Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 31, 2014 | |
Document Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
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 | ' | 372,213,798 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $152,290 | $28,482 |
Receivables: | ' | ' |
Crude oil and natural gas sales | 671,769 | 643,498 |
Affiliated parties | 15,066 | 13,107 |
Joint interest and other, net | 507,038 | 349,579 |
Derivative assets | 143,268 | 3,616 |
Inventories | 82,564 | 54,440 |
Deferred and prepaid taxes | 11,393 | 44,337 |
Prepaid expenses and other | 15,488 | 10,207 |
Total current assets | 1,598,876 | 1,147,266 |
Net property and equipment, based on successful efforts method of accounting | 12,993,789 | 10,721,272 |
Net debt issuance costs and other | 88,420 | 72,644 |
Noncurrent derivative assets | 31,002 | 0 |
Total assets | 14,712,087 | 11,941,182 |
Current liabilities: | ' | ' |
Accounts payable trade | 1,201,082 | 885,289 |
Revenues and royalties payable | 323,277 | 291,772 |
Payables to affiliated parties | 10,473 | 5,436 |
Accrued liabilities and other | 267,623 | 198,113 |
Derivative liabilities | 0 | 90,535 |
Current portion of long-term debt | 2,062 | 2,011 |
Total current liabilities | 1,804,517 | 1,473,156 |
Long-term debt, net of current portion | 5,831,860 | 4,713,821 |
Other noncurrent liabilities: | ' | ' |
Deferred income tax liabilities | 2,155,442 | 1,736,812 |
Asset retirement obligations, net of current portion | 62,331 | 54,353 |
Noncurrent derivative liabilities | 0 | 7,829 |
Other noncurrent liabilities | 9,727 | 2,093 |
Total other noncurrent liabilities | 2,227,500 | 1,801,087 |
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; 372,046,368 shares issued and outstanding at September 30, 2014; 371,317,318 shares issued and outstanding at December 31, 2013 | 3,720 | 3,713 |
Additional paid-in capital | 1,281,970 | 1,250,178 |
Retained earnings | 3,562,520 | 2,699,227 |
Total shareholders’ equity | 4,848,210 | 3,953,118 |
Total liabilities and shareholders’ equity | $14,712,087 | $11,941,182 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
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 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common Stock, Shares, Issued | 372,046,368 | 371,317,318 |
Common Stock, Shares, Outstanding | 372,046,368 | 371,317,318 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues | ' | ' | ' | ' |
Crude oil and natural gas sales | $1,138,460 | $981,170 | $3,223,605 | $2,595,416 |
Crude oil and natural gas sales to affiliates | 21,821 | 28,666 | 77,094 | 74,843 |
Gain (loss) on derivative instruments, net | 473,999 | -203,774 | 171,801 | -89,548 |
Crude oil and natural gas service operations | 11,048 | 8,825 | 31,418 | 29,876 |
Total revenues | 1,645,328 | 814,887 | 3,503,918 | 2,610,587 |
Operating costs and expenses | ' | ' | ' | ' |
Production expenses | 95,700 | 66,790 | 255,911 | 201,250 |
Production and other expenses to affiliates | 1,674 | 260 | 2,870 | 1,055 |
Production taxes and other expenses | 97,399 | 84,334 | 272,726 | 223,718 |
Exploration expenses | 13,514 | 8,173 | 29,532 | 29,138 |
Crude oil and natural gas service operations | 4,337 | 6,654 | 18,390 | 22,567 |
Depreciation, depletion, amortization and accretion | 363,677 | 244,721 | 963,409 | 695,189 |
Property impairments | 85,561 | 42,167 | 223,085 | 161,960 |
General and administrative expenses | 43,980 | 34,070 | 134,435 | 103,761 |
(Gain) loss on sale of assets, net | -5,411 | -325 | 952 | -112 |
Total operating costs and expenses | 700,431 | 486,844 | 1,901,310 | 1,438,526 |
Income from operations | 944,897 | 328,043 | 1,602,608 | 1,172,061 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | -73,912 | -62,756 | -209,728 | -171,609 |
Loss on Extinguishment of Debt | -24,517 | 0 | -24,517 | 0 |
Other | 393 | 584 | 1,945 | 1,765 |
Total other income (expense) | -98,036 | -62,172 | -232,300 | -169,844 |
Income before income taxes | 846,861 | 265,871 | 1,370,308 | 1,002,217 |
Provision for income taxes | 313,340 | 98,373 | 507,015 | 370,822 |
Net income | $533,521 | $167,498 | $863,293 | $631,395 |
Basic net income per share (in dollars per share) | $1.45 | $0.45 | $2.34 | $1.72 |
Diluted net income per share (in dollars per share) | $1.44 | $0.45 | $2.33 | $1.71 |
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, 2013 | $3,953,118 | $3,713 | $1,250,178 | $2,699,227 |
Balance, shares at Dec. 31, 2013 | 371,317,318 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Net income | 863,293 | ' | ' | ' |
Stock-based compensation (unaudited) | 39,409 | ' | 39,409 | ' |
Restricted stock: | ' | ' | ' | ' |
Issued (unaudited) | 12 | 12 | ' | ' |
Issued (unaudited), shares | ' | 1,251,264 | ' | ' |
Repurchased and canceled (unaudited) | -7,618 | -1 | -7,617 | ' |
Repurchased and canceled (unaudited), shares | ' | -117,314 | ' | ' |
Forfeited (unaudited), shares | ' | -404,900 | ' | ' |
Forfeitures (unaudited), value | -4 | -4 | ' | ' |
Common Stock, Shares, Issued | 372,046,368 | ' | ' | ' |
Balance at Sep. 30, 2014 | $4,848,210 | $3,720 | $1,281,970 | $3,562,520 |
Balance, shares at Sep. 30, 2014 | 372,046,368 | ' | ' | ' |
Unaudited_Condensed_Consolidat1
Unaudited Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities | ' | ' |
Net income | $863,293 | $631,395 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation, depletion, amortization and accretion | 970,273 | 694,729 |
Property impairments | 223,085 | 161,960 |
Non-cash (gain) loss on derivatives, net | -269,018 | 37,638 |
Stock-based compensation | 39,419 | 29,460 |
Provision for deferred income taxes | 504,737 | 360,599 |
Dry hole costs | 9,142 | 9,180 |
(Gain) loss on sale of assets, net | 952 | -112 |
Loss on Extinguishment of Debt | 24,517 | 0 |
Other, net | 5,986 | 4,308 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | -192,178 | -178,171 |
Inventories | -28,124 | -8,529 |
Prepaid expenses and other | -7,017 | -11,118 |
Accounts payable trade | 82,297 | 151,266 |
Revenues and royalties payable | 32,500 | 46,611 |
Accrued liabilities and other | 16,645 | 41,791 |
Other noncurrent assets and liabilities | 1,342 | 7,446 |
Net cash provided by operating activities | 2,277,851 | 1,978,453 |
Cash flows from investing activities | ' | ' |
Exploration and development | -3,255,327 | -2,767,448 |
Purchase of producing crude oil and natural gas properties | -48,305 | -12,404 |
Purchase of other property and equipment | -51,974 | -41,942 |
Proceeds from sale of assets | 129,346 | 22,406 |
Net cash used in investing activities | -3,226,260 | -2,799,388 |
Cash flows from financing activities | ' | ' |
Credit facility borrowings | 1,105,000 | 470,000 |
Repayment of credit facility | -1,380,000 | -1,065,000 |
Proceeds from Issuance of Senior Notes | 1,681,834 | 1,479,375 |
Early Repayment of Senior Debt | -300,000 | 0 |
Redemption Premium | -17,497 | 0 |
Repayment of other debt | -1,503 | -1,457 |
Debt issuance costs | -7,999 | -2,263 |
Repurchase of equity grants | -7,618 | -3,942 |
Net cash provided by financing activities | 1,072,217 | 876,713 |
Net change in cash and cash equivalents | 123,808 | 55,778 |
Cash and cash equivalents at beginning of period | 28,482 | 35,729 |
Cash and cash equivalents at end of period | $152,290 | $91,507 |
Organization_and_Nature_of_Bus
Organization and Nature of Business | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization and Nature of Business | ' |
Organization and Nature of Business | |
Continental Resources, Inc. (the “Company”) was originally formed in 1967 and is incorporated under the laws of the State of Oklahoma. The Company'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 various plays in the South Central Oklahoma Oil Province (“SCOOP”), Northwest Cana, and Arkoma areas of Oklahoma. The East region is comprised of undeveloped leasehold acreage east of the Mississippi River with no current drilling or production operations. | |
The Company’s operations are geographically concentrated in the North region, with that region comprising approximately 74% of the Company’s crude oil and natural gas production and approximately 83% of its crude oil and natural gas revenues for the nine months ended September 30, 2014. Our principal producing properties in the North region are located in the Bakken field of North Dakota and Montana. The remainder of the Company's crude oil and natural gas production and revenue is derived from the South region, primarily from producing properties in the SCOOP play in south-central Oklahoma. | |
The Company has focused its operations on the exploration and development of crude oil since the 1980s. For the nine months ended September 30, 2014, crude oil accounted for approximately 70% of the Company’s total production and approximately 85% 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, 2014 | |||||||||||||||||
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 the Company and its subsidiaries, all of which are 100% owned, after all significant intercompany accounts and transactions have been eliminated upon consolidation. | |||||||||||||||||
On August 18, 2014, the Company's Board of Directors declared a 2-for-1 stock split of the Company's common stock to be effected in the form of a stock dividend. The stock dividend was distributed on September 10, 2014 to shareholders of record as of September 3, 2014. All previously reported common stock and earnings per share amounts have been retroactively adjusted in the accompanying financial statements and related notes to reflect the stock split. | |||||||||||||||||
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, 2013 (“2013 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, 2014 and for the three and nine month periods ended September 30, 2014 and 2013 are unaudited. The condensed consolidated balance sheet as of December 31, 2013 was derived from the audited balance sheet included in the 2013 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 may 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, 2014 | December 31, 2013 | |||||||||||||||
Tubular goods and equipment | $ | 13,586 | $ | 11,139 | |||||||||||||
Crude oil | 68,978 | 43,301 | |||||||||||||||
Total | $ | 82,564 | $ | 54,440 | |||||||||||||
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, 2014 | 31-Dec-13 | |||||||||||||||
Crude oil line fill and tank requirements | 941 | 370 | |||||||||||||||
Temporarily stored crude oil | 196 | 344 | |||||||||||||||
Total | 1,137 | 714 | |||||||||||||||
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, which are calculated using the treasury stock method. 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, 2014 and 2013. Weighted average shares and net income per share amounts for the three and nine months ended September 30, 2013 have been retroactively adjusted to reflect the Company's 2-for-1 stock split occurring in September 2014. | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
