Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Jun. 30, 2013 | Feb. 21, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'EPL OIL & GAS, INC. | ' | ' |
Entity Central Index Key | '0000750199 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 39,206,958 |
Entity Public Float | ' | $1,066,066,044 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Trading Symbol | 'EPL | ' | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $8,812 | $1,521 |
Trade accounts receivable - net | 70,707 | 67,991 |
Fair value of commodity derivative instruments | 501 | 3,302 |
Deferred tax asset | 8,949 | 3,322 |
Prepaid expenses | 6,868 | 9,873 |
Total current assets | 95,837 | 86,009 |
Property and equipment, at cost under the successful efforts method of accounting | 2,355,219 | 2,025,647 |
Less accumulated depreciation, depletion, amortization and impairments | -618,788 | -427,580 |
Net property and equipment | 1,736,431 | 1,598,067 |
Deposit for Nexen Acquisition | 7,040 | ' |
Restricted cash | 6,023 | 6,023 |
Fair value of commodity derivative instruments | 238 | 211 |
Deferred financing costs -- net of accumulated amortization of $5,549 and $2,596 at December 31, 2013 and 2012, respectively | 10,106 | 12,386 |
Other assets | 2,156 | 2,931 |
Total Assets | 1,857,831 | 1,705,627 |
Current liabilities: | ' | ' |
Accounts payable | 59,431 | 34,772 |
Accrued expenses | 131,125 | 117,372 |
Asset retirement obligations | 51,601 | 30,179 |
Fair value of commodity derivative instruments | 29,636 | 10,026 |
Total current liabilities | 271,793 | 192,349 |
Long-term debt | 627,355 | 689,911 |
Asset retirement obligations | 203,849 | 204,931 |
Deferred tax liabilities | 122,812 | 67,694 |
Fair value of commodity derivative instruments | 2,136 | 3,637 |
Other | 673 | 1,132 |
Total Liabilities | 1,228,618 | 1,159,654 |
Commitments and contingencies (Note 13) | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, $0.001 par value. Authorized 1,000,000 shares; no shares issued and outstanding at December 31, 2012 and 2011, respectively | ' | ' |
Common stock, par value $0.001 per share. Authorized 75,000,000 shares; shares issued: 40,970,137 and 40,601,887 at December 31, 2013 and 2012, respectively; shares outstanding: 39,097,394 and 39,103,203 December 31, 2012 and 2011, respectively | 41 | 40 |
Additional paid-in capital | 519,114 | 510,469 |
Treasury stock, at cost, 1,498,684 and 922,345 shares at December 31, 2012 and 2011, respectively | -31,157 | -20,477 |
Retained earnings | 141,215 | 55,941 |
Total stockholders' equity | 629,213 | 545,973 |
Total liabilities and stockholders' equity | $1,857,831 | $1,705,627 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Condensed Consolidated Balance Sheets [Abstract] | ' | ' |
Accumulated amortization, deferred financing costs | $5,549 | $2,596 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 40,970,137 | 40,601,887 |
Common stock, shares outstanding | 39,097,394 | 39,103,203 |
Treasury stock, shares | 1,872,743 | 1,498,684 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Oil and natural gas | ' | ' | ' | ' | ' | ' | ' | ' | $688,743 | $422,529 | $348,207 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 4,295 | 1,104 | 120 |
Total Revenues | 142,610 | 183,992 | 184,087 | 182,349 | 138,899 | 86,668 | 99,270 | 98,796 | 693,038 | 423,633 | 348,327 |
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease operating | ' | ' | ' | ' | ' | ' | ' | ' | 165,841 | 94,850 | 70,281 |
Transportation | ' | ' | ' | ' | ' | ' | ' | ' | 3,568 | 615 | 779 |
Exploration expenditures and dry hole costs | ' | ' | ' | ' | ' | ' | ' | ' | 26,555 | 18,799 | 14,268 |
Impairments | ' | ' | ' | ' | ' | ' | ' | ' | 2,937 | 8,883 | 32,466 |
Depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 200,359 | 113,581 | 104,624 |
Accretion of liability for asset retirement obligations | ' | ' | ' | ' | ' | ' | ' | ' | 28,299 | 15,565 | 15,942 |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 28,137 | 23,208 | 18,741 |
Taxes, other than on earnings | ' | ' | ' | ' | ' | ' | ' | ' | 11,490 | 13,007 | 14,365 |
Gain on sale of assets | ' | ' | ' | ' | ' | ' | ' | ' | -28,681 | ' | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 34,942 | 4,678 | 9,735 |
Total costs and expenses | 122,077 | 143,178 | 98,535 | 109,657 | 86,235 | 67,379 | 68,071 | 71,501 | 473,447 | 293,186 | 281,201 |
Income from operations | 20,533 | 40,814 | 85,552 | 72,692 | 52,664 | 19,289 | 31,199 | 27,295 | 219,591 | 130,447 | 67,126 |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 99 | 136 | 102 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -52,368 | -28,568 | -17,548 |
Loss on derivative instruments | ' | ' | ' | ' | ' | ' | ' | ' | -32,361 | -13,305 | -5,870 |
Loss on early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,377 |
Total other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -84,630 | -41,737 | -25,693 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 134,961 | 88,710 | 41,433 |
Deferred income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -49,687 | -29,900 | -14,822 |
Net income | ($12,058) | ($1,284) | $69,579 | $29,037 | $24,153 | ($2,247) | $35,401 | $1,503 | $85,274 | $58,810 | $26,611 |
Basic earnings per share | ($0.31) | ($0.03) | $1.77 | $0.74 | $0.62 | ($0.06) | $0.90 | $0.04 | $2.18 | $1.50 | $0.66 |
Diluted earnings per share | ($0.31) | ($0.03) | $1.75 | $0.73 | $0.61 | ($0.06) | $0.90 | $0.04 | $2.15 | $1.50 | $0.66 |
Weighted average common shares used in computing earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | ' | ' | ' | ' | ' | ' | ' | ' | 38,730 | 38,885 | 39,946 |
Diluted | ' | ' | ' | ' | ' | ' | ' | ' | 39,236 | 39,034 | 40,050 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Stockholders' Equity (USD $) | Treasury Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
In Thousands, except Share data | |||||
Balance at Dec. 31, 2010 | ' | $40 | $502,556 | ($29,480) | $473,116 |
Balance, shares at Dec. 31, 2010 | ' | 40,092,000 | ' | ' | ' |
Net income | ' | ' | ' | 26,611 | 26,611 |
Stock option and restricted share awards | ' | ' | 2,509 | ' | 2,509 |
Stock option and restricted share awards, shares | ' | 217,000 | ' | ' | ' |
Exercise of stock options | ' | ' | 119 | ' | 119 |
Exercise of stock options, shares | ' | 13,000 | ' | ' | ' |
Purchase of shares into treasury, shares | 916,000 | ' | ' | ' | ' |
Purchase of shares into treasury | -11,353 | ' | ' | ' | -11,353 |
Restricted Stock used for tax withholding | -8 | ' | ' | ' | -8 |
Restricted Stock used for tax withholding, shares | 6,000 | ' | ' | ' | ' |
Other | ' | ' | 51 | ' | 51 |
Shares, Other | ' | 4,000 | ' | ' | ' |
Balance at Dec. 31, 2011 | -11,361 | 40 | 505,235 | -2,869 | 491,045 |
Balance, shares at Dec. 31, 2011 | 922,000 | 40,326,000 | ' | ' | ' |
Net income | ' | ' | ' | 58,810 | 58,810 |
Stock option and restricted share awards | ' | ' | 4,717 | ' | 4,717 |
Stock option and restricted share awards, shares | ' | 226,000 | ' | ' | ' |
Exercise of stock options | ' | ' | 441 | ' | 441 |
Exercise of stock options, shares | ' | 48,000 | ' | ' | ' |
Purchase of shares into treasury, shares | 549,000 | ' | ' | ' | ' |
Purchase of shares into treasury | -8,798 | ' | ' | ' | -8,798 |
Restricted Stock used for tax withholding | -318 | ' | ' | ' | -318 |
Restricted Stock used for tax withholding, shares | 28,000 | ' | ' | ' | ' |
Other | ' | ' | 76 | ' | 76 |
Shares, Other | ' | 2,000 | ' | ' | ' |
Balance at Dec. 31, 2012 | -20,477 | 40 | 510,469 | 55,941 | 545,973 |
Balance, shares at Dec. 31, 2012 | 1,499,000 | 40,602,000 | ' | ' | ' |
Net income | ' | ' | ' | 85,274 | 85,274 |
Stock option and restricted share awards | ' | ' | 7,344 | ' | 7,344 |
Stock option and restricted share awards, shares | 2,000 | 258,000 | ' | ' | ' |
Exercise of stock options | ' | 1 | 1,384 | ' | 1,385 |
Exercise of stock options, shares | ' | 108,000 | ' | ' | ' |
Purchase of shares into treasury, shares | 334,000 | ' | ' | ' | ' |
Purchase of shares into treasury | -9,640 | ' | ' | ' | -9,640 |
Restricted Stock used for tax withholding | -1,040 | ' | ' | ' | -1,040 |
Restricted Stock used for tax withholding, shares | 38,000 | ' | ' | ' | ' |
Other | ' | ' | -83 | ' | -83 |
Shares, Other | ' | 2,000 | ' | ' | ' |
Balance at Dec. 31, 2013 | ($31,157) | $41 | $519,114 | $141,215 | $629,213 |
Balance, shares at Dec. 31, 2013 | 1,873,000 | 40,970,000 | ' | ' | ' |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $85,274 | $58,810 | $26,611 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation, depletion and amortization | 200,359 | 113,581 | 104,624 |
Accretion of liability for asset retirement obligations | 28,299 | 15,565 | 15,942 |
Change in fair value of derivative instruments | 20,884 | 9,491 | -11,475 |
Non-cash compensation | 7,344 | 4,717 | 2,509 |
Deferred income taxes | 49,687 | 29,900 | 14,822 |
Exploration expenditures | 5,520 | 4,227 | 11,239 |
Impairments | 2,937 | 8,883 | 32,466 |
Amortization of deferred financing costs and discount on debt | 5,396 | 2,556 | 1,657 |
Gain on sale of assets | -28,681 | ' | ' |
Loss on early extinguisment of debt | ' | ' | 2,377 |
Other | 27,235 | 2,448 | 6,984 |
Changes in operating assets and liabilities: | ' | ' | ' |
Trade accounts receivable | -1,916 | -33,547 | -10,037 |
Other receivables | ' | ' | 2,088 |
Prepaid expenses | 2,081 | 1,047 | -7,623 |
Other assets | 790 | 145 | -1,215 |
Accounts payable and accrued expenses | 35,658 | 31,477 | 12,650 |
Asset retirement obligation settlements | -53,308 | -35,429 | -32,364 |
Other liabilities | ' | ' | -3 |
Net cash provided by operating activities | 387,559 | 213,871 | 171,252 |
Cash flows used in investing activities: | ' | ' | ' |
Decrease in restricted cash | ' | ' | 2,466 |
Property acquisitions | -27,560 | -578,372 | -235,486 |
Deposit for Nexen Acquisition | -7,040 | ' | ' |
Exploration and development expenditures | -322,040 | -184,850 | -76,003 |
Other property and equipment additions | -2,016 | -1,743 | -1,568 |
Proceeds from sale of assets | 52,317 | ' | ' |
Net cash used in investing activities | -306,339 | -764,965 | -310,591 |
Cash flows provided by (used in) financing activities: | ' | ' | ' |
Proceeds from indebtedness | ' | 509,313 | 203,794 |
Repayments of indebtedness | -65,000 | -20,000 | ' |
Deferred financing costs | -674 | -8,469 | -6,646 |
Purchase of shares into treasury | -9,640 | -8,798 | -11,353 |
Exercise of stock options | 1,385 | 441 | 119 |
Net cash provided by (used in) financing activities | -73,929 | 472,487 | 185,914 |
Net increase (decrease) in cash and cash equivalents | 7,291 | -78,607 | 46,575 |
Cash and cash equivalents at beginning of period | 1,521 | 80,128 | 33,553 |
Cash and cash equivalents at end of period | 8,812 | 1,521 | 80,128 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ' | ' | ' |
Interest | $47,339 | $21,129 | $9,395 |
Organization_and_Summary_of_Si
Organization and Summary of Significant Accounting Policiies | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Organization and Summary of Significant Accounting Policies [Abstract] | ' | |||
Organization and Summary of Significant Accounting Policies | ' | |||
1) Organization and Summary of Significant Accounting Policies | ||||
EPL Oil & Gas, Inc. (“we,” “our,” “us,” or “the Company”) was incorporated as a Delaware corporation on January 29, 1998. We are an independent oil and natural gas exploration and production company. Our current operations are concentrated in the U.S. Gulf of Mexico shelf focusing on state and federal waters offshore Louisiana. Effective September 1, 2012, we changed our legal corporate name from “Energy Partners, Ltd.” to “EPL Oil & Gas, Inc.” through a short-form merger pursuant to Section 253 of the General Corporation Law of the State of Delaware. | ||||
Recent Events. On January 15, 2014, we acquired 100% working interest of certain shallow-water central Gulf of Mexico shelf oil and natural gas assets comprised of five leases in the Eugene Island 258/259 field for $70.4 million, subject to customary adjustments to reflect the September 1, 2013, economic effective date. This acquisition was financed with borrowings under our Senior Credit Facility. In January 2014, we requested and received, with the approval of our lenders, a $50.0 million increase in our borrowing base bringing our borrowing base under the Senior Credit Facility to $475.0 million. See Note 7, “Indebtedness” for more information regarding our Senior Credit Facility. | ||||
A summary of acquisition activity during 2013, 2012 and 2011 is as follows (purchase prices are before economic effective date adjustments): | ||||
