership or transferred to Apache in the month after the Partnership’s transactions are processed and the net results of operations are determined. | |
Maintenance and Repairs | ' |
Maintenance and Repairs | |
Maintenance and repairs are charged to expense as incurred. |
ORGANIZATION_Tables
ORGANIZATION (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Total Repurchase Price for All Outstanding Units | ' | ||||||||||||
The discounted Unit value does not purport to be, and may be substantially different from, the fair market value of a Unit. | |||||||||||||
Right of Presentment Valuation Date | Total Valuation | Valuation Price | |||||||||||
Price | Per Unit | ||||||||||||
December 31, 2010 | $ | 15,237,383 | $ | 14,917 | |||||||||
June 30, 2011 | 13,790,742 | 13,500 | |||||||||||
December 31, 2011 | 15,849,687 | 15,516 | |||||||||||
June 30, 2012 | 16,274,165 | 15,932 | |||||||||||
December 31, 2012 | 15,743,540 | 15,412 | |||||||||||
June 30, 2013 | 15,958,079 | 15,622 | |||||||||||
Repurchase Price Per Unit for All Outstanding Units | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Investing Partner Units Outstanding: | |||||||||||||
Balance, beginning of year | 1,021.50 | 1,021.50 | 1,021.50 | ||||||||||
Repurchase of Partnership Units | — | — | — | ||||||||||
Balance, end of year | 1,021.50 | 1,021.50 | 1,021.50 | ||||||||||
COMPENSATION_TO_AFFILIATES_Tab
COMPENSATION TO AFFILIATES (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||
Compensation and Reimbursement for Costs and Expenses | ' | ||||||||||||||
Apache is entitled to the following types of compensation and reimbursement for costs and expenses. | |||||||||||||||
Total Reimbursed by the | |||||||||||||||
Investing Partners for the | |||||||||||||||
Year Ended December 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
(In thousands) | |||||||||||||||
a. | Apache is reimbursed for general, administrative and overhead expenses incurred in connection with the management and operation of the Partnership’s business | $ | 306 | $ | 314 | $ | 318 | ||||||||
b. | Apache is reimbursed for development overhead costs incurred in the Partnership’s operations. These costs are based on development activities and are capitalized to oil and gas properties | $ | 1 | $ | — | $ | 61 | ||||||||
OIL_AND_GAS_PROPERTIES_Tables
OIL AND GAS PROPERTIES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Extractive Industries [Abstract] | ' | ||||||||||||
Direct Cost Information | ' | ||||||||||||
The following tables contain direct cost information and changes in the Partnership’s oil and gas properties for each of the years ended December 31. All costs of oil and gas properties are currently being amortized. | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Oil and Gas Properties | |||||||||||||
Balance, beginning of year | $ | 194,452 | $ | 194,492 | $ | 191,277 | |||||||
Costs incurred during the year: | |||||||||||||
Development – Investing Partners | 166 | (44 | ) | 3,084 | |||||||||
Managing Partner | 17 | 4 | 131 | ||||||||||
Balance, end of year | $ | 194,635 | $ | 194,452 | $ | 194,492 | |||||||
Changes in Partnership's Oil and Gas Properties | ' | ||||||||||||
Managing | Investing | Total | |||||||||||
Partner | Partners | ||||||||||||
(In thousands) | |||||||||||||
Accumulated Depreciation, Depletion and Amortization | |||||||||||||
Balance, December 31, 2010 | $ | 20,952 | $ | 162,568 | $ | 183,520 | |||||||
Provision | 33 | 1,021 | 1,054 | ||||||||||