In thousands, except per share data | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Income (numerator): | |||||||||||||||||
Net income - basic and diluted | $ | 533,521 | $ | 167,498 | $ | 863,293 | $ | 631,395 | |||||||||
Weighted average shares (denominator): | |||||||||||||||||
Weighted average shares - basic | 368,814 | 368,139 | 368,740 | 368,072 | |||||||||||||
Non-vested restricted stock | 1,714 | 1,622 | 1,892 | 1,485 | |||||||||||||
Weighted average shares - diluted | 370,528 | 369,761 | 370,632 | 369,557 | |||||||||||||
Net income per share: | |||||||||||||||||
Basic | $ | 1.45 | $ | 0.45 | $ | 2.34 | $ | 1.72 | |||||||||
Diluted | $ | 1.44 | $ | 0.45 | $ | 2.33 | $ | 1.71 | |||||||||
New accounting pronouncement | |||||||||||||||||
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606). The standard’s core principle is that an entity shall recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard generally requires an entity to identify performance obligations in its contracts, estimate the amount of variable consideration to be received in the transaction price, allocate the transaction price to each separate performance obligation, and recognize revenue as obligations are satisfied. The standard will be effective for annual and interim periods beginning after December 15, 2016. The standard allows for either full retrospective adoption, meaning the standard is applied to all periods presented in the financial statements, or modified retrospective adoption, meaning the standard is applied only to the most current period presented. The Company is evaluating the impact of the provisions of ASU 2014-09; however, the standard is not expected to have a material effect on the Company’s financial position, results of operations or cash flows. | |||||||||||||||||
Reclassifications | |||||||||||||||||
Certain prior year amounts have been reclassified to conform to the current year presentation. In the prior year, the Company presented charges related to natural gas transportation and processing under the caption “Production taxes and other expenses” or “Production and other expenses to affiliates” in the unaudited condensed consolidated statements of income. Such charges, which totaled $8.9 million for the three months ended September 30, 2013, including transactions with an affiliate totaling $1.2 million, and $24.2 million for the nine months ended September 30, 2013, including transactions with an affiliate totaling $3.5 million, have been reclassified to be netted within “Crude oil and natural gas sales” or "Crude oil and natural gas sales to affiliates", as applicable, in order to conform to the current year presentation. The reclassifications had no impact on previously reported operating income, net income, current assets, total assets, current liabilities, total liabilities, stockholders' equity or cash flows. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
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 | 2014 | 2013 | |||||||
Supplemental cash flow information: | |||||||||
Cash paid for interest | $ | 173,057 | $ | 139,023 | |||||
Cash paid for income taxes | 4,012 | 23,413 | |||||||
Cash received for income tax refunds | 5 | 173 | |||||||
Non-cash investing activities: | |||||||||
Increase in accrued capital expenditures | 235,431 | 69,767 | |||||||
Asset retirement obligation additions and revisions, net | 6,232 | 5,043 | |||||||
Derivative_Instruments
Derivative Instruments | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||
Derivative Instruments | ' | |||||||||||||||||||||||
Derivative Instruments | ||||||||||||||||||||||||
The Company recognizes 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 may utilize 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, 2014, the Company had outstanding derivative contracts as set forth in the tables below. Subsequent to September 30, 2014, the Company settled substantially all of its outstanding crude oil derivative contracts prior to their contractual maturities as discussed below under the heading Derivative liquidations. | ||||||||||||||||||||||||
Collars | ||||||||||||||||||||||||
Crude Oil - NYMEX WTI - as of September 30, 2014 | Swaps Weighted Average | Floors | Ceilings | |||||||||||||||||||||
Price | ||||||||||||||||||||||||
Weighted Average | Weighted Average | |||||||||||||||||||||||
Price | Price | |||||||||||||||||||||||
Period and Type of Contract | Bbls | Range | Range | |||||||||||||||||||||
October 2014 - December 2014 | ||||||||||||||||||||||||
Swaps - WTI | 3,335,000 | $ | 96.22 | |||||||||||||||||||||
January 2015 - December 2015 | ||||||||||||||||||||||||
Collars - WTI | 4,380,000 | $ | 87 | $ | 87 | $95.85 - $103.75 | $ | 98.36 | ||||||||||||||||
Collars | ||||||||||||||||||||||||
Crude Oil - ICE Brent - as of September 30, 2014 | Swaps Weighted Average Price | Floors | Ceilings | |||||||||||||||||||||
Weighted Average | Weighted Average | |||||||||||||||||||||||
Price | Price | |||||||||||||||||||||||
Period and Type of Contract | Bbls | Range | Range | |||||||||||||||||||||
October 2014 - December 2014 | ||||||||||||||||||||||||
Swaps - ICE Brent | 4,508,000 | $ | 103.29 | |||||||||||||||||||||
Collars - ICE Brent | 552,000 | $90.00 - $95.00 | $ | 90.83 | $104.70 - $108.85 | $ | 107.13 | |||||||||||||||||
January 2015 - December 2015 | ||||||||||||||||||||||||
Swaps - ICE Brent | 24,637,500 | $ | 100.85 | |||||||||||||||||||||
Collars - ICE Brent | 730,000 | $ | 95 | $ | 95 | $ | 107.4 | $ | 107.4 | |||||||||||||||
January 2016 - December 2016 | ||||||||||||||||||||||||
Collars - ICE Brent | 1,464,000 | $ | 90 | $ | 90 | $ | 107.7 | $ | 107.7 | |||||||||||||||
Natural Gas - Henry Hub - as of September 30, 2014 | Collars | |||||||||||||||||||||||
Swaps Weighted Average Price | Floors | Ceilings | ||||||||||||||||||||||
Weighted Average Price | Weighted Average Price | |||||||||||||||||||||||
Period and Type of Contract | MMBtus | Range | Range | |||||||||||||||||||||
October 2014 - December 2014 | ||||||||||||||||||||||||
Swaps - Henry Hub | 30,820,000 | $ | 4.2 | |||||||||||||||||||||
January 2015 - December 2015 | ||||||||||||||||||||||||
Swaps - Henry Hub | 24,500,000 | $ | 4.27 | |||||||||||||||||||||
Collars - Henry Hub | 29,200,000 | $3.50 - $3.75 | $ | 3.69 | $4.89 - $5.48 | $ | 5.04 | |||||||||||||||||
January 2016 - December 2016 | ||||||||||||||||||||||||
Swaps - Henry Hub | 4,550,000 | $ | 4.27 | |||||||||||||||||||||
Derivative liquidations | ||||||||||||||||||||||||
In October 2014, following a decrease in crude oil commodity prices and related increase in the fair value of derivative assets, substantially all of the Company's crude oil derivative contracts outstanding as of September 30, 2014 were settled prior to the expiration of their contractual maturities, resulting in the receipt of cash proceeds totaling approximately $433 million which will be reflected in fourth quarter results. No natural gas derivative contracts in place as of September 30, 2014 were liquidated in October 2014. | ||||||||||||||||||||||||
The tables below set forth the Company's remaining crude oil derivative contracts in place as of October 31, 2014 after settlement of matured October 2014 contracts and the liquidations referred to above. | ||||||||||||||||||||||||
Crude Oil - NYMEX WTI - as of October 31, 2014 | Ceilings | |||||||||||||||||||||||
Weighted Average | ||||||||||||||||||||||||
Period and Type of Contract | Bbls | Range | Price | |||||||||||||||||||||
January 2015 - December 2015 | ||||||||||||||||||||||||
Written call options - WTI (1) | 4,380,000 | $95.85 - $103.75 | $ | 98.36 | ||||||||||||||||||||
Crude Oil - ICE Brent - as of October 31, 2014 | Floors | Ceilings | ||||||||||||||||||||||
Weighted Average | Weighted Average | |||||||||||||||||||||||
Period and Type of Contract | Bbls | Range | Price | Range | Price | |||||||||||||||||||
November 2014 - December 2014 | ||||||||||||||||||||||||
Collars - ICE Brent | 366,000 | $90.00 - $95.00 | $ | 90.83 | $104.70 - $108.85 | $ | 107.13 | |||||||||||||||||
January 2015 - December 2015 | ||||||||||||||||||||||||
Written call options - ICE Brent (1) | 730,000 | $ | 107.4 | $ | 107.4 | |||||||||||||||||||
January 2016 - December 2016 | ||||||||||||||||||||||||
Written call options - ICE Brent (1) | 1,464,000 | $ | 107.7 | $ | 107.7 | |||||||||||||||||||
-1 | The written call options represent the ceiling positions remaining from the Company's crude oil collar contracts. The floor positions of the collars were liquidated. For these written call options, 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 below the ceiling price. | |||||||||||||||||||||||
Derivative gains and losses | ||||||||||||||||||||||||
The following table presents cash settlements on matured derivative instruments and non-cash gains and losses on open derivative instruments for the periods presented. Cash receipts and payments below reflect the gain or loss on derivative contracts which matured during the period, calculated as the difference between the contract price and the market settlement price of matured contracts. Non-cash gains and losses below represent the change in fair value of derivative instruments which continue to be held at period end and the reversal of previously recognized non-cash gains or losses on derivative contracts that matured during the period. | ||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||
In thousands | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Cash received (paid) on derivatives: | ||||||||||||||||||||||||
Crude oil fixed price swaps | $ | (4,126 | ) | $ | (39,298 | ) | $ | (77,148 | ) | $ | (46,810 | ) | ||||||||||||
Crude oil collars | (233 | ) | (15,081 | ) | (2,270 | ) | (14,701 | ) | ||||||||||||||||
Natural gas fixed price swaps | 4,549 | 14,030 | (17,799 | ) | 9,601 | |||||||||||||||||||
Cash received (paid) on derivatives, net | 190 | (40,349 | ) | (97,217 | ) | (51,910 | ) | |||||||||||||||||
Non-cash gain (loss) on derivatives: | ||||||||||||||||||||||||
Crude oil fixed price swaps | 416,637 | (146,782 | ) | 228,845 | (38,234 | ) | ||||||||||||||||||
Crude oil collars | 27,386 | (13,243 | ) | 28,300 | (11,037 | ) | ||||||||||||||||||
Natural gas fixed price swaps | 25,851 | (3,400 | ) | 7,944 | 11,633 | |||||||||||||||||||
Natural gas collars | 3,935 | — | 3,929 | — | ||||||||||||||||||||
Non-cash gain (loss) on derivatives, net | 473,809 | (163,425 | ) | 269,018 | (37,638 | ) | ||||||||||||||||||
Gain (loss) on derivative instruments, net | $ | 473,999 | $ | (203,774 | ) | $ | 171,801 | $ | (89,548 | ) | ||||||||||||||
Balance sheet offsetting of derivative assets and liabilities | ||||||||||||||||||||||||
All of the Company’s derivative contracts are recorded at 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 table presents 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. | ||||||||||||||||||||||||
