Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | CLR | |
Entity Registrant Name | CONTINENTAL RESOURCES, INC | |
Entity Central Index Key | 732834 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 373,112,044 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $47,645 | $24,381 |
Receivables: | ||
Crude oil and natural gas sales | 455,837 | 552,476 |
Affiliated parties | 232 | 13,360 |
Joint interest and other, net | 506,216 | 567,476 |
Derivative assets | 52,392 | 52,423 |
Inventories | 108,347 | 102,179 |
Deferred and prepaid taxes | 13,267 | 63,266 |
Prepaid expenses and other | 16,944 | 14,040 |
Total current assets | 1,200,880 | 1,389,601 |
Net property and equipment, based on successful efforts method of accounting | 14,111,154 | 13,635,852 |
Net debt issuance costs and other | 85,811 | 87,625 |
Noncurrent derivative assets | 37,419 | 31,992 |
Total assets | 15,435,264 | 15,145,070 |
Current liabilities: | ||
Accounts payable trade | 1,009,133 | 1,263,724 |
Revenues and royalties payable | 226,912 | 272,755 |
Payables to affiliated parties | 6,914 | 7,305 |
Accrued liabilities and other | 355,633 | 404,506 |
Derivative liabilities | 254 | 1,645 |
Current portion of long-term debt | 2,093 | 2,078 |
Total current liabilities | 1,600,939 | 1,952,013 |
Long-term debt, net of current portion | 6,784,816 | 5,995,837 |
Other noncurrent liabilities: | ||
Deferred income tax liabilities | 2,119,281 | 2,141,447 |
Asset retirement obligations, net of current portion | 78,819 | 75,462 |
Noncurrent derivative liabilities | 576 | 3,109 |
Other noncurrent liabilities | 9,795 | 9,358 |
Total other noncurrent liabilities | 2,208,471 | 2,229,376 |
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; 373,121,054 shares issued and outstanding at March 31, 2015; 372,005,502 shares issued and outstanding at December 31, 2014 | 3,731 | 3,720 |
Additional paid-in capital | 1,296,200 | 1,287,941 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -3,490 | -385 |
Retained earnings | 3,544,597 | 3,676,568 |
Total shareholders’ equity | 4,841,038 | 4,967,844 |
Total liabilities and shareholders’ equity | $15,435,264 | $15,145,070 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common Stock, Shares, Issued | 373,121,054 | 372,005,502 |
Common Stock, Shares, Outstanding | 373,121,054 | 372,005,502 |
Unaudited_Condensed_Consolidat
Unaudited Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues | ||
Crude oil and natural gas sales | $581,192 | $972,147 |
Crude oil and natural gas sales to affiliates | 1,400 | 30,186 |
Gain (loss) on derivative instruments, net | 32,755 | -39,674 |
Crude oil and natural gas service operations | 10,297 | 9,836 |
Total revenues | 625,644 | 972,495 |
Operating costs and expenses | ||
Production expenses | 91,355 | 75,976 |
Production expenses to affiliates | 1,586 | 910 |
Production taxes and other expenses | 48,362 | 78,302 |
Exploration expenses | 14,340 | 4,813 |
Crude oil and natural gas service operations | 3,894 | 8,074 |
Depreciation, depletion, amortization and accretion | 386,512 | 272,861 |
Property impairments | 147,561 | 58,208 |
General and administrative expenses | 45,380 | 43,536 |
(Gain) loss on sale of assets, net | -2,070 | 8,498 |
Total operating costs and expenses | 736,920 | 551,178 |
Income (loss) from operations | -111,276 | 421,317 |
Other income (expense): | ||
Interest expense | -75,063 | -62,975 |
Other | 347 | 759 |
Total other income (expense) | -74,716 | -62,216 |
Income (loss) before income taxes | -185,992 | 359,101 |
Provision (benefit) for income taxes | -54,021 | 132,867 |
Net income (loss) | -131,971 | 226,234 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | -3,105 | 0 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | ($135,076) | $226,234 |
Basic net income (loss) per share (in dollars per share) | ($0.36) | $0.61 |
Diluted net income (loss) per share (in dollars per share) | ($0.36) | $0.61 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Shareholders Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] |
In Thousands, except Share data, unless otherwise specified | |||||
Balance at Dec. 31, 2014 | $4,967,844 | $3,720 | $1,287,941 | ($385) | $3,676,568 |
Balance, shares at Dec. 31, 2014 | 372,005,502 | 372,005,502 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) (unaudited) | -131,971 | -131,971 | |||
Other Comprehensive Income (Loss), Net of Tax (unaudited) | -3,105 | -3,105 | |||
Stock-based compensation (unaudited) | 11,261 | 11,261 | |||
Restricted stock: | |||||
Issued (unaudited) | 12 | 12 | |||
Issued (unaudited), shares | 1,233,574 | ||||
Repurchased and canceled (unaudited) | -3,003 | -1 | -3,002 | ||
Repurchased and canceled (unaudited), shares | -63,446 | ||||
Forfeited (unaudited), shares | -54,576 | ||||
Forfeitures (unaudited), value | 0 | ||||
Balance at Mar. 31, 2015 | $4,841,038 | $3,731 | $1,296,200 | ($3,490) | $3,544,597 |
Balance, shares at Mar. 31, 2015 | 373,121,054 | 373,121,054 |
Unaudited_Condensed_Consolidat1
Unaudited Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities | ||
Net income (loss) | ($131,971) | $226,234 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation, depletion, amortization and accretion | 391,026 | 281,115 |
Property impairments | 147,561 | 58,208 |
Non-cash (gain) loss on derivatives, net | -9,320 | 6,410 |
Stock-based compensation | 11,263 | 11,039 |
Provision (benefit) for deferred income taxes | -54,026 | 131,315 |
Dry hole costs | 8,401 | 0 |
(Gain) loss on sale of assets, net | -2,070 | 8,498 |
Other, net | 2,261 | 1,754 |
Changes in assets and liabilities: | ||
Accounts receivable | 173,088 | -53,857 |
Inventories | -6,236 | -17,669 |
Prepaid expenses and other | 48,967 | -525 |
Accounts payable trade | 5,185 | 13,854 |
Revenues and royalties payable | -45,844 | 34,623 |
Accrued liabilities and other | -17,460 | -9,191 |
Other noncurrent assets and liabilities | 1,365 | -1,146 |
Net cash provided by operating activities | 522,190 | 690,662 |
Cash flows from investing activities | ||
Exploration and development | -1,267,252 | -993,682 |
Purchase of producing crude oil and natural gas properties | -132 | -30,278 |
Purchase of other property and equipment | -11,923 | -30,953 |
Proceeds from sale of assets | 903 | 35,433 |
Net cash used in investing activities | -1,278,404 | -1,019,480 |
Cash flows from financing activities | ||
Credit facility borrowings | 930,000 | 525,000 |
Repayment of credit facility | -140,000 | -170,000 |
Repayment of other debt | -515 | -499 |
Debt issuance costs | -2,099 | 0 |
Repurchase of restricted stock for tax withholdings | -3,003 | -2,630 |
Net cash provided by financing activities | 784,383 | 351,871 |
Effect of Exchange Rate on Cash and Cash Equivalents | -4,905 | 0 |
Net change in cash and cash equivalents | 23,264 | 23,053 |
Cash and cash equivalents at beginning of period | 24,381 | 28,482 |
Cash and cash equivalents at end of period | $47,645 | $51,535 |
Organization_and_Nature_of_Bus
Organization and Nature of Business | 3 Months Ended |
Mar. 31, 2015 | |
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 primarily located 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 72% of the Company’s crude oil and natural gas production and 78% of its crude oil and natural gas revenues for the three months ended March 31, 2015. The Company's principal producing properties in the North region are located in the Bakken field of North Dakota and Montana. In recent years, the Company has significantly expanded its activity in the South region with its discovery and announcement of the SCOOP play in Oklahoma. The South region now comprises 28% of the Company's crude oil and natural gas production and 22% of its crude oil and natural gas revenues for the three months ended March 31, 2015. | |
The Company has focused its operations on the exploration and development of crude oil since the 1980s. For the three months ended March 31, 2015, crude oil accounted for 69% of the Company’s total production and 84% of its crude oil and natural gas revenues. |
Basis_of_Presentation_and_Sign
Basis of Presentation and Significant Accounting Policies | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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. 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. Previously reported common stock and earnings per share amounts for the three months ended March 31, 2014 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, 2014 (“2014 Form 10-K”), which includes a summary of the Company’s significant accounting policies and other disclosures. | |||||||||
The condensed consolidated financial statements as of March 31, 2015 and for the three month periods ended March 31, 2015 and 2014 are unaudited. The condensed consolidated balance sheet as of December 31, 2014 was derived from the audited balance sheet included in the 2014 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. | |||||||||