Balance, December 31, 2011 | $ | 20,985 | $ | 163,589 | $ | 184,574 | |||||||
Provision | 27 | 871 | 898 | ||||||||||
Balance, December 31, 2012 | $ | 21,012 | $ | 164,460 | $ | 185,472 | |||||||
Provision | 23 | 705 | 728 | ||||||||||
Balance, December 31, 2013 | $ | 21,035 | $ | 165,165 | $ | 186,200 | |||||||
ASSET_RETIREMENT_OBLIGATIONS_T
ASSET RETIREMENT OBLIGATIONS (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||||||
Changes to Partnership's Asset Retirement Obligation Liability | ' | ||||||||
The following table describes the changes to the Partnership’s asset retirement obligation (ARO) liability for the years ended December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Asset retirement obligation at beginning of year | $ | 2,161,807 | $ | 2,035,649 | |||||
Accretion expense | 107,568 | 122,101 | |||||||
Liabilities settled | (212,865 | ) | (33,041 | ) | |||||
Revisions in estimated liabilities | 163,342 | 37,098 | |||||||
Asset retirement obligation at end of year | $ | 2,219,852 | $ | 2,161,807 | |||||
Less current portion | (991,248 | ) | — | ||||||
Asset retirement obligation, long-term | $ | 1,228,604 | $ | 2,161,807 | |||||
TAXBASIS_FINANCIAL_INFORMATION1
TAX-BASIS FINANCIAL INFORMATION (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Reconciliation of Ordinary Income for Federal Income Tax Reporting Purposes | ' | ||||||||||||
A reconciliation of ordinary income for federal income tax reporting purposes to net income under accounting principles generally accepted in the United States is as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net partnership ordinary income (loss) for federal income tax reporting purposes | $ | 1,396,047 | $ | 2,268,525 | $ | (49,125 | ) | ||||||
Plus: Items of current expense for tax reporting purposes only – Intangible drilling cost | 10,442 | (82,453 | ) | 2,058,342 | |||||||||
Dismantlement and abandonment cost | 212,865 | 33,041 | 635,930 | ||||||||||
Tax depreciation | 182,005 | 289,630 | 344,080 | ||||||||||
405,312 | 240,218 | 3,038,352 | |||||||||||
Less: full cost DD&A expense | (727,861 | ) | (897,763 | ) | (1,053,964 | ) | |||||||
Less: asset retirement obligation accretion | (107,568 | ) | (122,101 | ) | (132,120 | ) | |||||||
Net income | $ | 965,930 | $ | 1,488,879 | $ | 1,803,143 | |||||||
Reconciliation of Liabilities for Federal Income Tax Reporting Purposes | ' | ||||||||||||
A reconciliation of liabilities for federal income tax reporting purposes to liabilities under accounting principles generally accepted in the United States is as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Liabilities for federal income tax purposes | $ | 152,540 | $ | 235,356 | |||||||||
Asset retirement liability | 2,219,852 | 2,161,807 | |||||||||||
Liabilities under accounting principles generally accepted in the United States | $ | 2,372,392 | $ | 2,397,163 | |||||||||
SUPPLEMENTAL_OIL_AND_GAS_DISCL1
SUPPLEMENTAL OIL AND GAS DISCLOSURES (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Extractive Industries [Abstract] | ' | ||||||||||||||||||||||||
Proved Reserves and Projecting Future Rates of Production and Timing of Development Expenditures | ' | ||||||||||||||||||||||||
There are numerous uncertainties inherent in estimating quantities of proved reserves and projecting future rates of production and timing of development expenditures. The following reserve data represents estimates only and should not be construed as being exact. | |||||||||||||||||||||||||
