Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 01, 2013 | |
Document Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'CLR | ' |
Entity Registrant Name | 'CONTINENTAL RESOURCES, INC | ' |
Entity Central Index Key | '0000732834 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 185,754,905 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $91,507 | $35,729 |
Receivables: | ' | ' |
Crude oil and natural gas sales | 644,401 | 468,650 |
Affiliated parties | 16,923 | 12,410 |
Joint interest and other, net | 356,897 | 356,111 |
Derivative assets | 17,380 | 18,389 |
Inventories | 55,272 | 46,743 |
Deferred and prepaid taxes | 21,514 | 365 |
Prepaid expenses and other | 9,287 | 8,386 |
Total current assets | 1,213,181 | 946,783 |
Net property and equipment, based on successful efforts method of accounting | 10,112,506 | 8,105,269 |
Net debt issuance costs and other | 72,424 | 55,726 |
Noncurrent derivative assets | 22,177 | 32,231 |
Total assets | 11,420,288 | 9,140,009 |
Current liabilities: | ' | ' |
Accounts payable trade | 906,688 | 687,310 |
Revenues and royalties payable | 310,137 | 261,856 |
Payables to affiliated parties | 8,341 | 6,069 |
Accrued liabilities and other | 197,264 | 153,454 |
Derivative liabilities | 41,590 | 12,999 |
Current portion of asset retirement obligations | 2,054 | 2,227 |
Current portion of long-term debt | 1,997 | 1,950 |
Total current liabilities | 1,468,071 | 1,125,865 |
Long-term debt, net of current portion | 4,439,825 | 3,537,771 |
Other noncurrent liabilities: | ' | ' |
Deferred income tax liabilities | 1,641,589 | 1,262,576 |
Asset retirement obligations, net of current portion | 47,667 | 44,944 |
Noncurrent derivative liabilities | 157 | 2,173 |
Other noncurrent liabilities | 2,366 | 2,981 |
Total other noncurrent liabilities | 1,691,779 | 1,312,674 |
Commitments and contingencies (Note 7) | ' | ' |
Shareholders’ equity: | ' | ' |
Preferred stock, $0.01 par value; 25,000,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock, $0.01 par value; 500,000,000 shares authorized; 185,665,535 shares issued and outstanding at September 30, 2013; 185,604,681 shares issued and outstanding at December 31, 2012 | 1,857 | 1,856 |
Additional paid-in capital | 1,252,353 | 1,226,835 |
Retained earnings | 2,566,403 | 1,935,008 |
Total shareholders’ equity | 3,820,613 | 3,163,699 |
Total liabilities and shareholders’ equity | $11,420,288 | $9,140,009 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, shares issued | ' | ' |
Preferred stock, shares outstanding | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common Stock, Shares, Issued | 185,665,535 | 185,604,681 |
Common Stock, Shares, Outstanding | 185,665,535 | 185,604,681 |
Unaudited_Condensed_Consolidat
Unaudited Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues | ' | ' | ' | ' |
Crude oil and natural gas sales | $988,956 | $617,934 | $2,616,126 | $1,664,438 |
Crude oil and natural gas sales to affiliates | 29,828 | 15,410 | 78,362 | 44,557 |
Gain (loss) on derivative instruments, net | -203,774 | -158,294 | -89,548 | 144,377 |
Crude oil and natural gas service operations | 8,825 | 8,679 | 29,876 | 30,176 |
Total revenues | 823,835 | 483,729 | 2,634,816 | 1,883,548 |
Operating costs and expenses | ' | ' | ' | ' |
Production expenses | 66,790 | 53,952 | 201,250 | 137,447 |
Production and other expenses to affiliates | 1,422 | 1,454 | 4,574 | 3,950 |
Production taxes and other expenses | 92,120 | 61,717 | 244,428 | 159,524 |
Exploration expenses | 8,173 | 4,899 | 29,138 | 17,752 |
Crude oil and natural gas service operations | 6,654 | 7,626 | 22,567 | 24,723 |
Depreciation, depletion, amortization and accretion | 244,721 | 189,374 | 695,189 | 499,847 |
Property impairments | 42,167 | 27,375 | 161,960 | 93,153 |
General and administrative expenses | 34,070 | 31,925 | 103,761 | 86,704 |
Gain on sale of assets, net | -325 | -115 | -112 | -67,139 |
Total operating costs and expenses | 495,792 | 378,207 | 1,462,755 | 955,961 |
Income from operations | 328,043 | 105,522 | 1,172,061 | 927,587 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | -62,756 | -39,205 | -171,609 | -95,174 |
Other | 584 | 710 | 1,765 | 2,280 |
Total other income (expense) | -62,172 | -38,495 | -169,844 | -92,894 |
Income before income taxes | 265,871 | 67,027 | 1,002,217 | 834,693 |
Provision for income taxes | 98,373 | 22,931 | 370,822 | 315,819 |
Net income | $167,498 | $44,096 | $631,395 | $518,874 |
Basic net income per share (in dollars per share) | $0.91 | $0.24 | $3.43 | $2.88 |
Diluted net income per share (in dollars per share) | $0.91 | $0.24 | $3.42 | $2.86 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Shareholders Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] |
In Thousands, except Share data, unless otherwise specified | ||||
Balance at Dec. 31, 2012 | $3,163,699 | $1,856 | $1,226,835 | $1,935,008 |
Balance, shares at Dec. 31, 2012 | 185,604,681 | 185,604,681 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Net income | 631,395 | ' | ' | 631,395 |
Allocated Share-based Compensation Expense | ' | ' | 29,460 | ' |
Stock-based compensation (unaudited) | 29,460 | ' | ' | ' |
Restricted stock: | ' | ' | ' | ' |
Issued (unaudited) | 2 | 2 | 0 | 0 |
Issued (unaudited), shares | ' | 166,200 | ' | ' |
Repurchased and canceled (unaudited) | -3,942 | ' | -3,942 | ' |
Repurchased and canceled (unaudited), shares | ' | -46,222 | ' | ' |
Forfeited (unaudited), shares | ' | -59,124 | ' | ' |
Forfeitures (unaudited), value | -1 | -1 | ' | ' |
Balance at Sep. 30, 2013 | $3,820,613 | $1,857 | $1,252,353 | $2,566,403 |
Balance, shares at Sep. 30, 2013 | 185,665,535 | 185,665,535 | ' | ' |
Unaudited_Condensed_Consolidat1
Unaudited Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities | ' | ' |
Net income | $631,395 | $518,874 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation, depletion, amortization and accretion | 694,729 | 500,359 |
Property impairments | 161,960 | 93,153 |
Change in fair value of derivatives | 37,638 | -192,752 |
Stock-based compensation | 29,460 | 20,804 |
Provision for deferred income taxes | 360,599 | 323,543 |
Dry hole costs | 9,180 | 319 |
Gain on sale of assets, net | -112 | -67,139 |
Other, net | 4,308 | 3,604 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | -178,171 | -112,316 |
Inventories | -8,529 | -6,285 |
Prepaid expenses and other | -11,118 | -5,080 |
Accounts payable trade | 151,266 | -26,918 |
Revenues and royalties payable | 46,611 | 49,499 |
Accrued liabilities and other | 41,791 | 48,240 |
Other noncurrent assets and liabilities | 7,446 | -8 |
Net cash provided by operating activities | 1,978,453 | 1,147,897 |
Cash flows from investing activities | ' | ' |
Exploration and development | -2,767,448 | -2,584,434 |
Purchase of producing crude oil and natural gas properties | -12,404 | -62,519 |
Purchase of other property and equipment | -41,942 | -45,472 |
Proceeds from sale of assets and other | 22,406 | 101,298 |
Net cash used in investing activities | -2,799,388 | -2,591,127 |
Cash flows from financing activities | ' | ' |
Revolving credit facility borrowings | 470,000 | 1,524,000 |
Repayment of revolving credit facility | -1,065,000 | -1,882,000 |
Proceeds from issuance of Senior Notes | 1,479,375 | 1,999,000 |
Proceeds from other debt | 0 | 22,000 |
Repayment of other debt | -1,457 | -1,101 |
Debt issuance costs | -2,263 | -7,117 |
Repurchase of equity grants | -3,942 | -5,711 |
Exercise of stock options | 0 | 60 |
Net cash provided by financing activities | 876,713 | 1,649,131 |
Net change in cash and cash equivalents | 55,778 | 205,901 |
Cash and cash equivalents at beginning of period | 35,729 | 53,544 |
Cash and cash equivalents at end of period | $91,507 | $259,445 |
Organization_and_Nature_of_Bus
Organization and Nature of Business | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization and Nature of Business | ' |
Organization and Nature of Business | |
Description of the Company | |
Continental’s principal business is crude oil and natural gas exploration, development and production with properties in the North, South, and East regions of the United States. The North region consists of properties north of Kansas and west of the Mississippi River and includes North Dakota Bakken, Montana Bakken and the Red River units. The South region includes Kansas and all properties south of Kansas and west of the Mississippi River including the South Central Oklahoma Oil Province (“SCOOP”), Northwest Cana, and Arkoma Woodford plays in Oklahoma. The East region is comprised of undeveloped leasehold acreage east of the Mississippi River. In December 2012, the Company sold its producing properties in the East region. The sold properties represented an immaterial portion of the Company’s operations and do not materially affect the comparability of the financial statements for the periods presented in this report. | |
The Company’s operations are geographically concentrated in the North region, with that region comprising approximately 77% of the Company’s crude oil and natural gas production and approximately 87% of its crude oil and natural gas revenues for the nine months ended September 30, 2013. The Company has focused its operations on the exploration and development of crude oil since the 1980s. For the nine months ended September 30, 2013 crude oil accounted for approximately 71% of the Company’s total production and approximately 88% of its crude oil and natural gas revenues. |
Basis_of_Presentation_and_Sign
Basis of Presentation and Significant Accounting Policies | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Basis of Presentation and Significant Accounting Policies | ' | ||||||||||||||||
Basis of Presentation and Significant Accounting Policies | |||||||||||||||||
Basis of presentation | |||||||||||||||||
The condensed consolidated financial statements include the accounts of Continental and its 100% owned subsidiaries after all significant intercompany accounts and transactions have been eliminated upon consolidation. | |||||||||||||||||
This report has been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) applicable to interim financial information. Because this is an interim period filing presented using a condensed format, it does not include all disclosures required by accounting principles generally accepted in the United States (“U.S. GAAP”), although the Company believes the disclosures are adequate to make the information not misleading. You should read this Form 10-Q together with the Company’s Annual Report on Form 10-K for the year ended December 31, 2012 (“2012 Form 10-K”), which includes a summary of the Company’s significant accounting policies and other disclosures. | |||||||||||||||||
The condensed consolidated financial statements as of September 30, 2013 and for the three and nine month periods ended September 30, 2013 and 2012 are unaudited. The condensed consolidated balance sheet as of December 31, 2012 was derived from the audited balance sheet included in the 2012 Form 10-K. The Company has evaluated events or transactions through the date this report on Form 10-Q was filed with the SEC in conjunction with its preparation of these condensed consolidated financial statements. | |||||||||||||||||
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure and estimation of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The most significant of the estimates and assumptions that affect reported results are the estimates of the Company’s crude oil and natural gas reserves, which are used to compute depreciation, depletion, amortization and impairment of proved crude oil and natural gas properties. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation in accordance with U.S. GAAP have been included in these unaudited interim condensed consolidated financial statements. The results of operations for any interim period are not necessarily indicative of the results of operations that may be expected for any other interim period or for an entire year. | |||||||||||||||||
Inventories | |||||||||||||||||
Inventories are stated at the lower of cost or market and consist of the following: | |||||||||||||||||
In thousands | September 30, 2013 | December 31, 2012 | |||||||||||||||
Tubular goods and equipment | $ | 11,579 | $ | 13,590 | |||||||||||||
Crude oil | 43,693 | 33,153 | |||||||||||||||
Total | $ | 55,272 | $ | 46,743 | |||||||||||||
Crude oil inventories are valued at the lower of cost or market using the first-in, first-out inventory method. Crude oil inventories consist of the following volumes: | |||||||||||||||||
MBbls | September 30, 2013 | December 31, 2012 | |||||||||||||||
Crude oil line fill requirements | 405 | 391 | |||||||||||||||
Temporarily stored crude oil | 263 | 211 | |||||||||||||||
Total | 668 | 602 | |||||||||||||||
Earnings per share | |||||||||||||||||
Basic net income per share is computed by dividing net income by the weighted-average number of shares outstanding for the period. Diluted net income per share reflects the potential dilution of non-vested restricted stock awards and stock options, which are calculated using the treasury stock method as if the awards and options were exercised. The following table presents the calculation of basic and diluted weighted average shares outstanding and net income per share for the three and nine months ended September 30, 2013 and 2012. All stock options issued by the Company in prior periods had been exercised or had expired as of March 31, 2012. | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
In thousands, except per share data | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Income (numerator): | |||||||||||||||||
Net income - basic and diluted | $ | 167,498 | $ | 44,096 | $ | 631,395 | $ | 518,874 | |||||||||
Weighted average shares (denominator): | |||||||||||||||||
Weighted average shares - basic | 184,069 | 181,909 | 184,036 | 180,471 | |||||||||||||
Non-vested restricted stock | 811 | 628 | 742 | 624 | |||||||||||||
Stock options | — | — | — | 21 | |||||||||||||
Weighted average shares - diluted | 184,880 | 182,537 | 184,778 | 181,116 | |||||||||||||
Net income per share: | |||||||||||||||||
Basic | $ | 0.91 | $ | 0.24 | $ | 3.43 | $ | 2.88 | |||||||||
Diluted | $ | 0.91 | $ | 0.24 | $ | 3.42 | $ | 2.86 | |||||||||
Adoption of new accounting standard | |||||||||||||||||