Earnings per share | |||||||||
Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares outstanding for the period. Diluted net income (loss) 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 (loss) per share for the three months ended March 31, 2015 and 2014. | |||||||||
Three months ended March 31, | |||||||||
In thousands, except per share data | 2015 | 2014 | |||||||
Income (loss) (numerator): | |||||||||
Net income (loss) - basic and diluted | $ | (131,971 | ) | $ | 226,234 | ||||
Weighted average shares (denominator): | |||||||||
Weighted average shares - basic | 369,385 | 368,658 | |||||||
Non-vested restricted stock (1) | — | 1,398 | |||||||
Weighted average shares - diluted | 369,385 | 370,056 | |||||||
Net income (loss) per share: | |||||||||
Basic | $ | (0.36 | ) | $ | 0.61 | ||||
Diluted | $ | (0.36 | ) | $ | 0.61 | ||||
-1 | The potential dilutive effect of 925,000 weighted average restricted shares were not included in the calculation of diluted net loss per share for the three months ended March 31, 2015 because to do so would have been anti-dilutive. | ||||||||
Inventories | |||||||||
Inventory is comprised of crude oil held in storage or as line fill in pipelines and tubular goods and equipment to be used in the Company's exploration and development activities. Crude oil inventories are valued at the lower of cost or market primarily using the first-in, first-out inventory method. Tubular goods and equipment are valued at the lower of cost or market, with cost determined primarily using a weighted average cost method applied to specific classes of inventory items. | |||||||||
The components of inventory as of March 31, 2015 and December 31, 2014 consisted of the following: | |||||||||
In thousands | March 31, 2015 | December 31, 2014 | |||||||
Tubular goods and equipment | $ | 16,214 | $ | 15,659 | |||||
Crude oil | 92,133 | 86,520 | |||||||
Total | $ | 108,347 | $ | 102,179 | |||||
Income taxes | |||||||||
Income taxes are accounted for using the liability method under which deferred income taxes are recognized for the future tax effects of temporary differences between financial statement carrying amounts and the tax basis of existing assets and liabilities using the enacted statutory tax rates in effect at period-end. A valuation allowance for deferred tax assets is recorded when it is more likely than not that the benefit from the deferred tax asset will not be realized. The Company recorded an $11.1 million valuation allowance against deferred tax assets associated with operating loss carryforwards generated by its Canadian subsidiary in the 2015 first quarter for which the Company does not expect to realize a benefit. | |||||||||
Affiliate transactions | |||||||||
The affiliate transactions reflected in the accompanying unaudited condensed consolidated statements of comprehensive income (loss) for the three months ended March 31, 2015 and 2014 include transactions between the Company and Hiland Partners, LP and its subsidiaries ("Hiland"). Hiland was controlled by the Company's principal shareholder through February 13, 2015, at which time it was sold to an unaffiliated third party. As a result of the sale, the related party relationship that existed previously between the Company and Hiland terminated as of February 13, 2015, which resulted in a reduction in affiliate transactions recognized in the Company's financial statements at March 31, 2015 and for the three months then ended. | |||||||||
New accounting pronouncement | |||||||||
On April 7, 2015, the Financial Accounting Standards Board issued Accounting Standards Update 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The new standard requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with the presentation of a debt discount. Under previous guidance, debt issuance costs are required to be presented in the balance sheet as a deferred asset. The new standard does not affect the existing recognition and measurement guidance for debt issuance costs. The new standard will be effective for annual and interim periods beginning after December 15, 2015 and will be applied on a retrospective basis to all balance sheet periods presented. As of March 31, 2015, the Company's capitalized debt issuance costs subject to future reclassification under the new standard totaled $76 million, net of accumulated amortization. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 tax payments and refunds. Also disclosed is information about investing activities that affects recognized assets and liabilities but does not result in cash receipts or payments. | |||||||||
Three months ended March 31, | |||||||||
In thousands | 2015 | 2014 | |||||||
Supplemental cash flow information: | |||||||||
Cash paid for interest | $ | 51,790 | $ | 52,194 | |||||
Cash paid for income taxes | 6 | — | |||||||
Cash received for income tax refunds | 50,000 | 5 | |||||||
Non-cash investing activities: | |||||||||
Increase (decrease) in accrued capital expenditures | (260,204 | ) | 47,508 | ||||||
Asset retirement obligation additions and revisions, net | 2,703 | 1,270 | |||||||
Derivative_Instruments
Derivative Instruments | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
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 comprehensive income (loss) 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 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 and written call options, volatility, the risk-free interest rate, and the time to expiration. The calculation of the fair value of collars and written call options requires the use of an option-pricing model. See Note 5. Fair Value Measurements. | ||||||||||||||||||||
At March 31, 2015, the Company had outstanding derivative contracts with respect to future production as set forth in the tables below. | ||||||||||||||||||||
Crude Oil - NYMEX WTI | Ceilings | |||||||||||||||||||
Weighted Average | ||||||||||||||||||||
Period and Type of Contract | Bbls | Range | Price | |||||||||||||||||
July 2015 - December 2015 | ||||||||||||||||||||
Written call options - WTI (1) | 2,208,000 | $95.85 - $103.75 | $ | 98.36 | ||||||||||||||||
Crude Oil - ICE Brent | Ceilings | |||||||||||||||||||
Weighted Average | ||||||||||||||||||||
Period and Type of Contract | Bbls | Range | Price | |||||||||||||||||
July 2015 - December 2015 | ||||||||||||||||||||
Written call options - ICE Brent (1) | 368,000 | $ | 107.4 | $ | 107.4 | |||||||||||||||
January 2016 - December 2016 | ||||||||||||||||||||
Written call options - ICE Brent (1) | 1,464,000 | $ | 107.7 | $ | 107.7 | |||||||||||||||
Collars | ||||||||||||||||||||
Natural Gas - NYMEX Henry Hub | Swaps Weighted Average Price | Floors | Ceilings | |||||||||||||||||
Weighted Average Price | Weighted Average Price | |||||||||||||||||||
Period and Type of Contract | MMBtus | Range | Range | |||||||||||||||||
April 2015 - December 2015 | ||||||||||||||||||||
Swaps - Henry Hub | 11,000,000 | $ | 4.16 | |||||||||||||||||
Collars - Henry Hub | 22,000,000 | $3.50 - $3.75 | $ | 3.69 | $4.89 - $5.48 | $ | 5.04 | |||||||||||||
January 2016 - December 2016 | ||||||||||||||||||||
Swaps - Henry Hub | 63,110,000 | $ | 3.98 | |||||||||||||||||
(1) Written call options represent the ceiling positions remaining from the Company's previous crude oil collar contracts. The floor positions of the collars were liquidated in the 2014 fourth quarter. 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. | ||||||||||||||||||||
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 March 31, | ||||||||||||||||||||
In thousands | 2015 | 2014 | ||||||||||||||||||
Cash received (paid) on derivatives: | ||||||||||||||||||||
Crude oil fixed price swaps | $ | — | $ | (22,523 | ) | |||||||||||||||
Crude oil collars | — | (584 | ) | |||||||||||||||||
Natural gas fixed price swaps | 18,391 | (10,157 | ) | |||||||||||||||||
Natural gas collars | 5,044 | — | ||||||||||||||||||
Cash received (paid) on derivatives, net | 23,435 | (33,264 | ) | |||||||||||||||||
Non-cash gain (loss) on derivatives: | ||||||||||||||||||||
Crude oil fixed price swaps | — | 13,690 | ||||||||||||||||||
Crude oil collars | — | 5,283 | ||||||||||||||||||
Crude oil written call options | 3,924 | — | ||||||||||||||||||
Natural gas fixed price swaps | 6,492 | (25,401 | ) | |||||||||||||||||
Natural gas collars | (1,096 | ) | 18 | |||||||||||||||||
Non-cash gain (loss) on derivatives, net | 9,320 | (6,410 | ) | |||||||||||||||||
Gain (loss) on derivative instruments, net | $ | 32,755 | $ | (39,674 | ) | |||||||||||||||
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 | 31-Mar-15 | 31-Dec-14 | ||||||||||||||||||
Commodity derivative assets: | ||||||||||||||||||||
Gross amounts of recognized assets | $ | 89,811 | $ | 84,415 | ||||||||||||||||
Gross amounts offset on balance sheet | — | — | ||||||||||||||||||
Net amounts of assets on balance sheet | 89,811 | 84,415 | ||||||||||||||||||
Commodity derivative liabilities: | ||||||||||||||||||||