(Oil in Mbbls and gas in MMcf) | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Oil | Gas | Oil | Gas | Oil | Gas | ||||||||||||||||||||
Proved Reserves | |||||||||||||||||||||||||
Beginning of year | 497 | 1,331 | 513 | 2,094 | 561 | 2,354 | |||||||||||||||||||
Extensions, discoveries and other additions | — | — | — | — | 4 | 354 | |||||||||||||||||||
Revisions of previous estimates | 36 | 144 | 16 | (326 | ) | (25 | ) | 11 | |||||||||||||||||
Production | (26 | ) | (251 | ) | (32 | ) | (437 | ) | (27 | ) | (625 | ) | |||||||||||||
End of year | 507 | 1,224 | 497 | 1,331 | 513 | 2,094 | |||||||||||||||||||
Proved Developed | |||||||||||||||||||||||||
Beginning of year | 497 | 1,331 | 513 | 1,989 | 561 | 2,249 | |||||||||||||||||||
End of year | 507 | 1,224 | 497 | 1,331 | 513 | 1,989 | |||||||||||||||||||
Discounted Future Net Cash Flows Relating to Proved Reserves | ' | ||||||||||||||||||||||||
Discounted Future Net Cash Flows Relating to Proved Reserves | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Future cash inflows | $ | 54,518 | $ | 54,044 | $ | 63,150 | |||||||||||||||||||
Future production costs | (9,563 | ) | (11,058 | ) | (9,578 | ) | |||||||||||||||||||
Future development costs | (5,139 | ) | (5,020 | ) | (5,344 | ) | |||||||||||||||||||
Net cash flows | 39,816 | 37,966 | 48,228 | ||||||||||||||||||||||
10 percent annual discount rate | (20,530 | ) | (18,467 | ) | (22,296 | ) | |||||||||||||||||||
Discounted future net cash flows | $ | 19,286 | $ | 19,499 | $ | 25,932 | |||||||||||||||||||
Discounted Future Net Cash Flows | ' | ||||||||||||||||||||||||
The following table sets forth the principal sources of change in the discounted future net cash flows: | |||||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Sales, net of production costs | $ | (2,183 | ) | $ | (2,901 | ) | $ | (3,386 | ) | ||||||||||||||||
Net change in prices and production costs | 280 | (2,976 | ) | 7,264 | |||||||||||||||||||||
Revisions of quantities | 1,935 | (1,241 | ) | (780 | ) | ||||||||||||||||||||
Discoveries and improved recoveries, net of cost | — | — | 1,680 | ||||||||||||||||||||||
Accretion of discount | 1,950 | 2,593 | 1,904 | ||||||||||||||||||||||
Changes in future development costs | (65 | ) | 177 | 341 | |||||||||||||||||||||
Changes in production rates and other | (2,130 | ) | (2,085 | ) | (130 | ) | |||||||||||||||||||
$ | (213 | ) | $ | (6,433 | ) | $ | 6,893 | ||||||||||||||||||
SUPPLEMENTAL_QUARTERLY_FINANCI1
SUPPLEMENTAL QUARTERLY FINANCIAL DATA (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Supplemental Quarterly Financial Data | ' | ||||||||||||||||||||
SUPPLEMENTAL QUARTERLY FINANCIAL DATA (Unaudited) | |||||||||||||||||||||
First | Second | Third | Fourth | Total | |||||||||||||||||
(In thousands, except per Unit amounts) | |||||||||||||||||||||
2013 | |||||||||||||||||||||
Revenues | $ | 1,021 | $ | 952 | $ | 877 | $ | 706 | $ | 3,556 | |||||||||||
Expenses | 738 | 683 | 602 | 567 | 2,590 | ||||||||||||||||
Net income | $ | 283 | $ | 269 | $ | 275 | $ | 139 | $ | 966 | |||||||||||
Net income allocated to: | |||||||||||||||||||||
Managing Partner | $ | 95 | $ | 91 | $ | 88 | $ | 52 | $ | 326 | |||||||||||
Investing Partners | 188 | 178 | 187 | 87 | 640 | ||||||||||||||||
$ | 283 | $ | 269 | $ | 275 | $ | 139 | $ | 966 | ||||||||||||
Net income per Investing Partner Unit (1) | $ | 184 | $ | 175 | $ | 183 | $ | 85 | $ | 626 | |||||||||||