· | On September 26, 2013, we acquired an asset package consisting of certain Gulf of Mexico shelf oil and natural gas interests in the West Delta 29 field for $21.8 million; | |||
· | On October 31, 2012, we acquired from Hilcorp Energy GOM Holdings, LLC 100% of the membership interests of Hilcorp Energy GOM, LLC, which owned certain shallow water Gulf of Mexico shelf oil and natural gas interests for $550.0 million; | |||
· | On May 15, 2012, we acquired an asset package consisting of certain shallow-water Gulf of Mexico shelf oil and natural gas interests in our South Timbalier 41 field located in the Gulf of Mexico for $32.4 million; | |||
· | On November 17, 2011, we acquired interests in the Main Pass 296/311 complex along with other unit interests in the Main Pass complex and an interest in a Main Pass 295 primary term lease for $38.6 million; and | |||
· | On February 14, 2011, we acquired an asset package consisting of certain shallow-water Gulf of Mexico shelf oil and natural gas interests surrounding the Mississippi River delta and a related gathering system for $200.7 million. | |||
In addition, on April 2, 2013, we sold certain shallow water Gulf of Mexico shelf oil and natural gas interests located within the non-operated Bay Marchand field for total consideration of $62.8 million. See Note 2, “Acquisitions and Disposition” for more information regarding these transactions. | ||||
A summary of significant accounting policies followed in the preparation of the accompanying consolidated financial statements is set forth below. | ||||
(a) Basis of Presentation | ||||
The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the accounts of EPL Oil & Gas, Inc. and our wholly-owned subsidiaries. All significant intercompany accounts and transactions are eliminated in consolidation. Our interests in oil and natural gas exploration and production ventures and partnerships are proportionately consolidated. | ||||
(b) Property and Equipment | ||||
We use the successful efforts method of accounting for oil and natural gas producing activities. Costs to acquire mineral interests in oil and natural gas properties, to drill and equip exploratory wells that find proved reserves, and to drill and equip development wells are capitalized. Exploratory drilling costs are initially capitalized, but charged to expense if and when the well is determined not to have found reserves in commercial quantities. We may capitalize exploratory well costs beyond one year if (a) we found a sufficient quantity of reserves to justify its completion as a producing well and (b) we are making sufficient progress assessing the reserves and the economic and operating viability of the project; otherwise, these costs are expensed. Geological and geophysical costs are charged to expense as incurred. | ||||
Leasehold acquisition costs are capitalized as unproved properties. If proved reserves are found on undeveloped leases, the related leasehold costs are transferred to proved properties and amortized using the units of production method. For individual unevaluated properties with capitalized costs below a threshold amount, we allocate capitalized costs to earnings generally over the primary lease terms. Properties that are subject to amortization and those with capitalized costs greater than the threshold amount are assessed for impairment periodically. Capitalized costs of producing oil and natural gas properties are depreciated and depleted by the units-of-production method. | ||||
We evaluate our capitalized costs of proved oil and natural gas properties for potential impairment when circumstances indicate that the carrying values may not be recoverable. The need to test a property for impairment can be based on several factors, including a significant reduction in sales prices for oil and/or natural gas, unfavorable adjustments to reserve volumes, actual operating and development costs in excess of expected amounts, changes in estimates of future operating and capital expenditure requirements, or other changes to contracts, environmental regulations or tax laws. The calculation is performed on a field-by-field basis, utilizing our current estimates of future revenues and operating expenses. In the event net undiscounted cash flow is less than the carrying value, an impairment loss is recorded based on the present value of expected future net cash flows over the economic lives of the reserves. | ||||
On the sale or retirement of a complete unit of a proved property, the cost and related accumulated depletion, depreciation and amortization are eliminated from the property accounts, along with the related asset retirement obligations, unless retained by us, and the resulting gain or loss is recognized in earnings. | ||||
(c) Asset Retirement Obligations | ||||
We record our obligations associated with the retirement of tangible long-lived assets at their fair values in the period incurred. The fair value of the obligation is also recorded to the related asset’s carrying amount. Accretion of the liability is recognized as an operating expense and the capitalized cost is amortized using the units-of-production method. We revise our estimates of asset retirement obligations as information about material changes to the liability becomes known. Revisions are recorded as adjustments to existing liabilities and to the carrying amount of the related assets. Revisions occurring at or near the end of an asset’s useful life may result in impairments or losses and could materially impact earnings. Our asset retirement obligations relate primarily to the plugging and abandonment of our oil and natural gas wellbores and to decommissioning related pipelines, facilities and structures. | ||||
(d) Income Taxes | ||||
We account for income taxes under the asset and liability method, which requires that we recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis amounts. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. We recognize the effect on deferred tax assets and liabilities of a change in the tax rates in income in the period that includes the enactment date. | ||||
We follow the provisions of Accounting Standards Codification (“ASC”) Topic 740, “Income Taxes,” which apply to the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribe a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. These provisions also contain guidance on de-recognition, classification, interest and penalties. Interest, if any, is classified as a component of interest expense, and statutory penalties, if any, are classified as a component of general and administrative expense. | ||||
(e) Deferred Financing Costs | ||||
We defer costs incurred to obtain debt financing and then amortize such costs as additional interest expense over the maturity period of the related debt using the effective interest rate method. | ||||
(f) Earnings Per Share | ||||
Basic earnings per share is computed by dividing income or loss available to common stockholders by the weighted average number of common shares outstanding during each period. According to GAAP, we have determined that our unvested restricted share awards, which contain non-forfeitable rights to dividends, are participating securities and should be included in the computation of earnings per share pursuant to the “two-class” method. The “two-class” method allocates undistributed earnings between common shares and participating securities. The diluted earnings per share calculation under the “two-class” method also includes the effect, if dilutive, of potential common shares associated with stock option awards outstanding during each period. The dilutive effect of stock options is determined using the treasury stock method. | ||||
(g) Revenue Recognition | ||||
We record revenues from the sales of oil and natural gas when the product is delivered at a determinable price, title has transferred and collectability is reasonably assured. When we have an interest with other producers in properties from which natural gas is produced, we use the entitlement method for recording natural gas sales revenue. Under this method of accounting, revenue is recorded based on our net revenue interest in production. Deliveries of natural gas in excess of our revenue interest are recorded as liabilities and under-deliveries are recorded as receivables. We had natural gas imbalance liabilities of $2.0 million and $1.7 million at December 31, 2013 and 2012, respectively. We had natural gas imbalance receivables of $1.9 million and $0.8 million at December 31, 2013 and 2012, respectively. | ||||
(h) Cash and Cash Equivalents | ||||
We include in cash and cash equivalents our highly-liquid investments with original maturities of three months or less. At December 31, 2013 and 2012, cash and cash equivalents includes investments in overnight interest-bearing deposits of $7.3 million and $2.3 million, respectively. These amounts are reduced by overdraft balances on other operating accounts with legal right of offset in the same banking institution to arrive at the cash and cash equivalent balances reported in our consolidated balance sheets. | ||||
(i) Derivative Activities | ||||
Derivative instruments, including certain derivative instruments embedded in other contracts, are recorded at fair value and included as either assets or liabilities in the balance sheet. The accounting for changes in fair value depends on the intended use of the derivative and the resulting designation, which is established at the inception of the derivative. We do not elect to designate derivative instruments as hedges. Gains and losses resulting from changes in the fair value of derivative instruments are recorded in other income (expense). Gains and losses related to contract settlements are also recorded in other income (expense). | ||||
(j) Share-Based Compensation | ||||
We recognize share-based compensation expense based on the estimated grant-date fair value of all share-based awards, net of an estimated forfeiture rate, over the requisite service period of the awards, which is generally equivalent to the vesting term. We record share-based compensation expense only for those awards expected to vest. We periodically revise our estimated forfeiture rate if actual forfeitures differ from our estimates. | ||||
We are required to report excess tax benefits from the exercise of stock options as financing cash flows. For the year ended December 31, 2013 and 2012, no excess tax benefits were reported in the statement of cash flows as we were in a net operating loss carryforward position. See Note 12 for additional disclosures. | ||||
(k) Allowance for Doubtful Accounts | ||||
We routinely assess the recoverability of all material trade and other receivables to determine their collectability. Our crude oil and natural gas revenue receivables are typically collected within two months. We may have the ability to withhold future revenue disbursements to recover any non-payment of joint interest receivables on properties where we are the operator. When we believe collection of the full amount of our accounts receivable is in doubt, we record an allowance to reflect accounts receivable at the net realizable value, which may be reflected in earnings or as an increase to the net book value of our oil and natural gas properties depending on the nature of the transaction that created the receivable. The nature of the transaction resulting in the receivable balance determines whether the allowance, when recorded, impacts our earnings (ordinarily through LOE) or our property and equipment balances. As of December 31, 2013, our allowance for doubtful accounts was $0.7 million, $0.1 million of which was recorded as a recovery in earnings in 2013. As of December 31, 2012, our allowance for doubtful accounts was $0.7 million, $0.1 million of which was recorded as a recovery in earnings in 2012. | ||||
(l) Accrued Expenses | ||||
As of December 31, 2013, our accrued expenses included accrued exploration costs, development costs and lease operating expenses totaling approximately $107.8 million, other accrued expenses of $7.5 million and interest payable of approximately $15.8 million. As of December 31, 2012, our accrued expenses included accrued exploration costs, development costs and lease operating expenses totaling approximately $84.9 million, other accrued expenses of $16.3 million and interest payable of approximately $16.2 million. | ||||