Gross amounts of recognized liabilities | (830 | ) | (4,770 | ) | ||||||||||||||||
Gross amounts offset on balance sheet | — | 16 | ||||||||||||||||||
Net amounts of liabilities on balance sheet | $ | (830 | ) | $ | (4,754 | ) | ||||||||||||||
The following table reconciles the net amounts disclosed above to the individual financial statement line items in the condensed consolidated balance sheets. | ||||||||||||||||||||
In thousands | March 31, 2015 | December 31, 2014 | ||||||||||||||||||
Derivative assets | $ | 52,392 | $ | 52,423 | ||||||||||||||||
Noncurrent derivative assets | 37,419 | 31,992 | ||||||||||||||||||
Net amounts of assets on balance sheet | 89,811 | 84,415 | ||||||||||||||||||
Derivative liabilities | (254 | ) | (1,645 | ) | ||||||||||||||||
Noncurrent derivative liabilities | (576 | ) | (3,109 | ) | ||||||||||||||||
Net amounts of liabilities on balance sheet | (830 | ) | (4,754 | ) | ||||||||||||||||
Total derivative assets, net | $ | 88,981 | $ | 79,661 | ||||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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 collars and written call options requires the use of an industry-standard option pricing model that considers various inputs including quoted forward commodity prices, 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 March 31, 2015 and December 31, 2014. | |||||||||||||||||
Fair value measurements at March 31, 2015 using: | |||||||||||||||||
In thousands | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Derivative assets (liabilities): | |||||||||||||||||
Fixed price swaps | $ | — | $ | 69,091 | $ | — | $ | 69,091 | |||||||||
Collars | — | 20,720 | — | 20,720 | |||||||||||||
Written call options | — | (830 | ) | — | (830 | ) | |||||||||||
Total | $ | — | $ | 88,981 | $ | — | $ | 88,981 | |||||||||
Fair value measurements at December 31, 2014 using: | |||||||||||||||||
In thousands | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Derivative assets (liabilities): | |||||||||||||||||
Fixed price swaps | $ | — | $ | 62,599 | $ | — | $ | 62,599 | |||||||||
Collars | — | 21,816 | — | 21,816 | |||||||||||||
Written call options | — | (4,754 | ) | — | (4,754 | ) | |||||||||||
Total | $ | — | $ | 79,661 | $ | — | $ | 79,661 | |||||||||
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. 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 strip prices through 2019 (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. | |||||||||||||||||
Impairments of proved properties amounted to $70.0 million for the three months ended March 31, 2015 resulting from a continued decrease in commodity prices in the first quarter that indicated the carrying amounts for certain fields were not recoverable. The impairments reflect fair value adjustments primarily concentrated in an emerging area with limited production history and costly reserve additions ($36.1 million), the Medicine Pole Hills units ($14.7 million), various non-core areas in the South region ($11.1 million), and non-Bakken areas of North Dakota and Montana ($8.1 million). The impaired properties were written down to their estimated fair value totaling approximately $38.2 million at March 31, 2015. | |||||||||||||||||
Impairments of proved properties totaled $3.8 million for the three months ended March 31, 2014, which reflect fair value adjustments made for certain properties in a non-core area of our South region driven by uneconomic well results. The impaired properties were written down to their estimated fair value totaling approximately $1.1 million as of March 31, 2014. | |||||||||||||||||
Certain unproved crude oil and natural gas properties were impaired during the three months ended March 31, 2015 and 2014, 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 drilling plans, 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 comprehensive income (loss). | |||||||||||||||||
Three months ended March 31, | |||||||||||||||||
In thousands | 2015 | 2014 | |||||||||||||||
Proved property impairments | $ | 70,016 | $ | 3,762 | |||||||||||||
Unproved property impairments | 77,545 | 54,446 | |||||||||||||||
Total | $ | 147,561 | $ | 58,208 | |||||||||||||
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. | |||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||
In thousands | Carrying | Fair Value | Carrying | Fair Value | |||||||||||||
Amount | Amount | ||||||||||||||||
Debt: | |||||||||||||||||
Credit facility | $ | 955,000 | $ | 955,000 | $ | 165,000 | $ | 165,000 | |||||||||
Note payable | 15,942 | 14,500 | 16,457 | 14,900 | |||||||||||||
7.375% Senior Notes due 2020 | 198,889 | 213,700 | 198,850 | 213,000 | |||||||||||||
7.125% Senior Notes due 2021 | 400,000 | 416,300 | 400,000 | 421,000 | |||||||||||||
5% Senior Notes due 2022 | 2,022,337 | 1,998,500 | 2,022,949 | 1,857,900 | |||||||||||||
4.5% Senior Notes due 2023 | 1,500,000 | 1,445,000 | 1,500,000 | 1,372,800 | |||||||||||||
3.8% Senior Notes due 2024 | 996,696 | 918,900 | 996,622 | 868,700 | |||||||||||||
4.9% Senior Notes due 2044 | 698,045 | 625,300 | 698,037 | 572,400 | |||||||||||||
Total debt | $ | 6,786,909 | $ | 6,587,200 | $ | 5,997,915 | $ | 5,485,700 | |||||||||
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 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 | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
Long-Term Debt | Long-Term Debt | ||||||||||||
Long-term debt consists of the following at March 31, 2015 and December 31, 2014: | |||||||||||||
In thousands | 31-Mar-15 | December 31, 2014 | |||||||||||
Credit facility | $ | 955,000 | $ | 165,000 | |||||||||
Note payable | 15,942 | 16,457 | |||||||||||
7.375% Senior Notes due 2020 (1) | 198,889 | 198,850 | |||||||||||
7.125% Senior Notes due 2021 (2) | 400,000 | 400,000 | |||||||||||
5% Senior Notes due 2022 (3) | 2,022,337 | 2,022,949 | |||||||||||
4.5% Senior Notes due 2023 (2) | 1,500,000 | 1,500,000 | |||||||||||
3.8% Senior Notes due 2024 (4) | 996,696 | 996,622 | |||||||||||
4.9% Senior Notes due 2044 (5) | 698,045 | 698,037 | |||||||||||
Total debt | $ | 6,786,909 | $ | 5,997,915 | |||||||||
Less: Current portion of long-term debt | 2,093 | 2,078 | |||||||||||
Long-term debt, net of current portion | $ | 6,784,816 | $ | 5,995,837 | |||||||||
-1 | The carrying amount is net of unamortized discounts of $1.1 million and $1.2 million at March 31, 2015 and December 31, 2014, respectively. | ||||||||||||
-2 | These notes were sold at par and are recorded at 100% of face value. | ||||||||||||
-3 | The carrying amount includes an unamortized premium of $22.3 million and $22.9 million at March 31, 2015 and December 31, 2014, respectively. | ||||||||||||
-4 | The carrying amount is net of unamortized discounts of $3.3 million and $3.4 million at March 31, 2015 and December 31, 2014, respectively. | ||||||||||||
-5 | The carrying amount is net of an unamortized discount of $2.0 million at both March 31, 2015 and December 31, 2014. | ||||||||||||
Credit Facility | |||||||||||||
The Company has an unsecured credit facility, maturing on May 16, 2019, with aggregate commitments totaling $2.5 billion, which may be increased up to a total of $4.0 billion upon agreement between the Company and participating lenders. | |||||||||||||
The Company had $955 million and $165 million of outstanding borrowings on its credit facility at March 31, 2015 and December 31, 2014, respectively. Borrowings 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 weighted-average interest rate on outstanding borrowings at March 31, 2015 was 1.8%. | |||||||||||||
The Company had approximately $1.54 billion of borrowing availability on its credit facility at March 31, 2015 and 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 consolidated net debt to total capitalization ratio of no greater than 0.65 to 1.00. As of March 31, 2015, 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 March 31, 2015. On May 4, 2015, the Company's credit facility was amended to exclude the impact of non-cash impairment charges recognized after June 30, 2014, net of any tax effect, from the determination of shareholders' equity in the calculation of the consolidated net debt to total capitalization ratio. | |||||||||||||
Senior Notes | |||||||||||||
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 March 31, 2015. | |||||||||||||
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 | |||||||
-1 | On or after these dates, the Company has the option to redeem all or a portion of its senior notes of the applicable series 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 of the applicable series at the “make-whole” redemption prices or amounts specified in the Indentures 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 other things, limit the Company's ability to create liens securing certain indebtedness, enter into certain sale and 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 March 31, 2015. 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 March 31, 2015. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