In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-11, Balance Sheet (Topic 210)–Disclosures about Offsetting Assets and Liabilities. The new standard requires an entity to disclose information about offsetting arrangements to enable financial statement users to understand the effect of netting arrangements on an entity’s financial position. The disclosures are required for recognized financial instruments and derivative instruments that are subject to offsetting or are subject to master netting arrangements irrespective of whether they are offset. The disclosure requirements became effective for periods beginning on or after January 1, 2013 and must be applied retrospectively to all periods presented on the balance sheet. The Company adopted the provisions of the new standard on January 1, 2013 and has included the required disclosures in Note 4. Derivative Instruments. Adoption of the new standard required additional footnote disclosures for the Company's derivative instruments and did not have an impact on its financial position, results of operations or cash flows. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||
Supplemental Cash Flow Information | ' | ||||||||
Supplemental Cash Flow Information | |||||||||
The following table discloses supplemental cash flow information about cash paid for interest and income taxes. Also disclosed is information about investing activities that affects recognized assets and liabilities but does not result in cash receipts or payments. | |||||||||
Nine months ended September 30, | |||||||||
In thousands | 2013 | 2012 | |||||||
Supplemental cash flow information: | |||||||||
Cash paid for interest | $ | 139,023 | $ | 67,638 | |||||
Cash paid for income taxes | 23,413 | 759 | |||||||
Cash received for income tax refunds | (173 | ) | (72 | ) | |||||
Non-cash investing activities: | |||||||||
Increase in accrued capital expenditures | 69,767 | 4,521 | |||||||
Acquisition of assets through issuance of common stock | — | 176,563 | |||||||
Asset retirement obligations, net | 5,043 | 4,910 | |||||||
Derivative_Instruments
Derivative Instruments | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Derivative Instruments | ' | ||||||||||||||||||||||||
Derivative Instruments | |||||||||||||||||||||||||
The Company is required to recognize all derivative instruments on the balance sheet as either assets or liabilities measured at fair value. The Company has not designated its derivative instruments as hedges for accounting purposes and, as a result, marks its derivative instruments to fair value and recognizes the changes in fair value in the unaudited condensed consolidated statements of income under the caption “Gain (loss) on derivative instruments, net.” | |||||||||||||||||||||||||
The Company has utilized swap and collar derivative contracts to economically hedge against the variability in cash flows associated with the forecasted sale of future crude oil and natural gas production. While the use of these derivative instruments limits the downside risk of adverse price movements, their use also limits future revenues from upward price movements. | |||||||||||||||||||||||||
With respect to a fixed price swap contract, the counterparty is required to make a payment to the Company if the settlement price for any settlement period is less than the swap price, and the Company is required to make a payment to the counterparty if the settlement price for any settlement period is greater than the swap price. For a collar contract, the counterparty is required to make a payment to the Company if the settlement price for any settlement period is below the floor price, the Company is required to make a payment to the counterparty if the settlement price for any settlement period is above the ceiling price, and neither party is required to make a payment to the other party if the settlement price for any settlement period is between the floor price and the ceiling price. | |||||||||||||||||||||||||
The Company’s derivative contracts are settled based upon reported settlement prices on commodity exchanges, with crude oil derivative settlements based on NYMEX West Texas Intermediate (“WTI”) pricing or Inter-Continental Exchange (“ICE”) pricing for Brent crude oil and natural gas derivative settlements based on NYMEX Henry Hub pricing. The estimated fair value of derivative contracts is based upon various factors, including commodity exchange prices, over-the-counter quotations, and, in the case of collars, volatility, the risk-free interest rate, and the time to expiration. The calculation of the fair value of collars requires the use of an option-pricing model. See Note 5. Fair Value Measurements. | |||||||||||||||||||||||||
At September 30, 2013, the Company had outstanding derivative contracts with respect to future production as set forth in the tables below. In August 2013, the Company settled its 2013 natural gas derivative contracts prior to their contractual maturities scheduled for September 2013 through December 2013 and recognized $11.0 million of gains upon settlement. As of September 30, 2013, no natural gas derivative contracts remain in place for the remainder of 2013. | |||||||||||||||||||||||||
Collars | |||||||||||||||||||||||||
Crude Oil - NYMEX WTI | Swaps Weighted Average | Floors | Ceilings | ||||||||||||||||||||||
Price | Weighted Average | Weighted Average | |||||||||||||||||||||||
Period and Type of Contract | Bbls | Range | Price | Range | Price | ||||||||||||||||||||
October 2013 - December 2013 | |||||||||||||||||||||||||
Swaps - WTI | 3,910,000 | $ | 96 | ||||||||||||||||||||||
Collars - WTI | 2,208,000 | $80.00 - $95.00 | $ | 86.92 | $92.30 - $110.33 | $ | 99.46 | ||||||||||||||||||
January 2014 - March 2014 | |||||||||||||||||||||||||
Swaps - WTI | 3,082,500 | $ | 97.26 | ||||||||||||||||||||||
April 2014 - December 2014 | |||||||||||||||||||||||||
Swaps - WTI | 7,768,750 | $ | 96.2 | ||||||||||||||||||||||
Collars | |||||||||||||||||||||||||
Crude Oil - ICE Brent | Swaps Weighted Average Price | Floors | Ceilings | ||||||||||||||||||||||
Weighted Average | Weighted Average | ||||||||||||||||||||||||
Period and Type of Contract | Bbls | Range | Price | Range | Price | ||||||||||||||||||||
October 2013 - December 2013 | |||||||||||||||||||||||||
Swaps - ICE Brent | 1,426,000 | $ | 108.21 | ||||||||||||||||||||||
January 2014 - March 2014 | |||||||||||||||||||||||||
Swaps - ICE Brent | 3,555,000 | $ | 102.63 | ||||||||||||||||||||||
Collars - ICE Brent | 540,000 | $90.00 - $95.00 | $ | 90.83 | $104.70 - $108.85 | $ | 107.13 | ||||||||||||||||||
April 2014 - December 2014 | |||||||||||||||||||||||||
Swaps - ICE Brent | 10,312,500 | $ | 102.52 | ||||||||||||||||||||||
Collars - ICE Brent | 1,650,000 | $90.00 - $95.00 | $ | 90.83 | $104.70 - $108.85 | $ | 107.13 | ||||||||||||||||||
January 2015 - December 2015 | |||||||||||||||||||||||||
Swaps - ICE Brent | 2,007,500 | $ | 98.12 | ||||||||||||||||||||||
Natural Gas - NYMEX Henry Hub | Swaps Weighted Average Price | ||||||||||||||||||||||||
Period and Type of Contract | MMBtus | ||||||||||||||||||||||||
January 2014 - March 2014 | |||||||||||||||||||||||||
Swaps - Henry Hub | 14,400,000 | $ | 4.3 | ||||||||||||||||||||||
April 2014 - June 2014 | |||||||||||||||||||||||||
Swaps - Henry Hub | 10,010,000 | $ | 4.14 | ||||||||||||||||||||||
July 2014 - December 2014 | |||||||||||||||||||||||||
Swaps - Henry Hub | 23,920,000 | $ | 4.12 | ||||||||||||||||||||||
January 2015 - March 2015 | |||||||||||||||||||||||||
Swaps - Henry Hub | 1,800,000 | $ | 4.27 | ||||||||||||||||||||||
Derivative gains and losses | |||||||||||||||||||||||||
The following table presents cash settlements and non-cash gains and losses on derivative instruments for the periods presented. | |||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||
In thousands | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Cash received (paid) on derivatives: | |||||||||||||||||||||||||
Crude oil fixed price swaps | $ | (39,298 | ) | $ | (4,571 | ) | $ | (46,810 | ) | $ | (42,362 | ) | |||||||||||||
Crude oil collars | (15,081 | ) | (372 | ) | (14,701 | ) | (15,340 | ) | |||||||||||||||||
Natural gas fixed price swaps (1) | 14,030 | 3,549 | 9,601 | 9,327 | |||||||||||||||||||||
Cash paid on derivatives, net | $ | (40,349 | ) | $ | (1,394 | ) | $ | (51,910 | ) | $ | (48,375 | ) | |||||||||||||
Non-cash gain (loss) on derivatives: | |||||||||||||||||||||||||
Crude oil fixed price swaps | $ | (146,782 | ) | $ | (106,412 | ) | $ | (38,234 | ) | $ | 142,135 | ||||||||||||||
Crude oil collars | (13,243 | ) | (40,997 | ) | (11,037 | ) | 58,113 | ||||||||||||||||||
Natural gas fixed price swaps | (3,400 | ) | (9,491 | ) | 11,633 | (7,496 | ) | ||||||||||||||||||
Non-cash gain (loss) on derivatives, net | $ | (163,425 | ) | $ | (156,900 | ) | $ | (37,638 | ) | $ | 192,752 | ||||||||||||||
Gain (loss) on derivative instruments, net | $ | (203,774 | ) | $ | (158,294 | ) | $ | (89,548 | ) | $ | 144,377 | ||||||||||||||
(1) Cash gains on natural gas swaps for both the three and nine month periods ended September 30, 2013 include $11.0 million of gains related to 2013 natural gas derivative contracts that were settled in August 2013 prior to their contractual maturities scheduled for September 2013 through December 2013. | |||||||||||||||||||||||||
Balance sheet offsetting of derivative assets and liabilities | |||||||||||||||||||||||||
In December 2011, the FASB issued ASU No. 2011-11, Balance Sheet (Topic 210)–Disclosures about Offsetting Assets and Liabilities, which requires an entity to disclose information about offsetting arrangements to enable financial statement users to understand the effect of netting arrangements on an entity’s financial position. The Company adopted the provisions of the new standard on January 1, 2013 as required and has provided the applicable disclosures below with respect to its derivative instruments. | |||||||||||||||||||||||||
All of the Company’s derivative contracts are carried at their fair value in the condensed consolidated balance sheets under the captions “Derivative assets”, “Noncurrent derivative assets”, “Derivative liabilities”, and “Noncurrent derivative liabilities”. Derivative assets and liabilities with the same counterparty that are subject to contractual terms which provide for net settlement are reported on a net basis in the condensed consolidated balance sheets. | |||||||||||||||||||||||||
The following tables present the gross amounts of recognized derivative assets and liabilities, the amounts offset under netting arrangements with counterparties, and the resulting net amounts presented in the condensed consolidated balance sheets for the periods presented, all at fair value. | |||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||
In thousands | Gross amounts of recognized assets | Gross amounts offset on balance sheet | Net amounts of assets on balance sheet | Gross amounts of recognized assets | Gross amounts offset on balance sheet | Net amounts of assets on balance sheet | |||||||||||||||||||
Commodity derivative assets | $ | 47,031 | $ | (7,474 | ) | $ | 39,557 | $ | 86,506 | $ | (35,886 | ) | $ | 50,620 | |||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||
In thousands | Gross amounts of recognized liabilities | Gross amounts offset on balance sheet | Net amounts of liabilities on balance sheet | Gross amounts of recognized liabilities | Gross amounts offset on balance sheet | Net amounts of liabilities on balance sheet | |||||||||||||||||||
Commodity derivative liabilities | $ | (68,802 | ) | $ | 27,055 | $ | (41,747 | ) | $ | (16,241 | ) | $ | 1,069 | $ | (15,172 | ) | |||||||||
The following table reconciles the net amounts disclosed above to the individual financial statement line items in the condensed consolidated balance sheets. | |||||||||||||||||||||||||
In thousands | September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||
Derivative assets | $ | 17,380 | $ | 18,389 | |||||||||||||||||||||
Noncurrent derivative assets | 22,177 | 32,231 | |||||||||||||||||||||||
Net amounts of assets on balance sheet | $ | 39,557 | $ | 50,620 | |||||||||||||||||||||
Derivative liabilities | $ | (41,590 | ) | $ | (12,999 | ) | |||||||||||||||||||
Noncurrent derivative liabilities | (157 | ) | (2,173 | ) | |||||||||||||||||||||
Net amounts of liabilities on balance sheet | $ | (41,747 | ) | $ | (15,172 | ) | |||||||||||||||||||
Total derivative assets (liabilities), net | $ | (2,190 | ) | $ | 35,448 | ||||||||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Fair Value Measurements | |||||||||||||||||
The Company follows a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy categorizes assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. The three levels are defined as follows: | |||||||||||||||||
• | Level 1: Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets as of the reporting date. | ||||||||||||||||
• | Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. These are inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. | ||||||||||||||||
• | Level 3: Unobservable inputs that are not corroborated by market data and may be used with internally developed methodologies that result in management’s best estimate of fair value. | ||||||||||||||||
A financial instrument’s categorization within the hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Level 1 inputs are given the highest priority in the fair value hierarchy while Level 3 inputs are given the lowest priority. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement of assets and liabilities within the levels of the hierarchy. As Level 1 inputs generally provide the most reliable evidence of fair value, the Company uses Level 1 inputs when available. The Company’s policy is to recognize transfers between the hierarchy levels as of the beginning of the reporting period in which the event or change in circumstances caused the transfer. | |||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | |||||||||||||||||