(m) Use of Estimates | ||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain accounting policies involve judgments and uncertainties to such an extent that there is reasonable likelihood that materially different amounts could have been reported under different conditions, or if different assumptions had been used. We evaluate our estimates and assumptions on a regular basis. We use historical experience and various other assumptions that are believed to be reasonable under the circumstances to form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Our actual results may differ from these estimates and assumptions used in preparation of our financial statements. Significant estimates with regard to these financial statements and related unaudited disclosures include the estimate of proved oil and natural gas reserve quantities and the related present value of estimated future net cash flows therefrom disclosed in Note 15. | ||||
(n) New Accounting Pronouncements | ||||
Effective January 1, 2013, we adopted the amended disclosure requirements contained in ASU 2011-11, “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities.” This guidance impacted the disclosures associated with our derivative instruments and did not impact our consolidated financial position, results of operations or cash flows. See Note 7, “Fair Value Measurements,” of our consolidated financial statements in Part I, Item 1 of this Quarterly Report for related disclosures. | ||||
In July 2013, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” The amendments in this update clarify the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The amendments are effective for fiscal years, and interim periods within those years, beginning December 15, 2013. We do not expect this guidance to have a material impact on our consolidated financial position, results of operations or cash flows. | ||||
Acquisitions_and_Dispositions
Acquisitions and Dispositions | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Acquisitions and Dispositions [Abstract] | ' | |||||||||
Acquisitions and Dispositions [Text Block] | ' | |||||||||
(2) Acquisitions and Dispositions | ||||||||||
Sale of Non-Operated Bay Marchand Asset | ||||||||||
On April 2, 2013, we sold certain shallow water Gulf of Mexico shelf oil and natural gas interests located within the non-operated Bay Marchand field (the “BM Interests”) to the property operator for $51.5 million in cash and the buyer’s assumption of liabilities recorded on our balance sheet of $11.3 million resulting in total consideration of $62.8 million, subject to customary adjustments to reflect the January 1, 2013 economic effective date. Our results for the year ended December 31, 2013 reflect a pre-tax gain of $28.1 million from this sale. The following table summarizes the carrying amount of the net assets sold and reflects management’s estimates of customary adjustments to the sale price of approximately $0.7 million to reflect the economic effective date of January 1, 2013. | ||||||||||
(In thousands) | 1-Jan-13 | |||||||||
Oil and natural gas properties | $ | 35,298 | ||||||||
Asset retirement obligations | -3,959 | |||||||||
Other liabilities | -7,311 | |||||||||
Net assets sold | $ | 24,028 | ||||||||
The cash proceeds from this sale of assets were held on deposit with a qualified intermediary in contemplation of a potential tax-deferred exchange of properties and classified as restricted cash at June 30, 2013. On September 26, 2013, we used $16.5 million of these proceeds to fund the WD29 Acquisition (defined and described below), which was a qualifying purchase for tax-deferral purposes. On September 29, 2013, the underlying escrow agreement expired, and the remaining amount of the deposit became unrestricted. | ||||||||||
The West Delta 29 Acquisition | ||||||||||
On September 26, 2013, we acquired from W&T Offshore, Inc. (“W&T”) an asset package consisting of certain Gulf of Mexico shelf oil and natural gas interests in the West Delta 29 field (the “WD29 Interests”) for $21.8 million in cash, subject to customary adjustments to reflect an economic effective date of January 1, 2013 (the “WD29 Acquisition”). We estimate that the proved reserves as of the January 1, 2013 economic effective date totaled approximately 0.7 Mmboe, of which 95% were oil and 58% were proved developed reserves. The WD29 Acquisition was funded with a portion of the proceeds from the sale of the BM Interests held by the qualified intermediary as described above. | ||||||||||
The following table summarizes the estimated values of assets acquired and liabilities assumed and reflects management’s estimate of customary adjustments to purchase price provided for by the purchase and sale agreement of approximately $7.1 million to reflect an economic effective date of January 1, 2013. | ||||||||||
(In thousands) | 1-Jan-13 | |||||||||
Oil and natural gas properties | $ | 16,696 | ||||||||
Asset retirement obligations | -1,398 | |||||||||
Net assets acquired | $ | 15,298 | ||||||||
The Hilcorp Acquisition | ||||||||||
On October 31, 2012, we acquired from Hilcorp Energy GOM Holdings, LLC (“Hilcorp”) 100% of the membership interests of Hilcorp Energy GOM, LLC (the “Hilcorp Acquisition”), which owned certain shallow water Gulf of Mexico shelf oil and natural gas interest (the “Hilcorp Properties”) for $550.0 million in cash, subject to customary adjustments to reflect an economic effective date of July 1, 2012. As of December 31, 2012, the Hilcorp Properties had estimated proved reserves of approximately 37.2 Mmboe, of which 49% were oil and 58% were proved developed reserves. The primary factors considered by management in acquiring the Hilcorp Properties include the belief that the Hilcorp Acquisition provides an opportunity to significantly increase our reserves, production volumes and drilling portfolio, while maintaining our focus on oil-weighted assets in our core area of expertise on the Gulf of Mexico shelf. The Hilcorp Acquisition also provides us with access to infrastructure and extensive acreage, with significant exploitation and development potential. | ||||||||||
The Hilcorp Acquisition was financed with cash on hand, the net proceeds from the sale of $300 million in aggregate principal amount of 8.25% senior notes due 2018 (the “2012 Senior Notes”) and borrowings under our expanded Senior Credit Facility. After deducting the initial purchasers’ discount, we realized net proceeds of $289.5 million. See Note 7, “Indebtedness,” for more information regarding our 2012 Senior Notes. | ||||||||||
The following table summarizes the estimated values of assets acquired and liabilities assumed and reflects final adjustments to purchase price provided for by the purchase and sale agreement of approximately $5.7 million to reflect an economic effective date of July 1, 2012. | ||||||||||
(In thousands) | 1-Jul-12 | |||||||||
Oil and natural gas properties | $ | 698,660 | ||||||||
Asset retirement obligations | -150,959 | |||||||||
Net assets acquired | $ | 547,701 | ||||||||
During the quarter ended December 31, 2013, we completed the allocation of the Hilcorp Acquisition purchase price resulting in an increase in the acquired asset retirement obligation of $22.1 million. This change was due primarily to changes in the timing of expected cash flows for the related abandonment and decommissioning activities. | ||||||||||
The South Timbalier Acquisition | ||||||||||
On May 15, 2012, we acquired from W&T an asset package consisting of certain shallow-water Gulf of Mexico shelf oil and natural gas interests in our South Timbalier 41 field (the “ST41 Interests”) located in the Gulf of Mexico for $32.4 million in cash, subject to customary adjustments to reflect an economic effective date of April 1, 2012. We estimate that the proved reserves as of the April 1, 2012 economic effective date totaled approximately 1.0 Mmboe, of which 51% were oil and 84% were proved developed reserves. Prior to the ST41 Acquisition, we owned a 60% working interest in these properties, and W&T owned a 40% working interest. As a result of the ST41 Acquisition, we have become the sole working interest owner of the South Timbalier 41 field. We funded the ST41 Acquisition with cash on hand. | ||||||||||
The following table summarizes the estimated values of assets acquired and liabilities assumed and reflects final adjustments to purchase price provided for by the purchase and sale agreement of approximately $0.4 million to reflect an economic effective date of April 1, 2012. | ||||||||||
(In thousands) | April 1, 2012 | |||||||||
Oil and natural gas properties | $ | 33,206 | ||||||||
Asset retirement obligations | -1,878 | |||||||||
Net assets acquired | $ | 31,328 | ||||||||
The ASOP Acquisition | ||||||||||
On February 14, 2011, we acquired an asset package consisting of certain shallow-water Gulf of Mexico shelf oil and natural gas interests surrounding the Mississippi River delta and a related gathering system (the “ASOP Properties”) from Anglo-Suisse Offshore Pipeline Partners, LLC (“ASOP”) for $200.7 million in cash, subject to purchase price adjustments to reflect an economic effective date of January 1, 2011. As of December 31, 2010, the ASOP Properties had estimated proved reserves of approximately 8.1 Mmboe, of which 84% were oil and 76% were proved developed reserves. The primary factors considered by management in acquiring the ASOP Properties include the belief that the ASOP Acquisition provided an opportunity to significantly increase our reserves, production volumes and drilling portfolio, while maintaining our focus on oil-weighted assets in our core area of expertise in the Gulf of Mexico shelf. We financed the ASOP Acquisition with the proceeds from the sale of $210.0 million in aggregate principal amount of the 2011 Senior Notes. After deducting the initial purchasers’ discount and offering expenses, we realized net proceeds of approximately $202.0 million. See Note 7, “Indebtedness” for more information regarding our 2011 Senior Notes. | ||||||||||
The following table summarizes the estimated values of assets acquired and liabilities assumed and reflects final adjustments to purchase price provided for by the purchase and sale agreement of approximately $3.8 million to reflect an economic effective date of January 1, 2011. | ||||||||||
(In thousands) | 1-Jan-11 | |||||||||
Oil and natural gas properties | $ | 221,751 | ||||||||
Asset retirement obligations | -24,858 | |||||||||
Net assets acquired | $ | 196,893 | ||||||||
The Main Pass Acquisition | ||||||||||
On November 17, 2011, we acquired certain interests in producing oil and natural gas assets in the shallow-water central Gulf of Mexico shelf (the “Main Pass Interests”) from Stone Energy Offshore, L.L.C. for $38.6 million in cash, subject to customary adjustments to reflect the economic effective date of November 1, 2011. The Main Pass Interests consist of additional interests in the Main Pass 296/311 complex that was included in the ASOP Acquisition, along with other unit interests in the Main Pass complex and an interest in a Main Pass 295 primary term lease. We estimate that the proved reserves as of the November 1, 2011 economic effective date totaled approximately 1.3 Mmboe, all of which were proved developed reserves and 96% of which were oil reserves. We funded the Main Pass Acquisition with cash on hand. | ||||||||||
The following table summarizes the estimated values of assets acquired and liabilities assumed and reflects final adjustments to purchase price provided for by the purchase and sale agreement of approximately $0.7 million to reflect an economic effective date of November 1, 2011. | ||||||||||
(In thousands) | 1-Nov-11 | |||||||||
Oil and natural gas properties | $ | 40,826 | ||||||||
Asset retirement obligations | -2,991 | |||||||||
Net assets acquired | $ | 37,835 | ||||||||
We have accounted for our acquisitions using the purchase method of accounting for business combinations, and therefore we have estimated the fair value of the assets acquired and the liabilities assumed as of their respective acquisition dates. In the estimation of fair value, management uses various valuation methods including (i) comparable company analysis, which estimates the value of the acquired properties based on the implied valuations of other similar operations; (ii) comparable asset transaction analysis, which estimates the value of the acquired operations based upon publicly announced transactions of assets with similar characteristics; (iii) comparable merger transaction analysis, which, much like comparable asset transaction analysis, estimates the value of operations based upon publicly announced transactions with similar characteristics, except that merger analysis analyzes public to public merger transactions rather than solely asset transactions; and (iv) discounted cash flow analysis. The fair value is based on subjective estimates and assumptions, which are inherently subject to significant uncertainties which are beyond our control. These assumptions represent Level 3 inputs, as further discussed in Note 10, “Fair Value Measurements.” | ||||||||||