2012 | |||||||||||||||||||||
Revenues | $ | 1,395 | $ | 914 | $ | 1,038 | $ | 1,030 | $ | 4,377 | |||||||||||
Expenses | 804 | 640 | 746 | 698 | 2,888 | ||||||||||||||||
Net income | $ | 591 | $ | 274 | $ | 292 | $ | 332 | $ | 1,489 | |||||||||||
Net income allocated to: | |||||||||||||||||||||
Managing Partner | $ | 168 | $ | 90 | $ | 99 | $ | 105 | $ | 462 | |||||||||||
Investing Partners | 423 | 184 | 193 | 227 | 1,027 | ||||||||||||||||
$ | 591 | $ | 274 | $ | 292 | $ | 332 | $ | 1,489 | ||||||||||||
Net income per Investing Partner Unit (1) | $ | 413 | $ | 180 | $ | 188 | $ | 188 | $ | 1,005 | |||||||||||
-1 | The sum of the individual net income per Investing Partner Unit may not agree with the year-to-date net income per Investing Partner Unit as each quarterly computation is based on the weighted average number of Investing Partner Units during that period. |
Organization_Additional_Inform
Organization - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Lease | ||||
Venture | ||||
Schedule Of Organization [Line Items] | ' | ' | ' | ' |
Percentage share held in partnership | 5.00% | ' | ' | ' |
Investing Partner units | 1,021.50 | 1,021.50 | 1,021.50 | 1,021.50 |
Percentage interest Purchased in offshore leasehold | 85.00% | ' | ' | ' |
No. of federal lease tracts | 87 | ' | ' | ' |
Percentage of remaining interest purchased | 15.00% | ' | ' | ' |
Percentage interest acquired in blocks | 92.60% | ' | ' | ' |
Federal offshore lease sales | 14 | ' | ' | ' |
Prospects acquired in federal offshore lease | 49 | ' | ' | ' |
Prospects surrendered/sold | 45 | ' | ' | ' |
Number of remaining ventures | 4 | ' | ' | ' |
Remaining interest in tracts acquired through federal lease sales | 8 | ' | ' | ' |
Net revenue from proved reserves | 70.00% | ' | ' | ' |
Discounted rate | 1.50% | ' | ' | ' |
Investor subscription, units | 85,000 | ' | ' | ' |
Percentage of Investor subscription | 57.00% | ' | ' | ' |
Full purchase price | 150,000 | ' | ' | ' |
Number of original units | 1,500 | ' | ' | ' |
Number of units reduced | 1,021.50 | ' | ' | ' |
Investing Partners [Member] | ' | ' | ' | ' |
Schedule Of Organization [Line Items] | ' | ' | ' | ' |
Percent of revenues | 80.00% | ' | ' | ' |
Percentage of interest income earned on short term cash investments | 100.00% | ' | ' | ' |
Percentage of expenses incurred | 90.00% | ' | ' | ' |
Percentage of expenses related to loans | 99.00% | ' | ' | ' |
Percentage of partner's total amount equals to cost | 90.00% | ' | ' | ' |
Managing Partner [Member] | ' | ' | ' | ' |
Schedule Of Organization [Line Items] | ' | ' | ' | ' |
Percent of revenues | 20.00% | ' | ' | ' |
Percentage of expenses incurred | 10.00% | ' | ' | ' |
Percentage of expenses related to loans | 1.00% | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' |
Schedule Of Organization [Line Items] | ' | ' | ' | ' |
Working percentage interest | 6.29% | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
Schedule Of Organization [Line Items] | ' | ' | ' | ' |
Working percentage interest | 7.08% | ' | ' | ' |
Outstanding units | 10.00% | ' | ' | ' |
Organization_Total_Repurchase_
Organization - Total Repurchase Price for All Outstanding Units (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | Jun. 30, 2011 | Dec. 31, 2010 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ' | ' | ' | ' | ' |
Total Valuation Price | $15,958,079 | $15,743,540 | $16,274,165 | $15,849,687 | $13,790,742 | $15,237,383 |