Certain assets and liabilities are reported at fair value on a recurring basis, including the Company’s derivative instruments. In determining the fair values of fixed price swaps, a discounted cash flow method is used due to the unavailability of relevant comparable market data for the Company’s exact contracts. The discounted cash flow method estimates future cash flows based on quoted market prices for forward commodity prices and a risk-adjusted discount rate. The fair values of fixed price swaps are calculated mainly using significant observable inputs (Level 2). Calculation of the fair values of collar contracts requires the use of an industry-standard option pricing model that considers various inputs including quoted forward prices for commodities, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. These assumptions are observable in the marketplace or can be corroborated by active markets or broker quotes and are therefore designated as Level 2 within the valuation hierarchy. The Company’s calculation of fair value for each of its derivative positions is compared to the counterparty valuation for reasonableness. | |||||||||||||||||
The following tables summarize the valuation of financial instruments by pricing levels that were accounted for at fair value on a recurring basis as of September 30, 2013 and December 31, 2012. | |||||||||||||||||
Fair value measurements at September 30, 2013 using: | |||||||||||||||||
In thousands | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Description | |||||||||||||||||
Derivative assets (liabilities): | |||||||||||||||||
Fixed price swaps | $ | — | $ | 10,115 | $ | — | $ | 10,115 | |||||||||
Collars | — | (12,305 | ) | — | (12,305 | ) | |||||||||||
Total | $ | — | $ | (2,190 | ) | $ | — | $ | (2,190 | ) | |||||||
Fair value measurements at December 31, 2012 using: | |||||||||||||||||
In thousands | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Description | |||||||||||||||||
Derivative assets (liabilities): | |||||||||||||||||
Fixed price swaps | $ | — | $ | 36,716 | $ | — | $ | 36,716 | |||||||||
Collars | — | (1,268 | ) | — | (1,268 | ) | |||||||||||
Total | $ | — | $ | 35,448 | $ | — | $ | 35,448 | |||||||||
Assets Measured at Fair Value on a Nonrecurring Basis | |||||||||||||||||
Certain assets are reported at fair value on a nonrecurring basis in the condensed consolidated financial statements. The following methods and assumptions were used to estimate the fair values for those assets. | |||||||||||||||||
Asset Impairments – Proved crude oil and natural gas properties are reviewed for impairment on a field-by-field basis each quarter, or when events and circumstances indicate a possible decline in the recoverability of the carrying value of such field. The estimated future cash flows expected in connection with the field are compared to the carrying amount of the field to determine if the carrying amount is recoverable. If the carrying amount of the field exceeds its estimated undiscounted future cash flows, the carrying amount of the field is reduced to its estimated fair value. Due to the unavailability of relevant comparable market data, a discounted cash flow method is used to determine the fair value of proved properties. The discounted cash flow method estimates future cash flows based on management’s estimates of future crude oil and natural gas production, commodity prices based on commodity futures price strips, operating and development costs, and a risk-adjusted discount rate. The fair value of proved crude oil and natural gas properties is calculated using significant unobservable inputs (Level 3). The following table sets forth quantitative information about the significant unobservable inputs used by the Company to calculate the fair value of proved crude oil and natural gas properties using a discounted cash flow method. | |||||||||||||||||
Unobservable Input | Assumption | ||||||||||||||||
Future production | Future production estimates for each property | ||||||||||||||||
Forward commodity prices | Forward NYMEX swap prices through 2017 (adjusted for differentials), escalating 3% per year thereafter | ||||||||||||||||
Operating and development costs | Estimated costs for the current year, escalating 3% per year thereafter | ||||||||||||||||
Productive life of field | Ranging from 0 to 50 years | ||||||||||||||||
Discount rate | 10% | ||||||||||||||||
Unobservable inputs to the fair value assessment are reviewed quarterly and are revised as warranted based on a number of factors, including reservoir performance, new drilling, crude oil and natural gas prices, changes in costs, technological advances, new geological or geophysical data, or other economic factors. Fair value measurements of proved properties are reviewed and approved by certain members of the Company’s management. | |||||||||||||||||
During the nine months ended September 30, 2013 and 2012, the Company determined the carrying amounts of certain proved properties were not recoverable from future cash flows and, therefore, were impaired. Impairments of proved properties amounted to $39.6 million for the nine months ended September 30, 2013, all of which was recognized in the second quarter. Such impairments primarily reflected uneconomic results for certain wells drilled on the Company's acreage in the Niobrara play in Colorado and Wyoming. The impaired properties were written down to their estimated fair value totaling approximately $22.2 million. Impairment provisions for proved properties totaled $4.3 million for the nine months ended September 30, 2012, primarily reflecting uneconomic results in a non-Woodford single-well field in the Company's South region. Those impaired properties were written down to their estimated fair value totaling approximately $2.2 million. | |||||||||||||||||
Certain unproved crude oil and natural gas properties were impaired during the three and nine months ended September 30, 2013 and 2012, reflecting recurring amortization of undeveloped leasehold costs on properties that management expects will not be transferred to proved properties over the lives of the leases based on experience of successful drilling and the average holding period. | |||||||||||||||||
The following table sets forth the non-cash impairments of both proved and unproved properties for the indicated periods. Proved and unproved property impairments are recorded under the caption “Property impairments” in the unaudited condensed consolidated statements of income. | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
In thousands | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Proved property impairments | $ | — | $ | — | $ | 39,635 | $ | 4,332 | |||||||||
Unproved property impairments | 42,167 | 27,375 | 122,325 | 88,821 | |||||||||||||
Total | $ | 42,167 | $ | 27,375 | $ | 161,960 | $ | 93,153 | |||||||||
Financial Instruments Not Recorded at Fair Value | |||||||||||||||||
The following table sets forth the fair values of financial instruments that are not recorded at fair value in the condensed consolidated financial statements. | |||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
In thousands | Carrying | Fair Value | Carrying | Fair Value | |||||||||||||
Amount | Amount | ||||||||||||||||
Debt: | |||||||||||||||||
Revolving credit facility | $ | — | $ | — | $ | 595,000 | $ | 595,000 | |||||||||
Note payable | 18,964 | 17,456 | 20,421 | 20,148 | |||||||||||||
8 1/4% Senior Notes due 2019 | 298,248 | 329,800 | 298,085 | 339,000 | |||||||||||||
7 3/8% Senior Notes due 2020 | 198,658 | 222,200 | 198,552 | 226,833 | |||||||||||||
7 1/8% Senior Notes due 2021 | 400,000 | 447,300 | 400,000 | 454,333 | |||||||||||||
5% Senior Notes due 2022 | 2,025,952 | 2,018,300 | 2,027,663 | 2,165,833 | |||||||||||||
4 1/2% Senior Notes due 2023 | 1,500,000 | 1,475,000 | — | — | |||||||||||||
Total debt | $ | 4,441,822 | $ | 4,510,056 | $ | 3,539,721 | $ | 3,801,147 | |||||||||
The fair value of any revolving credit facility borrowings approximates the carrying value based on borrowing rates available to the Company for bank loans with similar terms and maturities and is classified as Level 2 in the fair value hierarchy. | |||||||||||||||||
The fair value of the note payable is determined using a discounted cash flow approach based on the interest rate and payment terms of the note payable and an assumed discount rate. The fair value of the note payable is significantly influenced by the discount rate assumption, which is derived by the Company and is unobservable. Accordingly, the fair value of the note payable is classified as Level 3 in the fair value hierarchy. | |||||||||||||||||
The fair values of the 8 1/4% Senior Notes due 2019 (“2019 Notes”), the 7 3/8% Senior Notes due 2020 (“2020 Notes”), the 7 1/8% Senior Notes due 2021 (“2021 Notes”), the 5% Senior Notes due 2022 (“2022 Notes”), and the 4 1/2% Senior Notes due 2023 ("2023 Notes") are based on quoted market prices and, accordingly, are classified as Level 1 in the fair value hierarchy. | |||||||||||||||||
The carrying values of all classes of cash and cash equivalents, trade receivables, and trade payables are considered to be representative of their respective fair values due to the short term maturities of those instruments. |
LongTerm_Debt
Long-Term Debt | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||
Long-Term Debt | ' | ||||||||||
Long-Term Debt | |||||||||||
Long-term debt consists of the following: | |||||||||||
In thousands | 30-Sep-13 | December 31, 2012 | |||||||||
Revolving credit facility | $ | — | $ | 595,000 | |||||||
Note payable | 18,964 | 20,421 | |||||||||
8 1/4% Senior Notes due 2019 (1) | 298,248 | 298,085 | |||||||||
7 3/8% Senior Notes due 2020 (2) | 198,658 | 198,552 | |||||||||
7 1/8% Senior Notes due 2021 (3) | 400,000 | 400,000 | |||||||||
5% Senior Notes due 2022 (4) | 2,025,952 | 2,027,663 | |||||||||
4 1/2% Senior Notes due 2023 (3) | 1,500,000 | — | |||||||||
Total debt | $ | 4,441,822 | $ | 3,539,721 | |||||||
Less: Current portion of long-term debt | (1,997 | ) | (1,950 | ) | |||||||
Long-term debt, net of current portion | $ | 4,439,825 | $ | 3,537,771 | |||||||
-1 | The carrying amount is net of unamortized discounts of $1.8 million and $1.9 million at September 30, 2013 and December 31, 2012, respectively. | ||||||||||
-2 | The carrying amount is net of unamortized discounts of $1.3 million and $1.4 million at September 30, 2013 and December 31, 2012, respectively. | ||||||||||
-3 | These notes were sold at par and are recorded at 100% of face value. | ||||||||||
-4 | The carrying amount includes an unamortized premium of $26.0 million and $27.7 million at September 30, 2013 and December 31, 2012, respectively. | ||||||||||
Revolving Credit Facility | |||||||||||
The Company had no outstanding borrowings at September 30, 2013 on its credit facility, which matures on July 1, 2015. At December 31, 2012, the Company had $595.0 million of outstanding borrowings on its credit facility. The credit facility had aggregate commitments of $1.5 billion and a borrowing base of $4.25 billion at September 30, 2013, subject to semi-annual redetermination. The most recent borrowing base redetermination was completed in May 2013, whereby the lenders approved an increase in the Company’s borrowing base from $3.25 billion to $4.25 billion. The terms of the facility allow for the commitment level to be increased up to the lesser of the borrowing base then in effect or $2.5 billion. Borrowings under the facility bear interest at a rate per annum equal to the London Interbank Offered Rate ("LIBOR") for one, two, three or six months, as elected by the Company, plus a margin ranging from 150 to 250 basis points, depending on the percentage of the borrowing base utilized, or the lead bank’s reference rate (prime) plus a margin ranging from 50 to 150 basis points. At September 30, 2013, credit facility borrowings were required to be secured by the lesser of (i) crude oil and natural gas properties of the Company representing 80% of the Present Value, as defined in the amended credit facility, of such properties and (ii) such of the Company’s proved reserves and associated crude oil and natural gas properties sufficient to provide a Collateral Coverage Ratio, as defined in the amended credit facility, of at least 1.75 to 1.0. | |||||||||||
The Company had approximately $1.5 billion of unused commitments under its credit facility at September 30, 2013 and incurs commitment fees of 0.375% per annum of the daily average amount of unused borrowing availability. The credit facility contains certain restrictive covenants including a requirement that the Company maintain a current ratio of not less than 1.0 to 1.0 and a ratio of total funded debt to EBITDAX of no greater than 4.0 to 1.0. As defined by the credit facility, the current ratio represents the ratio of current assets to current liabilities, inclusive of available borrowing capacity under the credit facility and exclusive of current balances associated with derivative contracts and asset retirement obligations. EBITDAX represents earnings before interest expense, income taxes, depreciation, depletion, amortization and accretion, property impairments, exploration expenses, non-cash gains and losses resulting from the requirements of accounting for derivatives, and non-cash equity compensation expense. EBITDAX is not a measure of net income or operating cash flows as determined by U.S. GAAP. Reconciliations of net income and operating cash flows to EBITDAX are provided in Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures. The total funded debt to EBITDAX ratio represents the sum of outstanding borrowings and letters of credit on the credit facility plus the Company’s note payable and senior note obligations, divided by total EBITDAX for the most recent four quarters. The Company was in compliance with these covenants at September 30, 2013. | |||||||||||
Senior Notes | |||||||||||
On April 5, 2013, the Company issued $1.5 billion of 4 1/2% Senior Notes due 2023 and received net proceeds of approximately $1.48 billion after deducting the initial purchasers’ fees. The Company used the net proceeds from the offering to repay all borrowings then outstanding under its credit facility, which had a balance prior to payoff of approximately $1.04 billion, to fund a portion of its 2013 capital budget, and for general corporate purposes. | |||||||||||
The following table summarizes the maturity dates, semi-annual interest payment dates, and optional redemption periods related to the Company’s outstanding senior note obligations at September 30, 2013. | |||||||||||
2019 Notes | 2020 Notes | 2021 Notes | 2022 Notes | 2023 Notes | |||||||