Results of Operations and Pro Forma Information | ||||||||||
Revenues and lease operating expenses attributable to acquired interests and properties were as follows: | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
(In thousands) | ||||||||||
WD29 Interests: | ||||||||||
Revenues | $ | 3,011 | $ | - | $ | - | ||||
Lease operating expenses | $ | 44 | $ | - | $ | - | ||||
Hilcorp Properties: | ||||||||||
Revenues | $ | 208,241 | $ | 37,978 | $ | - | ||||
Lease operating expenses | $ | 74,404 | $ | 10,982 | $ | - | ||||
ST41 Interests: | ||||||||||
Revenues | $ | 11,189 | $ | 9,262 | $ | - | ||||
Lease operating expenses | $ | 2,468 | $ | 1,760 | $ | - | ||||
ASOP Properties and Main Pass Interests: | ||||||||||
Revenues | $ | 328,070 | $ | 175,538 | $ | 125,975 | ||||
Lease operating expenses | $ | 33,978 | $ | 26,467 | $ | 17,161 | ||||
We have determined that the presentation of net income attributable to the acquired interests and properties is impracticable due to the integration of the related operations upon acquisition. We incurred fees of approximately $0.5 million related to the Hilcorp Acquisition and approximately $0.1 million related to the ST41 Acquisition, which were included in general and administrative expenses in the accompanying consolidated statement of operations for the year ended December 31, 2012. We incurred fees of approximately $0.5 million related to the ASOP Acquisition and approximately $0.1 million related to the Main Pass Acquisition, which were included in general and administrative expenses in the accompanying consolidated statement of operations for the year ended December 31, 2011. | ||||||||||
The following supplemental pro forma information presents consolidated results of operations as if the Hilcorp Acquisition and the ST41 Acquisition had occurred on January 1, 2012. The supplemental unaudited pro forma information was derived from a) our historical consolidated statements of operations, b) the statements of operations of Hilcorp Energy GOM, LLC, and c) the statements of revenues and direct operating expenses for the ST41 Interests, which were derived from our historical accounting records. This information does not purport to be indicative of results of operations that would have occurred had the acquisitions occurred on January 1, 2012, nor is such information indicative of any expected future results of operations. | ||||||||||
Year Ended December 31, | ||||||||||
Pro Forma | ||||||||||
2012 | ||||||||||
(in thousands, except per share data) | ||||||||||
Revenue | $ | 594,510 | ||||||||
Net income | $ | 59,324 | ||||||||
Basic earnings per share | $ | 1.51 | ||||||||
Diluted earnings per share | $ | 1.51 | ||||||||
Subsequent Events | ||||||||||
On January 15, 2014, we acquired from Nexen Petroleum Offshore U.S.A., Inc. (“Nexen”) 100% working interest of certain shallow-water central Gulf of Mexico shelf oil and natural gas assets for $70.4 million, subject to customary adjustments to reflect the September 1, 2013, economic effective date (the “Nexen Acquisition”). The assets we acquired comprise five leases in the Eugene Island 258/259 field (the “EI Interests”). Estimated proved reserves as of the September 1, 2013 effective date consist of approximately 2.6 Mmboe of proved developed producing reserves, about 91% of which is oil. | ||||||||||
The Nexen Acquisition was financed with borrowings under our Senior Credit Facility. In January 2014, our lenders approved a $50.0 million increase in our borrowing base under our Senior Credit Facility, increasing our borrowing base to $475.0 million. See Note 7, “Indebtedness” for more information regarding our Senior Credit Facility. | ||||||||||
The Nexen Acquisition will be accounted for using the purchase method of account for business combinations. The following allocation of the purchase price as of January 15, 2014, is preliminary and includes significant use of estimates. This preliminary allocation is based on information that was available to management at the time these consolidated financial statements were prepared and takes into account current market conditions and estimated market prices for oil and natural gas. Management has not yet had the opportunity to complete its assessment of the fair value of the assets acquired and liabilities assumed. Accordingly, the allocation will change as additional information becomes available and is assessed by management, and the impact of such changes may be material. | ||||||||||
The following table summarizes the estimated values of assets acquired and liabilities assumed and reflects management’s estimate of customary adjustments of $3.6 million to reflect an economic effective date of September 1, 2013. | ||||||||||
(In thousands) | 1-Sep-13 | |||||||||
Oil and natural gas properties | $ | 93,932 | ||||||||
Asset retirement obligations | -27,133 | |||||||||
Net assets acquired | $ | 66,799 | ||||||||
Pro forma results of operations are not provided as the historical results of the EI Interests were not available at the time these consolidated financial statements were prepared. | ||||||||||
Common_Stock
Common Stock | 12 Months Ended |
Dec. 31, 2013 | |
Common Stock [Abstract] | ' |
Common Stock | ' |
(3) Common Stock | |
In August 2011, the Board of Directors authorized a program for the repurchase of our outstanding common stock for up to an aggregate cash purchase price of $20.0 million and increased the program to $40.0 million in May 2012. In July 2013, the Board of Directors increased the program to $80.0 million. Through December 31, 2013, we executed trades to repurchase 1,799,000 shares at an aggregate cash purchase price of approximately $29.7 million. Such shares are held in treasury and could be used to provide available shares for possible resale in future public or private offerings and our employee benefit plans. The repurchases have been, and will be, carried out in accordance with certain volume, timing and price constraints imposed by the Securities and Exchange Commission (the “SEC”) rules applicable to such transactions. The amount, timing and price of purchases otherwise depend on market conditions and other factors, including restrictions under our Senior Credit Facility. In July 2013, our Senior Credit Facility was amended to increase the limit applicable to certain restricted payments, which includes share repurchases, permitted by the agreement. | |
We have reserved up to 3,574,000 shares of common stock for the issuance of restricted shares and option shares under our 2009 Long-Term Incentive Plan, with 1,184,322 shares remaining for issuance as of December 31, 2013. In April 2013, the reserved shares were increased from 2,474,000 shares to 3,574,000. See Note 12, “Employee Benefit Plans” for information regarding the 2009 Long-Term Incentive Plan. | |
Covenants in certain debt instruments to which we are a party, including our Senior Credit Facility and the indenture related to our 8.25% Senior Notes, place certain restrictions and conditions on our ability to pay dividends on our common stock. | |
Earnings_per_Share
Earnings per Share | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Earnings per Share [Abstract] | ' | |||||||||
Earnings per Share | ' | |||||||||
(4) Earnings Per Share | ||||||||||
The following table sets forth the calculation of basic and diluted weighted average shares outstanding and earnings per share for the indicated periods. | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
(in thousands, except per share data) | ||||||||||
Income (numerator): | ||||||||||
Net income | $ | 85,274 | $ | 58,810 | $ | 26,611 | ||||
Net income attributable to participating securities | -943 | -455 | -77 | |||||||
Net income attributable to common shares | $ | 84,331 | $ | 58,355 | $ | 26,534 | ||||
Weighted average shares (denominator): | ||||||||||
Weighted average shares—basic | 38,730 | 38,885 | 39,946 | |||||||
Dilutive effect of stock options | 506 | 149 | 104 | |||||||
Weighted average shares—diluted | 39,236 | 39,034 | 40,050 | |||||||
Basic earnings per share | $ | 2.18 | $ | 1.50 | $ | 0.66 | ||||
Diluted earnings per share | $ | 2.15 | $ | 1.50 | $ | 0.66 | ||||
The following table indicates the number of shares underlying outstanding stock-based awards excluded from the computation of dilutive weighted average shares because their effect was antidilutive for the periods indicated. | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
(in thousands) | ||||||||||
Weighted average shares | 273 | 687 | 442 | |||||||
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Property and Equipment [Abstract] | ' | ||||||
Property and Equipment | ' | ||||||
(5) Property and Equipment | |||||||
The following table summarizes our property and equipment. | |||||||
December 31, | |||||||
2013 | 2012 | ||||||
(In thousands) | |||||||
Proved oil and natural gas properties | $ | 2,307,891 | $ | 1,982,657 | |||
Unproved oil and natural gas properties | 39,191 | 36,992 | |||||
Other | 8,137 | 5,998 | |||||
Total property and equipment | $ | 2,355,219 | $ | 2,025,647 | |||
Substantially all of our oil and natural gas properties serve as collateral under our credit facility. | |||||||
We recognized impairments of $2.9 million, $8.9 million and $32.5 million in the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||
Impairments for the year ended December 31, 2013 were primarily related to reservoir performance at a gas well in one of our smaller producing fields. This field was determined to have future net cash flows less than its carrying value resulting in the write down of this property to its estimated fair value. | |||||||
Impairments for the year ended December 31, 2012 were primarily due to the decline in our estimate of future natural gas prices affecting certain of our natural gas producing fields and to reservoir performance at two of those fields. These fields were determined to have future net cash flows less than their carrying values resulting in the write down of these properties to their estimated fair values. We also recorded impairments for undeveloped leases that are expiring in 2013 for which we had no development plans. | |||||||
Impairments for the year ended December 31, 2011 were primarily related to our natural gas producing fields and our deepwater producing well (primarily natural gas). Impairments related to our deepwater producing well were primarily due to the decline in our estimate of future natural gas prices, reservoir performance and higher estimated operating costs. Additional impairments for the year ended December 31, 2011 were primarily related to reservoir performance at other natural gas producing fields. | |||||||
At December 31, 2013 and 2012, we did not have any exploratory projects that were suspended for a period greater than one year. | |||||||
Asset_Retirement_Obligations
Asset Retirement Obligations | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Asset Retirement Obligations [Abstract] | ' | ||||||
Asset Retirement Obligations | ' | ||||||
(6) Asset Retirement Obligations | |||||||
We record the fair value of a liability for an asset retirement obligation in the period in which it is incurred, along with a corresponding increase in the carrying amount of the related long-lived asset. The following table reconciles the beginning and ending aggregate recorded amount of our asset retirement obligations. | |||||||
Year Ended December 31, | |||||||
2013 | 2012 | ||||||
(in thousands) | |||||||
Beginning of period total | $ | 235,110 | $ | 99,347 | |||
Accretion expense | 28,299 | 15,565 | |||||
Liabilities assumed in acquisitions | 23,541 | 132,109 | |||||
Liabilities incurred | 1,187 | 1,210 | |||||
Revisions | 24,586 | 22,308 | |||||
Liabilities associated with assets sold | -3,965 | - | |||||
Liabilities settled | -53,308 | -35,429 | |||||
End of period total | 255,450 | 235,110 | |||||
Less: End of period, current portion | 51,601 | 30,179 | |||||
End of period, noncurrent portion | $ | 203,849 | $ | 204,931 | |||