In thousands | 30-Sep-14 | 31-Dec-13 | ||||||||||||||||||||||
Commodity derivative assets: | ||||||||||||||||||||||||
Gross amounts of recognized assets | $ | 174,478 | $ | 4,213 | ||||||||||||||||||||
Gross amounts offset on balance sheet | (208 | ) | (597 | ) | ||||||||||||||||||||
Net amounts of assets on balance sheet | 174,270 | 3,616 | ||||||||||||||||||||||
Commodity derivative liabilities: | ||||||||||||||||||||||||
Gross amounts of recognized liabilities | — | (125,709 | ) | |||||||||||||||||||||
Gross amounts offset on balance sheet | — | 27,345 | ||||||||||||||||||||||
Net amounts of liabilities on balance sheet | $ | — | $ | (98,364 | ) | |||||||||||||||||||
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, 2014 | December 31, 2013 | ||||||||||||||||||||||
Derivative assets | $ | 143,268 | $ | 3,616 | ||||||||||||||||||||
Noncurrent derivative assets | 31,002 | — | ||||||||||||||||||||||
Net amounts of assets on balance sheet | 174,270 | 3,616 | ||||||||||||||||||||||
Derivative liabilities | — | (90,535 | ) | |||||||||||||||||||||
Noncurrent derivative liabilities | — | (7,829 | ) | |||||||||||||||||||||
Net amounts of liabilities on balance sheet | — | (98,364 | ) | |||||||||||||||||||||
Total derivative assets (liabilities), net (1) | $ | 174,270 | $ | (94,748 | ) | |||||||||||||||||||
(1) As discussed above, subsequent to September 30, 2014 the Company settled substantially all of its outstanding crude oil derivative contracts prior to their contractual maturities. As of October 31, 2014, the fair value of the Company's remaining derivative contracts was a net asset of approximately $20 million, representing a net asset of $27 million associated with natural gas derivatives partially offset by a net liability of $7 million associated with remaining crude oil derivatives. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
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 | |||||||||||||||||
The Company's derivative instruments are reported at fair value on a recurring basis. 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, 2014 and December 31, 2013. | |||||||||||||||||
Fair value measurements at September 30, 2014 using: | |||||||||||||||||
In thousands | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Derivative assets (liabilities): | |||||||||||||||||
Fixed price swaps | $ | — | $ | 151,896 | $ | — | $ | 151,896 | |||||||||
Collars | — | 22,374 | — | 22,374 | |||||||||||||
Total | $ | — | $ | 174,270 | $ | — | $ | 174,270 | |||||||||
Fair value measurements at December 31, 2013 using: | |||||||||||||||||
In thousands | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Derivative assets (liabilities): | |||||||||||||||||
Fixed price swaps | $ | — | $ | (84,893 | ) | $ | — | $ | (84,893 | ) | |||||||
Collars | — | (9,855 | ) | — | (9,855 | ) | |||||||||||
Total | $ | — | $ | (94,748 | ) | $ | — | $ | (94,748 | ) | |||||||
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 2018 (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 periods ended September 30, 2014 and September 30, 2013, 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 $38.0 million and $69.3 million for the three and nine months ended September 30, 2014, respectively, which primarily reflect fair value adjustments made for certain properties in non-core areas of the South region. The impaired properties were written down to their estimated fair value totaling approximately $15.4 million. Impairment provisions for proved properties totaled $39.6 million for the nine months ended September 30, 2013, which were recognized in the second quarter of that period and primarily reflected uneconomic results for certain wells drilled in the Niobrara play in Colorado and Wyoming. Those impaired properties were written down to their estimated fair value totaling approximately $22.2 million as of September 30, 2013. | |||||||||||||||||
Certain unproved crude oil and natural gas properties were impaired during the three and nine months ended September 30, 2014 and 2013, 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 | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Proved property impairments | $ | 38,046 | $ | — | $ | 69,337 | $ | 39,635 | |||||||||
Unproved property impairments | 47,515 | 42,167 | 153,748 | 122,325 | |||||||||||||
Total | $ | 85,561 | $ | 42,167 | $ | 223,085 | $ | 161,960 | |||||||||
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, 2014 | December 31, 2013 | ||||||||||||||||
In thousands | Carrying | Fair Value | Carrying | Fair Value | |||||||||||||
Amount | Amount | ||||||||||||||||
Debt: | |||||||||||||||||
Credit facility | $ | — | $ | — | $ | 275,000 | $ | 275,000 | |||||||||
Note payable | 16,967 | 15,186 | 18,470 | 16,500 | |||||||||||||
8.25% Senior Notes due 2019 (1) | — | — | 298,305 | 327,800 | |||||||||||||
7.375% Senior Notes due 2020 | 198,809 | 220,940 | 198,695 | 223,700 | |||||||||||||
7.125% Senior Notes due 2021 | 400,000 | 443,240 | 400,000 | 450,300 | |||||||||||||
5% Senior Notes due 2022 | 2,023,568 | 2,106,000 | 2,025,362 | 2,063,300 | |||||||||||||
4.5% Senior Notes due 2023 | 1,500,000 | 1,560,000 | 1,500,000 | 1,519,400 | |||||||||||||
3.8% Senior Notes due 2024 | 996,548 | 1,003,900 | — | — | |||||||||||||
4.9% Senior Notes due 2044 | 698,030 | 728,350 | — | — | |||||||||||||
Total debt | $ | 5,833,922 | $ | 6,077,616 | $ | 4,715,832 | $ | 4,876,000 | |||||||||
(1) These senior notes were redeemed in July 2014. See Note 6. Long-Term Debt for further discussion. | |||||||||||||||||
The fair value of credit facility borrowings approximates 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 8.25% Senior Notes due 2019 (“2019 Notes”), the 7.375% Senior Notes due 2020 (“2020 Notes”), the 7.125% Senior Notes due 2021 (“2021 Notes”), the 5% Senior Notes due 2022 (“2022 Notes”), the 4.5% Senior Notes due 2023 ("2023 Notes"), the 3.8% Senior Notes due 2024 ("2024 Notes"), and the 4.9% Senior Notes due 2044 ("2044 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, 2014 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Long-Term Debt | ' | ||||||||||||
Long-Term Debt | |||||||||||||
Long-term debt consists of the following at September 30, 2014 and December 31, 2013: | |||||||||||||
In thousands | September 30, 2014 | December 31, 2013 | |||||||||||
Credit facility | $ | — | $ | 275,000 | |||||||||
Note payable | 16,967 | 18,470 | |||||||||||
8.25% Senior Notes due 2019 (1) | — | 298,305 | |||||||||||
7.375% Senior Notes due 2020 (2) | 198,809 | 198,695 | |||||||||||
7.125% Senior Notes due 2021 (3) | 400,000 | 400,000 | |||||||||||
5% Senior Notes due 2022 (4) | 2,023,568 | 2,025,362 | |||||||||||
4.5% Senior Notes due 2023 (3) | 1,500,000 | 1,500,000 | |||||||||||
3.8% Senior Notes due 2024 (5) | 996,548 | — | |||||||||||
4.9% Senior Notes due 2044 (6) | 698,030 | — | |||||||||||
Total debt | 5,833,922 | 4,715,832 | |||||||||||
Less: Current portion of long-term debt | (2,062 | ) | (2,011 | ) | |||||||||
Long-term debt, net of current portion | $ | 5,831,860 | $ | 4,713,821 | |||||||||
-1 | The carrying amount is net of an unamortized discount of $1.7 million at December 31, 2013. The 2019 Notes were redeemed in July 2014 as discussed further below. | ||||||||||||
-2 | The carrying amount is net of unamortized discounts of $1.2 million and $1.3 million at September 30, 2014 and December 31, 2013, 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 $23.6 million and $25.4 million at September 30, 2014 and December 31, 2013, respectively. | ||||||||||||
-5 | The carrying amount is net of an unamortized discount of $3.5 million at September 30, 2014. | ||||||||||||
-6 | The carrying amount is net of an unamortized discount of $2.0 million at September 30, 2014. | ||||||||||||
Credit Facility | |||||||||||||
The Company has an unsecured credit facility, maturing on May 16, 2019, with aggregate commitments totaling $1.75 billion, which may be increased up to $4.0 billion upon agreement between the Company and participating lenders. The Company had no outstanding borrowings and approximately $1.75 billion of unused commitments on its credit facility at September 30, 2014. Borrowings under the credit facility bear interest at market-based interest rates plus a margin that is based on the terms of the borrowing and the credit ratings assigned to the Company's senior unsecured debt. The Company incurs commitment fees based on currently assigned credit ratings of 0.225% 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 net debt to capitalization ratio of no greater than 0.65 to 1.00. This ratio represents the ratio of net debt (total debt less cash and cash equivalents) divided by the sum of net debt plus total shareholders’ equity. The Company was in compliance with this covenant at September 30, 2014. | |||||||||||||
Senior Notes | |||||||||||||
On May 19, 2014, the Company issued $1.0 billion of new 3.8% Senior Notes due 2024 and $700 million of new 4.9% Senior Notes due 2044 and received total net proceeds of approximately $1.68 billion after deducting the initial purchasers' fees. The Company used a portion of the net proceeds from the offerings to repay all borrowings then outstanding under its credit facility, which had a balance prior to payoff of $1.01 billion, and to finance the redemption of its 2019 Notes as discussed below. The remaining net proceeds are being used to fund a portion of the Company's 2014 capital program and for general corporate purposes. | |||||||||||||
On July 11, 2014, the Company redeemed its 2019 Notes using a portion of the proceeds from its May 2014 issuances of 2024 Notes and 2044 Notes. The 2019 Notes were redeemed for $317.5 million, representing a make-whole amount calculated in accordance with the terms of the 2019 Notes and related indenture. The Company recognized a pre-tax loss of $24.5 million related to the redemption, which includes the make-whole premium and the write-off of deferred financing costs and unaccreted debt discount and is reflected under the caption “Loss on extinguishment of debt" in the unaudited condensed consolidated statements of income for the three and nine months ended September 30, 2014. | |||||||||||||
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, 2014. | |||||||||||||
2020 Notes | 2021 Notes | 2022 Notes | 2023 Notes | 2024 Notes | 2044 Notes | ||||||||
Maturity date | Oct 1, 2020 | April 1, 2021 | Sep 15, 2022 | April 15, 2023 | June 1, 2024 | June 1, 2044 | |||||||
Interest payment dates | April 1, Oct. 1 | April 1, Oct. 1 | March 15, Sept. 15 | April 15, Oct. 15 | June 1, Dec. 1 | June 1, Dec.1 | |||||||
Call premium redemption period (1) | Oct 1, 2015 | April 1, 2016 | March 15, 2017 | — | — | — | |||||||
Make-whole redemption period (2) | Oct 1, 2015 | April 1, 2016 | March 15, 2017 | Jan 15, 2023 | Mar 1, 2024 | Dec 1, 2043 | |||||||