Maturity date | Oct 1, 2019 | Oct 1, 2020 | April 1, 2021 | Sep 15, 2022 | April 15, 2023 | ||||||
Interest payment dates | April 1, Oct. 1 | April 1, Oct. 1 | April 1, Oct. 1 | March 15, Sept. 15 | April 15, Oct. 15 | ||||||
Call premium redemption period (1) | Oct 1, 2014 | Oct 1, 2015 | April 1, 2016 | March 15, 2017 | n/a | ||||||
Make-whole redemption period (2) | Oct 1, 2014 | Oct 1, 2015 | April 1, 2016 | March 15, 2017 | Jan 15, 2023 | ||||||
Equity offering redemption period (3) | — | — | April 1, 2014 | March 15, 2015 | n/a | ||||||
-1 | On or after these dates, the Company has the option to redeem all or a portion of its senior notes at the decreasing redemption prices specified in the respective senior note indentures (together, the “Indentures”) plus any accrued and unpaid interest to the date of redemption. | ||||||||||
-2 | At any time prior to these dates, the Company has the option to redeem all or a portion of its senior notes at the “make-whole” redemption prices or amounts specified in the Indentures plus any accrued and unpaid interest to the date of redemption. | ||||||||||
-3 | At any time prior to these dates, the Company may redeem up to 35% of the principal amount of its senior notes under certain circumstances with the net cash proceeds from one or more equity offerings at the redemption prices specified in the Indentures plus any accrued and unpaid interest to the date of redemption. The optional redemption periods for the 2019 Notes and 2020 Notes using equity offering proceeds expired on October 1, 2012 and October 1, 2013, respectively. | ||||||||||
The Company’s senior notes are not subject to any mandatory redemption or sinking fund requirements. | |||||||||||
The Indentures, excluding the indenture governing the 2023 Notes, contain certain restrictions on the Company’s ability to incur additional debt, pay dividends on common stock, make certain investments, create certain liens on assets, engage in certain transactions with affiliates, transfer or sell certain assets, consolidate or merge, or sell substantially all of the Company’s assets. The indenture governing the 2023 Notes is less restrictive and contains covenants that limit the Company's ability to create liens securing certain indebtedness and consolidate, merge or transfer certain assets. These covenants are subject to a number of important exceptions and qualifications. The Company was in compliance with these covenants at September 30, 2013. Two of the Company’s subsidiaries, Banner Pipeline Company, L.L.C. and CLR Asset Holdings, LLC, which have insignificant assets with no current value and no operations, fully and unconditionally guarantee the senior notes. The Company’s other subsidiary, 20 North Broadway Associates LLC, the value of whose assets and operations are minor, does not guarantee the senior notes. | |||||||||||
Note Payable | |||||||||||
In February 2012, 20 North Broadway Associates LLC, a 100% owned subsidiary of the Company, borrowed $22 million under a 10-year amortizing term loan secured by the Company’s corporate office building in Oklahoma City, Oklahoma. The loan bears interest at a fixed rate of 3.14% per annum. Principal and interest are payable monthly through the loan’s maturity date of February 26, 2022. Accordingly, approximately $2.0 million is reflected as a current liability under the caption “Current portion of long-term debt” in the condensed consolidated balance sheets as of September 30, 2013. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Included below is a discussion of various future commitments of the Company as of September 30, 2013. The commitments under these arrangements are not recorded in the accompanying condensed consolidated balance sheets. | |
Drilling commitments – As of September 30, 2013, the Company had drilling rig contracts with various terms extending through August 2014. These contracts were entered into in the ordinary course of business to ensure rig availability to allow the Company to execute its business objectives in its key strategic plays. Future commitments as of September 30, 2013 total approximately $53 million, of which $31 million is expected to be incurred in the remainder of 2013 and $22 million in 2014. | |
Pipeline transportation commitments – The Company has entered into firm transportation commitments to guarantee pipeline access capacity totaling 15,000 barrels of crude oil per day on operational crude oil pipelines in order to reduce the impact of possible production curtailments that may arise due to limited transportation capacity. The commitments, which have 5-year terms extending as far as November 2017, require the Company to pay varying per-barrel transportation charges regardless of the amount of pipeline capacity used. Future commitments remaining as of September 30, 2013 under the operational crude oil pipeline transportation arrangements amount to approximately $46 million, of which $3 million is expected to be incurred in the remainder of 2013, $14 million in 2014, $14 million in 2015, $10 million in 2016 and $5 million in 2017. | |
The Company has also entered into a commitment to guarantee pipeline access capacity on an operational natural gas pipeline system to move a portion of its North region natural gas production to market. The commitment, which has a 10-year term ending in October 2023, requires the Company to pay per-unit transportation charges regardless of the amount of pipeline capacity used. Future commitments under the arrangement amount to approximately $25 million, which is expected to be incurred ratably over its 10-year term. | |
Further, the Company is a party to additional 5-year firm transportation commitments for future pipeline projects being considered for development that are not yet operational. Such projects require the granting of regulatory approvals or otherwise require significant additional construction efforts by the counterparties before being completed. Future commitments under the non-operational arrangements total approximately $1.0 billion at September 30, 2013, including approximately $96 million with an affiliate controlled by the Company's Chairman of the Board, Chief Executive Officer and principal shareholder. These commitments represent aggregate transportation charges expected to be incurred over the 5-year terms of the arrangements assuming the proposed pipeline projects are completed and become operational. The timing of the commencement of pipeline operations is not known due to uncertainties involving matters such as regulatory approvals, resolution of legal and environmental disputes, construction progress and the ultimate probability of pipeline completion. Accordingly, the timing of the Company’s obligations under these non-operational arrangements cannot be predicted with certainty and may not be incurred on a ratable basis over a calendar year or may not be incurred at all. Although timing is uncertain, the Company’s obligations under these arrangements are not expected to begin until at least the second half of 2014. | |
Rail transportation commitments – The Company has entered into firm transportation commitments to guarantee capacity on rail transportation facilities in order to reduce the impact of possible curtailments that may arise due to limited transportation capacity. The rail commitments have various terms extending through December 2014 and require the Company to pay varying per-barrel transportation charges on volumes ranging from 2,500 to 10,000 barrels of crude oil per day regardless of the amount of rail capacity used. Future commitments remaining as of September 30, 2013 under the rail transportation arrangements amount to approximately $19 million, of which $9 million is expected to be incurred in the remainder of 2013 and $10 million in 2014. | |
The Company’s pipeline and rail transportation commitments are for production primarily in the North region where the Company allocates a significant portion of its capital expenditures. The Company is not committed under these contracts to deliver fixed and determinable quantities of crude oil or natural gas in the future. | |
Litigation – In November 2010, an alleged class action was filed against the Company alleging the Company improperly deducted post-production costs from royalties paid to plaintiffs and other royalty interest owners as categorized in the petition from crude oil and natural gas wells located in Oklahoma. The plaintiffs have alleged a number of claims, including breach of contract, fraud, breach of fiduciary duty, unjust enrichment, and other claims and seek recovery of compensatory damages, interest, punitive damages and attorney fees on behalf of the alleged class. The Company has responded to the petition, denied the allegations and raised a number of affirmative defenses. Discovery is ongoing and information and documents continue to be exchanged. The Company is not currently able to estimate a reasonably possible loss or range of loss or what impact, if any, the action will have on its financial condition, results of operations or cash flows due to the preliminary status of the matter, the complexity and number of legal and factual issues presented by the matter and uncertainties with respect to, among other things, the nature of the claims and defenses, the potential size of the class, the scope and types of the properties and agreements involved, the production years involved, and the ultimate potential outcome of the matter. The class has not been certified. Plaintiffs have indicated that if the class is certified they may seek damages in excess of $165 million, a majority of which would be comprised of interest. The Company disputes plaintiffs’ claims, disputes that the case meets the requirements for a class action and is vigorously defending the case. | |
The Company is involved in various other legal proceedings including, but not limited to, commercial disputes, claims from royalty and surface owners, property damage claims, personal injury claims and other matters. While the outcome of these legal matters cannot be predicted with certainty, the Company does not expect them to have a material effect on its financial condition, results of operations or cash flows. As of September 30, 2013 and December 31, 2012, the Company had recorded a liability in the condensed consolidated balance sheets under the caption “Other noncurrent liabilities” of $1.7 million and $2.4 million, respectively, for various matters, none of which are believed to be individually significant. | |
Environmental risk – Due to the nature of the crude oil and natural gas business, the Company is exposed to possible environmental risks. The Company is not aware of any material environmental issues or claims. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
Stock-Based Compensation | |||||||||||||||||
The Company has granted restricted stock to employees and directors pursuant to the Continental Resources, Inc. 2005 Long-Term Incentive Plan (“2005 Plan”) and 2013 Long-Term Incentive Plan ("2013 Plan") as discussed below. The Company’s associated compensation expense, which is included in the caption “General and administrative expenses” in the unaudited condensed consolidated statements of income, is reflected in the table below for the periods presented. | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
In thousands | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Non-cash equity compensation | $ | 10,462 | $ | 7,499 | $ | 29,460 | $ | 20,804 | |||||||||
In May 2013, the Company's shareholders, upon recommendation by the Board of Directors, approved the adoption of the Company's 2013 Plan. The 2013 Plan is a broad-based incentive plan that allows the Company to use, if desired, a variety of equity compensation alternatives in structuring compensation arrangements for the Company's officers, directors and select employees. Effective May 23, 2013, the 2013 Plan replaced the Company's 2005 Plan as the instrument used to grant long-term incentive awards and no further awards will be granted under the 2005 Plan. However, restricted stock awards granted under the 2005 Plan prior to the adoption of the 2013 Plan will remain outstanding in accordance with their terms. | |||||||||||||||||
The maximum number of shares of common stock available for issuance under the 2013 Plan is 9,840,036 shares, which includes (i) 7,500,000 new shares authorized under the 2013 Plan, (ii) 1,840,036 shares that remained available for issuance under the 2005 Plan as of March 27, 2013 that have been transferred from the 2005 Plan to the 2013 Plan, and (iii) up to 500,000 shares available for issuance under the 2013 Plan to the extent such shares are forfeited or withheld for payment of income taxes related to existing awards outstanding under the 2005 Plan. As of September 30, 2013, the Company had a maximum of 9,807,113 shares of restricted stock available to grant to officers, directors and key employees under the 2013 Plan. | |||||||||||||||||
Restricted stock is awarded in the name of the recipient and constitutes issued and outstanding shares of the Company’s common stock for all corporate purposes during the period of restriction and, except as otherwise provided under the 2013 Plan or agreement relevant to a given award, includes the right to vote the restricted stock or to receive dividends, subject to forfeiture. Restricted stock grants generally vest over periods ranging from one to three years. | |||||||||||||||||
A summary of changes in non-vested restricted stock shares outstanding for the nine months ended September 30, 2013 is presented below: | |||||||||||||||||
Number of | Weighted | ||||||||||||||||
non-vested | average | ||||||||||||||||
shares | grant-date | ||||||||||||||||
fair value | |||||||||||||||||
Non-vested restricted shares outstanding at December 31, 2012 | 1,629,462 | $ | 63.28 | ||||||||||||||
Granted | 166,200 | 87.03 | |||||||||||||||
Vested | (147,440 | ) | 60.27 | ||||||||||||||
Forfeited | (59,124 | ) | 71.93 | ||||||||||||||
Non-vested restricted shares outstanding at September 30, 2013 | 1,589,098 | $ | 68.35 | ||||||||||||||