Valuation Price Per Unit | 15,622 | 15,412 | 15,932 | 15,516 | 13,500 | 14,917 |
Right of Presentment Valuation Date | 30-Jun-13 | 31-Dec-12 | 30-Jun-12 | 31-Dec-11 | 30-Jun-11 | 31-Dec-10 |
Organization_Repurchase_Price_
Organization - Repurchase Price Per Unit for All Outstanding Units (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ' | ' |
Balance, beginning of year | 1,021.50 | 1,021.50 | 1,021.50 |
Repurchase of Partnership Units | ' | ' | ' |
Balance, end of year | 1,021.50 | 1,021.50 | 1,021.50 |
Recovered_Sheet1
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Accounting Policies [Abstract] | ' | ' | ' | ' |
Cash and cash equivalents | $4,320,218 | $3,118,789 | $1,404,394 | $2,971,900 |
Short term investment maturity period | 'Three months or less | ' | ' | ' |
Percentage of reserve volumes sold | 25.00% | ' | ' | ' |
Estimated future net cash flows from proved oil and gas reserves | 10.00% | ' | ' | ' |
Maximum percentage of gas reserves adjusted for gas imbalances | 1.00% | 1.00% | ' | ' |
Compensation_to_Affiliates_Com
Compensation to Affiliates - Compensation and Reimbursement for Costs and Expenses (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Investments In And Advances To Affiliates Schedule Of Investments [Abstract] | ' | ' | ' |
Apache is reimbursed for general, administrative and overhead expenses incurred in connection with the management and operation of the Partnership's business | $306 | $314 | $318 |
Apache is reimbursed for development overhead costs incurred in the Partnership's operations. These costs are based on development activities and are capitalized to oil and gas properties | $1 | ' | $61 |
Oil_and_Gas_Properties_Direct_
Oil and Gas Properties - Direct Cost Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Extractive Industries [Abstract] | ' | ' | ' |
Balance, beginning of year | $194,452 | $194,492 | $191,277 |
Development - Investing Partners | 166 | -44 | 3,084 |
Managing Partner | 17 | 4 | 131 |
Balance, end of year | $194,635 | $194,452 | $194,492 |
Oil_and_Gas_Properties_Additio
Oil and Gas Properties - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Extractive Industries [Abstract] | ' | ' | ' |
Asset retirement expense | $0.20 | ' | $0.30 |
DD&A rate as percentage of oil and gas sales | 20.00% | 21.00% | 20.00% |
Oil_and_Gas_Properties_Changes
Oil and Gas Properties - Changes in Partnership's Oil and Gas Properties (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Oil and Gas Properties [Line Items] | ' | ' | ' |
Balance | $185,472 | $184,574 | $183,520 |
Provision | 728 | 898 | 1,054 |
Balance | 186,200 | 185,472 | 184,574 |
Managing Partner [Member] | ' | ' | ' |
Oil and Gas Properties [Line Items] | ' | ' | ' |
Balance | 21,012 | 20,985 | 20,952 |
Provision | 23 | 27 | 33 |
Balance | 21,035 | 21,012 | 20,985 |
Investing Partners [Member] | ' | ' | ' |
Oil and Gas Properties [Line Items] | ' | ' | ' |
Balance | 164,460 | 163,589 | 162,568 |
Provision | 705 | 871 | 1,021 |
Balance | $165,165 | $164,460 | $163,589 |
Recovered_Sheet2
Major Customer and Related Parties Information - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Major Customer Definition | 'Revenues received from major third party customers that equaled ten percent or more of oil and gas sales | ' | ' |
Shell Plc [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Partnership oil and gas sales | 34.00% | 68.00% | 42.00% |