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 March 31, 2015. The commitments under these arrangements are not recorded in the accompanying condensed consolidated balance sheets. | |
Drilling commitments – As of March 31, 2015, the Company had drilling rig contracts with various terms extending through September 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 strategic plays. Future commitments as of March 31, 2015 total approximately $564 million, of which $186 million is expected to be incurred in the remainder of 2015, $220 million in 2016, $125 million in 2017, and $33 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 March 31, 2015 under the operational pipeline transportation arrangements amount to approximately $1.0 billion, of which $153 million is expected to be incurred in the remainder of 2015, $207 million in 2016, $201 million in 2017, $195 million in 2018, $159 million in 2019, and $109 million thereafter. | |
Further, the Company is a party to an additional five year 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 March 31, 2015. 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. | |
Fuel purchase commitment – The Company has entered into a forward purchase contract with a third party to purchase specified quantities of diesel fuel at specified prices each month over the period from January 2015 through June 2016 for use in the normal course of drilling operations. Over the contract term, the Company has committed to purchase a total of approximately 31 million gallons of diesel fuel at varying prices depending on the grade of diesel fuel purchased and the timing and location of delivery. The contract satisfies a significant portion of the Company's anticipated diesel fuel needs and provides for physical delivery to desired locations. Future commitments under the arrangement as of March 31, 2015 total approximately $75 million, of which $44 million is expected to be incurred in the remainder of 2015 and $31 million is expected to be incurred 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 Amended Motion for Class Certification is presently set for evidentiary hearing on June 1, 2015. 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 both March 31, 2015 and December 31, 2014, the Company had recorded a liability in the condensed consolidated balance sheets under the caption “Other noncurrent liabilities” of $2.9 million 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 | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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 comprehensive income (loss), was $11.3 million and $11.0 million for the three months ended March 31, 2015 and 2014, respectively. | ||||||||
In May 2013, the Company adopted the 2013 Plan and reserved a maximum of 19,680,072 shares of common stock 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 March 31, 2015, the Company had a maximum of 16,944,983 shares of restricted stock 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 three months ended March 31, 2015 is presented below: | ||||||||
Number of | Weighted | |||||||
non-vested | average | |||||||
shares | grant-date | |||||||
fair value | ||||||||
Non-vested restricted shares outstanding at December 31, 2014 | 2,678,764 | $ | 49.4 | |||||
Granted | 1,233,574 | 47.91 | ||||||
Vested | (180,733 | ) | 51.28 | |||||
Forfeited | (54,576 | ) | 53.67 | |||||
Non-vested restricted shares outstanding at March 31, 2015 | 3,677,029 | $ | 48.74 | |||||
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 three months ended March 31, 2015 at the vesting date was approximately $8.6 million. As of March 31, 2015, there was approximately $115 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 1.8 years. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Notes) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Accumulated Other Comprehensive Income [Abstract] | |||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated Other Comprehensive Loss | ||||
Adjustments resulting from the process of translating foreign functional currency financial statements into U.S. dollars are included in "Accumulated other comprehensive loss" within shareholders’ equity on the condensed consolidated balance sheets. The following table summarizes the change in accumulated other comprehensive loss for the three months ended March 31, 2015: | |||||
In thousands | Three months ended March 31, 2015 | ||||
Beginning accumulated other comprehensive loss, net of tax | $ | (385 | ) | ||
Foreign currency translation adjustments | (3,105 | ) | |||
Income tax benefit (1) | — | ||||
Other comprehensive loss, net of tax | (3,105 | ) | |||
Ending accumulated other comprehensive loss, net of tax | $ | (3,490 | ) | ||
-1 | A valuation allowance has been recognized against deferred tax assets associated with losses generated by the Company's Canadian operations, thereby resulting in zero income tax benefit on other comprehensive loss for the period. |
Basis_of_Presentation_and_Sign1
Basis of Presentation and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Description of the Company | The Company's principal business is crude oil and natural gas exploration, development and production with properties primarily located 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 72% of the Company’s crude oil and natural gas production and 78% of its crude oil and natural gas revenues for the three months ended March 31, 2015. The Company's principal producing properties in the North region are located in the Bakken field of North Dakota and Montana. In recent years, the Company has significantly expanded its activity in the South region with its discovery and announcement of the SCOOP play in Oklahoma. The South region now comprises 28% of the Company's crude oil and natural gas production and 22% of its crude oil and natural gas revenues for the three months ended March 31, 2015. | |
The Company has focused its operations on the exploration and development of crude oil since the 1980s. For the three months ended March 31, 2015, crude oil accounted for 69% of the Company’s total production and 84% 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. 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. Previously reported common stock and earnings per share amounts for the three months ended March 31, 2014 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, 2014 (“2014 Form 10-K”), which includes a summary of the Company’s significant accounting policies and other disclosures. | |
The condensed consolidated financial statements as of March 31, 2015 and for the three month periods ended March 31, 2015 and 2014 are unaudited. The condensed consolidated balance sheet as of December 31, 2014 was derived from the audited balance sheet included in the 2014 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 |
Inventory is comprised of crude oil held in storage or as line fill in pipelines and tubular goods and equipment to be used in the Company's exploration and development activities. Crude oil inventories are valued at the lower of cost or market primarily using the first-in, first-out inventory method. Tubular goods and equipment are valued at the lower of cost or market, with cost determined primarily using a weighted average cost method applied to specific classes of inventory items. | |
Earnings Per Share | Earnings per share |
Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares outstanding for the period. Diluted net income (loss) 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) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Accounting Policies [Abstract] | |||||||||
Components of Inventories | The components of inventory as of March 31, 2015 and December 31, 2014 consisted of the following: | ||||||||
In thousands | March 31, 2015 | December 31, 2014 | |||||||
Tubular goods and equipment | $ | 16,214 | $ | 15,659 | |||||
Crude oil | 92,133 | 86,520 | |||||||
Total | $ | 108,347 | $ | 102,179 | |||||
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 (loss) per share for the three months ended March 31, 2015 and 2014. | ||||||||
Three months ended March 31, | |||||||||
In thousands, except per share data | 2015 | 2014 | |||||||
Income (loss) (numerator): | |||||||||
Net income (loss) - basic and diluted | $ | (131,971 | ) | $ | 226,234 | ||||
Weighted average shares (denominator): | |||||||||
Weighted average shares - basic | 369,385 | 368,658 | |||||||
Non-vested restricted stock (1) | — | 1,398 | |||||||
Weighted average shares - diluted | 369,385 | 370,056 | |||||||
Net income (loss) per share: | |||||||||
Basic | $ | (0.36 | ) | $ | 0.61 | ||||
Diluted | $ | (0.36 | ) | $ | 0.61 | ||||