We revise our estimates of ARO as information about material changes to the liability becomes known. During the year ended December 31, 2013, our revisions include an increase to our estimated asset retirement obligations (“ARO”) of $20.8 million related to our only remaining four non-producing wellbores in our non-operated deepwater properties. These deepwater abandonment costs are primarily attributable to changes in regulatory interpretations and enforcement by the Bureau of Safety and Environmental Enforcement in the deepwater that increased the required scope of work. As a result, we recorded an associated $20.8 million loss on abandonment activities, which is included in Other costs and expenses in our consolidated statements of operations for the year ended December 31, 2013. | |||||||
Indebtedness
Indebtedness | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Indebtedness [Abstract] | ' | ||||||
Indebtedness | ' | ||||||
(7) Indebtedness | |||||||
The following table sets forth our indebtedness. | |||||||
December 31, | |||||||
2013 | 2012 | ||||||
(In thousands) | |||||||
8.25% senior notes issued February 14, 2011 and October 25, 2012, face amount of $510.0 million, interest rate of 8.25% payable semi-annually, in arrears on February 15 and August 15 of each year, maturity date February 15, 2018 | $ | 497,355 | $ | 494,911 | |||
Senior Credit Facility, interest rate based on base rate or LIBOR plus a floating spread, maturity date October 31, 2016 | 130,000 | 195,000 | |||||
Total indebtedness | 627,355 | 689,911 | |||||
Current portion of indebtedness | - | - | |||||
Noncurrent portion of indebtedness | $ | 627,355 | $ | 689,911 | |||
8.25% Senior Notes | |||||||
The 8.25% senior notes consist of $510.0 million in aggregate principal amount of our 8.25% senior notes due 2018 (the “8.25% Senior Notes”) issued under an Indenture dated February 14, 2011 (the “2011 Indenture”). The 8.25% Senior Notes bear interest from the date of their issuance at an annual rate of 8.25% with interest due semi-annually, in arrears, on February 15th and August 15th of each year. The 8.25% Senior Notes are fully and unconditionally guaranteed, jointly and severally, on an unsecured senior basis initially by each of our existing direct and indirect domestic subsidiaries (other than immaterial subsidiaries). The 8.25% Senior Notes will mature on February 15, 2018. The effective interest rate on the 8.25% Senior Notes is approximately 9.1%. We issued the 8.25% Senior Notes in two different private placements, described below. | |||||||
On February 14, 2011, we issued the $210.0 million in aggregate principal amount of our 8.25% senior notes due 2018 (the “2011 Senior Notes”) under the 2011 Indenture. We used the net proceeds from the offering of the 2011 Senior Notes of $202.0 million, after deducting the initial purchasers’ discount and offering expenses payable by us, to acquire the ASOP Properties for a purchase price of $200.7 million, before adjustments to reflect an economic effective date of January 1, 2011. | |||||||
On October 25, 2012, we issued the $300.0 million in aggregate principal amount of our 2012 Senior Notes under an Indenture dated as of October 25, 2012 (the “2012 Indenture”). We used the net proceeds from the offering of the 2012 Senior Notes of $289.5 million, after deducting the initial purchasers’ discount, to fund a portion of the Hilcorp Acquisition. The purchase price of the 2012 Senior Notes included $4.8 million of accrued interest for the period from August 15, 2012 to October 25, 2012, which we recorded as interest payable. | |||||||
The 2012 Senior Notes were offered in a private placement only to qualified institutional buyers under Rule 144A promulgated under the Securities Act of 1933, as amended (the “Securities Act”), or to persons outside of the United States in compliance with Regulation S promulgated under the Securities Act. The 2012 Senior Notes had terms that were substantially identical to the terms of our 2011 Senior Notes. Pursuant to a registration rights agreement executed as part of the sale of the 2012 Senior Notes, we have issued publicly registered additional notes under our 2011 Indenture in exchange for the 2012 Senior Notes. As a result of this exchange offer, 100% in aggregate principal amount of the 2012 Senior Notes was exchanged for the notes under the 2011 Indenture, effective as of June 10, 2013. All of the 8.25% Senior Notes are now issued under the 2011 Indenture, regardless of which private placement they were issued under. | |||||||
On or after February 15, 2015, we may on any one or more occasions redeem all or a part of the 8.25% Senior Notes upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest and special interest, if any, on the notes redeemed, to the applicable date, if redeemed during the twelve-month period beginning on February 15 of the years indicated below, subject to the rights of holders of notes on the relevant record date to receive interest on the relevant interest payment date: | |||||||
Year | Percentage | ||||||
2015 | 104.125% | ||||||
2016 | 102.063% | ||||||
2017 and thereafter | 100.000% | ||||||
Any such redemption and notice may, in our discretion, be subject to the satisfaction of one or more conditions, precedent, including, but not limited to, the occurrence of a change of control. Unless we default in the payment of the redemption price, interest will cease to accrue on the 8.25% Senior Notes or portions thereof called for redemption on the applicable redemption date. | |||||||
At any time prior to February 15, 2014, we may, at our option, on any one or more occasions redeem with the net cash proceeds of certain equity offerings up to 35% of the aggregate principal amount of outstanding 8.25% Senior Notes, upon not less than 30 nor more than 60 days’ notice, at a redemption price equal to 108.25% of the principal amount of the notes redeemed, plus the accrued and unpaid interest and special interest, if any, to the redemption date, provided that: (1) at least 65% of the aggregate principal amount of notes issued under the 2011 Indenture remains outstanding immediately after the occurrence of such redemption; and (2) the redemption occurs within 90 days of the date after the closing of such equity offering. This option to redeem up to 35% of the aggregate principal amount of outstanding 8.25% Senior Notes with the net cash proceeds of certain equity offerings is considered an embedded derivative. We estimate that the fair value of this option at December 31, 2013 is not material. In addition, we may, at our option, on any one or more occasions redeem all or a part of the 8.25% Senior Notes prior to February 15, 2015 at a redemption price equal to 100% of the principal amount of the 8.25% Senior Notes redeemed plus a “make-whole” premium as of, and accrued and unpaid interest to the redemption date. | |||||||
If we experience a change of control (as defined in the 2011 Indenture), each holder of the 8.25% Senior Notes will have the right to require us to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of the 8.25% Senior Notes at a price in cash equal to 101% of the aggregate principal amount of the 8.25% Senior Notes repurchased, plus accrued and unpaid interest to the date of repurchase. If we engage in certain asset sales, within 360 days of such sale, we generally must use the net cash proceeds from such sales to repay outstanding senior secured debt (other than intercompany debt or any debt owed to an affiliate), to acquire all or substantially all of the assets, properties or capital stock of one or more companies in our industry, to make capital expenditures or to invest in our business. When any such net proceeds that are not so applied or invested exceed $20.0 million, we must make an offer to purchase the 8.25% Senior Notes and other pari passu debt that is subject to similar asset sale provisions in an aggregate principal amount equal to the excess net cash proceeds. The purchase price of each 8.25% Senior Note (or other pari passu debt) so purchased will be 100% of its principal amount, plus accrued and unpaid interest to the repurchase date, and will be payable in cash. | |||||||
The 2011 Indenture, among other things, limits our ability to: (i) declare or pay dividends, redeem subordinated debt or make other restricted payments; (ii) incur or guarantee additional debt or issue preferred stock; (iii) create or incur liens; (iv) incur dividend or other payment restrictions affecting restricted subsidiaries; (v) consummate a merger, consolidation or sale of all or substantially all of our assets; (vi) enter into sale-leaseback transactions, (vii) enter into transactions with affiliates; (viii) transfer or sell assets; (ix) engage in business other than our current business and reasonably related extensions thereof; or (x) issue or sell capital stock of certain subsidiaries. These covenants are subject to a number of important exceptions and qualifications set forth in the 2011 Indenture. | |||||||
Senior Credit Facility | |||||||
On February 14, 2011, we entered into our senior secured credit facility with BMO Capital Markets, as lead arranger, and Bank of Montreal, as administrative agent and a lender, and the other lender parties thereto (as amended and restated, the “Senior Credit Facility”). The original terms of our Senior Credit Facility established a revolving credit facility with a four-year term that could be used for revolving credit loans and letters of credit up to an aggregate principal amount of $250.0 million. On October 31, 2012, in connection with the Hilcorp Acquisition, through an amendment and restatement of our Senior Credit Facility, the aggregate commitment under this facility was increased to a maximum of $750.0 million and the maturity date was extended to October 31, 2016. The maximum amount of letters of credit that may be outstanding at any one time is $20.0 million. The amount available under the revolving credit facility is limited by the borrowing base. The borrowing base under our Senior Credit Facility has been determined at the discretion of the lenders, based on the collateral value of our proved reserves and is subject to potential special and regular semi-annual redeterminations. On October 31, 2012, the borrowing base under the expanded credit facility was increased from $200.0 million to $425.0 million. On November 26, 2013, we completed our semi-annual redetermination and our borrowing base remained at $425.0 million. In January 2014, our lenders approved a $50.0 million increase in our borrowing base under the $750.0 million facility, increasing our borrowing base to $475.0 million. In addition, in July 2013, our Senior Credit Facility was amended to increase the limit applicable to certain restricted payments permitted by the agreement to accommodate our expanded stock repurchase program. As of December 31, 2013 and 2012, we had outstanding under the Senior Credit Facility $130.0 million and $195.0 million, respectively. | |||||||
The interest rate spread on loans and letters of credit under our Senior Credit Facility is based on the level of utilization and range from a base rate plus a margin of 0.75% to 1.75% for base rate borrowings and LIBOR plus a margin of 1.75% to 2.75% for LIBOR borrowings. Commitment fees ranging from 0.375% to 0.50% are payable on the unused portion of the borrowing base. Interest on our base rate borrowings is payable quarterly, in arrears, and interest on our LIBOR borrowings is payable on the last day of each relevant interest period, except that in the case of any interest period that is longer than three months, interest is payable on each successive date three months after the first day of such interest period. | |||||||
Our Senior Credit Facility contains customary covenants, default provisions and collateral requirements. As described in the agreement underlying our Senior Credit Facility, we must maintain, for each period for which a covenant certification is required, (a) a minimum current ratio (as defined in the agreement for our Senior Credit Facility) of 1.0 to 1.0 and (b) a maximum total debt to EBITDAX ratio of 3.5 to 1.0. We are also required to maintain a commodities hedging program that is in compliance with the requirements set forth in our Senior Credit Facility. Our Senior Credit Facility also places restrictions on the maximum estimated future production volumes that can be subject to commodity derivative instruments. | |||||||
Our obligations under our Senior Credit Facility, as well as any hedging contracts and treasury management agreements with the lenders or affiliates of lenders, are secured by substantially all of our assets, including a) mortgages on at least 80% of the total value of our oil and gas properties evaluated in the most recently completed reserve report, after giving effect to exploration and production activities, acquisitions and dispositions, and b) the stock of certain wholly-owned subsidiaries. | |||||||