The grant date fair value of restricted stock represents the closing market price of the Company’s common stock on the date of grant. Compensation expense for a restricted stock grant is a fixed amount determined at the grant date fair value and is recognized ratably over the vesting period as services are rendered by employees and directors. The expected life of restricted stock is based on the non-vested period that remains subsequent to the date of grant. There are no post-vesting restrictions related to the Company’s restricted stock. The fair value of restricted stock that vested during the nine months ended September 30, 2013 at the vesting date was approximately $12.5 million. As of September 30, 2013, there was approximately $55 million of unrecognized compensation expense related to non-vested restricted stock. This expense is expected to be recognized over a weighted average period of 1.4 years. |
2012_Property_Disposition
2012 Property Disposition | 9 Months Ended |
Sep. 30, 2013 | |
Extractive Industries [Abstract] | ' |
2012 Property Disposition | ' |
2012 Property Dispositions | |
In February 2012, the Company assigned certain non-strategic leaseholds and producing properties located in Wyoming to a third party for cash proceeds of $84.4 million. In connection with the transaction, the Company recognized a pre-tax gain of $50.1 million. The disposed properties comprised 3.2 MMBoe, or 1%, of the Company’s total proved reserves at December 31, 2011 and 259 MBoe, or 1%, of its 2011 total crude oil and natural gas production. | |
In June 2012, the Company assigned certain non-strategic leaseholds and producing properties located in Oklahoma to a third party for $15.9 million and recognized a pre-tax gain on the transaction of $15.9 million. The disposed properties represented an immaterial portion of the Company’s total proved reserves and production. | |
The gains on the above dispositions are included in the caption “Gain on sale of assets, net” in the unaudited condensed consolidated statements of income for the nine months ended September 30, 2012. |
Basis_of_Presentation_and_Sign1
Basis of Presentation and Significant Accounting Policies (Policies) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Description of the Company | ' | ||||||||
Description of the Company | |||||||||
Continental’s principal business is crude oil and natural gas exploration, development and production with properties in the North, South, and East regions of the United States. The North region consists of properties north of Kansas and west of the Mississippi River and includes North Dakota Bakken, Montana Bakken and the Red River units. The South region includes Kansas and all properties south of Kansas and west of the Mississippi River including the South Central Oklahoma Oil Province (“SCOOP”), Northwest Cana, and Arkoma Woodford plays in Oklahoma. The East region is comprised of undeveloped leasehold acreage east of the Mississippi River. In December 2012, the Company sold its producing properties in the East region. The sold properties represented an immaterial portion of the Company’s operations and do not materially affect the comparability of the financial statements for the periods presented in this report. | |||||||||
The Company’s operations are geographically concentrated in the North region, with that region comprising approximately 77% of the Company’s crude oil and natural gas production and approximately 87% of its crude oil and natural gas revenues for the nine months ended September 30, 2013. The Company has focused its operations on the exploration and development of crude oil since the 1980s. For the nine months ended September 30, 2013 crude oil accounted for approximately 71% of the Company’s total production and approximately 88% of its crude oil and natural gas revenues. | |||||||||
Basis of presentation | ' | ||||||||
Basis of presentation | |||||||||
The condensed consolidated financial statements include the accounts of Continental and its 100% owned subsidiaries after all significant intercompany accounts and transactions have been eliminated upon consolidation. | |||||||||
This report has been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) applicable to interim financial information. Because this is an interim period filing presented using a condensed format, it does not include all disclosures required by accounting principles generally accepted in the United States (“U.S. GAAP”), although the Company believes the disclosures are adequate to make the information not misleading. You should read this Form 10-Q together with the Company’s Annual Report on Form 10-K for the year ended December 31, 2012 (“2012 Form 10-K”), which includes a summary of the Company’s significant accounting policies and other disclosures. | |||||||||
The condensed consolidated financial statements as of September 30, 2013 and for the three and nine month periods ended September 30, 2013 and 2012 are unaudited. The condensed consolidated balance sheet as of December 31, 2012 was derived from the audited balance sheet included in the 2012 Form 10-K. The Company has evaluated events or transactions through the date this report on Form 10-Q was filed with the SEC in conjunction with its preparation of these condensed consolidated financial statements. | |||||||||
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure and estimation of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The most significant of the estimates and assumptions that affect reported results are the estimates of the Company’s crude oil and natural gas reserves, which are used to compute depreciation, depletion, amortization and impairment of proved crude oil and natural gas properties. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation in accordance with U.S. GAAP have been included in these unaudited interim condensed consolidated financial statements. The results of operations for any interim period are not necessarily indicative of the results of operations that may be expected for any other interim period or for an entire year. | |||||||||
Inventories | ' | ||||||||
Inventories | |||||||||
Inventories are stated at the lower of cost or market and consist of the following: | |||||||||
In thousands | September 30, 2013 | December 31, 2012 | |||||||
Tubular goods and equipment | $ | 11,579 | $ | 13,590 | |||||
Crude oil | 43,693 | 33,153 | |||||||
Total | $ | 55,272 | $ | 46,743 | |||||
Crude oil inventories are valued at the lower of cost or market using the first-in, first-out inventory method. Crude oil inventories consist of the following volumes: | |||||||||
MBbls | September 30, 2013 | December 31, 2012 | |||||||
Crude oil line fill requirements | 405 | 391 | |||||||
Temporarily stored crude oil | 263 | 211 | |||||||
Total | 668 | 602 | |||||||
Earnings per share | ' | ||||||||
Earnings per share | |||||||||
Basic net income per share is computed by dividing net income by the weighted-average number of shares outstanding for the period. Diluted net income per share reflects the potential dilution of non-vested restricted stock awards and stock options, which are calculated using the treasury stock method as if the awards and options were exercised. | |||||||||
Adoption of new accounting standard | ' | ||||||||
Adoption of new accounting standard | |||||||||
In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-11, Balance Sheet (Topic 210)–Disclosures about Offsetting Assets and Liabilities. The new standard requires an entity to disclose information about offsetting arrangements to enable financial statement users to understand the effect of netting arrangements on an entity’s financial position. The disclosures are required for recognized financial instruments and derivative instruments that are subject to offsetting or are subject to master netting arrangements irrespective of whether they are offset. The disclosure requirements became effective for periods beginning on or after January 1, 2013 and must be applied retrospectively to all periods presented on the balance sheet. The Company adopted the provisions of the new standard on January 1, 2013 and has included the required disclosures in Note 4. Derivative Instruments. Adoption of the new standard required additional footnote disclosures for the Company's derivative instruments and did not have an impact on its financial position, results of operations or cash flows. |
Basis_of_Presentation_and_Sign2
Basis of Presentation and Significant Accounting Policies (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Components of Inventories | ' | ||||||||||||||||
Inventories are stated at the lower of cost or market and consist of the following: | |||||||||||||||||
In thousands | September 30, 2013 | December 31, 2012 | |||||||||||||||
Tubular goods and equipment | $ | 11,579 | $ | 13,590 | |||||||||||||
Crude oil | 43,693 | 33,153 | |||||||||||||||
Total | $ | 55,272 | $ | 46,743 | |||||||||||||
Components of Crude Oil Inventories Volumes | ' | ||||||||||||||||
Crude oil inventories consist of the following volumes: | |||||||||||||||||
MBbls | September 30, 2013 | December 31, 2012 | |||||||||||||||
Crude oil line fill requirements | 405 | 391 | |||||||||||||||
Temporarily stored crude oil | 263 | 211 | |||||||||||||||
Total | 668 | 602 | |||||||||||||||
Calculation of Basic and Diluted Weighted Average Shares and Net Income Per Share | ' | ||||||||||||||||
The following table presents the calculation of basic and diluted weighted average shares outstanding and net income per share for the three and nine months ended September 30, 2013 and 2012. All stock options issued by the Company in prior periods had been exercised or had expired as of March 31, 2012. | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
In thousands, except per share data | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Income (numerator): | |||||||||||||||||
Net income - basic and diluted | $ | 167,498 | $ | 44,096 | $ | 631,395 | $ | 518,874 | |||||||||
Weighted average shares (denominator): | |||||||||||||||||
Weighted average shares - basic | 184,069 | 181,909 | 184,036 | 180,471 | |||||||||||||
Non-vested restricted stock | 811 | 628 | 742 | 624 | |||||||||||||
Stock options | — | — | — | 21 | |||||||||||||
Weighted average shares - diluted | 184,880 | 182,537 | 184,778 | 181,116 | |||||||||||||
Net income per share: | |||||||||||||||||
Basic | $ | 0.91 | $ | 0.24 | $ | 3.43 | $ | 2.88 | |||||||||
Diluted | $ | 0.91 | $ | 0.24 | $ | 3.42 | $ | 2.86 | |||||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||
Summary of Supplemental Cash Flow Information | ' | ||||||||
The following table discloses supplemental cash flow information about cash paid for interest and income taxes. Also disclosed is information about investing activities that affects recognized assets and liabilities but does not result in cash receipts or payments. | |||||||||
Nine months ended September 30, | |||||||||
In thousands | 2013 | 2012 | |||||||
Supplemental cash flow information: | |||||||||
Cash paid for interest | $ | 139,023 | $ | 67,638 | |||||
Cash paid for income taxes | 23,413 | 759 | |||||||
Cash received for income tax refunds | (173 | ) | (72 | ) | |||||
Non-cash investing activities: | |||||||||
Increase in accrued capital expenditures | 69,767 | 4,521 | |||||||
Acquisition of assets through issuance of common stock | — | 176,563 | |||||||
Asset retirement obligations, net | 5,043 | 4,910 | |||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Summary of Outstanding Contracts with Respect to Natural Gas | ' | ||||||||||||||||||||||||
Natural Gas - NYMEX Henry Hub | Swaps Weighted Average Price | ||||||||||||||||||||||||
Period and Type of Contract | MMBtus | ||||||||||||||||||||||||
January 2014 - March 2014 | |||||||||||||||||||||||||
Swaps - Henry Hub | 14,400,000 | $ | 4.3 | ||||||||||||||||||||||
April 2014 - June 2014 | |||||||||||||||||||||||||
Swaps - Henry Hub | 10,010,000 | $ | 4.14 | ||||||||||||||||||||||
July 2014 - December 2014 | |||||||||||||||||||||||||
Swaps - Henry Hub | 23,920,000 | $ | 4.12 | ||||||||||||||||||||||
January 2015 - March 2015 | |||||||||||||||||||||||||
Swaps - Henry Hub | 1,800,000 | $ | 4.27 | ||||||||||||||||||||||
Realized and Unrealized Gains and Losses on Derivative Instruments | ' | ||||||||||||||||||||||||
The following table presents cash settlements and non-cash gains and losses on derivative instruments for the periods presented. | |||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||
In thousands | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Cash received (paid) on derivatives: | |||||||||||||||||||||||||
Crude oil fixed price swaps | $ | (39,298 | ) | $ | (4,571 | ) | $ | (46,810 | ) | $ | (42,362 | ) | |||||||||||||
Crude oil collars | (15,081 | ) | (372 | ) | (14,701 | ) | (15,340 | ) | |||||||||||||||||
Natural gas fixed price swaps (1) | 14,030 | 3,549 | 9,601 | 9,327 | |||||||||||||||||||||
Cash paid on derivatives, net | $ | (40,349 | ) | $ | (1,394 | ) | $ | (51,910 | ) | $ | (48,375 | ) | |||||||||||||
Non-cash gain (loss) on derivatives: | |||||||||||||||||||||||||
Crude oil fixed price swaps | $ | (146,782 | ) | $ | (106,412 | ) | $ | (38,234 | ) | $ | 142,135 | ||||||||||||||
Crude oil collars | (13,243 | ) | (40,997 | ) | (11,037 | ) | 58,113 | ||||||||||||||||||
Natural gas fixed price swaps | (3,400 | ) | (9,491 | ) | 11,633 | (7,496 | ) | ||||||||||||||||||
Non-cash gain (loss) on derivatives, net | $ | (163,425 | ) | $ | (156,900 | ) | $ | (37,638 | ) | $ | 192,752 | ||||||||||||||
Gain (loss) on derivative instruments, net | $ | (203,774 | ) | $ | (158,294 | ) | $ | (89,548 | ) | $ | 144,377 | ||||||||||||||
Gross Amounts of Recognized Derivative Assets and Liabilities | ' | ||||||||||||||||||||||||
The following tables present the gross amounts of recognized derivative assets and liabilities, the amounts offset under netting arrangements with counterparties, and the resulting net amounts presented in the condensed consolidated balance sheets for the periods presented, all at fair value. | |||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||
In thousands | Gross amounts of recognized assets | Gross amounts offset on balance sheet | Net amounts of assets on balance sheet | Gross amounts of recognized assets | Gross amounts offset on balance sheet | Net amounts of assets on balance sheet | |||||||||||||||||||
Commodity derivative assets | $ | 47,031 | $ | (7,474 | ) | $ | 39,557 | $ | 86,506 | $ | (35,886 | ) | $ | 50,620 | |||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||