Equity offering redemption period (3) | — | — | March 15, 2015 | — | — | — | |||||||
-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 this date, the Company may redeem up to 35% of the principal amount of its 2022 Notes under certain circumstances with the net cash proceeds from one or more equity offerings at the redemption price specified in the indenture for the 2022 Notes plus any accrued and unpaid interest to the date of redemption. | ||||||||||||
The Company’s senior notes are not subject to any mandatory redemption or sinking fund requirements. | |||||||||||||
The indentures governing the Company's senior notes contain covenants that, among others, limit the Company's ability to create liens securing certain indebtedness, enter into certain sale-leaseback transactions, and consolidate, merge or transfer certain assets. The senior note covenants are subject to a number of important exceptions and qualifications. The Company was in compliance with these covenants at September 30, 2014. Two of the Company’s subsidiaries, Banner Pipeline Company, L.L.C. and CLR Asset Holdings, LLC, which have no material assets or operations, fully and unconditionally guarantee the senior notes. The Company’s other subsidiaries, the value of whose assets and operations are minor, do not guarantee the senior notes. | |||||||||||||
Note Payable | |||||||||||||
In February 2012, 20 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 $2.1 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, 2014. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
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, 2014. The commitments under these arrangements are not recorded in the accompanying condensed consolidated balance sheets. | |
Drilling commitments – As of September 30, 2014, the Company had drilling rig contracts with various terms extending through July 2018. 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, 2014 total approximately $675 million, of which $66 million is expected to be incurred in the remainder of 2014, $246 million in 2015, $213 million in 2016, $122 million in 2017, and $28 million in 2018. | |
Pipeline transportation commitments – The Company has entered into firm transportation commitments to guarantee pipeline access capacity on operational crude oil and natural gas pipelines in order to reduce the impact of possible production curtailments that may arise due to limited transportation capacity. The commitments, which have varying terms extending as far as 2025, require the Company to pay per-unit transportation charges regardless of the amount of pipeline capacity used. Future commitments remaining as of September 30, 2014 under the operational pipeline transportation arrangements amount to approximately $1.0 billion, of which $40 million is expected to be incurred in the remainder of 2014, $181 million in 2015, $186 million in 2016, $180 million in 2017, $175 million in 2018, and $241 million thereafter. | |
Further, the Company is a party to an additional firm transportation commitment for a future crude oil pipeline project being considered for development that is not yet operational. The project requires the granting of regulatory approvals and requires additional construction efforts by the counterparty before being completed. Future commitments under the non-operational arrangement total approximately $260 million at September 30, 2014. This commitment represents aggregate transportation charges expected to be incurred over the five year term beginning when the proposed pipeline project is completed and becomes operational. The exact 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 this non-operational arrangement 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. | |
The Company’s pipeline 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. | |
Cost sharing commitment – The Company has entered into an arrangement to share certain costs associated with a local utility company's construction and installation of electrical infrastructure that will provide service to parts of North Dakota where the Company operates. This arrangement extends through January 2016 and requires the Company to make scheduled periodic payments based on the projected total cost of the project and the progress of construction. Future commitments under the arrangement as of September 30, 2014 total approximately $13 million, of which $3 million is expected to be incurred in the remainder of 2014, $8 million in 2015, and $2 million in 2016. | |
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 which may increase with the passage of time, 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, 2014 and December 31, 2013, the Company had recorded a liability in the condensed consolidated balance sheets under the caption “Other noncurrent liabilities” of $2.9 million and $1.7 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, 2014 | |||||||||||||||||
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 | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Non-cash equity compensation | $ | 13,402 | $ | 10,462 | $ | 39,419 | $ | 29,460 | |||||||||
In May 2013, the Company adopted the 2013 Plan and reserved a maximum of 19,680,072 shares of common stock (adjusted for stock split) that may be issued pursuant to the plan. 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. As of September 30, 2014, the Company had a maximum of 18,220,078 shares of restricted stock (adjusted for stock split) available to grant to officers, directors and select 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 shares outstanding for the nine months ended September 30, 2014 is presented below. Share amounts and related grant-date fair values have been retroactively adjusted to reflect the Company's 2-for-1 stock split occurring in September 2014. | |||||||||||||||||
Number of | Weighted | ||||||||||||||||
non-vested | average | ||||||||||||||||
shares | grant-date | ||||||||||||||||
fair value | |||||||||||||||||
Non-vested restricted shares outstanding at December 31, 2013 | 2,714,312 | $ | 37.5 | ||||||||||||||
Granted | 1,251,264 | 61.69 | |||||||||||||||
Vested | (365,498 | ) | 36.53 | ||||||||||||||
Forfeited | (404,900 | ) | 44.04 | ||||||||||||||
Non-vested restricted shares outstanding at September 30, 2014 | 3,195,178 | $ | 46.25 | ||||||||||||||
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, 2014 at the vesting date was approximately $23.6 million. As of September 30, 2014, there was approximately $78 million of unrecognized compensation expense related to non-vested restricted stock. This expense is expected to be recognized ratably over a weighted average period of 1.3 years. |
Basis_of_Presentation_and_Sign1
Basis of Presentation and Significant Accounting Policies (Policies) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Description of the Company | ' | ||||||||
Continental Resources, Inc. (the “Company”) was originally formed in 1967 and is incorporated under the laws of the State of Oklahoma. The Company'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 various plays in the South Central Oklahoma Oil Province (“SCOOP”), Northwest Cana, and Arkoma areas of Oklahoma. The East region is comprised of undeveloped leasehold acreage east of the Mississippi River with no current drilling or production operations. | |||||||||
The Company’s operations are geographically concentrated in the North region, with that region comprising approximately 74% of the Company’s crude oil and natural gas production and approximately 83% of its crude oil and natural gas revenues for the nine months ended September 30, 2014. Our principal producing properties in the North region are located in the Bakken field of North Dakota and Montana. The remainder of the Company's crude oil and natural gas production and revenue is derived from the South region, primarily from producing properties in the SCOOP play in south-central Oklahoma. | |||||||||
The Company has focused its operations on the exploration and development of crude oil since the 1980s. For the nine months ended September 30, 2014, crude oil accounted for approximately 70% of the Company’s total production and approximately 85% of its crude oil and natural gas revenues. | |||||||||
Basis of Presentation | ' | ||||||||
Basis of presentation | |||||||||
The condensed consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are 100% owned, after all significant intercompany accounts and transactions have been eliminated upon consolidation. | |||||||||
On August 18, 2014, the Company's Board of Directors declared a 2-for-1 stock split of the Company's common stock to be effected in the form of a stock dividend. The stock dividend was distributed on September 10, 2014 to shareholders of record as of September 3, 2014. All previously reported common stock and earnings per share amounts have been retroactively adjusted in the accompanying financial statements and related notes to reflect the stock split. | |||||||||
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, 2013 (“2013 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, 2014 and for the three and nine month periods ended September 30, 2014 and 2013 are unaudited. The condensed consolidated balance sheet as of December 31, 2013 was derived from the audited balance sheet included in the 2013 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 may 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, 2014 | December 31, 2013 | |||||||
Tubular goods and equipment | $ | 13,586 | $ | 11,139 | |||||
Crude oil | 68,978 | 43,301 | |||||||
Total | $ | 82,564 | $ | 54,440 | |||||
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, 2014 | 31-Dec-13 | |||||||
Crude oil line fill and tank requirements | 941 | 370 | |||||||
Temporarily stored crude oil | 196 | 344 | |||||||
Total | 1,137 | 714 | |||||||
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, which are calculated using the treasury stock method. |
Basis_of_Presentation_and_Sign2
Basis of Presentation and Significant Accounting Policies (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
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, 2014 | December 31, 2013 | |||||||||||||||
Tubular goods and equipment | $ | 13,586 | $ | 11,139 | |||||||||||||
Crude oil | 68,978 | 43,301 | |||||||||||||||
Total | $ | 82,564 | $ | 54,440 | |||||||||||||
Components of Crude Oil Inventories Volumes | ' | ||||||||||||||||
Crude oil inventories consist of the following volumes: | |||||||||||||||||
MBbls | September 30, 2014 | 31-Dec-13 | |||||||||||||||
Crude oil line fill and tank requirements | 941 | 370 | |||||||||||||||
Temporarily stored crude oil | 196 | 344 | |||||||||||||||
Total | 1,137 | 714 | |||||||||||||||