-1 | The potential dilutive effect of 925,000 weighted average restricted shares were not included in the calculation of diluted net loss per share for the three months ended March 31, 2015 because to do so would have been anti-dilutive. |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 tax payments and refunds. Also disclosed is information about investing activities that affects recognized assets and liabilities but does not result in cash receipts or payments. | ||||||||
Three months ended March 31, | |||||||||
In thousands | 2015 | 2014 | |||||||
Supplemental cash flow information: | |||||||||
Cash paid for interest | $ | 51,790 | $ | 52,194 | |||||
Cash paid for income taxes | 6 | — | |||||||
Cash received for income tax refunds | 50,000 | 5 | |||||||
Non-cash investing activities: | |||||||||
Increase (decrease) in accrued capital expenditures | (260,204 | ) | 47,508 | ||||||
Asset retirement obligation additions and revisions, net | 2,703 | 1,270 | |||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Summary of Outstanding Contracts with Respect to Natural Gas | ||||||||||||||||||||
Collars | ||||||||||||||||||||
Natural Gas - NYMEX Henry Hub | Swaps Weighted Average Price | Floors | Ceilings | |||||||||||||||||
Weighted Average Price | Weighted Average Price | |||||||||||||||||||
Period and Type of Contract | MMBtus | Range | Range | |||||||||||||||||
April 2015 - December 2015 | ||||||||||||||||||||
Swaps - Henry Hub | 11,000,000 | $ | 4.16 | |||||||||||||||||
Collars - Henry Hub | 22,000,000 | $3.50 - $3.75 | $ | 3.69 | $4.89 - $5.48 | $ | 5.04 | |||||||||||||
January 2016 - December 2016 | ||||||||||||||||||||
Swaps - Henry Hub | 63,110,000 | $ | 3.98 | |||||||||||||||||
Realized and Unrealized 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 March 31, | ||||||||||||||||||||
In thousands | 2015 | 2014 | ||||||||||||||||||
Cash received (paid) on derivatives: | ||||||||||||||||||||
Crude oil fixed price swaps | $ | — | $ | (22,523 | ) | |||||||||||||||
Crude oil collars | — | (584 | ) | |||||||||||||||||
Natural gas fixed price swaps | 18,391 | (10,157 | ) | |||||||||||||||||
Natural gas collars | 5,044 | — | ||||||||||||||||||
Cash received (paid) on derivatives, net | 23,435 | (33,264 | ) | |||||||||||||||||
Non-cash gain (loss) on derivatives: | ||||||||||||||||||||
Crude oil fixed price swaps | — | 13,690 | ||||||||||||||||||
Crude oil collars | — | 5,283 | ||||||||||||||||||
Crude oil written call options | 3,924 | — | ||||||||||||||||||
Natural gas fixed price swaps | 6,492 | (25,401 | ) | |||||||||||||||||
Natural gas collars | (1,096 | ) | 18 | |||||||||||||||||
Non-cash gain (loss) on derivatives, net | 9,320 | (6,410 | ) | |||||||||||||||||
Gain (loss) on derivative instruments, net | $ | 32,755 | $ | (39,674 | ) | |||||||||||||||
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 | 31-Mar-15 | 31-Dec-14 | ||||||||||||||||||
Commodity derivative assets: | ||||||||||||||||||||
Gross amounts of recognized assets | $ | 89,811 | $ | 84,415 | ||||||||||||||||
Gross amounts offset on balance sheet | — | — | ||||||||||||||||||
Net amounts of assets on balance sheet | 89,811 | 84,415 | ||||||||||||||||||
Commodity derivative liabilities: | ||||||||||||||||||||
Gross amounts of recognized liabilities | (830 | ) | (4,770 | ) | ||||||||||||||||
Gross amounts offset on balance sheet | — | 16 | ||||||||||||||||||
Net amounts of liabilities on balance sheet | $ | (830 | ) | $ | (4,754 | ) | ||||||||||||||
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 | March 31, 2015 | December 31, 2014 | ||||||||||||||||||
Derivative assets | $ | 52,392 | $ | 52,423 | ||||||||||||||||
Noncurrent derivative assets | 37,419 | 31,992 | ||||||||||||||||||
Net amounts of assets on balance sheet | 89,811 | 84,415 | ||||||||||||||||||
Derivative liabilities | (254 | ) | (1,645 | ) | ||||||||||||||||
Noncurrent derivative liabilities | (576 | ) | (3,109 | ) | ||||||||||||||||
Net amounts of liabilities on balance sheet | (830 | ) | (4,754 | ) | ||||||||||||||||
Total derivative assets, net | $ | 88,981 | $ | 79,661 | ||||||||||||||||
NYMEX WTI [Member] | ||||||||||||||||||||
Summary of Outstanding Contracts with Respect to Crude Oil | At March 31, 2015, the Company had outstanding derivative contracts with respect to future production as set forth in the tables below. | |||||||||||||||||||
Crude Oil - NYMEX WTI | Ceilings | |||||||||||||||||||
Weighted Average | ||||||||||||||||||||
Period and Type of Contract | Bbls | Range | Price | |||||||||||||||||
July 2015 - December 2015 | ||||||||||||||||||||
Written call options - WTI (1) | 2,208,000 | $95.85 - $103.75 | $ | 98.36 | ||||||||||||||||
ICE Brent [Member] | ||||||||||||||||||||
Summary of Outstanding Contracts with Respect to Crude Oil | ||||||||||||||||||||
Crude Oil - ICE Brent | Ceilings | |||||||||||||||||||
Weighted Average | ||||||||||||||||||||
Period and Type of Contract | Bbls | Range | Price | |||||||||||||||||
July 2015 - December 2015 | ||||||||||||||||||||
Written call options - ICE Brent (1) | 368,000 | $ | 107.4 | $ | 107.4 | |||||||||||||||
January 2016 - December 2016 | ||||||||||||||||||||
Written call options - ICE Brent (1) | 1,464,000 | $ | 107.7 | $ | 107.7 | |||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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 March 31, 2015 and December 31, 2014. | ||||||||||||||||
Fair value measurements at March 31, 2015 using: | |||||||||||||||||
In thousands | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Derivative assets (liabilities): | |||||||||||||||||
Fixed price swaps | $ | — | $ | 69,091 | $ | — | $ | 69,091 | |||||||||
Collars | — | 20,720 | — | 20,720 | |||||||||||||
Written call options | — | (830 | ) | — | (830 | ) | |||||||||||
Total | $ | — | $ | 88,981 | $ | — | $ | 88,981 | |||||||||
Fair value measurements at December 31, 2014 using: | |||||||||||||||||
In thousands | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Derivative assets (liabilities): | |||||||||||||||||
Fixed price swaps | $ | — | $ | 62,599 | $ | — | $ | 62,599 | |||||||||
Collars | — | 21,816 | — | 21,816 | |||||||||||||
Written call options | — | (4,754 | ) | — | (4,754 | ) | |||||||||||
Total | $ | — | $ | 79,661 | $ | — | $ | 79,661 | |||||||||
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 strip prices through 2019 (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 | |||||||||||||||||
Three months ended March 31, | |||||||||||||||||
In thousands | 2015 | 2014 | |||||||||||||||
Proved property impairments | $ | 70,016 | $ | 3,762 | |||||||||||||
Unproved property impairments | 77,545 | 54,446 | |||||||||||||||
Total | $ | 147,561 | $ | 58,208 | |||||||||||||
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. | ||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||
In thousands | Carrying | Fair Value | Carrying | Fair Value | |||||||||||||
Amount | Amount | ||||||||||||||||
Debt: | |||||||||||||||||
Credit facility | $ | 955,000 | $ | 955,000 | $ | 165,000 | $ | 165,000 | |||||||||
Note payable | 15,942 | 14,500 | 16,457 | 14,900 | |||||||||||||
7.375% Senior Notes due 2020 | 198,889 | 213,700 | 198,850 | 213,000 | |||||||||||||
7.125% Senior Notes due 2021 | 400,000 | 416,300 | 400,000 | 421,000 | |||||||||||||
5% Senior Notes due 2022 | 2,022,337 | 1,998,500 | 2,022,949 | 1,857,900 | |||||||||||||
4.5% Senior Notes due 2023 | 1,500,000 | 1,445,000 | 1,500,000 | 1,372,800 | |||||||||||||
3.8% Senior Notes due 2024 | 996,696 | 918,900 | 996,622 | 868,700 | |||||||||||||
4.9% Senior Notes due 2044 | 698,045 | 625,300 | 698,037 | 572,400 | |||||||||||||
Total debt | $ | 6,786,909 | $ | 6,587,200 | $ | 5,997,915 | $ | 5,485,700 | |||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
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 March 31, 2015. | ||||||||||||
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 | |||||||
-1 | On or after these dates, the Company has the option to redeem all or a portion of its senior notes of the applicable series 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 of the applicable series at the “make-whole” redemption prices or amounts specified in the Indentures 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 March 31, 2015 and December 31, 2014: | ||||||||||||
In thousands | 31-Mar-15 | December 31, 2014 | |||||||||||
Credit facility | $ | 955,000 | $ | 165,000 | |||||||||
Note payable | 15,942 | 16,457 | |||||||||||
7.375% Senior Notes due 2020 (1) | 198,889 | 198,850 | |||||||||||
7.125% Senior Notes due 2021 (2) | 400,000 | 400,000 | |||||||||||
5% Senior Notes due 2022 (3) | 2,022,337 | 2,022,949 | |||||||||||
4.5% Senior Notes due 2023 (2) | 1,500,000 | 1,500,000 | |||||||||||
3.8% Senior Notes due 2024 (4) | 996,696 | 996,622 | |||||||||||
4.9% Senior Notes due 2044 (5) | 698,045 | 698,037 | |||||||||||
Total debt | $ | 6,786,909 | $ | 5,997,915 | |||||||||
Less: Current portion of long-term debt | 2,093 | 2,078 | |||||||||||
Long-term debt, net of current portion | $ | 6,784,816 | $ | 5,995,837 | |||||||||