In thousands | Gross amounts of recognized liabilities | Gross amounts offset on balance sheet | Net amounts of liabilities on balance sheet | Gross amounts of recognized liabilities | Gross amounts offset on balance sheet | Net amounts of liabilities on balance sheet | |||||||||||||||||||
Commodity derivative liabilities | $ | (68,802 | ) | $ | 27,055 | $ | (41,747 | ) | $ | (16,241 | ) | $ | 1,069 | $ | (15,172 | ) | |||||||||
Reconciles Net Amounts Derivative Assets and Liabilities | ' | ||||||||||||||||||||||||
The following table reconciles the net amounts disclosed above to the individual financial statement line items in the condensed consolidated balance sheets. | |||||||||||||||||||||||||
In thousands | September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||
Derivative assets | $ | 17,380 | $ | 18,389 | |||||||||||||||||||||
Noncurrent derivative assets | 22,177 | 32,231 | |||||||||||||||||||||||
Net amounts of assets on balance sheet | $ | 39,557 | $ | 50,620 | |||||||||||||||||||||
Derivative liabilities | $ | (41,590 | ) | $ | (12,999 | ) | |||||||||||||||||||
Noncurrent derivative liabilities | (157 | ) | (2,173 | ) | |||||||||||||||||||||
Net amounts of liabilities on balance sheet | $ | (41,747 | ) | $ | (15,172 | ) | |||||||||||||||||||
Total derivative assets (liabilities), net | $ | (2,190 | ) | $ | 35,448 | ||||||||||||||||||||
NYMEX WTI [Member] | ' | ||||||||||||||||||||||||
Summary of Outstanding Contracts with Respect to Crude Oil | ' | ||||||||||||||||||||||||
At September 30, 2013, the Company had outstanding derivative contracts with respect to future production as set forth in the tables below. In August 2013, the Company settled its 2013 natural gas derivative contracts prior to their contractual maturities scheduled for September 2013 through December 2013 and recognized $11.0 million of gains upon settlement. As of September 30, 2013, no natural gas derivative contracts remain in place for the remainder of 2013. | |||||||||||||||||||||||||
Collars | |||||||||||||||||||||||||
Crude Oil - NYMEX WTI | Swaps Weighted Average | Floors | Ceilings | ||||||||||||||||||||||
Price | Weighted Average | Weighted Average | |||||||||||||||||||||||
Period and Type of Contract | Bbls | Range | Price | Range | Price | ||||||||||||||||||||
October 2013 - December 2013 | |||||||||||||||||||||||||
Swaps - WTI | 3,910,000 | $ | 96 | ||||||||||||||||||||||
Collars - WTI | 2,208,000 | $80.00 - $95.00 | $ | 86.92 | $92.30 - $110.33 | $ | 99.46 | ||||||||||||||||||
January 2014 - March 2014 | |||||||||||||||||||||||||
Swaps - WTI | 3,082,500 | $ | 97.26 | ||||||||||||||||||||||
April 2014 - December 2014 | |||||||||||||||||||||||||
Swaps - WTI | 7,768,750 | $ | 96.2 | ||||||||||||||||||||||
ICE Brent [Member] | ' | ||||||||||||||||||||||||
Summary of Outstanding Contracts with Respect to Crude Oil | ' | ||||||||||||||||||||||||
Collars | |||||||||||||||||||||||||
Crude Oil - ICE Brent | Swaps Weighted Average Price | Floors | Ceilings | ||||||||||||||||||||||
Weighted Average | Weighted Average | ||||||||||||||||||||||||
Period and Type of Contract | Bbls | Range | Price | Range | Price | ||||||||||||||||||||
October 2013 - December 2013 | |||||||||||||||||||||||||
Swaps - ICE Brent | 1,426,000 | $ | 108.21 | ||||||||||||||||||||||
January 2014 - March 2014 | |||||||||||||||||||||||||
Swaps - ICE Brent | 3,555,000 | $ | 102.63 | ||||||||||||||||||||||
Collars - ICE Brent | 540,000 | $90.00 - $95.00 | $ | 90.83 | $104.70 - $108.85 | $ | 107.13 | ||||||||||||||||||
April 2014 - December 2014 | |||||||||||||||||||||||||
Swaps - ICE Brent | 10,312,500 | $ | 102.52 | ||||||||||||||||||||||
Collars - ICE Brent | 1,650,000 | $90.00 - $95.00 | $ | 90.83 | $104.70 - $108.85 | $ | 107.13 | ||||||||||||||||||
January 2015 - December 2015 | |||||||||||||||||||||||||
Swaps - ICE Brent | 2,007,500 | $ | 98.12 | ||||||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Valuation of Financial Instruments by Pricing Levels | ' | ||||||||||||||||
The following tables summarize the valuation of financial instruments by pricing levels that were accounted for at fair value on a recurring basis as of September 30, 2013 and December 31, 2012. | |||||||||||||||||
Fair value measurements at September 30, 2013 using: | |||||||||||||||||
In thousands | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Description | |||||||||||||||||
Derivative assets (liabilities): | |||||||||||||||||
Fixed price swaps | $ | — | $ | 10,115 | $ | — | $ | 10,115 | |||||||||
Collars | — | (12,305 | ) | — | (12,305 | ) | |||||||||||
Total | $ | — | $ | (2,190 | ) | $ | — | $ | (2,190 | ) | |||||||
Fair value measurements at December 31, 2012 using: | |||||||||||||||||
In thousands | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Description | |||||||||||||||||
Derivative assets (liabilities): | |||||||||||||||||
Fixed price swaps | $ | — | $ | 36,716 | $ | — | $ | 36,716 | |||||||||
Collars | — | (1,268 | ) | — | (1,268 | ) | |||||||||||
Total | $ | — | $ | 35,448 | $ | — | $ | 35,448 | |||||||||
Quantitative Information about Significant Unobservable Inputs | ' | ||||||||||||||||
The following table sets forth quantitative information about the significant unobservable inputs used by the Company to calculate the fair value of proved crude oil and natural gas properties using a discounted cash flow method. | |||||||||||||||||
Unobservable Input | Assumption | ||||||||||||||||
Future production | Future production estimates for each property | ||||||||||||||||
Forward commodity prices | Forward NYMEX swap prices through 2017 (adjusted for differentials), escalating 3% per year thereafter | ||||||||||||||||
Operating and development costs | Estimated costs for the current year, escalating 3% per year thereafter | ||||||||||||||||
Productive life of field | Ranging from 0 to 50 years | ||||||||||||||||
Discount rate | 10% | ||||||||||||||||
Property Impairments | ' | ||||||||||||||||
The following table sets forth the non-cash impairments of both proved and unproved properties for the indicated periods. Proved and unproved property impairments are recorded under the caption “Property impairments” in the unaudited condensed consolidated statements of income. | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
In thousands | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Proved property impairments | $ | — | $ | — | $ | 39,635 | $ | 4,332 | |||||||||
Unproved property impairments | 42,167 | 27,375 | 122,325 | 88,821 | |||||||||||||
Total | $ | 42,167 | $ | 27,375 | $ | 161,960 | $ | 93,153 | |||||||||
Fair Values of Financial Instruments not Recorded at Fair Value | ' | ||||||||||||||||
The following table sets forth the fair values of financial instruments that are not recorded at fair value in the condensed consolidated financial statements. | |||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
In thousands | Carrying | Fair Value | Carrying | Fair Value | |||||||||||||
Amount | Amount | ||||||||||||||||
Debt: | |||||||||||||||||
Revolving credit facility | $ | — | $ | — | $ | 595,000 | $ | 595,000 | |||||||||
Note payable | 18,964 | 17,456 | 20,421 | 20,148 | |||||||||||||
8 1/4% Senior Notes due 2019 | 298,248 | 329,800 | 298,085 | 339,000 | |||||||||||||
7 3/8% Senior Notes due 2020 | 198,658 | 222,200 | 198,552 | 226,833 | |||||||||||||
7 1/8% Senior Notes due 2021 | 400,000 | 447,300 | 400,000 | 454,333 | |||||||||||||
5% Senior Notes due 2022 | 2,025,952 | 2,018,300 | 2,027,663 | 2,165,833 | |||||||||||||
4 1/2% Senior Notes due 2023 | 1,500,000 | 1,475,000 | — | — | |||||||||||||
Total debt | $ | 4,441,822 | $ | 4,510,056 | $ | 3,539,721 | $ | 3,801,147 | |||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||
Schedule of Long-term Debt Instruments | ' | ||||||||||
Long-term debt consists of the following: | |||||||||||
In thousands | 30-Sep-13 | December 31, 2012 | |||||||||
Revolving credit facility | $ | — | $ | 595,000 | |||||||
Note payable | 18,964 | 20,421 | |||||||||
8 1/4% Senior Notes due 2019 (1) | 298,248 | 298,085 | |||||||||
7 3/8% Senior Notes due 2020 (2) | 198,658 | 198,552 | |||||||||
7 1/8% Senior Notes due 2021 (3) | 400,000 | 400,000 | |||||||||
5% Senior Notes due 2022 (4) | 2,025,952 | 2,027,663 | |||||||||
4 1/2% Senior Notes due 2023 (3) | 1,500,000 | — | |||||||||
Total debt | $ | 4,441,822 | $ | 3,539,721 | |||||||
Less: Current portion of long-term debt | (1,997 | ) | (1,950 | ) | |||||||
Long-term debt, net of current portion | $ | 4,439,825 | $ | 3,537,771 | |||||||
-1 | The carrying amount is net of unamortized discounts of $1.8 million and $1.9 million at September 30, 2013 and December 31, 2012, respectively. | ||||||||||
-2 | The carrying amount is net of unamortized discounts of $1.3 million and $1.4 million at September 30, 2013 and December 31, 2012, respectively. | ||||||||||
-3 | These notes were sold at par and are recorded at 100% of face value. | ||||||||||
-4 | The carrying amount includes an unamortized premium of $26.0 million and $27.7 million at September 30, 2013 and December 31, 2012, respectively. | ||||||||||
Summary of Maturity Dates, Semi-Annual Interest Payment Dates, and Optional Redemption Periods of Outstanding Senior Note Obligations | ' | ||||||||||
The following table summarizes the maturity dates, semi-annual interest payment dates, and optional redemption periods related to the Company’s outstanding senior note obligations at September 30, 2013. | |||||||||||
2019 Notes | 2020 Notes | 2021 Notes | 2022 Notes | 2023 Notes | |||||||
Maturity date | Oct 1, 2019 | Oct 1, 2020 | April 1, 2021 | Sep 15, 2022 | April 15, 2023 | ||||||
Interest payment dates | April 1, Oct. 1 | April 1, Oct. 1 | April 1, Oct. 1 | March 15, Sept. 15 | April 15, Oct. 15 | ||||||
Call premium redemption period (1) | Oct 1, 2014 | Oct 1, 2015 | April 1, 2016 | March 15, 2017 | n/a | ||||||
Make-whole redemption period (2) | Oct 1, 2014 | Oct 1, 2015 | April 1, 2016 | March 15, 2017 | Jan 15, 2023 | ||||||
Equity offering redemption period (3) | — | — | April 1, 2014 | March 15, 2015 | n/a | ||||||
-1 | On or after these dates, the Company has the option to redeem all or a portion of its senior notes at the decreasing redemption prices specified in the respective senior note indentures (together, the “Indentures”) plus any accrued and unpaid interest to the date of redemption. | ||||||||||
-2 | At any time prior to these dates, the Company has the option to redeem all or a portion of its senior notes at the “make-whole” redemption prices or amounts specified in the Indentures plus any accrued and unpaid interest to the date of redemption. | ||||||||||
-3 | At any time prior to these dates, the Company may redeem up to 35% of the principal amount of its senior notes under certain circumstances with the net cash proceeds from one or more equity offerings at the redemption prices specified in the Indentures plus any accrued and unpaid interest to the date of redemption. The optional redemption periods for the 2019 Notes and 2020 Notes using equity offering proceeds expired on October 1, 2012 and October 1, 2013, respectively. |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Stock-Based Compensation Expense | ' | ||||||||||||||||
The Company’s associated compensation expense, which is included in the caption “General and administrative expenses” in the unaudited condensed consolidated statements of income, is reflected in the table below for the periods presented. | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
In thousands | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Non-cash equity compensation | $ | 10,462 | $ | 7,499 | $ | 29,460 | $ | 20,804 | |||||||||
Restricted stock [Member] | ' | ||||||||||||||||
Summary of Changes in Non-vested Shares of Restricted Stock Outstanding | ' | ||||||||||||||||
A summary of changes in non-vested restricted stock shares outstanding for the nine months ended September 30, 2013 is presented below: | |||||||||||||||||
Number of | Weighted | ||||||||||||||||
non-vested | average | ||||||||||||||||
shares | grant-date | ||||||||||||||||
fair value | |||||||||||||||||
Non-vested restricted shares outstanding at December 31, 2012 | 1,629,462 | $ | 63.28 | ||||||||||||||
Granted | 166,200 | 87.03 | |||||||||||||||
Vested | (147,440 | ) | 60.27 | ||||||||||||||
Forfeited | (59,124 | ) | 71.93 | ||||||||||||||
Non-vested restricted shares outstanding at September 30, 2013 | 1,589,098 | $ | 68.35 | ||||||||||||||
Organization_and_Nature_of_Bus1
Organization and Nature of Business - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Percentage of operations concentrated in geographically areas | 77.00% |
Percentage of revenues concentrated in geographically areas | 87.00% |
Percentage of crude oil and natural gas production concentrated in crude oil | 71.00% |
Percentage of crude oil and natural gas revenue concentrated in crude oil | 88.00% |
Basis_of_Presentation_and_Sign3
Basis of Presentation and Significant Accounting Policies - Components of Inventories (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Tubular goods and equipment | $11,579 | $13,590 |
Crude oil | 43,693 | 33,153 |
Total | $55,272 | $46,743 |
Basis_of_Presentation_and_Sign4
Basis of Presentation and Significant Accounting Policies - Components of Crude Oil Inventories Volumes (Detail) | Sep. 30, 2013 | Dec. 31, 2012 |
bbl | bbl | |
Accounting Policies [Abstract] | ' | ' |
Crude oil line fill requirements | 405,000 | 391,000 |
Temporarily stored crude oil | 263,000 | 211,000 |
Total | 668,000 | 602,000 |
Basis_of_Presentation_and_Sign5
Basis of Presentation and Significant Accounting Policies - Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income (numerator): | ' | ' | ' | ' |
Net income - basic and diluted | $167,498 | $44,096 | $631,395 | $518,874 |
Weighted average shares (denominator): | ' | ' | ' | ' |
Weighted average shares - basic | 184,069 | 181,909 | 184,036 | 180,471 |
Non-vested restricted stock | 811 | 628 | 742 | 624 |
Stock options | 0 | 0 | 0 | 21 |
Weighted average shares - diluted | 184,880 | 182,537 | 184,778 | 181,116 |
Net income per share: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.91 | $0.24 | $3.43 | $2.88 |
Diluted (in dollars per share) | $0.91 | $0.24 | $3.42 | $2.86 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information - Summary of Supplemental Cash Flow Information (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Supplemental cash flow information: | ' | ' |