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, 2014 and 2013. Weighted average shares and net income per share amounts for the three and nine months ended September 30, 2013 have been retroactively adjusted to reflect the Company's 2-for-1 stock split occurring in September 2014. | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
In thousands, except per share data | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Income (numerator): | |||||||||||||||||
Net income - basic and diluted | $ | 533,521 | $ | 167,498 | $ | 863,293 | $ | 631,395 | |||||||||
Weighted average shares (denominator): | |||||||||||||||||
Weighted average shares - basic | 368,814 | 368,139 | 368,740 | 368,072 | |||||||||||||
Non-vested restricted stock | 1,714 | 1,622 | 1,892 | 1,485 | |||||||||||||
Weighted average shares - diluted | 370,528 | 369,761 | 370,632 | 369,557 | |||||||||||||
Net income per share: | |||||||||||||||||
Basic | $ | 1.45 | $ | 0.45 | $ | 2.34 | $ | 1.72 | |||||||||
Diluted | $ | 1.44 | $ | 0.45 | $ | 2.33 | $ | 1.71 | |||||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
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 | 2014 | 2013 | |||||||
Supplemental cash flow information: | |||||||||
Cash paid for interest | $ | 173,057 | $ | 139,023 | |||||
Cash paid for income taxes | 4,012 | 23,413 | |||||||
Cash received for income tax refunds | 5 | 173 | |||||||
Non-cash investing activities: | |||||||||
Increase in accrued capital expenditures | 235,431 | 69,767 | |||||||
Asset retirement obligation additions and revisions, net | 6,232 | 5,043 | |||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Summary of Outstanding Contracts with Respect to Natural Gas | ' | |||||||||||||||||||||||
Natural Gas - Henry Hub - as of September 30, 2014 | Collars | |||||||||||||||||||||||
Swaps Weighted Average Price | Floors | Ceilings | ||||||||||||||||||||||
Weighted Average Price | Weighted Average Price | |||||||||||||||||||||||
Period and Type of Contract | MMBtus | Range | Range | |||||||||||||||||||||
October 2014 - December 2014 | ||||||||||||||||||||||||
Swaps - Henry Hub | 30,820,000 | $ | 4.2 | |||||||||||||||||||||
January 2015 - December 2015 | ||||||||||||||||||||||||
Swaps - Henry Hub | 24,500,000 | $ | 4.27 | |||||||||||||||||||||
Collars - Henry Hub | 29,200,000 | $3.50 - $3.75 | $ | 3.69 | $4.89 - $5.48 | $ | 5.04 | |||||||||||||||||
January 2016 - December 2016 | ||||||||||||||||||||||||
Swaps - Henry Hub | 4,550,000 | $ | 4.27 | |||||||||||||||||||||
Cash and Non-Cash Gains and Losses on Derivative Instruments | ' | |||||||||||||||||||||||
The following table presents cash settlements on matured derivative instruments and non-cash gains and losses on open derivative instruments for the periods presented. Cash receipts and payments below reflect the gain or loss on derivative contracts which matured during the period, calculated as the difference between the contract price and the market settlement price of matured contracts. Non-cash gains and losses below represent the change in fair value of derivative instruments which continue to be held at period end and the reversal of previously recognized non-cash gains or losses on derivative contracts that matured during the period. | ||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||
In thousands | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Cash received (paid) on derivatives: | ||||||||||||||||||||||||
Crude oil fixed price swaps | $ | (4,126 | ) | $ | (39,298 | ) | $ | (77,148 | ) | $ | (46,810 | ) | ||||||||||||
Crude oil collars | (233 | ) | (15,081 | ) | (2,270 | ) | (14,701 | ) | ||||||||||||||||
Natural gas fixed price swaps | 4,549 | 14,030 | (17,799 | ) | 9,601 | |||||||||||||||||||
Cash received (paid) on derivatives, net | 190 | (40,349 | ) | (97,217 | ) | (51,910 | ) | |||||||||||||||||
Non-cash gain (loss) on derivatives: | ||||||||||||||||||||||||
Crude oil fixed price swaps | 416,637 | (146,782 | ) | 228,845 | (38,234 | ) | ||||||||||||||||||
Crude oil collars | 27,386 | (13,243 | ) | 28,300 | (11,037 | ) | ||||||||||||||||||
Natural gas fixed price swaps | 25,851 | (3,400 | ) | 7,944 | 11,633 | |||||||||||||||||||
Natural gas collars | 3,935 | — | 3,929 | — | ||||||||||||||||||||
Non-cash gain (loss) on derivatives, net | 473,809 | (163,425 | ) | 269,018 | (37,638 | ) | ||||||||||||||||||
Gain (loss) on derivative instruments, net | $ | 473,999 | $ | (203,774 | ) | $ | 171,801 | $ | (89,548 | ) | ||||||||||||||
Gross Amounts of Recognized Derivative Assets and Liabilities | ' | |||||||||||||||||||||||
The following table presents 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. | ||||||||||||||||||||||||
In thousands | 30-Sep-14 | 31-Dec-13 | ||||||||||||||||||||||
Commodity derivative assets: | ||||||||||||||||||||||||
Gross amounts of recognized assets | $ | 174,478 | $ | 4,213 | ||||||||||||||||||||
Gross amounts offset on balance sheet | (208 | ) | (597 | ) | ||||||||||||||||||||
Net amounts of assets on balance sheet | 174,270 | 3,616 | ||||||||||||||||||||||
Commodity derivative liabilities: | ||||||||||||||||||||||||
Gross amounts of recognized liabilities | — | (125,709 | ) | |||||||||||||||||||||
Gross amounts offset on balance sheet | — | 27,345 | ||||||||||||||||||||||
Net amounts of liabilities on balance sheet | $ | — | $ | (98,364 | ) | |||||||||||||||||||
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, 2014 | December 31, 2013 | ||||||||||||||||||||||
Derivative assets | $ | 143,268 | $ | 3,616 | ||||||||||||||||||||
Noncurrent derivative assets | 31,002 | — | ||||||||||||||||||||||
Net amounts of assets on balance sheet | 174,270 | 3,616 | ||||||||||||||||||||||
Derivative liabilities | — | (90,535 | ) | |||||||||||||||||||||
Noncurrent derivative liabilities | — | (7,829 | ) | |||||||||||||||||||||
Net amounts of liabilities on balance sheet | — | (98,364 | ) | |||||||||||||||||||||
Total derivative assets (liabilities), net (1) | $ | 174,270 | $ | (94,748 | ) | |||||||||||||||||||
(1) As discussed above, subsequent to September 30, 2014 the Company settled substantially all of its outstanding crude oil derivative contracts prior to their contractual maturities. As of October 31, 2014, the fair value of the Company's remaining derivative contracts was a net asset of approximately $20 million, representing a net asset of $27 million associated with natural gas derivatives partially offset by a net liability of $7 million associated with remaining crude oil derivatives. | ||||||||||||||||||||||||
Summary of Outstanding Contracts with Respect to Crude Oil Following Liquidations | ' | |||||||||||||||||||||||
The tables below set forth the Company's remaining crude oil derivative contracts in place as of October 31, 2014 after settlement of matured October 2014 contracts and the liquidations referred to above. | ||||||||||||||||||||||||
Crude Oil - NYMEX WTI - as of October 31, 2014 | Ceilings | |||||||||||||||||||||||
Weighted Average | ||||||||||||||||||||||||
Period and Type of Contract | Bbls | Range | Price | |||||||||||||||||||||
January 2015 - December 2015 | ||||||||||||||||||||||||
Written call options - WTI (1) | 4,380,000 | $95.85 - $103.75 | $ | 98.36 | ||||||||||||||||||||
Crude Oil - ICE Brent - as of October 31, 2014 | Floors | Ceilings | ||||||||||||||||||||||
Weighted Average | Weighted Average | |||||||||||||||||||||||
Period and Type of Contract | Bbls | Range | Price | Range | Price | |||||||||||||||||||
November 2014 - December 2014 | ||||||||||||||||||||||||
Collars - ICE Brent | 366,000 | $90.00 - $95.00 | $ | 90.83 | $104.70 - $108.85 | $ | 107.13 | |||||||||||||||||
January 2015 - December 2015 | ||||||||||||||||||||||||
Written call options - ICE Brent (1) | 730,000 | $ | 107.4 | $ | 107.4 | |||||||||||||||||||
January 2016 - December 2016 | ||||||||||||||||||||||||
Written call options - ICE Brent (1) | 1,464,000 | $ | 107.7 | $ | 107.7 | |||||||||||||||||||
-1 | The written call options represent the ceiling positions remaining from the Company's crude oil collar contracts. The floor positions of the collars were liquidated. For these written call options, 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 below the ceiling price. | |||||||||||||||||||||||
NYMEX WTI [Member] | ' | |||||||||||||||||||||||
Summary of Outstanding Contracts with Respect to Crude Oil | ' | |||||||||||||||||||||||
At September 30, 2014, the Company had outstanding derivative contracts as set forth in the tables below. Subsequent to September 30, 2014, the Company settled substantially all of its outstanding crude oil derivative contracts prior to their contractual maturities as discussed below under the heading Derivative liquidations. | ||||||||||||||||||||||||
Collars | ||||||||||||||||||||||||
Crude Oil - NYMEX WTI - as of September 30, 2014 | Swaps Weighted Average | Floors | Ceilings | |||||||||||||||||||||
Price | ||||||||||||||||||||||||
Weighted Average | Weighted Average | |||||||||||||||||||||||
Price | Price | |||||||||||||||||||||||
Period and Type of Contract | Bbls | Range | Range | |||||||||||||||||||||
October 2014 - December 2014 | ||||||||||||||||||||||||
Swaps - WTI | 3,335,000 | $ | 96.22 | |||||||||||||||||||||
January 2015 - December 2015 | ||||||||||||||||||||||||
Collars - WTI | 4,380,000 | $ | 87 | $ | 87 | $95.85 - $103.75 | $ | 98.36 | ||||||||||||||||
ICE Brent [Member] | ' | |||||||||||||||||||||||
Summary of Outstanding Contracts with Respect to Crude Oil | ' | |||||||||||||||||||||||
Collars | ||||||||||||||||||||||||
Crude Oil - ICE Brent - as of September 30, 2014 | Swaps Weighted Average Price | Floors | Ceilings | |||||||||||||||||||||
Weighted Average | Weighted Average | |||||||||||||||||||||||
Price | Price | |||||||||||||||||||||||
Period and Type of Contract | Bbls | Range | Range | |||||||||||||||||||||
October 2014 - December 2014 | ||||||||||||||||||||||||
Swaps - ICE Brent | 4,508,000 | $ | 103.29 | |||||||||||||||||||||
Collars - ICE Brent | 552,000 | $90.00 - $95.00 | $ | 90.83 | $104.70 - $108.85 | $ | 107.13 | |||||||||||||||||
January 2015 - December 2015 | ||||||||||||||||||||||||
Swaps - ICE Brent | 24,637,500 | $ | 100.85 | |||||||||||||||||||||
Collars - ICE Brent | 730,000 | $ | 95 | $ | 95 | $ | 107.4 | $ | 107.4 | |||||||||||||||
January 2016 - December 2016 | ||||||||||||||||||||||||
Collars - ICE Brent | 1,464,000 | $ | 90 | $ | 90 | $ | 107.7 | $ | 107.7 | |||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
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, 2014 and December 31, 2013. | |||||||||||||||||
Fair value measurements at September 30, 2014 using: | |||||||||||||||||
In thousands | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Derivative assets (liabilities): | |||||||||||||||||
Fixed price swaps | $ | — | $ | 151,896 | $ | — | $ | 151,896 | |||||||||
Collars | — | 22,374 | — | 22,374 | |||||||||||||
Total | $ | — | $ | 174,270 | $ | — | $ | 174,270 | |||||||||
Fair value measurements at December 31, 2013 using: | |||||||||||||||||