-1 | The carrying amount is net of unamortized discounts of $1.1 million and $1.2 million at March 31, 2015 and December 31, 2014, respectively. | ||||||||||||
-2 | These notes were sold at par and are recorded at 100% of face value. | ||||||||||||
-3 | The carrying amount includes an unamortized premium of $22.3 million and $22.9 million at March 31, 2015 and December 31, 2014, respectively. | ||||||||||||
-4 | The carrying amount is net of unamortized discounts of $3.3 million and $3.4 million at March 31, 2015 and December 31, 2014, respectively. | ||||||||||||
-5 | The carrying amount is net of an unamortized discount of $2.0 million at both March 31, 2015 and December 31, 2014 |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) (Restricted stock [Member]) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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 three months ended March 31, 2015 is presented below: | |||||||
Number of | Weighted | |||||||
non-vested | average | |||||||
shares | grant-date | |||||||
fair value | ||||||||
Non-vested restricted shares outstanding at December 31, 2014 | 2,678,764 | $ | 49.4 | |||||
Granted | 1,233,574 | 47.91 | ||||||
Vested | (180,733 | ) | 51.28 | |||||
Forfeited | (54,576 | ) | 53.67 | |||||
Non-vested restricted shares outstanding at March 31, 2015 | 3,677,029 | $ | 48.74 | |||||
Organization_and_Nature_of_Bus1
Organization and Nature of Business - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |
Percentage of crude oil and natural gas production concentrated in crude oil | 69.00% |
Percentage of crude oil and natural gas revenue concentrated in crude oil | 84.00% |
North Region [Member] | |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |
Percentage of operations concentrated in geographic areas | 72.00% |
Percentage of revenues concentrated in geographic areas | 78.00% |
South Region [Member] | |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |
Percentage of operations concentrated in geographic areas | 28.00% |
Percentage of revenues concentrated in geographic areas | 22.00% |
Basis_of_Presentation_and_Sign3
Basis of Presentation and Significant Accounting Policies - Components of Inventories (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ||
Tubular goods and equipment | $16,214 | $15,659 |
Crude oil | 92,133 | 86,520 |
Total | $108,347 | $102,179 |
Basis_of_Presentation_and_Sign4
Basis of Presentation and Significant Accounting Policies - Earnings Per Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accounting Policies [Abstract] | ||
Weighted Average Number Diluted Shares Outstanding Adjustment | 925,000 | |
Income (loss) (numerator): | ||
Net income (loss) - basic and diluted | ($131,971) | $226,234 |
Weighted average shares - basic | 369,385,000 | 368,658,000 |
Non-vested restricted stock (1) | 0 | 1,398,000 |
Weighted average shares - diluted | 369,385,000 | 370,056,000 |
Net income (loss) per share: | ||
Basic (in dollars per share) | ($0.36) | $0.61 |
Diluted (in dollars per share) | ($0.36) | $0.61 |
Basis_of_Presentation_and_Sign5
Basis of Presentation and Significant Accounting Policies Basis of Presentation and Significant Accounting Policies - New Accounting Pronouncements (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Accounting Policies [Abstract] | |
Estimated Debt Issue Costs to be Reclassified | $76 |
Basis_of_Presentation_and_Sign6
Basis of Presentation and Significant Accounting Policies Basis of Presentation and Significant Accounting Policies - Income Taxes (Details) (USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Income Tax Disclosure [Abstract] | |
Deferred Tax Assets, Valuation Allowance | $11.10 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information - Summary of Supplemental Cash Flow Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Noncash Investing Activities [Abstract] | ||
Increase (decrease) in accrued capital expenditures | ($260,204) | $47,508 |
Asset retirement obligation additions and revisions, net | 2,703 | 1,270 |
Supplemental Cash Flow Elements [Abstract] | ||
Cash paid for interest | 51,790 | 52,194 |
Cash paid for income taxes | 6 | 0 |
Cash received for income tax refunds | $50,000 | $5 |
Derivative_Instruments_Summary
Derivative Instruments - Summary of Outstanding Contracts with Respect to Crude Oil (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
bbl | |
West Texas Intermediate [Member] | Call Option July 2015 to December 2015 [Member] | |
Derivative [Line Items] | |
Oil Production Derivative Volume | 2,208,000 |
Derivative, Average Price Risk Option Strike Price | 98.36 |
West Texas Intermediate [Member] | Minimum [Member] | Call Option July 2015 to December 2015 [Member] | |
Derivative [Line Items] | |
Derivative, Price Risk Option Strike Price | 95.85 |
West Texas Intermediate [Member] | Maximum [Member] | Call Option July 2015 to December 2015 [Member] | |
Derivative [Line Items] | |
Derivative, Price Risk Option Strike Price | 103.75 |
ICE Brent [Member] | Call Option July 2015 to December 2015 [Member] | |
Derivative [Line Items] | |
Oil Production Derivative Volume | 368,000 |
Derivative, Average Price Risk Option Strike Price | 107.4 |
ICE Brent [Member] | Call Option January 2016 to December 2016 [Member] | |
Derivative [Line Items] | |
Oil Production Derivative Volume | 1,464,000 |
Derivative, Average Price Risk Option Strike Price | 107.7 |
Derivative_Instruments_Summary1
Derivative Instruments - Summary of Outstanding Contracts with Respect to Natural Gas (Detail) (Natural Gas [Member]) | 3 Months Ended |
Mar. 31, 2015 | |
MMBTU | |
April 2015 to December 2015 Swaps [Member] | |
Derivative [Line Items] | |
Natural Gas Production Derivative Volume, MMBtus | 11,000,000 |
Swaps Weighted Average Price | 4.16 |
April 2015 to December 2015 Collars [Member] | |
Derivative [Line Items] | |
Natural Gas Production Derivative Volume, MMBtus | 22,000,000 |
Floors, Weighted Average Price | 3.69 |
Ceilings, Weighted Average Price | 5.04 |
January Two Thousand Sixteen to December Two Thousand Sixteen Swaps [Member] | |
Derivative [Line Items] | |
Natural Gas Production Derivative Volume, MMBtus | 63,110,000 |
Swaps Weighted Average Price | 3.98 |
Minimum [Member] | April 2015 to December 2015 Collars [Member] | |
Derivative [Line Items] | |
Derivative, Floor Price | 3.5 |
Derivative, Cap Price | 4.89 |
Maximum [Member] | April 2015 to December 2015 Collars [Member] | |
Derivative [Line Items] | |
Derivative, Floor Price | 3.75 |
Derivative, Cap Price | 5.48 |
Derivative_Instruments_Realize
Derivative Instruments - Realized and Unrealized Gains and Losses on Derivative Instruments (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash received (paid) on derivatives: | ||
Cash received (paid) on derivatives, net | $23,435 | ($33,264) |
Non-cash gain (loss) on derivatives: | ||
Non-cash gain (loss) on derivatives, net | 9,320 | -6,410 |
Gain (loss) on derivative instruments, net | 32,755 | -39,674 |
Fixed price swaps | Crude Oil [Member] | ||
Cash received (paid) on derivatives: | ||
Cash received (paid) on derivatives, net | 0 | -22,523 |
Non-cash gain (loss) on derivatives: | ||
Non-cash gain (loss) on derivatives, net | 0 | 13,690 |
Fixed price swaps | Natural Gas [Member] | ||
Cash received (paid) on derivatives: | ||
Cash received (paid) on derivatives, net | 18,391 | -10,157 |
Non-cash gain (loss) on derivatives: | ||
Non-cash gain (loss) on derivatives, net | 6,492 | -25,401 |
Collars | Crude Oil [Member] | ||
Cash received (paid) on derivatives: | ||
Cash received (paid) on derivatives, net | 0 | -584 |
Non-cash gain (loss) on derivatives: | ||
Non-cash gain (loss) on derivatives, net | 0 | 5,283 |
Collars | Natural Gas [Member] | ||
Cash received (paid) on derivatives: | ||
Cash received (paid) on derivatives, net | 5,044 | 0 |
Non-cash gain (loss) on derivatives: | ||
Non-cash gain (loss) on derivatives, net | -1,096 | 18 |
Call Option [Member] | Crude Oil [Member] | ||
Non-cash gain (loss) on derivatives: | ||
Non-cash gain (loss) on derivatives, net | $3,924 | $0 |
Derivative_Instruments_Gross_A
Derivative Instruments - Gross Amounts of Recognized Derivative Assets and Liabilities (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Gross amounts of recognized assets | ($89,811) | ($84,415) |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Net amounts of assets on balance sheet | 89,811 | 84,415 |
Gross amounts of recognized liabilities | -830 | -4,770 |
Derivative Liability, Fair Value, Gross Asset | 0 | 16 |
Net amounts of liabilities on balance sheet | ($830) | ($4,754) |
Derivative_Instruments_Reconci
Derivative Instruments - Reconciles Net Amounts Derivative Assets and Liabilities (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative assets | $52,392 | $52,423 |
Noncurrent derivative assets | 37,419 | 31,992 |
Net amounts of assets on balance sheet | 89,811 | 84,415 |
Derivative liabilities | -254 | -1,645 |
Noncurrent derivative liabilities | -576 | -3,109 |