Concentrations
Concentrations | 12 Months Ended |
Dec. 31, 2013 | |
Concentrations [Abstract] | ' |
Concentrations | ' |
(8) Concentrations | |
Significant Customers | |
We had oil and natural gas sales to three customers accounting for 63%, 24% and 6%, respectively, of total oil and natural gas revenues, excluding the effects of hedging activities, for the year ended December 31, 2013. We had oil and natural gas sales to three customers accounting for 45%, 31% and 11%, respectively, of total oil and natural gas revenues, excluding the effects of hedging activities, for the year ended December 31, 2012. We had oil and natural gas sales to three customers accounting for 51%, 17% and 12%, respectively, of total oil and natural gas revenues, excluding the effects of hedging activities, for the year ended December 31, 2011. | |
Geographic Concentration | |
Virtually all of our current operations and proved reserves are concentrated in the Gulf of Mexico region. Therefore, we are exposed to operational, regulatory and other risks associated with the Gulf of Mexico, including the risk of adverse weather conditions. We maintain insurance coverage against some, but not all, of the operating risks to which our business is exposed. | |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Derivative Instruments and Hedging Activities [Abstract] | ' | |||||||||
Derivative Instruments and Hedging Activities | ' | |||||||||
(9) Derivative Instruments and Hedging Activities | ||||||||||
We enter into derivative instruments to reduce exposure to fluctuations in the price of oil and natural gas for a portion of our production. Our fixed-price swaps fix the sales price for a limited amount of our production and, for the contracted volumes, eliminate our ability to benefit from increases in the sales price of the production. Derivative instruments are carried at their fair value on the consolidated balance sheets as Fair value of commodity derivative instruments and all gains and losses due to changes in fair market value and contract settlements are recorded in Gain (loss) on derivative instruments in Other income (expense) in the consolidated statements of operations. See Note 10 for information regarding fair values of our derivative instruments. | ||||||||||
The following tables set forth our derivative instruments outstanding as of December 31, 2013. | ||||||||||
Oil Contracts | ||||||||||
Fixed-Price Swaps | ||||||||||
Daily Average | Average | |||||||||
Volume | Volume | Swap Price | ||||||||
Remaining Contract Term | (Bbls) | (Bbls) | ($/Bbl) | |||||||
Jan-14 | 16,350 | 506,850 | 93.11 | |||||||
Feb-14 | 16,350 | 457,800 | 93.11 | |||||||
Mar-14 | 16,350 | 506,850 | 93.11 | |||||||
Apr-14 | 15,350 | 460,500 | 94.27 | |||||||
May-14 | 15,350 | 475,850 | 94.27 | |||||||
Jun-14 | 15,350 | 460,500 | 94.27 | |||||||
Jul-14 | 14,350 | 444,850 | 93.56 | |||||||
Aug-14 | 8,750 | 271,250 | 94.28 | |||||||
Sep-14 | 8,750 | 262,500 | 94.28 | |||||||
Oct-14 | 8,750 | 271,250 | 94.28 | |||||||
Nov-14 | 8,750 | 262,500 | 94.28 | |||||||
Dec-14 | 11,700 | 362,700 | 91.90 | |||||||
2014 Total | 12,996 | 4,743,400 | 93.67 | |||||||
January 2015 - December 2015 | 1,500 | 547,500 | 97.70 | |||||||
Gas Contracts | ||||||||||
Fixed-Price Swaps | ||||||||||
Daily Average | Average | |||||||||
Volume | Volume | Swap Price | ||||||||
Remaining Contract Term | (Mmbtu) | (Mmbtu) | ($/Mmbtu) | |||||||
January 2014 - December 2014 | 5,000 | 1,825,000 | 4.01 | |||||||
January 2015 - December 2015 | 4,300 | 1,569,500 | 4.31 | |||||||
The following table presents information about the components of loss on derivative instruments. | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
(in thousands) | ||||||||||
Change in fair market value | $ | -20,884 | $ | -9,491 | $ | 11,475 | ||||
Loss on settlement | -11,477 | -3,814 | -17,345 | |||||||
Total loss on derivative instruments | $ | -32,361 | $ | -13,305 | $ | -5,870 | ||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||
Fair Value Measurements | ' | ||||||||||||
(10) Fair Value Measurements | |||||||||||||
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820, “Fair Value Measurements and Disclosures,” establishes a fair value hierarchy with three levels based on the reliability of the inputs used to determine fair value. These levels include: Level 1, defined as inputs such as unadjusted quoted prices in active markets for identical assets and liabilities; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs for use when little or no market data exists, therefore requiring an entity to develop its own assumptions. | |||||||||||||
As of December 31, 2013 and 2012, we held certain financial assets and liabilities that are required to be measured at fair value on a recurring basis, primarily our commodity derivative instruments. The fair values of derivative instruments were measured using price inputs published by NYMEX and IntercontinentalExchange, Inc., or ICE. These price inputs are quoted prices for assets and liabilities similar to those held by us and meet the definition of Level 2 inputs within the fair value hierarchy. The following table sets forth our financial assets and liabilities that are accounted for at fair value on a recurring basis. | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(in thousands) | |||||||||||||
Assets: | |||||||||||||
Current | $ | 501 | $ | 3,302 | |||||||||
Noncurrent | 238 | 211 | |||||||||||
Total gross fair value | 739 | 3,513 | |||||||||||
Less: counterparty set-off | -739 | -3,513 | |||||||||||
Total net fair value | - | - | |||||||||||
Liabilities: | |||||||||||||
Current | $ | 29,636 | $ | 10,026 | |||||||||
Noncurrent | 2,136 | 3,637 | |||||||||||
Total gross fair value | 31,772 | 13,663 | |||||||||||
Less: counterparty set-off | -739 | -3,513 | |||||||||||
Total net fair value | 31,033 | 10,150 | |||||||||||
The carrying values reported in the consolidated balance sheet for cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to the short term maturities of these instruments. The fair value for the 8.25% Senior Notes is based on quoted prices, which are Level 1 inputs within the fair value hierarchy. The carrying value of the Senior Credit Facility approximates its fair value because the interest rates are variable and reflective of market rates, which are Level 2 inputs within the fair value hierarchy. | |||||||||||||
The following table sets forth the carrying values and estimated fair values of our long-term indebtedness. | |||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||
(In thousands) | |||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | ||||||||||
8.25% Senior Notes | $ | 497,355 | $ | 546,338 | $ | 494,911 | $ | 524,600 | |||||
Senior Credit Facility | 130,000 | 130,000 | 195,000 | 195,000 | |||||||||
Total | $ | 627,355 | $ | 676,338 | $ | 689,911 | $ | 719,600 | |||||
We evaluate our capitalized costs of proved oil and natural gas properties for potential impairment when circumstances indicate that the carrying values may not be recoverable. Our assessment of possible impairment of proved oil and natural gas properties is based on our best estimate of future prices, costs and expected net future cash flows by property (generally analogous to a field or lease). An impairment loss is indicated if undiscounted net future cash flows are less than the carrying value of a property. The impairment expense is measured as the shortfall between the net book value of the property and its estimated fair value, which is measured based on the discounted net future cash flows from the property. The inputs used to estimate the fair value of our oil and natural gas properties are based on our estimates of future events, including projections of future oil and natural gas sales prices, amounts of recoverable oil and natural gas reserves, timing of future production, future costs to develop and produce our oil and natural gas and discount factors. These inputs meet the definition of Level 3 inputs within the fair value hierarchy. Impairments for the year ended December 31, 2013 were primarily related to reservoir performance at a gas well in one of our smaller producing fields. This field was determined to have future net cash flows less than its carrying value resulting in the write down of this property to its estimated fair value. Impairments for the year ended December 31, 2012 were primarily due to the decline in our estimate of future natural gas prices, which affected three of our natural gas producing fields and reservoir performance at two of those fields. These fields were determined to have future net cash flows less than their carrying values resulting in the write downs of these properties to their estimated fair values. We also recorded impairments for undeveloped leases that are expiring in 2013 for which we had no development plans. Impairments for the year ended December 31, 2011 were primarily related to our natural gas producing fields and our deepwater producing well (primarily natural gas). Impairments related to our deepwater producing well were primarily due to the decline in our estimate of future natural gas prices, reservoir performance and higher estimated operating costs. Additional impairments for the year ended December 31, 2011 were primarily related to reservoir performance at other natural gas producing fields. | |||||||||||||
As addressed in Note 2, “Acquisitions,” we apply fair value concepts in estimating and allocating the fair value of assets acquired and liabilities assumed in acquisitions in accordance with purchase accounting for business combinations. The inputs to the estimated fair values of assets acquired and liabilities assumed are described in Note 2. | |||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
(11) Income Taxes | |||||||||||||
The following table sets forth the components of our provision for income taxes. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Current: | |||||||||||||
Federal | $ | - | $ | - | $ | - | |||||||
State | - | - | - | ||||||||||
Total current | $ | - | $ | - | $ | - | |||||||
Deferred: | |||||||||||||
Federal | $ | -47,723 | $ | -28,719 | $ | -14,468 | |||||||
State | -1,964 | -1,181 | -354 | ||||||||||
Total deferred | $ | -49,687 | $ | -29,900 | $ | -14,822 | |||||||
Total: | |||||||||||||
Federal | $ | -47,723 | $ | -28,719 | $ | -14,468 | |||||||
State | -1,964 | -1,181 | -354 | ||||||||||
Total provision for income taxes. | $ | -49,687 | $ | -29,900 | $ | -14,822 | |||||||
The following table reconciles the expected statutory federal income tax rate to our effective income tax rate. | |||||||||||||
Percentage of Pretax Earnings | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Expected statutory federal income tax rate | 35.0 | % | 35.0 | % | 35.0 | % | |||||||
State taxes | 1.4 | 1.4 | 2.3 | ||||||||||
State tax rate changes | - | -2.7 | -1.7 | ||||||||||
Statutory depletion | -0.3 | -0.4 | -1 | ||||||||||
Other | 0.7 | 0.4 | 1.2 | ||||||||||
Effective income tax rate | 36.8 | % | 33.7 | % | 35.8 | % | |||||||
The following table sets forth the tax effects of temporary differences that give rise to significant portions of our deferred tax assets and liabilities. | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Federal and state net operating loss carryforwards | $ | 62,015 | $ | 62,130 | |||||||||
Fair value of commodity derivative instruments | 11,578 | 3,912 | |||||||||||
Restricted stock awards and options | 3,843 | 2,313 | |||||||||||
Percentage depletion carryforward | 5,003 | 4,575 | |||||||||||
Accruals and other | 1,130 | 2,613 | |||||||||||
Deferred tax asset | 83,569 | 75,543 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Property, plant and equipment, principally due to differences in depreciation | $ | 193,191 | $ | 136,016 | |||||||||
Fair value of commodity derivative instruments | 182 | 214 | |||||||||||
Prepaid assets | 1,482 | 1,778 | |||||||||||
Accruals and other | 2,577 | 1,907 | |||||||||||
Deferred tax liabilities | 197,432 | 139,915 | |||||||||||
Net deferred tax liability | 113,863 | 64,372 | |||||||||||
Reflected in accompanying balance sheets as: | |||||||||||||
Current deferred asset | 8,949 | 3,322 | |||||||||||
Non-current deferred liability | 122,812 | 67,694 | |||||||||||
Total net deferred tax liability | $ | 113,863 | $ | 64,372 | |||||||||