Cash paid for interest | $139,023 | $67,638 |
Cash paid for income taxes | 23,413 | 759 |
Cash received for income tax refunds | -173 | -72 |
Non-cash investing activities: | ' | ' |
Increase in accrued capital expenditures | 69,767 | 4,521 |
Noncash or Part Noncash Acquisition, Value of Assets Acquired | 0 | 176,563 |
Asset retirement obligations, net | $5,043 | $4,910 |
Derivative_Instruments_Summary
Derivative Instruments - Summary of Outstanding Contracts with Respect to Crude Oil (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
bbl | |
West Texas Intermediate [Member] | October 2013 - December 2013 | ' |
Derivative [Line Items] | ' |
Volume (Bbls) | 3,910,000 |
Swaps Weighted Average Price | 96 |
West Texas Intermediate [Member] | October 2013 - December 2013 Collars | ' |
Derivative [Line Items] | ' |
Volume (Bbls) | 2,208,000 |
Floors, Weighted Average Price | 86.92 |
Ceilings, Weighted Average Price | 99.46 |
West Texas Intermediate [Member] | January 2014 - March 2014 | ' |
Derivative [Line Items] | ' |
Volume (Bbls) | 3,082,500 |
Swaps Weighted Average Price | 97.26 |
West Texas Intermediate [Member] | April 2014 - December 2014 | ' |
Derivative [Line Items] | ' |
Volume (Bbls) | 7,768,750 |
Swaps Weighted Average Price | 96.2 |
West Texas Intermediate [Member] | Minimum [Member] | October 2013 - December 2013 Collars | ' |
Derivative [Line Items] | ' |
Floors, Range | 80 |
Ceilings, Range | 92.3 |
West Texas Intermediate [Member] | Maximum [Member] | October 2013 - December 2013 Collars | ' |
Derivative [Line Items] | ' |
Floors, Range | 95 |
Ceilings, Range | 110.33 |
ICE Brent [Member] | October 2013 - December 2013 | ' |
Derivative [Line Items] | ' |
Volume (Bbls) | 1,426,000 |
Swaps Weighted Average Price | 108.21 |
ICE Brent [Member] | January 2014 - March 2014 | ' |
Derivative [Line Items] | ' |
Volume (Bbls) | 3,555,000 |
Swaps Weighted Average Price | 102.63 |
ICE Brent [Member] | January 2014 - March 2014 Collars | ' |
Derivative [Line Items] | ' |
Volume (Bbls) | 540,000 |
Floors, Weighted Average Price | 90.83 |
Ceilings, Weighted Average Price | 107.13 |
ICE Brent [Member] | April 2014 - December 2014 | ' |
Derivative [Line Items] | ' |
Volume (Bbls) | 10,312,500 |
Swaps Weighted Average Price | 102.52 |
ICE Brent [Member] | April 2014 - December 2014 Collars | ' |
Derivative [Line Items] | ' |
Volume (Bbls) | 1,650,000 |
Floors, Weighted Average Price | 90.83 |
Ceilings, Weighted Average Price | 107.13 |
ICE Brent [Member] | January 2015 - December 2015 | ' |
Derivative [Line Items] | ' |
Volume (Bbls) | 2,007,500 |
Swaps Weighted Average Price | 98.12 |
ICE Brent [Member] | Minimum [Member] | January 2014 - March 2014 Collars | ' |
Derivative [Line Items] | ' |
Floors, Range | 90 |
Ceilings, Range | 104.7 |
ICE Brent [Member] | Minimum [Member] | April 2014 - December 2014 Collars | ' |
Derivative [Line Items] | ' |
Floors, Range | 90 |
Ceilings, Range | 104.7 |
ICE Brent [Member] | Maximum [Member] | January 2014 - March 2014 Collars | ' |
Derivative [Line Items] | ' |
Floors, Range | 95 |
Ceilings, Range | 108.85 |
ICE Brent [Member] | Maximum [Member] | April 2014 - December 2014 Collars | ' |
Derivative [Line Items] | ' |
Floors, Range | 95 |
Ceilings, Range | 108.85 |
Derivative_Instruments_Summary1
Derivative Instruments - Summary of Outstanding Contracts with Respect to Natural Gas (Detail) (Natural Gas [Member]) | 9 Months Ended |
Sep. 30, 2013 | |
MMBTU | |
January 2014 - March 2014 | ' |
Derivative [Line Items] | ' |
Natural Gas Production Derivative Volume, MMBtus | 14,400,000 |
Swaps Weighted Average Price | 4.3 |
April 2014 - June 2014 | ' |
Derivative [Line Items] | ' |
Natural Gas Production Derivative Volume, MMBtus | 10,010,000 |
Swaps Weighted Average Price | 4.14 |
July 2014 - December 2014 | ' |
Derivative [Line Items] | ' |
Natural Gas Production Derivative Volume, MMBtus | 23,920,000 |
Swaps Weighted Average Price | 4.12 |
January 2015 - March 2015 | ' |
Derivative [Line Items] | ' |
Natural Gas Production Derivative Volume, MMBtus | 1,800,000 |
Swaps Weighted Average Price | 4.27 |
Derivative_Instruments_Realize
Derivative Instruments - Realized and Unrealized Gains and Losses on Derivative Instruments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ||||
Realized Gain On Early Settlement Of Natural Gas Derivatives | $11,000,000 | ' | ' | ' | ||||
Cash received (paid) on derivatives: | ' | ' | ' | ' | ||||
Realized loss on derivatives, net | -40,349,000 | -1,394,000 | -51,910,000 | -48,375,000 | ||||
Non-cash gain (loss) on derivatives: | ' | ' | ' | ' | ||||
Unrealized gain on derivatives, net | -163,425,000 | -156,900,000 | -37,638,000 | 192,752,000 | ||||
Gain (loss) on derivative instruments, net | -203,774,000 | -158,294,000 | -89,548,000 | 144,377,000 | ||||
Fixed price swaps | Crude Oil [Member] | ' | ' | ' | ' | ||||
Cash received (paid) on derivatives: | ' | ' | ' | ' | ||||
Realized loss on derivatives, net | -39,298,000 | -4,571,000 | -46,810,000 | -42,362,000 | ||||
Non-cash gain (loss) on derivatives: | ' | ' | ' | ' | ||||
Unrealized gain on derivatives, net | -146,782,000 | -106,412,000 | -38,234,000 | 142,135,000 | ||||
Fixed price swaps | Natural Gas [Member] | ' | ' | ' | ' | ||||
Cash received (paid) on derivatives: | ' | ' | ' | ' | ||||
Realized loss on derivatives, net | 14,030,000 | [1] | 3,549,000 | [1] | 9,601,000 | [1] | 9,327,000 | [1] |
Non-cash gain (loss) on derivatives: | ' | ' | ' | ' | ||||
Unrealized gain on derivatives, net | -3,400,000 | -9,491,000 | 11,633,000 | -7,496,000 | ||||
Collars | Crude Oil [Member] | ' | ' | ' | ' | ||||
Cash received (paid) on derivatives: | ' | ' | ' | ' | ||||
Realized loss on derivatives, net | -15,081,000 | -372,000 | -14,701,000 | -15,340,000 | ||||
Non-cash gain (loss) on derivatives: | ' | ' | ' | ' | ||||
Unrealized gain on derivatives, net | ($13,243,000) | ($40,997,000) | ($11,037,000) | $58,113,000 | ||||
[1] | gains on natural gas swaps for both the three and nine month periods ended September 30, 2013 include $11.0 million of gains related to 2013 natural gas derivative contracts that were settled in August 2013 prior to their contractual maturities scheduled for September 2013 through December 2013. |
Derivative_Instruments_Gross_A
Derivative Instruments - Gross Amounts of Recognized Derivative Assets and Liabilities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' |
Gross amounts of recognized assets | $47,031 | $86,506 |
Gross amounts offset on balance sheet | -7,474 | -35,886 |
Net amounts of assets on balance sheet | 39,557 | 50,620 |
Gross amounts of recognized liabilities | -68,802 | -16,241 |
Gross amounts offset on balance sheet | 27,055 | 1,069 |
Net amounts of liabilities on balance sheet | ($41,747) | ($15,172) |
Derivative_Instruments_Reconci
Derivative Instruments - Reconciles Net Amounts Derivative Assets and Liabilities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' |
Derivative assets | $17,380 | $18,389 |
Noncurrent derivative assets | 22,177 | 32,231 |
Net amounts of assets on balance sheet | 39,557 | 50,620 |
Derivative liabilities | -41,590 | -12,999 |
Noncurrent derivative liabilities | -157 | -2,173 |
Net amounts of liabilities on balance sheet | -41,747 | -15,172 |
Total derivative assets, net | ($2,190) | $35,448 |
Fair_Value_Measurements_Valuat
Fair Value Measurements - Valuation of Financial Instruments by Pricing Levels (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative assets (liabilities): | ' | ' |
Derivative assets (liabilities) | ($2,190) | $35,448 |
Fixed price swaps | ' | ' |
Derivative assets (liabilities): | ' | ' |
Derivative assets (liabilities) | 10,115 | 36,716 |
Collars | ' | ' |
Derivative assets (liabilities): | ' | ' |
Derivative assets (liabilities) | -12,305 | -1,268 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Derivative assets (liabilities): | ' | ' |
Derivative assets (liabilities) | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fixed price swaps | ' | ' |
Derivative assets (liabilities): | ' | ' |
Derivative assets (liabilities) | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Collars | ' | ' |
Derivative assets (liabilities): | ' | ' |
Derivative assets (liabilities) | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Derivative assets (liabilities): | ' | ' |
Derivative assets (liabilities) | -2,190 | 35,448 |
Fair Value, Inputs, Level 2 [Member] | Fixed price swaps | ' | ' |
Derivative assets (liabilities): | ' | ' |
Derivative assets (liabilities) | 10,115 | 36,716 |
Fair Value, Inputs, Level 2 [Member] | Collars | ' | ' |
Derivative assets (liabilities): | ' | ' |
Derivative assets (liabilities) | -12,305 | -1,268 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Derivative assets (liabilities): | ' | ' |
Derivative assets (liabilities) | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fixed price swaps | ' | ' |
Derivative assets (liabilities): | ' | ' |
Derivative assets (liabilities) | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Collars | ' | ' |
Derivative assets (liabilities): | ' | ' |
Derivative assets (liabilities) | $0 | $0 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Fair Value Measurements [Line Items] | ' |
Operating cost escalation assumption used in impairment assessment | 3.00% |
Discount factor utilized as standardized measure for future net cash flows | 10.00% |
Minimum [Member] | ' |
Fair Value Measurements [Line Items] | ' |
Productive life of field (in years) | '0 years |
Maximum [Member] | ' |
Fair Value Measurements [Line Items] | ' |
Productive life of field (in years) | '50 years |
Forward Commodity Prices [Member] | ' |
Fair Value Measurements [Line Items] | ' |
Forward commodity price escalation assumption used in impairment assessment | 3.00% |
Fair_Value_Measurements_Proper
Fair Value Measurements - Property Impairments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Fair Value Disclosures [Abstract] | ' | ' | ' | ' |
Proved property impairments | $0 | $0 | $39,635,000 | $4,332,000 |
Unproved property impairments | 42,167,000 | 27,375,000 | 122,325,000 | 88,821,000 |
Total | 42,167,000 | 27,375,000 | 161,960,000 | 93,153,000 |
Oil and gas property fair value after impairment | $22,200,000 | $2,200,000 | $22,200,000 | $2,200,000 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Values of Financial Instruments not Recorded at Fair Value (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | ||||||||||
8 1/4% Senior Notes due 2019 | 7 3/8% Senior Notes due 2020 | 7 1/8% Senior Notes due 2021 | 5% Senior Notes due 2022 | 4.5% Senior Notes due 2023 | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | ||||||||||||
8 1/4% Senior Notes due 2019 | 8 1/4% Senior Notes due 2019 | 7 3/8% Senior Notes due 2020 | 7 3/8% Senior Notes due 2020 | 7 1/8% Senior Notes due 2021 | 7 1/8% Senior Notes due 2021 | 5% Senior Notes due 2022 | 5% Senior Notes due 2022 | 4.5% Senior Notes due 2023 | 4.5% Senior Notes due 2023 | 8 1/4% Senior Notes due 2019 | 8 1/4% Senior Notes due 2019 | 7 3/8% Senior Notes due 2020 | 7 3/8% Senior Notes due 2020 | 7 1/8% Senior Notes due 2021 | 7 1/8% Senior Notes due 2021 | 5% Senior Notes due 2022 | 5% Senior Notes due 2022 | 4.5% Senior Notes due 2023 | 4.5% Senior Notes due 2023 | |||||||||||||||||||||
Fair Value Measurements [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Revolving credit facility | $0 | ' | ' | ' | ' | ' | $0 | $595,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $595,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Note payable | ' | ' | ' | ' | ' | ' | 18,964,000 | 20,421,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,456,000 | 20,148,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Senior notes | ' | ' | ' | ' | ' | ' | ' | ' | 298,248,000 | [1] | 298,085,000 | [1] | 198,658,000 | [2] | 198,552,000 | [2] | 400,000,000 | [3] | 400,000,000 | [3] | 2,025,952,000 | [4] | 2,027,663,000 | [4] | 1,500,000,000 | [3] | 0 | [3] | ' | ' | 329,800,000 | 339,000,000 | 222,200,000 | 226,833,000 | 447,300,000 | 454,333,000 | 2,018,300,000 | 2,165,833,000 | 1,475,000,000 | 0 |
Total debt | ' | ' | ' | ' | ' | ' | $4,441,822,000 | $3,539,721,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,510,056,000 | $3,801,147,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Debt instrument, stated interest rate | ' | 8.25% | 7.38% | 7.13% | 5.00% | 4.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Debt instrument, maturity date | ' | '2019 | '2020 | '2021 | '2022 | '2023 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
[1] | The carrying amount is net of unamortized discounts of $1.8 million and $1.9 million at September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||||||||||||||||
[2] | The carrying amount is net of unamortized discounts of $1.3 million and $1.4 million at September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||||||||||||||||
[3] | These notes were sold at par and are recorded at 100% of face value. | |||||||||||||||||||||||||||||||||||||||
[4] | The carrying amount includes an unamortized premium of $26.0 million and $27.7 million at September 30, 2013 and December 31, 2012, respectively. |
LongTerm_Debt_LongTerm_Debt_De
Long-Term Debt - Long-Term Debt (Detail) (USD $) | 9 Months Ended | |||
Sep. 30, 2013 | Dec. 31, 2012 | |||
Debt Instrument [Line Items] | ' | ' | ||
Revolving credit facility | $0 | ' | ||
Less: Current portion of long-term debt | -1,997,000 | -1,950,000 | ||
Long-term debt, net of current portion | 4,439,825,000 | 3,537,771,000 | ||
8 1/4% Senior Notes due 2019 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Discounts | 1,800,000 | 1,900,000 | ||
Debt instrument, stated interest rate | 8.25% | ' | ||
Debt instrument, maturity date | '2019 | ' | ||
7 3/8% Senior Notes due 2020 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Discounts | 1,300,000 | 1,400,000 | ||
Debt instrument, stated interest rate | 7.38% | ' | ||
Debt instrument, maturity date | '2020 | ' | ||
7 1/8% Senior Notes due 2021 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior notes recorded as percentage of face value | 100.00% | ' | ||
Debt instrument, stated interest rate | 7.13% | ' | ||
Debt instrument, maturity date | '2021 | ' | ||