Net amounts of liabilities on balance sheet | -830 | -4,754 |
Total derivative assets, net | $88,981 | $79,661 |
Fair_Value_Measurements_Valuat
Fair Value Measurements - Valuation of Financial Instruments by Pricing Levels (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Derivative assets (liabilities): | ||
Derivative assets (liabilities) | $88,981 | $79,661 |
Fixed price swaps | ||
Derivative assets (liabilities): | ||
Derivative assets (liabilities) | 69,091 | 62,599 |
Collars | ||
Derivative assets (liabilities): | ||
Derivative assets (liabilities) | 20,720 | 21,816 |
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) | 88,981 | 79,661 |
Fair Value, Inputs, Level 2 [Member] | Fixed price swaps | ||
Derivative assets (liabilities): | ||
Derivative assets (liabilities) | 69,091 | 62,599 |
Fair Value, Inputs, Level 2 [Member] | Collars | ||
Derivative assets (liabilities): | ||
Derivative assets (liabilities) | 20,720 | 21,816 |
Fair Value, Inputs, Level 2 [Member] | Call Option [Member] | ||
Derivative assets (liabilities): | ||
Derivative assets (liabilities) | -830 | -4,754 |
Fair Value | Call Option [Member] | ||
Derivative assets (liabilities): | ||
Derivative assets (liabilities) | -830 | -4,754 |
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) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 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 | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Proved property impairments | $70,016,000 | $3,762,000 |
Unproved property impairments | 77,545,000 | 54,446,000 |
Total | 147,561,000 | 58,208,000 |
Oil and gas property fair value after impairment | 38,200,000 | 1,100,000 |
Emerging Areas [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Proved property impairments | 36,100,000 | |
Non-Bakken North Region [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Proved property impairments | 8,100,000 | |
Medicine Pole Hill Units [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Proved property impairments | 14,700,000 | |
South Region [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Proved property impairments | $11,100,000 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Values of Financial Instruments not Recorded at Fair Value (Detail) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | ||
7.375% Senior Notes due 2020 | ||||
Fair Value Measurements [Line Items] | ||||
Debt Instrument, stated interest rate | 7.38% | |||
Debt Instrument, Maturity Date, Description | 2020 | |||
7.125% Senior Notes due 2021 | ||||
Fair Value Measurements [Line Items] | ||||
Debt Instrument, stated interest rate | 7.13% | |||
Debt Instrument, Maturity Date, Description | 2021 | |||
5% Senior Notes due 2022 | ||||
Fair Value Measurements [Line Items] | ||||
Debt Instrument, stated interest rate | 5.00% | |||
Debt Instrument, Maturity Date, Description | 2022 | |||
4.5% Senior Notes due 2023 [Member] | ||||
Fair Value Measurements [Line Items] | ||||
Debt Instrument, stated interest rate | 4.50% | |||
Debt Instrument, Maturity Date, Description | 2023 | |||
3.8% Senior Notes due 2024 [Member] | ||||
Fair Value Measurements [Line Items] | ||||
Debt Instrument, stated interest rate | 3.80% | |||
Debt Instrument, Maturity Date, Description | 2024 | |||
4.9% Senior Notes due 2044 [Member] | ||||
Fair Value Measurements [Line Items] | ||||
Debt Instrument, stated interest rate | 4.90% | |||
Debt Instrument, Maturity Date, Description | 2044 | |||
Carrying Amount | ||||
Fair Value Measurements [Line Items] | ||||
Credit facility | 955,000 | $165,000 | ||
Note payable | 15,942 | 16,457 | ||
Total debt | 6,786,909 | 5,997,915 | ||
Carrying Amount | 7.375% Senior Notes due 2020 | ||||
Fair Value Measurements [Line Items] | ||||
Senior notes | 198,889 | [1] | 198,850 | [1] |
Carrying Amount | 7.125% Senior Notes due 2021 | ||||
Fair Value Measurements [Line Items] | ||||
Senior notes | 400,000 | [2] | 400,000 | [2] |
Carrying Amount | 5% Senior Notes due 2022 | ||||
Fair Value Measurements [Line Items] | ||||
Senior notes | 2,022,337 | [3] | 2,022,949 | [3] |
Carrying Amount | 4 1/2% Senior Notes Due 2023 | ||||
Fair Value Measurements [Line Items] | ||||
Senior notes | 1,500,000 | [2] | 1,500,000 | [2] |
Carrying Amount | 3.8% Senior Notes due 2024 [Member] | ||||
Fair Value Measurements [Line Items] | ||||
Senior notes | 996,696 | [4] | 996,622 | [4] |
Carrying Amount | 4.9% Senior Notes due 2044 [Member] | ||||
Fair Value Measurements [Line Items] | ||||
Senior notes | 698,045 | [5] | 698,037 | [5] |
Fair Value | ||||
Fair Value Measurements [Line Items] | ||||
Credit facility | 955,000 | 165,000 | ||
Note payable | 14,500 | 14,900 | ||
Total debt | 6,587,200 | 5,485,700 | ||
Fair Value | 7.375% Senior Notes due 2020 | ||||
Fair Value Measurements [Line Items] | ||||
Senior notes | 213,700 | 213,000 | ||
Fair Value | 7.125% Senior Notes due 2021 | ||||
Fair Value Measurements [Line Items] | ||||
Senior notes | 416,300 | 421,000 | ||
Fair Value | 5% Senior Notes due 2022 | ||||
Fair Value Measurements [Line Items] | ||||
Senior notes | 1,998,500 | 1,857,900 | ||
Fair Value | 4 1/2% Senior Notes Due 2023 | ||||
Fair Value Measurements [Line Items] | ||||
Senior notes | 1,445,000 | 1,372,800 | ||
Fair Value | 3.8% Senior Notes due 2024 [Member] | ||||
Fair Value Measurements [Line Items] | ||||
Senior notes | 918,900 | 868,700 | ||
Fair Value | 4.9% Senior Notes due 2044 [Member] | ||||
Fair Value Measurements [Line Items] | ||||
Senior notes | 625,300 | $572,400 | ||
[1] | The carrying amount is net of unamortized discounts of $1.1 million and $1.2 million at March 31, 2015 and December 31, 2014, respectively. | |||
[2] | These notes were sold at par and are recorded at 100% of face value. | |||
[3] | The carrying amount includes an unamortized premium of $22.3 million and $22.9 million at March 31, 2015 and December 31, 2014, respectively. | |||
[4] | The carrying amount is net of unamortized discounts of $3.3 million and $3.4 million at March 31, 2015 and December 31, 2014, respectively. | |||
[5] | The carrying amount is net of an unamortized discount of $2.0 million at both March 31, 2015 and December 31, 2014. |
LongTerm_Debt_LongTerm_Debt_De
Long-Term Debt - Long-Term Debt (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
Debt Instrument [Line Items] | ||||
Less: Current portion of long-term debt | ($2,093,000) | ($2,078,000) | ||
Long-term debt, net of current portion | 6,784,816,000 | 5,995,837,000 | ||
7.375% Senior Notes due 2020 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, stated interest rate | 7.38% | |||
Debt Instrument, Unamortized Discount | 1,100,000 | 1,200,000 | ||
7.125% Senior Notes due 2021 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Carrying Value To Face Value Percentage | 100.00% | |||
Debt Instrument, stated interest rate | 7.13% | |||
5% Senior Notes due 2022 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, stated interest rate | 5.00% | |||
Debt Instrument, Unamortized Premium | 22,300,000 | 22,900,000 | ||
Note Payable [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, stated interest rate | 3.14% | |||
Note payable | 22,000,000 | |||
3.8% Senior Notes due 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, stated interest rate | 3.80% | |||
Debt Instrument, Unamortized Discount | 3,300,000 | 3,400,000 | ||
4.9% Senior Notes due 2044 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, stated interest rate | 4.90% | |||
Debt Instrument, Unamortized Discount | 2,000,000 | 2,000,000 | ||
Carrying Amount | ||||
Debt Instrument [Line Items] | ||||
Credit facility | 955,000,000 | 165,000,000 | ||
Note payable | 15,942,000 | 16,457,000 | ||
Total debt | 6,786,909,000 | 5,997,915,000 | ||
Carrying Amount | 7.375% Senior Notes due 2020 | ||||
Debt Instrument [Line Items] | ||||
Senior notes | 198,889,000 | [1] | 198,850,000 | [1] |
Carrying Amount | 7.125% Senior Notes due 2021 | ||||
Debt Instrument [Line Items] | ||||
Senior notes | 400,000,000 | [2] | 400,000,000 | [2] |
Carrying Amount | 5% Senior Notes due 2022 | ||||
Debt Instrument [Line Items] | ||||
Senior notes | 2,022,337,000 | [3] | 2,022,949,000 | [3] |
Carrying Amount | 4 1/2% Senior Notes Due 2023 | ||||
Debt Instrument [Line Items] | ||||
Senior notes | 1,500,000,000 | [2] | 1,500,000,000 | [2] |
Carrying Amount | 3.8% Senior Notes due 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior notes | 996,696,000 | [4] | 996,622,000 | [4] |
Carrying Amount | 4.9% Senior Notes due 2044 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior notes | 698,045,000 | [5] | 698,037,000 | [5] |
Fair Value | ||||
Debt Instrument [Line Items] | ||||
Credit facility | 955,000,000 | 165,000,000 | ||
Note payable | 14,500,000 | 14,900,000 | ||
Total debt | 6,587,200,000 | 5,485,700,000 | ||
Fair Value | 7.375% Senior Notes due 2020 | ||||
Debt Instrument [Line Items] | ||||
Senior notes | 213,700,000 | 213,000,000 | ||
Fair Value | 7.125% Senior Notes due 2021 | ||||