In thousands | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Derivative assets (liabilities): | |||||||||||||||||
Fixed price swaps | $ | — | $ | (84,893 | ) | $ | — | $ | (84,893 | ) | |||||||
Collars | — | (9,855 | ) | — | (9,855 | ) | |||||||||||
Total | $ | — | $ | (94,748 | ) | $ | — | $ | (94,748 | ) | |||||||
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 2018 (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 | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Proved property impairments | $ | 38,046 | $ | — | $ | 69,337 | $ | 39,635 | |||||||||
Unproved property impairments | 47,515 | 42,167 | 153,748 | 122,325 | |||||||||||||
Total | $ | 85,561 | $ | 42,167 | $ | 223,085 | $ | 161,960 | |||||||||
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, 2014 | December 31, 2013 | ||||||||||||||||
In thousands | Carrying | Fair Value | Carrying | Fair Value | |||||||||||||
Amount | Amount | ||||||||||||||||
Debt: | |||||||||||||||||
Credit facility | $ | — | $ | — | $ | 275,000 | $ | 275,000 | |||||||||
Note payable | 16,967 | 15,186 | 18,470 | 16,500 | |||||||||||||
8.25% Senior Notes due 2019 (1) | — | — | 298,305 | 327,800 | |||||||||||||
7.375% Senior Notes due 2020 | 198,809 | 220,940 | 198,695 | 223,700 | |||||||||||||
7.125% Senior Notes due 2021 | 400,000 | 443,240 | 400,000 | 450,300 | |||||||||||||
5% Senior Notes due 2022 | 2,023,568 | 2,106,000 | 2,025,362 | 2,063,300 | |||||||||||||
4.5% Senior Notes due 2023 | 1,500,000 | 1,560,000 | 1,500,000 | 1,519,400 | |||||||||||||
3.8% Senior Notes due 2024 | 996,548 | 1,003,900 | — | — | |||||||||||||
4.9% Senior Notes due 2044 | 698,030 | 728,350 | — | — | |||||||||||||
Total debt | $ | 5,833,922 | $ | 6,077,616 | $ | 4,715,832 | $ | 4,876,000 | |||||||||
(1) These senior notes were redeemed in July 2014. See Note 6. Long-Term Debt for further discussion. |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
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, 2014. | |||||||||||||
2020 Notes | 2021 Notes | 2022 Notes | 2023 Notes | 2024 Notes | 2044 Notes | ||||||||
Maturity date | Oct 1, 2020 | April 1, 2021 | Sep 15, 2022 | April 15, 2023 | June 1, 2024 | June 1, 2044 | |||||||
Interest payment dates | April 1, Oct. 1 | April 1, Oct. 1 | March 15, Sept. 15 | April 15, Oct. 15 | June 1, Dec. 1 | June 1, Dec.1 | |||||||
Call premium redemption period (1) | Oct 1, 2015 | April 1, 2016 | March 15, 2017 | — | — | — | |||||||
Make-whole redemption period (2) | Oct 1, 2015 | April 1, 2016 | March 15, 2017 | Jan 15, 2023 | Mar 1, 2024 | Dec 1, 2043 | |||||||
Equity offering redemption period (3) | — | — | March 15, 2015 | — | — | — | |||||||
-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 this date, the Company may redeem up to 35% of the principal amount of its 2022 Notes under certain circumstances with the net cash proceeds from one or more equity offerings at the redemption price specified in the indenture for the 2022 Notes plus any accrued and unpaid interest to the date of redemption. | ||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | ||||||||||||
Long-term debt consists of the following at September 30, 2014 and December 31, 2013: | |||||||||||||
In thousands | September 30, 2014 | December 31, 2013 | |||||||||||
Credit facility | $ | — | $ | 275,000 | |||||||||
Note payable | 16,967 | 18,470 | |||||||||||
8.25% Senior Notes due 2019 (1) | — | 298,305 | |||||||||||
7.375% Senior Notes due 2020 (2) | 198,809 | 198,695 | |||||||||||
7.125% Senior Notes due 2021 (3) | 400,000 | 400,000 | |||||||||||
5% Senior Notes due 2022 (4) | 2,023,568 | 2,025,362 | |||||||||||
4.5% Senior Notes due 2023 (3) | 1,500,000 | 1,500,000 | |||||||||||
3.8% Senior Notes due 2024 (5) | 996,548 | — | |||||||||||
4.9% Senior Notes due 2044 (6) | 698,030 | — | |||||||||||
Total debt | 5,833,922 | 4,715,832 | |||||||||||
Less: Current portion of long-term debt | (2,062 | ) | (2,011 | ) | |||||||||
Long-term debt, net of current portion | $ | 5,831,860 | $ | 4,713,821 | |||||||||
-1 | The carrying amount is net of an unamortized discount of $1.7 million at December 31, 2013. The 2019 Notes were redeemed in July 2014 as discussed further below. | ||||||||||||
-2 | The carrying amount is net of unamortized discounts of $1.2 million and $1.3 million at September 30, 2014 and December 31, 2013, 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 $23.6 million and $25.4 million at September 30, 2014 and December 31, 2013, respectively. | ||||||||||||
-5 | The carrying amount is net of an unamortized discount of $3.5 million at September 30, 2014. | ||||||||||||
-6 | The carrying amount is net of an unamortized discount of $2.0 million at September 30, 2014. |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Stock-Based Compensation Expense | ' | ||||||||||||||||
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 | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Non-cash equity compensation | $ | 13,402 | $ | 10,462 | $ | 39,419 | $ | 29,460 | |||||||||
Restricted stock [Member] | ' | ||||||||||||||||
Summary of Changes in Non-vested Shares of Restricted Stock Outstanding | ' | ||||||||||||||||
A summary of changes in non-vested restricted shares outstanding for the nine months ended September 30, 2014 is presented below. Share amounts and related grant-date fair values have been retroactively adjusted to reflect the Company's 2-for-1 stock split occurring in September 2014. | |||||||||||||||||
Number of | Weighted | ||||||||||||||||
non-vested | average | ||||||||||||||||
shares | grant-date | ||||||||||||||||
fair value | |||||||||||||||||
Non-vested restricted shares outstanding at December 31, 2013 | 2,714,312 | $ | 37.5 | ||||||||||||||
Granted | 1,251,264 | 61.69 | |||||||||||||||
Vested | (365,498 | ) | 36.53 | ||||||||||||||
Forfeited | (404,900 | ) | 44.04 | ||||||||||||||
Non-vested restricted shares outstanding at September 30, 2014 | 3,195,178 | $ | 46.25 | ||||||||||||||
Organization_and_Nature_of_Bus1
Organization and Nature of Business - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Percentage of operations concentrated in geographic areas | 74.00% |
Percentage of revenues concentrated in geographic areas | 83.00% |
Percentage of crude oil and natural gas production concentrated in crude oil | 70.00% |
Percentage of crude oil and natural gas revenue concentrated in crude oil | 85.00% |
Basis_of_Presentation_and_Sign3
Basis of Presentation and Significant Accounting Policies - Components of Inventories (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Tubular goods and equipment | $13,586 | $11,139 |
Crude oil | 68,978 | 43,301 |
Total | $82,564 | $54,440 |
Basis_of_Presentation_and_Sign4
Basis of Presentation and Significant Accounting Policies - Components of Crude Oil Inventories Volumes (Detail) | Sep. 30, 2014 | Dec. 31, 2013 |
bbl | bbl | |
Accounting Policies [Abstract] | ' | ' |
Crude oil line fill and tank requirements | 941,000 | 370,000 |
Temporarily stored crude oil | 196,000 | 344,000 |
Total | 1,137,000 | 714,000 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income (numerator): | ' | ' | ' | ' |
Net income - basic and diluted | $533,521 | $167,498 | $863,293 | $631,395 |
Weighted average shares - basic | 368,814 | 368,139 | 368,740 | 368,072 |
Non-vested restricted stock | 1,714 | 1,622 | 1,892 | 1,485 |
Weighted average shares - diluted | 370,528 | 369,761 | 370,632 | 369,557 |
Net income per share: | ' | ' | ' | ' |
Basic (in dollars per share) | $1.45 | $0.45 | $2.34 | $1.72 |
Diluted (in dollars per share) | $1.44 | $0.45 | $2.33 | $1.71 |
Basis_of_Presentation_and_Sign6
Basis of Presentation and Significant Accounting Policies Basis of Presentation and Significant Accounting Policies - Reclassifications (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Reclassified Gas Transportation Charges [Line Items] | ' | ' |
Reclassified Gas Transportation Charges | $8.90 | $24.20 |
Affiliated Entity [Member] | ' | ' |
Reclassified Gas Transportation Charges [Line Items] | ' | ' |
Reclassified Gas Transportation Charges | $1.20 | $3.50 |
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, 2014 | Sep. 30, 2013 |
Noncash Investing Activities [Abstract] | ' | ' |
Increase in accrued capital expenditures | $235,431 | $69,767 |
Asset retirement obligation additions and revisions, net | 6,232 | 5,043 |
Supplemental Cash Flow Elements [Abstract] | ' | ' |
Cash paid for interest | 173,057 | 139,023 |
Cash paid for income taxes | 4,012 | 23,413 |
Cash received for income tax refunds | ($5) | ($173) |
Derivative_Instruments_Summary
Derivative Instruments - Summary of Outstanding Contracts with Respect to Crude Oil (Detail) | 9 Months Ended | 9 Months Ended | 2 Months Ended | 2 Months Ended | 2 Months Ended | 2 Months Ended | ||||||||||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Oct. 31, 2014 | Dec. 31, 2014 | Oct. 31, 2014 | Dec. 31, 2014 | Oct. 31, 2014 | Oct. 31, 2014 | Oct. 31, 2014 | Dec. 31, 2014 | Oct. 31, 2014 | Oct. 31, 2014 | Oct. 31, 2014 | |
bbl | ICE Brent [Member] | ICE Brent [Member] | ICE Brent [Member] | ICE Brent [Member] | ICE Brent [Member] | ICE Brent [Member] | ICE Brent [Member] | ICE Brent [Member] | ICE Brent [Member] | West Texas Intermediate [Member] | West Texas Intermediate [Member] | West Texas Intermediate [Member] | West Texas Intermediate [Member] | Natural Gas [Member] | Natural Gas [Member] | Natural Gas [Member] | Natural Gas [Member] | Natural Gas [Member] | Natural Gas [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |
October 2014 to December 2014 Swaps [Member] | October 2014 to December 2014 Collars [Member] | January 2015 - December 2015 Swaps [Member] | January 2015 to December 2015 Collars [Member] | January 2016 to December 2016 Swaps [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | October 2014 to December 2014 Swaps [Member] | January 2015 - December 2015 Swaps [Member] | Minimum [Member] | Maximum [Member] | October 2014 to December 2014 Swaps [Member] | January 2015 - December 2015 Swaps [Member] | January 2015 to December 2015 Collars [Member] | January 2016 to December 2016 Swaps [Member] | Minimum [Member] | Maximum [Member] | ICE Brent [Member] | ICE Brent [Member] | ICE Brent [Member] | ICE Brent [Member] | ICE Brent [Member] | ICE Brent [Member] | ICE Brent [Member] | ICE Brent [Member] | West Texas Intermediate [Member] | West Texas Intermediate [Member] | West Texas Intermediate [Member] | West Texas Intermediate [Member] | ||