5% Senior Notes due 2022 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Carrying amount of Premium | 26,000,000 | 27,700,000 | ||
Debt instrument, stated interest rate | 5.00% | ' | ||
Debt instrument, maturity date | '2022 | ' | ||
4.5% Senior Notes due 2023 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt instrument, stated interest rate | 4.50% | ' | ||
Debt instrument, maturity date | '2023 | ' | ||
Carrying Amount | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Revolving credit facility | 0 | 595,000,000 | ||
Note payable | 18,964,000 | 20,421,000 | ||
Total debt | 4,441,822,000 | 3,539,721,000 | ||
Carrying Amount | 8 1/4% Senior Notes due 2019 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior notes | 298,248,000 | [1] | 298,085,000 | [1] |
Carrying Amount | 7 3/8% Senior Notes due 2020 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior notes | 198,658,000 | [2] | 198,552,000 | [2] |
Carrying Amount | 7 1/8% Senior Notes due 2021 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior notes | 400,000,000 | [3] | 400,000,000 | [3] |
Carrying Amount | 5% Senior Notes due 2022 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior notes | 2,025,952,000 | [4] | 2,027,663,000 | [4] |
Carrying Amount | 4.5% Senior Notes due 2023 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior notes | $1,500,000,000 | [3] | $0 | [3] |
[1] | The carrying amount is net of unamortized discounts of $1.8 million and $1.9 million at September 30, 2013 and December 31, 2012, respectively. | |||
[2] | The carrying amount is net of unamortized discounts of $1.3 million and $1.4 million at September 30, 2013 and December 31, 2012, respectively. | |||
[3] | These notes were sold at par and are recorded at 100% of face value. | |||
[4] | The carrying amount includes an unamortized premium of $26.0 million and $27.7 million at September 30, 2013 and December 31, 2012, respectively. |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | ||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Apr. 30, 2013 | Sep. 30, 2013 | Apr. 05, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Feb. 29, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Apr. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |||||||||||
Minimum [Member] | Maximum [Member] | Senior Notes Due 2023 [Member] | Senior Notes Due 2023 [Member] | Senior Notes Due 2023 [Member] | Libor [Member] | Libor [Member] | Note Payable [Member] | Note Payable [Member] | 8 1/4% Senior Notes due 2019 | 7 3/8% Senior Notes due 2020 | 7 1/8% Senior Notes due 2021 | 5% Senior Notes due 2022 | 4.5% Senior Notes due 2023 | Revolving Credit Facility [Member] | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | ||||||||||||||
Minimum [Member] | Maximum [Member] | Senior Notes Due 2023 [Member] | 8 1/4% Senior Notes due 2019 | 8 1/4% Senior Notes due 2019 | 7 3/8% Senior Notes due 2020 | 7 3/8% Senior Notes due 2020 | 7 1/8% Senior Notes due 2021 | 7 1/8% Senior Notes due 2021 | 5% Senior Notes due 2022 | 5% Senior Notes due 2022 | 4.5% Senior Notes due 2023 | 4.5% Senior Notes due 2023 | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Line of credit facility, amount outstanding | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $595,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Line of credit facility, maturity date | 1-Jul-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Aggregate amount of lender commitments on credit facility | 1,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Borrowing base | 4,250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Previous line of credit facility borrowing capacity | 3,250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Maximum borrowing capacity | 2,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Present value of oil and gas properties, as a percent | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Collateral coverage ratio | 1.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Basis points | ' | ' | ' | 0.50% | 1.50% | ' | ' | ' | 1.50% | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Line of credit facility, commitment fee percentage, per annum | 0.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Credit facility current ratio covenant requirement | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Ratio of total funded debt to EBITDAX | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Notes Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,000,000 | ' | ' | ' | ' | ' | ' | ' | 18,964,000 | 20,421,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Loan term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Debt instrument, stated interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.14% | 8.25% | 7.38% | 7.13% | 5.00% | 4.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | 15-Apr-23 | ' | ' | ' | ' | 26-Feb-22 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Current portion of long-term debt | 1,997,000 | ' | 1,950,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Senior notes | ' | ' | ' | ' | ' | ' | ' | 1,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 298,248,000 | [1] | 298,085,000 | [1] | 198,658,000 | [2] | 198,552,000 | [2] | 400,000,000 | [3] | 400,000,000 | [3] | 2,025,952,000 | [4] | 2,027,663,000 | [4] | 1,500,000,000 | [3] | 0 | [3] |
Proceeds from issuance of Senior Notes | 1,479,375,000 | 1,999,000,000 | ' | ' | ' | 1,480,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Decrease in borrowing outstanding under credit facility | $1,065,000,000 | $1,882,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,040,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Debt instrument, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2019 | '2020 | '2021 | '2022 | '2023 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
[1] | The carrying amount is net of unamortized discounts of $1.8 million and $1.9 million at September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||||||||||||||||
[2] | The carrying amount is net of unamortized discounts of $1.3 million and $1.4 million at September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||||||||||||||||
[3] | These notes were sold at par and are recorded at 100% of face value. | |||||||||||||||||||||||||||||||||||||||
[4] | The carrying amount includes an unamortized premium of $26.0 million and $27.7 million at September 30, 2013 and December 31, 2012, respectively. |
LongTerm_Debt_LongTerm_Debt_Su
Long-Term Debt Long-Term Debt - Summary of Maturity Dates, Semi-Annual Interest Payment Dates, and Optional Redemption Periods of Outstanding Senior Note Obligations (Details) | 9 Months Ended | |
Sep. 30, 2013 | ||
2019 Notes [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Maturity date | 1-Oct-19 | |
Interest payment dates | 'April 1, Oct. 1 | |
Call premium redemption period | 1-Oct-14 | [1] |
Make-whole redemption period | '2014-10-01T00:00:00 | [2] |
2020 Notes [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Maturity date | 1-Oct-20 | |
Interest payment dates | 'April 1, Oct. 1 | |
Call premium redemption period | 1-Oct-15 | [1] |
Make-whole redemption period | '2015-10-01T00:00:00 | [2] |
2021 Notes [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Maturity date | 1-Apr-21 | |
Interest payment dates | 'April 1, Oct. 1 | |
Call premium redemption period | 1-Apr-16 | [1] |
Make-whole redemption period | '2016-04-01T00:00:00 | [2] |
Equity offering redemption period | 1-Apr-14 | [3] |
2022 Notes [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Maturity date | 15-Sep-22 | |
Interest payment dates | 'March 15, Sept. 15 | |
Call premium redemption period | 15-Mar-17 | [1] |
Make-whole redemption period | '2017-03-15T00:00:00 | [2] |
Equity offering redemption period | 15-Mar-15 | [3] |
2023 Notes [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Maturity date | 15-Apr-23 | |
Interest payment dates | 'April 15, Oct. 15 | |
Make-whole redemption period | '2023-01-15T00:00:00 | [2] |
[1] | On or after these dates, the Company has the option to redeem all or a portion of its senior notes at the decreasing redemption prices specified in the respective senior note indentures (together, the “Indenturesâ€) plus any accrued and unpaid interest to the date of redemption. | |
[2] | At any time prior to these dates, the Company has the option to redeem all or a portion of its senior notes at the “make-whole†redemption prices or amounts specified in the Indentures plus any accrued and unpaid interest to the date of redemption. | |
[3] | At any time prior to these dates, the Company may redeem up to 35% of the principal amount of its senior notes under certain circumstances with the net cash proceeds from one or more equity offerings at the redemption prices specified in the Indentures plus any accrued and unpaid interest to the date of redemption. The optional redemption periods for the 2019 Notes and 2020 Notes using equity offering proceeds expired on October 1, 2012 and October 1, 2013, respectively. |
LongTerm_Debt_Summary_of_Matur
Long-Term Debt - Summary of Maturity Dates, Semi-Annual Interest Payment Dates, and Optional Redemption Periods of Outstanding Senior Note Obligations (Parenthetical) (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Debt Disclosure [Abstract] | ' |
Debt instrument, percentage redeemable on each note | 35.00% |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | |
Nov. 30, 2010 | Sep. 30, 2013 | Dec. 31, 2012 | |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Total future drilling commitments at balance sheet date | ' | $53,000,000 | ' |
Drilling commitments remainder of 2013 | ' | 31,000,000 | ' |
Drilling commitments 2014 | ' | 22,000,000 | ' |
Future Drilling Commitments End Date | ' | '2014-08 | ' |
Loss related to contingency damages | 165,000,000 | ' | ' |
Legal proceedings recorded as a liability under other noncurrent liabilities | ' | -1,700,000 | -2,400,000 |
Pipeline Transportation Commitments [Member] | ' | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Barrels of crude oil per day | ' | 15,000 | ' |
Transportation commitment, in years | ' | '5 years | ' |
Rail commitments, end date | ' | '2017-11 | ' |
Crude oil transportation commitment, total | ' | 46,000,000 | ' |
Crude oil transportation commitment, due in 2013 | ' | 3,000,000 | ' |
Crude oil transportation commitment, due in 2014 | ' | 14,000,000 | ' |
Crude oil transportation commitment, due in 2015 | ' | 14,000,000 | ' |
Crude oil transportation commitment, due in 2016 | ' | 10,000,000 | ' |
Crude oil transportation commitment, due in 2017 | ' | 5,000,000 | ' |
Pipeline Access Capacity Commitment [Member] | ' | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Transportation commitment, in years | ' | '10 years | ' |
Natural gas transportation commitment | ' | 25,000,000 | ' |
Non-operational [Member] | ' | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Transportation commitment, in years | ' | '5 years | ' |
Crude oil non-op transportation commitment, total | ' | 1,000,000,000 | ' |
Crude oil transportation commitment with affiliate | ' | 96,000,000 | ' |
Rail Transportation Commitments [Member] | ' | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Rail commitments, end date | ' | '2014-12 | ' |
Crude oil transportation commitment, total | ' | 19,000,000 | ' |
Crude oil transportation commitment, due in 2013 | ' | 9,000,000 | ' |
Crude oil transportation commitment, due in 2014 | ' | $10,000,000 | ' |
Rail Transportation Commitments [Member] | Minimum [Member] | ' | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Number of barrels of crude oil, per day | ' | 2,500 | ' |
Rail Transportation Commitments [Member] | Maximum [Member] | ' | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Number of barrels of crude oil, per day | ' | 10,000 | ' |
Stock_Based_Compensation_Stock
Stock Based Compensation - Stock Based Compensation Expenses (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Non-cash equity compensation | $10,462 | $7,499 | $20,804 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 9 Months Ended |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Common stock available for issue | 9,840,036 |
Restricted stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Stock available to grant | 9,807,113 |
Fair value at vesting date | $12.50 |
Unrecognized compensation expense related to non-vested | $55 |
Unrecognized compensation expense related to non-vested, period for recognition, in years | '1 year 4 months 13 days |
Restricted stock [Member] | Minimum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Grants vest over periods, in years | '1 year |
Restricted stock [Member] | Maximum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Grants vest over periods, in years | '3 years |
2013 Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Common stock available for issue | 7,500,000 |
Shares available for issuance to be forfeited or withheld for payment of income taxes | 500,000 |
2005 Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Common stock available for issue | 1,840,036 |
Stock_Based_Compensation_Summa
Stock Based Compensation - Summary of Changes in Non Vested Shares of Restricted Stock Outstanding (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Non-vested shares, beginning balance | 1,629,462 |
Granted shares | 166,200 |
Vested shares | -147,440 |
Forfeited shares | -59,124 |
Non-vested shares, ending balance | 1,589,098 |
Non-vested, weighted average grant-date fair value, beginning of period | $63.28 |
Granted, weighted average grant-date fair value | $87.03 |
Vested, weighted average grant-date fair value | $60.27 |
Forfeited, weighted average grant-date fair value | $71.93 |
Non-vested, weighted average grant-date fair value, end of period | $68.35 |
2012_Property_Disposition_Addi
2012 Property Disposition - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2011 | Feb. 29, 2012 | Jun. 30, 2012 |
Wyoming [Member] | Wyoming [Member] | Oklahoma [Member] | |
MBoe | |||
Property Dispositions (Line Items) | ' | ' | ' |
Acquisitions and disposals proceeds | ' | $84.40 | $15.90 |
Recognized pre-tax gain | ' | $50.10 | $15.90 |
Net proved reserves, in MBoe | 3,200 | ' | ' |
Percentage of net proved reserves | 1.00% | ' | ' |
Production of total crude oil and natural gas production, in MBoe | 259 | ' | ' |
Percent of production of total crude oil and natural gas production | 1.00% | ' | ' |