As a result of our reorganization under Chapter 11 in 2009, the income from the discharge of indebtedness, represented for tax purposes as the excess of the principal and accrued interest on the debt discharged over the fair value of the stock of the reorganized company received in exchange for the discharged obligations, as defined by Internal Revenue Code (the “IRC”) Section 108 (“IRC 108”), reduced our net operating loss carryforwards (“NOLs”) by $97 million (“Tax Attribute Reduction”). Our remaining NOLs as of December 31, 2013 were approximately $167 million. | |||||||||||||
Ownership changes, as defined in IRC Section 382, limit the amount of NOLs that can be utilized annually to offset future taxable income and reduce our tax liability (“Section 382 Limitation”). In 2009, as part of our Chapter 11 reorganization, we had an ownership change which resulted in a Section 382 Limitation on the amount of NOLs available annually for use. Unused annual limited NOLs (those NOLs in existence immediately after the application of IRC 108) totaled $137 million. The annual limitation is approximately $21 million per year beginning in 2010 and, if unused, can be carried over and aggregated with limited NOLs in future years subject to the ultimate expiration of the NOLs. We have not used any limited NOLs since the reorganization. The amount of limited NOLs available for our 2013 federal tax return is approximately $121 million. We believe that we will be able to utilize all of our federal NOLs prior to their expiration. | |||||||||||||
At December 31, 2013, we had approximately $167 million of federal NOLs, of which approximately $3.8 million relates to excess tax benefits with respect to share-based compensation that have not been recognized in our consolidated financial statements. Our federal NOLs are available to reduce future federal taxable income subject to the limitations and estimates described above and the application of the tax rules and regulations. The NOLs begin expiring in the years 2025 through 2033. | |||||||||||||
As of January 1, 2013, our 2009-2012 income tax years remain subject to examination by the Internal Revenue Service. In addition, our 2009-2012 state income/franchise tax years remain subject to examination by the States of Louisiana and Texas. As of the date of these financial statements, our 2013 U.S. federal and state income tax returns have not been filed, although management expects to file such returns in a timely manner during 2014. We have no material uncertain tax positions as of December 31, 2013. | |||||||||||||
Employee_Benefit_Plan
Employee Benefit Plan | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Employee Benefit Plan [Abstract] | ' | ||||||||||||
Employee Benefit Plans | ' | ||||||||||||
(12) Employee Benefit Plans | |||||||||||||
Share-Based Compensation Plans | |||||||||||||
In September 2009 the Board of Directors adopted the 2009 Long Term Incentive Plan (the “2009 LTIP”). The purpose of the 2009 LTIP is to provide a means to enhance our profitable growth by attracting and retaining directors, officers and other key employees through affording such individuals a means to acquire and maintain stock ownership or awards the value of which is tied to the performance of our common stock. All directors, officers and other key employees providing services to the Company are potentially eligible to participate in the 2009 LTIP. The 2009 LTIP provides for grants of (i) incentive stock options qualified as such under income tax rules and regulations, (ii) stock options that do not qualify as incentive stock options, (iii) restricted stock awards, (iv) restricted stock units, (v) stock appreciation rights, (vi) bonus stock and awards in lieu of Company obligations, (vii) dividend equivalents in connection with other awards, (viii) deferred shares, (ix) performance units or shares, or (x) any combination of such awards (collectively referred to as “Awards”). The 2009 LTIP is administered by the Compensation Committee of our Board of Directors (the “Compensation Committee”). | |||||||||||||
Without stockholder or participant approval, the Board of Directors may amend, alter, suspend, discontinue or terminate the 2009 LTIP or the Compensation Committee’s authority to grant Awards under the 2009 LTIP, except that any amendment or alteration of the 2009 LTIP, including any increase in any share limitation, shall be subject to the approval of the stockholders not later than the next annual meeting if stockholder approval is required by any state or federal law or regulation or the rules of any stock exchange or automated quotation system on which the common stock may then be listed or quoted. | |||||||||||||
On the date of the 2013 Annual Meeting of Stockholders, the stockholders approved an increase in the maximum aggregate number of shares of our common stock that may be issued pursuant to any and all Awards under the 2009 LTIP from 2,474,000 shares to 3,574,000 shares, subject to adjustment due to recapitalization or reorganization, or related to forfeitures or the expiration of Awards, as provided under the 2009 LTIP. As of December 31, 2013, 1,184,322 shares remained available for future grants. | |||||||||||||
The 2009 LTIP provides for the grant of stock options for which the exercise price, set at the time of the grant, will not be less than the fair market value per share at the date of grant. Our outstanding stock options generally have a term of 10 years and vest ratably on an annual basis over a three-year period from the date of grant, other than the stock option grant to our chief executive officer described in the following paragraph. | |||||||||||||
Pursuant to an employment agreement and the 2009 LTIP, on September 30, 2009, our new chief executive officer was granted an option to purchase 68,116 shares of our common stock, which was memorialized in an option award agreement dated as of October 1, 2009 (the “Option Agreement”). The terms of the Option Agreement provided for an exercise price equal to $10.00 per share. The closing price of our common stock on the NYSE on September 30, 2009 was $7.46 per share. The option vested ratably on a monthly basis over a 36-month period from the date of grant; however, the vesting for the first six months of the vesting period (the “Initial Period”) was deferred until the end of the Initial Period and any remaining unvested portion vested ratably on a monthly basis over the remainder of the 36-month vesting period, subject to the executive remaining continuously employed. Under the original terms of the award agreement, vested stock options under the Option Agreement were to expire 30 months following the applicable vesting date of such stock options. On May 1, 2012, the Compensation Committee modified the terms of the Option Agreement to extend the expiration of the stock options granted thereunder to September 30, 2019, resulting in additional compensation expense of $0.1 million in the year ended December 31, 2012. Upon a change in control as defined in the 2009 LTIP, all stock options under the Option Agreement remain exercisable for a period of not less than 30 months following the change in control. | |||||||||||||
In November 2009, the Compensation Committee approved a compensation program for each of our non-employee directors which provides for the annual grant of a stock award with a market value of $100,000 (as measured on the date of grant and prorated from the date of grant, as applicable). Pursuant to the terms of the program, one-half of each stock award vests immediately on the date of grant, and the remaining one-half vests immediately prior to the next annual meeting of stockholders held after the grant date. The grant date for these awards is typically on the date of our annual meeting of stockholders. Pursuant to this program and the 2009 LTIP, the five members of the Board of Directors were awarded, in the aggregate, a total of 15,305 shares, a total of 31,095 shares and a total of 31,405 shares during the years ended December 31, 2013, 2012, and 2011, respectively. Pursuant to elections made by two directors applicable to certain of these awards, the receipt of such awards totaling 39,009 shares is deferred until such directors cease to serve on our Board of Directors. During the year ended December 31, 2013, one of our non-employee directors resigned, forfeiting 1,531 shares awarded under this program. | |||||||||||||
The following table sets forth our stock option activity for the year ended December 31, 2013. | |||||||||||||
Options | Weighted- | Weighted- | Aggregate Intrinsic Value | ||||||||||
Average | Average | ||||||||||||
Exercise | Remaining | ||||||||||||
Price Per | Contractual | ||||||||||||
Share | Terms | ||||||||||||
(in years) | (in thousands) | ||||||||||||
Outstanding on December 31, 2012 | 1,192,158 | $ | 14.30 | ||||||||||
Granted | 369,137 | 27.48 | |||||||||||
Exercised | -108,122 | 12.80 | |||||||||||
Forfeited/Cancelled | - | - | |||||||||||
Outstanding on December 31, 2013 | 1,453,173 | $ | 17.76 | 7.8 | $ | 15,970 | |||||||
Exercisable on December 31, 2013 | 705,814 | $ | 13.45 | 6.9 | $ | 10,624 | |||||||
The fair value of each stock option award was estimated on the date of grant using the Black-Scholes option valuation model using the weighted average assumptions in the table below. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Black-Scholes option pricing model assumptions: | |||||||||||||
Risk free interest rate | 1.4 | % | 1.0 | % | 1.9 | % | |||||||
Expected life (years) | 6.0 | 6.0 | 6.0 | ||||||||||
Expected volatility | 56 | % | 56 | % | 53 | % | |||||||
Dividend yield | - | - | - | ||||||||||
Expected volatility is generally based on the historical volatility of our stock over the period of time equivalent to the expected term of the options granted. As a result of our Chapter 11 reorganization in 2009 for purposes of determining expected volatility in 2013, 2012 and 2011, we included consideration of the historical volatility of the share prices of our peers over the relevant time periods in addition to our historical volatility before, during and after our reorganization. We disregarded our share price for the periods during which our stock price was impacted by factors leading up to the Chapter 11 filing and during the period of the Chapter 11 reorganization proceedings because we do not expect these events to reoccur during the expected term of the options. The expected term of options granted is generally derived from historical exercise patterns over a period of time, with consideration of the expected term of unvested options. However, because we do not have sufficient historical stock option exercise experience upon which to base an estimate of expected term, we used the simplified method for estimating expected term in 2013, 2012 and 2011. The risk-free interest rate is based on the interest rate on constant maturity bonds published by the Federal Reserve with a maturity commensurate with the expected term of the options granted. | |||||||||||||
The weighted-average grant-date fair value of stock options granted during the years ended December 31, 2013, 2012 and 2011 was $14.50, $8.84 and $7.97, respectively. The aggregate intrinsic value (the amount by which the market price of the stock on the date of exercise exceeded the market price of the stock on the date of grant) of stock options exercised during the years ended December 31, 2013, 2012 and 2011 was $2.1 million, $0.5 million and $0.1 million, respectively. | |||||||||||||
The following table sets forth the activity related to our non-vested share awards for the year ended December 31, 2013. | |||||||||||||
Shares | Weighted- | ||||||||||||
Average | |||||||||||||
Grant- | |||||||||||||
Date | |||||||||||||
Fair Value | |||||||||||||
Non-vested share awards outstanding at December 31, 2012 | 326,952 | $ | 15.98 | ||||||||||
Granted | 264,383 | 26.60 | |||||||||||
Vested | -145,309 | 16.77 | |||||||||||
Forfeited | -1,531 | 32.67 | |||||||||||
Non-vested share awards outstanding at December 31, 2013 | 444,495 | $ | 21.98 | ||||||||||
The fair value of non-vested share awards equals the market value of the underlying stock on the date of grant. The weighted-average grant-date fair value of the non-vested share awards granted during the years ended December 31, 2013, 2012 and 2011 was $26.60, $16.33 and $15.34 per share, respectively. The total fair value of non-vested share awards that vested during the years ended December 31, 2013, 2012 and 2011 was $4.1 million, $2.0 million and $0.6 million, respectively. | |||||||||||||
The following table sets forth share-based compensation expense and related recognized tax benefits. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Compensation Expense: | |||||||||||||