bbl | bbl | bbl | bbl | bbl | October 2014 to December 2014 Collars [Member] | January 2015 to December 2015 Collars [Member] | October 2014 to December 2014 Collars [Member] | January 2015 to December 2015 Collars [Member] | bbl | January 2015 to December 2015 Collars [Member] | January 2015 to December 2015 Collars [Member] | January 2015 to December 2015 Collars [Member] | January 2015 to December 2015 Collars [Member] | Call Option January 2015 to December 2015 [Member] | Call Option January 2015 to December 2015 [Member] | Call Option January 2016 to December 2016 [Member] | Call Option January 2016 to December 2016 [Member] | October 2014 to December 2014 Collars [Member] | October 2014 to December 2014 Collars [Member] | Minimum [Member] | Maximum [Member] | Call Option January 2015 to December 2015 [Member] | Call Option January 2015 to December 2015 [Member] | Minimum [Member] | Maximum [Member] | |||||||
bbl | bbl | bbl | October 2014 to December 2014 Collars [Member] | October 2014 to December 2014 Collars [Member] | bbl | Call Option January 2015 to December 2015 [Member] | Call Option January 2015 to December 2015 [Member] | |||||||||||||||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Oil Production Derivative Volume | 4,380,000 | 4,508,000 | 552,000 | 24,637,500 | 730,000 | 1,464,000 | ' | ' | ' | ' | 3,335,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 730,000 | ' | 1,464,000 | ' | 366,000 | ' | ' | ' | 4,380,000 | ' | ' | ' |
Derivative, Average Price Risk Option Strike Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 107.4 | ' | 107.7 | ' | ' | ' | ' | ' | 98.36 | ' | ' |
Swaps Weighted Average Price | ' | 103.29 | ' | 100.85 | ' | ' | ' | ' | ' | ' | 96.22 | ' | ' | ' | 4.2 | 4.27 | ' | 4.27 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Floor Price | ' | ' | ' | ' | ' | ' | 90 | 95 | 95 | 95 | ' | ' | 87 | 87 | ' | ' | ' | ' | 3.5 | 3.75 | ' | ' | ' | ' | ' | ' | 90 | 95 | ' | ' | ' | ' |
Floors, Weighted Average Price | ' | ' | 90.83 | ' | 95 | 90 | ' | ' | ' | ' | ' | 87 | ' | ' | ' | ' | 3.69 | ' | ' | ' | ' | ' | ' | ' | ' | 90.83 | ' | ' | ' | ' | ' | ' |
Derivative, Cap Price | ' | ' | ' | ' | ' | ' | 104.7 | 107.4 | 108.85 | 107.4 | ' | ' | 95.85 | 103.75 | ' | ' | ' | ' | 4.89 | 5.48 | ' | ' | ' | ' | ' | ' | 104.7 | 108.85 | ' | ' | ' | ' |
Derivative, Price Risk Option Strike Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95.85 | 103.75 |
Ceilings, Weighted Average Price | ' | ' | 107.13 | ' | 107.4 | 107.7 | ' | ' | ' | ' | ' | 98.36 | ' | ' | ' | ' | 5.04 | ' | ' | ' | ' | ' | ' | ' | ' | 107.13 | ' | ' | ' | ' | ' | ' |
Derivative_Instruments_Summary1
Derivative Instruments - Summary of Outstanding Contracts with Respect to Natural Gas (Detail) (Natural Gas [Member]) | 9 Months Ended |
Sep. 30, 2014 | |
MMBTU | |
October 2014 to December 2014 Swaps [Member] | ' |
Derivative [Line Items] | ' |
Natural Gas Production Derivative Volume, MMBtus | 30,820,000 |
Swaps Weighted Average Price | 4.2 |
January 2015 - December 2015 Swaps [Member] | ' |
Derivative [Line Items] | ' |
Natural Gas Production Derivative Volume, MMBtus | 24,500,000 |
Swaps Weighted Average Price | 4.27 |
January 2015 to December 2015 Collars [Member] | ' |
Derivative [Line Items] | ' |
Natural Gas Production Derivative Volume, MMBtus | 29,200,000 |
Floors, Weighted Average Price | 3.69 |
Ceilings, Weighted Average Price | 5.04 |
January 2016 to December 2016 Swaps [Member] | ' |
Derivative [Line Items] | ' |
Natural Gas Production Derivative Volume, MMBtus | 4,550,000 |
Swaps Weighted Average Price | 4.27 |
Minimum [Member] | January 2015 to December 2015 Collars [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Floor Price | 3.5 |
Derivative, Cap Price | 4.89 |
Maximum [Member] | January 2015 to December 2015 Collars [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Floor Price | 3.75 |
Derivative, Cap Price | 5.48 |
Derivative_Instruments_Cash_an
Derivative Instruments - Cash and Non-Cash Gains and Losses on Derivative Instruments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | ||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | |
Fixed price swaps | Fixed price swaps | Fixed price swaps | Fixed price swaps | Fixed price swaps | Fixed price swaps | Fixed price swaps | Fixed price swaps | Collars | Collars | Collars | Collars | Collars | Collars | Subsequent Event [Member] | |||||
Crude Oil [Member] | Crude Oil [Member] | Crude Oil [Member] | Crude Oil [Member] | Natural Gas [Member] | Natural Gas [Member] | Natural Gas [Member] | Natural Gas [Member] | Crude Oil [Member] | Crude Oil [Member] | Crude Oil [Member] | Crude Oil [Member] | Natural Gas [Member] | Natural Gas [Member] | ||||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Proceeds from Liquidated Derivatives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $433,000,000 |
Cash received (paid) on derivatives: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash received (paid) on derivatives, net | 190,000 | -40,349,000 | -97,217,000 | -51,910,000 | -4,126,000 | -39,298,000 | -77,148,000 | -46,810,000 | 4,549,000 | 14,030,000 | -17,799,000 | 9,601,000 | -233,000 | -15,081,000 | -2,270,000 | -14,701,000 | ' | ' | ' |
Non-cash gain (loss) on derivatives: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cash gain (loss) on derivatives, net | 473,809,000 | -163,425,000 | 269,018,000 | -37,638,000 | 416,637,000 | -146,782,000 | 228,845,000 | -38,234,000 | 25,851,000 | -3,400,000 | 7,944,000 | 11,633,000 | 27,386,000 | -13,243,000 | 28,300,000 | -11,037,000 | 3,935,000 | 3,929,000 | ' |
Gain (loss) on derivative instruments, net | $473,999,000 | ($203,774,000) | $171,801,000 | ($89,548,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_Instruments_Gross_A
Derivative Instruments - Gross Amounts of Recognized Derivative Assets and Liabilities (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' |
Gross amounts of recognized assets | $174,478 | $4,213 |
Gross amounts offset on balance sheet | -208 | -597 |
Net amounts of assets on balance sheet | 174,270 | 3,616 |
Gross amounts of recognized liabilities | 0 | -125,709 |
Gross amounts offset on balance sheet | 0 | 27,345 |
Net amounts of liabilities on balance sheet | $0 | ($98,364) |
Derivative_Instruments_Reconci
Derivative Instruments - Reconciles Net Amounts Derivative Assets and Liabilities (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Oct. 31, 2014 |
Subsequent Event [Member] | |||
Derivative [Line Items] | ' | ' | ' |
Derivative assets | $143,268,000 | $3,616,000 | ' |
Noncurrent derivative assets | 31,002,000 | 0 | ' |
Net amounts of assets on balance sheet | 174,270,000 | 3,616,000 | 27,000,000 |
Derivative liabilities | 0 | -90,535,000 | ' |
Noncurrent derivative liabilities | 0 | -7,829,000 | ' |
Net amounts of liabilities on balance sheet | 0 | 98,364,000 | 7,000,000 |
Total derivative assets (liabilities), net | ' | ' | $20,000,000 |
Fair_Value_Measurements_Valuat
Fair Value Measurements - Valuation of Financial Instruments by Pricing Levels (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Derivative assets (liabilities): | ' | ' |
Derivative assets (liabilities) | $174,270,000 | ($94,748,000) |
Fixed price swaps | ' | ' |
Derivative assets (liabilities): | ' | ' |
Derivative assets (liabilities) | 151,896,000 | -84,893,000 |
Collars | ' | ' |
Derivative assets (liabilities): | ' | ' |
Derivative assets (liabilities) | 22,374,000 | -9,855,000 |
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) | 174,270,000 | -94,748,000 |
Fair Value, Inputs, Level 2 [Member] | Fixed price swaps | ' | ' |
Derivative assets (liabilities): | ' | ' |
Derivative assets (liabilities) | 151,896,000 | -84,893,000 |
Fair Value, Inputs, Level 2 [Member] | Collars | ' | ' |
Derivative assets (liabilities): | ' | ' |
Derivative assets (liabilities) | 22,374,000 | -9,855,000 |
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, 2014 | |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Fair Value Disclosures [Abstract] | ' | ' | ' | ' |
Proved property impairments | $38,046,000 | $0 | $69,337,000 | $39,635,000 |
Unproved property impairments | 47,515,000 | 42,167,000 | 153,748,000 | 122,325,000 |
Total | 85,561,000 | 42,167,000 | 223,085,000 | 161,960,000 |
Oil and gas property fair value after impairment | $15,400,000 | $22,200,000 | $15,400,000 | $22,200,000 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Values of Financial Instruments not Recorded at Fair Value (Detail) (USD $) | Sep. 30, 2014 | 19-May-14 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |||
4.9% Senior Notes due 2044 | ' | ' | ' |
Fair Value Measurements [Line Items] | ' | ' | ' |
Senior notes | $700,000 | ' | ' |
3.8% Senior Notes due 2024 | ' | ' | ' |
Fair Value Measurements [Line Items] | ' | ' | ' |
Senior notes | 1,000,000 | ' | ' |
Carrying Amount | ' | ' | ' |
Fair Value Measurements [Line Items] | ' | ' | ' |
Credit facility | 0 | 1,010,000 | 275,000 |
Note payable | 16,967 | ' | 18,470 |
Total debt | 5,833,922 | ' | 4,715,832 |
Carrying Amount | 8.25% Senior Notes due 2019 (1) | ' | ' | ' |
Fair Value Measurements [Line Items] | ' | ' | ' |
Senior notes | 0 | ' | 298,305 |
Carrying Amount | 7.375% Senior Notes due 2020 | ' | ' | ' |
Fair Value Measurements [Line Items] | ' | ' | ' |
Senior notes | 198,809 | ' | 198,695 |
Carrying Amount | 7.125% Senior Notes due 2021 | ' | ' | ' |
Fair Value Measurements [Line Items] | ' | ' | ' |
Senior notes | 400,000 | ' | 400,000 |
Carrying Amount | 5% Senior Notes due 2022 | ' | ' | ' |
Fair Value Measurements [Line Items] | ' | ' | ' |
Senior notes | 2,023,568 | ' | 2,025,362 |
Carrying Amount | 4.5% Senior Notes Due 2023 | ' | ' | ' |
Fair Value Measurements [Line Items] | ' | ' | ' |
Senior notes | 1,500,000 | ' | 1,500,000 |
Carrying Amount | 4.9% Senior Notes due 2044 | ' | ' | ' |
Fair Value Measurements [Line Items] | ' | ' | ' |
Senior notes | 698,030 | ' | 0 |
Carrying Amount | 3.8% Senior Notes due 2024 | ' | ' | ' |
Fair Value Measurements [Line Items] | ' | ' | ' |
Senior notes | 996,548 | ' | 0 |
Fair Value | ' | ' | ' |
Fair Value Measurements [Line Items] | ' | ' | ' |
Credit facility | 0 | ' | 275,000 |
Note payable | 15,186 | ' | 16,500 |
Total debt | 6,077,616 | ' | 4,876,000 |
Fair Value | 8.25% Senior Notes due 2019 (1) | ' | ' | ' |
Fair Value Measurements [Line Items] | ' | ' | ' |
Senior notes | 0 | ' | 327,800 |
Fair Value | 7.375% Senior Notes due 2020 | ' | ' | ' |
Fair Value Measurements [Line Items] | ' | ' | ' |
Senior notes | 220,940 | ' | 223,700 |
Fair Value | 7.125% Senior Notes due 2021 | ' | ' | ' |
Fair Value Measurements [Line Items] | ' | ' | ' |
Senior notes | 443,240 | ' | 450,300 |
Fair Value | 5% Senior Notes due 2022 | ' | ' | ' |
Fair Value Measurements [Line Items] | ' | ' | ' |
Senior notes | 2,106,000 | ' | 2,063,300 |
Fair Value | 4.5% Senior Notes Due 2023 | ' | ' | ' |
Fair Value Measurements [Line Items] | ' | ' | ' |
Senior notes | 1,560,000 | ' | 1,519,400 |
Fair Value | 4.9% Senior Notes due 2044 | ' | ' | ' |
Fair Value Measurements [Line Items] | ' | ' | ' |
Senior notes | 728,350 | ' | 0 |
Fair Value | 3.8% Senior Notes due 2024 | ' | ' | ' |
Fair Value Measurements [Line Items] | ' | ' | ' |
Senior notes | $1,003,900 | ' | $0 |
LongTerm_Debt_LongTerm_Debt_De