BP Products North America [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Partnership oil and gas sales | 34.00% | ' | ' |
Fuel Transportation [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Miles of natural gas and condensate pipeline | 14.4 | ' | ' |
Transportation fees paid to Apache subsidiary | 3,086 | 10,274 | 26,553 |
Asset_Retirement_Obligations_C
Asset Retirement Obligations - Changes to Partnership's Asset Retirement Obligation Liability (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Asset Retirement Obligation Disclosure [Abstract] | ' | ' | ' |
Asset retirement obligation, Beginning Balance | $2,161,807 | $2,035,649 | ' |
Accretion expense | 107,568 | 122,101 | 132,120 |
Liabilities settled | -212,865 | -33,041 | ' |
Revisions in estimated liabilities | 163,342 | 37,098 | ' |
Asset retirement obligation, Ending Balance | 2,219,852 | 2,161,807 | 2,035,649 |
Less current portion | -991,248 | ' | ' |
Asset retirement obligation, long-term | $1,228,604 | $2,161,807 | ' |
Tax_Basis_Financial_Informatio
Tax - Basis Financial Information - Reconciliation of Ordinary Income for Federal Income Tax Reporting Purposes (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net partnership ordinary income (loss) for federal income tax reporting purposes | ' | ' | ' | ' | ' | ' | ' | ' | $1,396,047 | $2,268,525 | ($49,125) |
Plus: Items of current expense for tax reporting purposes only - Intangible drilling cost | ' | ' | ' | ' | ' | ' | ' | ' | 10,442 | -82,453 | 2,058,342 |
Dismantlement and abandonment cost | ' | ' | ' | ' | ' | ' | ' | ' | 212,865 | 33,041 | 635,930 |
Tax depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 182,005 | 289,630 | 344,080 |
Non Deductible Expenses For Federal Income Tax Purposes | ' | ' | ' | ' | ' | ' | ' | ' | 405,312 | 240,218 | 3,038,352 |
Less: full cost DD&A expense | ' | ' | ' | ' | ' | ' | ' | ' | -727,861 | -897,763 | -1,053,964 |
Less: asset retirement obligation accretion | ' | ' | ' | ' | ' | ' | ' | ' | -107,568 | -122,101 | -132,120 |
NET INCOME | $139,000 | $275,000 | $269,000 | $283,000 | $332,000 | $292,000 | $274,000 | $591,000 | $965,930 | $1,488,879 | $1,803,143 |
Tax_Basis_Financial_Informatio1
Tax - Basis Financial Information - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' |
Tax bases in net oil and gas properties | $6,348,849 | $6,720,921 |
Capitalized syndication cost | $8,660,878 | $8,660,878 |
Tax_Basis_Financial_Informatio2
Tax - Basis Financial Information - Reconciliation of Liabilities for Federal Income Tax Reporting Purposes (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' |
Liabilities for federal income tax purposes | $1,143,788 | $235,356 |
Asset retirement liability | 1,228,604 | 2,161,807 |
Liabilities under accounting principles generally accepted in the United States | $2,372,392 | $2,397,163 |
Recovered_Sheet3
Supplemental Oil and Gas Disclosures - Proved Reserves and Projecting Future Rates of Production and Timing of Development Expenditures (Detail) | 12 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Oil [Member] | Oil [Member] | Oil [Member] | Oil [Member] | Oil [Member] | Oil [Member] | Oil [Member] | Gas [Member] | Gas [Member] | Gas [Member] | Gas [Member] | Gas [Member] | Gas [Member] | Gas [Member] | |
Proved Reserves [Member] | Proved Reserves [Member] | Proved Reserves [Member] | Proved Developed [Member] | Proved Developed [Member] | Proved Developed [Member] | Proved Developed [Member] | Proved Reserves [Member] | Proved Reserves [Member] | Proved Reserves [Member] | Proved Developed [Member] | Proved Developed [Member] | Proved Developed [Member] | Proved Developed [Member] | |