Debt Instrument [Line Items] | ||||
Senior notes | 416,300,000 | 421,000,000 | ||
Fair Value | 5% Senior Notes due 2022 | ||||
Debt Instrument [Line Items] | ||||
Senior notes | 1,998,500,000 | 1,857,900,000 | ||
Fair Value | 4 1/2% Senior Notes Due 2023 | ||||
Debt Instrument [Line Items] | ||||
Senior notes | 1,445,000,000 | 1,372,800,000 | ||
Fair Value | 3.8% Senior Notes due 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior notes | 918,900,000 | 868,700,000 | ||
Fair Value | 4.9% Senior Notes due 2044 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior notes | $625,300,000 | $572,400,000 | ||
[1] | The carrying amount is net of unamortized discounts of $1.1 million and $1.2 million at March 31, 2015 and December 31, 2014, respectively. | |||
[2] | These notes were sold at par and are recorded at 100% of face value. | |||
[3] | The carrying amount includes an unamortized premium of $22.3 million and $22.9 million at March 31, 2015 and December 31, 2014, respectively. | |||
[4] | The carrying amount is net of unamortized discounts of $3.3 million and $3.4 million at March 31, 2015 and December 31, 2014, respectively. | |||
[5] | The carrying amount is net of an unamortized discount of $2.0 million at both March 31, 2015 and December 31, 2014. |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Dec. 31, 2014 | |||
Debt Instrument [Line Items] | ||||
Debt, Weighted Average Interest Rate | 1.80% | |||
Line of credit facility, maturity date | 16-May-19 | |||
Aggregate amount of lender commitments on credit facility | $2,500,000,000 | |||
Line of Credit Facility, Maximum Borrowing Capacity | 4,000,000,000 | |||
Line of credit facility, commitment fee percentage, per annum | 0.23% | |||
Current portion of long-term debt | 2,093,000 | 2,078,000 | ||
Line of Credit Facility, Covenant Terms | 0.65 | |||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, unused commitments | 1,540,000,000 | |||
4.5% Senior Notes due 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, stated interest rate | 4.50% | |||
Debt Instrument, Maturity Date, Description | 2023 | |||
Note Payable [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes Payable | 22,000,000 | |||
Loan term | 10 years | |||
Debt Instrument, stated interest rate | 3.14% | |||
Debt Instrument, Maturity Date | 26-Feb-22 | |||
7.375% Senior Notes due 2020 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, stated interest rate | 7.38% | |||
Debt Instrument, Maturity Date, Description | 2020 | |||
7.125% Senior Notes due 2021 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, stated interest rate | 7.13% | |||
Debt Instrument, Maturity Date, Description | 2021 | |||
5% Senior Notes due 2022 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, stated interest rate | 5.00% | |||
Debt Instrument, Maturity Date, Description | 2022 | |||
3.8% Senior Notes due 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, stated interest rate | 3.80% | |||
Debt Instrument, Maturity Date, Description | 2024 | |||
4.9% Senior Notes due 2044 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, stated interest rate | 4.90% | |||
Debt Instrument, Maturity Date, Description | 2044 | |||
Carrying Amount | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, amount outstanding | 955,000,000 | 165,000,000 | ||
Notes Payable | 15,942,000 | 16,457,000 | ||
Carrying Amount | 7.375% Senior Notes due 2020 | ||||
Debt Instrument [Line Items] | ||||
Senior notes | 198,889,000 | [1] | 198,850,000 | [1] |
Carrying Amount | 7.125% Senior Notes due 2021 | ||||
Debt Instrument [Line Items] | ||||
Senior notes | 400,000,000 | [2] | 400,000,000 | [2] |
Carrying Amount | 5% Senior Notes due 2022 | ||||
Debt Instrument [Line Items] | ||||
Senior notes | 2,022,337,000 | [3] | 2,022,949,000 | [3] |
Carrying Amount | 3.8% Senior Notes due 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior notes | 996,696,000 | [4] | 996,622,000 | [4] |
Carrying Amount | 4.9% Senior Notes due 2044 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior notes | $698,045,000 | [5] | $698,037,000 | [5] |
[1] | The carrying amount is net of unamortized discounts of $1.1 million and $1.2 million at March 31, 2015 and December 31, 2014, respectively. | |||
[2] | These notes were sold at par and are recorded at 100% of face value. | |||
[3] | The carrying amount includes an unamortized premium of $22.3 million and $22.9 million at March 31, 2015 and December 31, 2014, respectively. | |||
[4] | The carrying amount is net of unamortized discounts of $3.3 million and $3.4 million at March 31, 2015 and December 31, 2014, respectively. | |||
[5] | The carrying amount is net of an unamortized discount of $2.0 million at both March 31, 2015 and December 31, 2014. |
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) | 3 Months Ended |
Mar. 31, 2015 | |
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 |
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 |
Senior Notes due 2024 [Domain] | |
Debt Instrument [Line Items] | |
Maturity date | 1-Jun-24 |
Interest payment dates | June 1, Dec. 1 |
Make-whole redemption period | 1-Mar-24 |
Senior Notes due 2044 [Member] | |
Debt Instrument [Line Items] | |
Maturity date | 1-Jun-44 |
Interest payment dates | June 1, Dec. 1 |
Make-whole redemption period | 1-Dec-43 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended |
In Millions, unless otherwise specified | Nov. 30, 2010 | Mar. 31, 2015 |
Long-term Purchase Commitment [Line Items] | ||
Total future drilling commitments at balance sheet date | $564 | |
Drilling commitments due remainder of current year | 186 | |
Drilling commitments Year Two | 220 | |
Drilling Commitments Year Three | 125 | |
Drilling Commitments Year Four | 33 | |
Future Drilling Commitments End Date | 2018-09 | |
Loss related to contingency damages | 165 | |
Legal proceedings recorded as a liability under other noncurrent liabilities | -2.9 | |
Fuel Purchase Commitment End Date | 2016-01 | |
Pipeline Transportation Commitments [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Pipeline commitments, end date | 2025 | |
Purchase Obligation, total | 1,000 | |
Purchase Obligation, due in remainder of current year | 153 | |
Purchase Obligation, due second year | 207 | |
Purchase Obligation, due third year | 201 | |
Purchase Obligation, due fourth year | 195 | |
Purchase Obligation, due fifth year | 159 | |
Purchase Obligation, Due after Fifth Year | 109 | |
Non-operational [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Crude oil non-op transportation commitment, total | 260 | |
Fuel [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Purchase Obligation, total | 75 | |
Purchase Obligation, Due in Next Twelve Months | 44 | |
Purchase Obligation, due second year | $31 |
Stock_Based_Compensation_Stock
Stock Based Compensation - Stock Based Compensation Expenses (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Non-cash equity compensation | $11.30 | $11 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 |
Restricted stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock available to grant | 16,944,983 |
Fair value at vesting date | $8.60 |
Unrecognized compensation expense related to non-vested | $115 |
Unrecognized compensation expense related to non-vested, period for recognition, in years | 1 year 9 months 1 day |
Restricted stock [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grants vest over periods, in years | 1 year |
Restricted stock [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grants vest over periods, in years | 3 years |
2013 Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Common stock available for issue | 19,680,072 |
Stock_Based_Compensation_Summa
Stock Based Compensation - Summary of Changes in Non Vested Shares of Restricted Stock Outstanding (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
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 | 2,678,764 |
Granted shares | 1,233,574 |
Vested shares | -180,733 |
Forfeited shares | -54,576 |
Non-vested shares, ending balance | 3,677,029 |
Non-vested, weighted average grant-date fair value, beginning of period | $49.40 |
Granted, weighted average grant-date fair value | $47.91 |
Vested, weighted average grant-date fair value | $51.28 |
Forfeited, weighted average grant-date fair value | $53.67 |
Non-vested, weighted average grant-date fair value, end of period | $48.74 |
Property_Dispositions_Addition
Property Dispositions - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Property Dispositions (Line Items) | ||
Proceeds from sale of assets | $903,000 | $35,433,000 |
Recognized pre-tax loss | $8,500,000 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($3,490) | ($385) | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | -3,105 | 0 | |
Translation Adjustment Functional to Reporting Currency, Tax Benefit (Expense) | 0 | ||
Other Comprehensive Income (Loss), Net of Tax (unaudited) | ($3,105) | $0 |