Long-Term Debt - Long-Term Debt (Detail) (USD $) | Sep. 30, 2014 | 19-May-14 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | ' | ' |
Less: Current portion of long-term debt | ($2,062,000) | ' | ($2,011,000) |
Long-term debt, net of current portion | 5,831,860,000 | ' | 4,713,821,000 |
8.25% Senior Notes due 2019 (1) | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument, stated interest rate | 8.25% | ' | ' |
Debt Instrument, Unamortized Discount | ' | ' | 1,700,000 |
7.375% Senior Notes due 2020 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument, stated interest rate | 7.38% | ' | ' |
Debt Instrument, Unamortized Discount | 1,200,000 | ' | 1,300,000 |
7.125% Senior Notes due 2021 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument, stated interest rate | 7.13% | ' | ' |
Debt Instrument Carrying Value To Face Value Percentage | 100.00% | ' | ' |
5% Senior Notes due 2022 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument, stated interest rate | 5.00% | ' | ' |
Debt Instrument, Unamortized Premium | 23,600,000 | ' | 25,400,000 |
3.8% Senior Notes due 2024 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument, stated interest rate | 3.80% | ' | ' |
Debt Instrument, Unamortized Discount | 3,500,000 | ' | ' |
Senior notes | 1,000,000,000 | ' | ' |
Note Payable [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument, stated interest rate | 3.14% | ' | ' |
Note payable | 22,000,000 | ' | ' |
4.9% Senior Notes due 2044 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument, stated interest rate | 4.90% | ' | ' |
Debt Instrument, Unamortized Discount | 2,000,000 | ' | ' |
Senior notes | 700,000,000 | ' | ' |
Carrying Amount | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Credit facility | 0 | 1,010,000,000 | 275,000,000 |
Note payable | 16,967,000 | ' | 18,470,000 |
Total debt | 5,833,922,000 | ' | 4,715,832,000 |
Carrying Amount | 8.25% Senior Notes due 2019 (1) | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior notes | 0 | ' | 298,305,000 |
Carrying Amount | 7.375% Senior Notes due 2020 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior notes | 198,809,000 | ' | 198,695,000 |
Carrying Amount | 7.125% Senior Notes due 2021 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior notes | 400,000,000 | ' | 400,000,000 |
Carrying Amount | 5% Senior Notes due 2022 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior notes | 2,023,568,000 | ' | 2,025,362,000 |
Carrying Amount | 3.8% Senior Notes due 2024 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior notes | 996,548,000 | ' | 0 |
Carrying Amount | 4.5% Senior Notes Due 2023 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior notes | 1,500,000,000 | ' | 1,500,000,000 |
Carrying Amount | 4.9% Senior Notes due 2044 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior notes | 698,030,000 | ' | 0 |
Fair Value | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Credit facility | 0 | ' | 275,000,000 |
Note payable | 15,186,000 | ' | 16,500,000 |
Total debt | 6,077,616,000 | ' | 4,876,000,000 |
Fair Value | 8.25% Senior Notes due 2019 (1) | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior notes | 0 | ' | 327,800,000 |
Fair Value | 7.375% Senior Notes due 2020 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior notes | 220,940,000 | ' | 223,700,000 |
Fair Value | 7.125% Senior Notes due 2021 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior notes | 443,240,000 | ' | 450,300,000 |
Fair Value | 5% Senior Notes due 2022 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior notes | 2,106,000,000 | ' | 2,063,300,000 |
Fair Value | 3.8% Senior Notes due 2024 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior notes | 1,003,900,000 | ' | 0 |
Fair Value | 4.5% Senior Notes Due 2023 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior notes | 1,560,000,000 | ' | 1,519,400,000 |
Fair Value | 4.9% Senior Notes due 2044 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior notes | $728,350,000 | ' | $0 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | 19-May-14 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | |
Revolving Credit Facility [Member] | 4.5% Senior Notes due 2023 [Member] | Note Payable [Member] | 8.25% Senior Notes due 2019 (1) | 8.25% Senior Notes due 2019 (1) | 7.375% Senior Notes due 2020 | 7.125% Senior Notes due 2021 | 5% Senior Notes due 2022 | 3.8% Senior Notes due 2024 | 4.9% Senior Notes due 2044 | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | ||||||
8.25% Senior Notes due 2019 (1) | 8.25% Senior Notes due 2019 (1) | 7.375% Senior Notes due 2020 | 7.375% Senior Notes due 2020 | 7.125% Senior Notes due 2021 | 7.125% Senior Notes due 2021 | 5% Senior Notes due 2022 | 5% Senior Notes due 2022 | 3.8% Senior Notes due 2024 | 3.8% Senior Notes due 2024 | 4.9% Senior Notes due 2044 | 4.9% Senior Notes due 2044 | |||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $1,010,000,000 | $275,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, maturity date | ' | ' | 16-May-19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate amount of lender commitments on credit facility | 1,750,000,000 | ' | 1,750,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 4,000,000,000 | ' | 4,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, unused commitments | ' | ' | ' | ' | ' | 1,750,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, commitment fee percentage, per annum | 0.23% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit Facility Debt to Capitalization Ratio Covenant Requirement | ' | ' | '0.65 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes Payable | ' | ' | ' | ' | ' | ' | ' | 22,000,000 | ' | ' | ' | ' | ' | ' | ' | 16,967,000 | ' | 18,470,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan term | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, stated interest rate | ' | ' | ' | ' | ' | ' | 4.50% | 3.14% | 8.25% | 8.25% | 7.38% | 7.13% | 5.00% | 3.80% | 4.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | ' | 26-Feb-22 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current portion of long-term debt | 2,062,000 | ' | 2,062,000 | ' | 2,011,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000,000 | 700,000,000 | ' | ' | ' | 0 | 298,305,000 | 198,809,000 | 198,695,000 | 400,000,000 | 400,000,000 | 2,023,568,000 | 2,025,362,000 | 996,548,000 | 0 | 698,030,000 | 0 |
Debt Instrument, Maturity Date, Description | ' | ' | ' | ' | ' | ' | '2023 | ' | ' | '2019 | '2020 | '2021 | '2022 | '2024 | '2044 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Debt, Net of Issuance Costs | 1,680,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Redemption Amount | ' | ' | ' | ' | ' | ' | ' | ' | 317,500,000 | 317,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on Extinguishment of Debt | ($24,517,000) | $0 | ($24,517,000) | $0 | ' | ' | ' | ' | $24,517,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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, 2014 | |
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 |
Make-whole redemption period | 1-Oct-15 |
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 |
Make-whole redemption period | 1-Apr-16 |
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 |
Make-whole redemption period | 15-Mar-17 |
Equity offering redemption period | 15-Mar-15 |
2023 Notes [Member] | ' |
Debt Instrument [Line Items] | ' |
Maturity date | 15-Apr-23 |
Interest payment dates | 'April 15, Oct. 15 |
Make-whole redemption period | 15-Jan-23 |
2024 Notes [Member] | ' |
Debt Instrument [Line Items] | ' |
Maturity date | 1-Jun-24 |
Interest payment dates | 'June 1, Dec. 1 |
Make-whole redemption period | 1-Mar-24 |
2044 Notes [Member] | ' |
Debt Instrument [Line Items] | ' |
Maturity date | 1-Jun-44 |
Interest payment dates | 'June 1, Dec.1 |
Make-whole redemption period | 1-Dec-43 |
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, 2014 | |
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 | 3 Months Ended | |
In Millions, unless otherwise specified | Nov. 30, 2010 | Sep. 30, 2014 | Dec. 31, 2013 |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Total future drilling commitments at balance sheet date | ' | $675 | ' |
Drilling commitments due remainder of current year | ' | 66 | ' |
Drilling commitments Year Two | ' | 246 | ' |
Drilling Commitments Year Three | ' | 213 | ' |
Drilling Commitments Year Four | ' | 122 | ' |
Drilling Commitments Year Five | ' | 28 | ' |
Future Drilling Commitments End Date | ' | '2018-07 | ' |
Loss related to contingency damages | 165 | ' | ' |
Legal proceedings recorded as a liability under other noncurrent liabilities | ' | -2.9 | -1.7 |
Pipeline Transportation Commitments [Member] | ' | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Purchase commitment, end date | ' | '2025 | ' |
Purchase commitment, total | ' | 1,000 | ' |
Purchase commitment, due in remainder of current year | ' | 40 | ' |
Purchase commitment, due second year | ' | 181 | ' |
Purchase commitment, due third year | ' | 186 | ' |
Purchase commitment, due fourth year | ' | 180 | ' |
Purchase commitment, due fifth year | ' | 175 | ' |
Purchase commitment, due after fifth year | ' | 241 | ' |
Non-operational [Member] | ' | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Crude oil non-op transportation commitment, total | ' | 260 | ' |
Cost Sharing Commitment [Member] | ' | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' | ' |
Purchase commitment, end date | ' | '2016 | ' |
Purchase commitment, total | ' | 13 | ' |
Purchase commitment, due in remainder of current year | ' | 3 | ' |
Purchase commitment, due second year | ' | 8 | ' |
Purchase commitment, due third year | ' | $2 | ' |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' | ' |
Non-cash equity compensation | $13,402 | $10,462 | $39,419 | $29,460 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 9 Months Ended |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Common stock available for issue | 19,680,072 |
Restricted stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Stock available to grant | 18,220,078 |
Fair value at vesting date | $23.60 |
Unrecognized compensation expense related to non-vested | $78 |
Unrecognized compensation expense related to non-vested, period for recognition, in years | '1 year 3 months 2 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 |
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, 2014 | |
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 | 2,714,312 |
Granted shares | 1,251,264 |
Vested shares | -365,498 |
Forfeited shares | -404,900 |
Non-vested shares, ending balance | 3,195,178 |
Non-vested, weighted average grant-date fair value, beginning of period | $37.50 |
Granted, weighted average grant-date fair value | $61.69 |
Vested, weighted average grant-date fair value | $36.53 |
Forfeited, weighted average grant-date fair value | $44.04 |
Non-vested, weighted average grant-date fair value, end of period | $46.25 |