MBbls | MBbls | MBbls | MBbls | MBbls | MBbls | MBbls | MMcf | MMcf | MMcf | MMcf | MMcf | MMcf | MMcf | |
Reserve Quantities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning of year | 497 | 513 | 561 | 507 | 497 | 513 | 561 | 1,331 | 2,094 | 2,354 | 1,224 | 1,331 | 1,989 | 2,249 |
Extensions, discoveries and other additions | ' | ' | 4 | ' | ' | ' | ' | ' | ' | 354 | ' | ' | ' | ' |
Revisions of previous estimates | 36 | 16 | -25 | ' | ' | ' | ' | 144 | -326 | 11 | ' | ' | ' | ' |
Production | -26 | -32 | -27 | ' | ' | ' | ' | -251 | -437 | -625 | ' | ' | ' | ' |
End of year | 507 | 497 | 513 | 507 | 497 | 513 | 561 | 1,224 | 1,331 | 2,094 | 1,224 | 1,331 | 1,989 | 2,249 |
Recovered_Sheet4
Supplemental Oil and Gas Disclosures - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Supplemental Oil And Gas Disclosures [Abstract] | ' |
Percentage of partnership's proved developed reserves classified as proved not producing | 88.00% |
Supplemental_Oil_and_Gas_Discl2
Supplemental Oil and Gas Disclosures - Discounted Future Net Cash Flows Relating to Proved Reserves (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental Oil And Gas Disclosures [Abstract] | ' | ' | ' |
Future cash inflows | $54,518 | $54,044 | $63,150 |
Future production costs | -9,563 | -11,058 | -9,578 |
Future development costs | -5,139 | -5,020 | -5,344 |
Net cash flows | 39,816 | 37,966 | 48,228 |
10 percent annual discount rate | -20,530 | -18,467 | -22,296 |
Discounted future net cash flows | $19,286 | $19,499 | $25,932 |
Supplemental_Oil_and_Gas_Discl3
Supplemental Oil and Gas Disclosures - Discounted Future Net Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental Oil And Gas Disclosures [Abstract] | ' | ' | ' |
Sales, net of production costs | ($2,183) | ($2,901) | ($3,386) |
Net change in prices and production costs | 280 | -2,976 | 7,264 |
Revisions of quantities | 1,935 | -1,241 | -780 |
Discoveries and improved recoveries, net of cost | ' | ' | 1,680 |
Accretion of discount | 1,950 | 2,593 | 1,904 |
Changes in future development costs | -65 | 177 | 341 |
Changes in production rates and other | -2,130 | -2,085 | -130 |
Total | ($213) | ($6,433) | $6,893 |
Recovered_Sheet5
Supplemental Quarterly Financial Data - Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $706,000 | $877,000 | $952,000 | $1,021,000 | $1,030,000 | $1,038,000 | $914,000 | $1,395,000 | $3,556,086 | $4,376,721 | $5,195,523 |
Expenses | 567,000 | 602,000 | 683,000 | 738,000 | 698,000 | 746,000 | 640,000 | 804,000 | 2,590,156 | 2,887,842 | 3,392,380 |
NET INCOME | 139,000 | 275,000 | 269,000 | 283,000 | 332,000 | 292,000 | 274,000 | 591,000 | 965,930 | 1,488,879 | 1,803,143 |
NET INCOME ALLOCATED TO: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Managing Partner | 52,000 | 88,000 | 91,000 | 95,000 | 105,000 | 99,000 | 90,000 | 168,000 | 326,207 | 462,382 | 551,769 |
Investing Partners | 87,000 | 187,000 | 178,000 | 188,000 | 227,000 | 193,000 | 184,000 | 423,000 | 639,723 | 1,026,497 | 1,251,374 |
NET INCOME | $139,000 | $275,000 | $269,000 | $283,000 | $332,000 | $292,000 | $274,000 | $591,000 | $965,930 | $1,488,879 | $1,803,143 |
NET INCOME PER INVESTING PARTNER UNIT | $85 | $183 | $175 | $184 | $188 | $188 | $180 | $413 | $626 | $1,005 | $1,225 |