Stock Options | $ | 3,426 | $ | 2,621 | $ | 1,497 | |||||||
Non-vested share awards | 3,918 | 2,096 | 1,012 | ||||||||||
Deferred Income Tax Benefit | 2,704 | 1,726 | 936 | ||||||||||
As of December 31, 2013, $5.6 million of total unrecognized compensation expense related to outstanding stock options was expected to be recognized over a weighted-average period of 2.0 years. As of December 31, 2013, $6.1 million of total unrecognized compensation expense related to non-vested share awards was expected to be recognized over a weighted-average period of approximately 2.0 years. | |||||||||||||
401(k) Plan | |||||||||||||
We also have a 401(k) Plan that covers all employees. We match 100% of each individual participant’s contribution not to exceed 6% of the participant’s compensation. Our matching contributions are made in cash. During the years ended December 31, 2013, 2012 and 2011, we made matching contributions to the 401(k) Plan of approximately $0.9 million, $0.8 million and $0.7 million, respectively. | |||||||||||||
Employee Retention Plans | |||||||||||||
The Company has two plans under which, in the event of termination of employment in connection with a change of control of our company, our officers and employees are entitled to receive a multiple of their salaries and bonuses (typically up to one or two-and-one-half times such amount) and certain other benefits in a lump sum cash payment. Additionally, all options, restricted stock, restricted share units and other similar awards would become fully vested. | |||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies [Abstract] | ' | |||
Commitments and Contingencies | ' | |||
(13) Commitments and Contingencies | ||||
We have operating leases for office space and equipment, which expire on various dates through 2019. Expense relating to operating obligations for the years ended December 31, 2013, 2012 and 2011 was $7.5 million, $2.4 million and $1.8 million, respectively. Future minimum commitments as of December 31, 2013 under these operating obligations are as follows (in thousands): | ||||
2014 | $ | 1,073 | ||
2015 | 1,222 | |||
2016 | 1,239 | |||
2017 | 661 | |||
2018 | 542 | |||
Thereafter | 406 | |||
Future minimum commitments | $ | 5,143 | ||
In connection with our exploration and development efforts, we are contractually committed to the acquisition of seismic data in the aggregate amount of $40.5 million to be incurred over the next four years. | ||||
We maintain restricted escrow funds in a trust for future abandonment costs at our East Bay property. The trust was originally funded with $15.0 million and, with accumulated interest, increased to $16.7 million at December 31, 2008. We may draw from the trust upon completion of qualifying abandonment activities at our East Bay field. At December 31, 2013, we had $6.0 million remaining in restricted escrow funds for decommissioning work in our East Bay field, which will remain restricted until substantially all required decommissioning in the East Bay field is complete. Amounts on deposit in the trust account are reflected in Restricted cash on our consolidated balance sheets. | ||||
We record liabilities when we deliver production that is in excess of our interest in certain properties. In addition to these imbalances, we may, from time to time, be allocated cash sales proceeds in excess of amounts that we estimate are due to us for our interest in production. These allocations may be subject to further review, may require more information to resolve or may be in dispute. In July 2010, we were notified by a purchaser of oil production from one of our non-operated fields that we were allocated, and received sales proceeds from, more oil production than we actually sold to that purchaser. The oil purchaser’s initial estimate of the oil volumes misallocated to us was approximately 74,000 barrels, which may have been valued at up to $6.9 million based on information provided by the oil purchaser. We had previously recorded an amount that we believed may have been payable related to a potential reallocation, which amount was reflected in Accrued expenses in the accompanying consolidated balance sheet as of December 31, 2012. In connection with the sale of the BM Interests in 2013, the buyer assumed any liability we may have had related to this matter. | ||||
We and our oil and gas joint interest owners are subject to periodic audits of the joint interest accounts for leases in which we participate and/or operate. As a result of these joint interest audits, amounts payable or receivable by us for costs incurred or revenue distributed by the operator or by us on a lease may be adjusted, resulting in adjustments, increases or decreases, to our net costs or revenues and the related cash flows. Such adjustments may be material. When they occur, these adjustments are recorded in the current period, which generally is one or more years after the related cost or revenue was incurred or recognized by the joint account. | ||||
We are a defendant in a number of lawsuits and are involved in governmental and regulatory proceedings, all of which arose in the ordinary course of business, including, but not limited to, personal injury claims, royalty claims, contract claims, and environmental claims, including claims involving assets owned by acquired companies. While the ultimate outcome and impact on us cannot be predicted with certainty, management believes that the resolution of pending proceedings will not have a material adverse effect on our consolidated financial position, results of operations, or cash flows. | ||||
Interim_Financial_Information_
Interim Financial Information (Unaudited) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Interim Financial Information (Unaudited) [Abstract] | ' | ||||||||||||
Interim Financial Information (Unaudited) | ' | ||||||||||||
(14) Interim Financial Information (Unaudited) | |||||||||||||
The following tables summarize our consolidated unaudited interim financial information for the years ended December 31, 2013 and 2012. | |||||||||||||
Three Months Ended | |||||||||||||
31-Mar | 30-Jun | September 30(1) | December 31(2) | ||||||||||
(In thousands, except per share data) | |||||||||||||
2013 | |||||||||||||
Revenues | $ | 182,349 | $ | 184,087 | $ | 183,992 | $ | 142,610 | |||||
Costs and expenses | 109,657 | 98,535 | 143,178 | 122,077 | |||||||||
Income from operations | 72,692 | 85,552 | 40,814 | 20,533 | |||||||||
Net income (loss) | 29,037 | 69,579 | -1,284 | -12,058 | |||||||||
Earnings (loss) per share: | |||||||||||||
Basic | $ | 0.74 | $ | 1.77 | $ | -0.03 | $ | -0.31 | |||||
Diluted | 0.73 | 1.75 | -0.03 | -0.31 | |||||||||
-1 | Included in net income (loss) for the three months ended September 30, 2013 is the loss on abandonment activities totaling $22.6 million resulting from an increase in required scope of work attributable to changes in regulatory interpretations and enforcement by BSEE in the deepwater. | ||||||||||||
-2 | The decrease in revenue for the quarter ended December 31, 2013 compared to the quarter ended September 30, 2013 is primarily due to a decrease in oil production and a decrease in the average selling prices of our oil. | ||||||||||||
Three Months Ended | |||||||||||||
31-Mar | 30-Jun | 30-Sep | December 31 (1) | ||||||||||
(In thousands, except per share data) | |||||||||||||
2012 | |||||||||||||
Revenues | $ | 98,796 | $ | 99,270 | $ | 86,668 | $ | 138,899 | |||||
Costs and expenses | 71,501 | 68,071 | 67,379 | 86,235 | |||||||||
Income from operations | 27,295 | 31,199 | 19,289 | 52,664 | |||||||||
Net income (loss) | 1,503 | 35,401 | -2,247 | 24,153 | |||||||||
Earnings (loss) per share: | |||||||||||||
Basic | $ | 0.04 | $ | 0.90 | $ | -0.06 | $ | 0.62 | |||||
Diluted | 0.04 | 0.90 | -0.06 | 0.61 | |||||||||
(1)Includes the results of operations of the Hilcorp Properties, which we acquired on October 31, 2012. | |||||||||||||
Supplementary_Oil_and_Natural_
Supplementary Oil and Natural Gas Disclosures (Unaudited) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Supplementary Oil and Natural Gas Disclosures (Unaudited) [Abstract] | ' | |||||||||
Supplementary Oil and Natural Gas Disclosures (Unaudited) | ' | |||||||||
(15) Supplementary Oil and Natural Gas Disclosures—(Unaudited) | ||||||||||
Our estimates of proved reserves are based on a reserve report prepared as of December 31, 2013 by the independent petroleum engineering firm Netherland, Sewell & Associates, Inc. Users of this information should be aware that the process of estimating quantities of “proved” and “proved developed” natural gas and crude oil reserves is very complex, requiring significant professional judgment in the evaluation of all available geological, engineering and economic data for each reservoir. The data for a given reservoir may also change substantially over time as a result of numerous factors including, but not limited to, additional development activity, evolving production history and continual reassessment of the viability of production under varying economic conditions. Consequently, material revisions to existing reserve estimates occur from time to time. Although every reasonable effort is made to ensure that reserve estimates reported represent the most accurate assessments possible, the significance of the professional judgment required and variances in available data for various reservoirs make these estimates generally less precise than other estimates presented in connection with financial statement disclosures. Proved reserves are estimated quantities of natural gas, crude oil and condensate that geological and engineering data demonstrate, with reasonable certainty, to be recoverable in future years from known reservoirs under existing economic and operating conditions. Proved developed reserves are proved reserves that can be expected to be recovered through existing wells with existing equipment and operating methods. | ||||||||||
The following table sets forth our estimated net proved reserves, changes in our estimated net proved reserves and our net proved developed and undeveloped reserves. | ||||||||||
Oil | Gas | Oil Equivalent | ||||||||
(Mbbls) | (Mmcf) | (Mboe) | ||||||||
Estimated Proved Reserves: | ||||||||||
31-Dec-10 | 17,223 | 61,251 | 27,431 | |||||||
Acquisitions (a) | 7,987 | 8,640 | 9,427 | |||||||
Extensions and discoveries | 2,266 | 4,664 | 3,043 | |||||||
Revisions | 2,778 | -6,678 | 1,666 | |||||||
Production | -2,953 | -9,092 | -4,468 | |||||||
31-Dec-11 | 27,301 | 58,785 | 37,099 | |||||||
Acquisitions (b) | 16,430 | 115,876 | 35,742 | |||||||
Extensions and discoveries (c) | 6,388 | 10,241 | 8,095 | |||||||
Revisions | 1,128 | 4,033 | 1,800 | |||||||
Production | -3,805 | -8,996 | -5,304 | |||||||
31-Dec-12 | 47,442 | 179,939 | 77,432 | |||||||
Acquisitions | 366 | 209 | 401 | |||||||
Sales | -1,415 | -916 | -1,568 | |||||||
Extensions and discoveries (d) | 7,354 | 20,247 | 10,729 | |||||||
Revisions | 3,952 | -10,128 | 2,264 | |||||||
Production | -6,182 | -15,767 | -8,810 | |||||||
31-Dec-13 | 51,517 | 173,584 | 80,448 | |||||||
Proved developed reserves: | ||||||||||
31-Dec-11 | 24,791 | 52,739 | 33,581 | |||||||
31-Dec-12 | 37,908 | 120,687 | 58,022 | |||||||
31-Dec-13 | 39,439 | 107,687 | 57,387 | |||||||
Proved undeveloped reserves: | ||||||||||
31-Dec-11 | 2,510 | 6,046 | 3,518 | |||||||
31-Dec-12 | 9,534 | 59,252 | 19,409 | |||||||
31-Dec-13 | 12,078 | 65,897 | 23,061 | |||||||
(a)Reserves acquired in the acquisitions of the ASOP Properties and Main Pass Interests. | ||||||||||
(b)Reserves acquired in the acquisitions of the Hilcorp Properties and the ST41 Interests. | ||||||||||
(c)Includes extensions and discoveries across 6 different fields, primarily within our West Delta and Ship Shoal areas. These extensions and discoveries added volumes ranging from 18 Mboe to 1.2 Mmboe each, with three exceeding 1.0 Mmboe each. | ||||||||||
(d)Includes extensions and discoveries across 12 different fields, primarily within our Ship Shoal and West Delta areas. The Ship Shoal 208 field accounts for 46% of our total extensions and discoveries with 4,973 Mboe, consisting of 3,967 Mbbls of oil and 6,035 Mmcf of produced gas. The remaining 11 locations account for up to 16% each of total extensions and discoveries with reserves ranging from 10 Mboe to 1.6 Mmboe. | ||||||||||
Capitalized costs for oil and natural gas producing activities consist of the following: | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | |||||||||
(In thousands) | ||||||||||
Proved properties | $ | 2,307,891 | $ | 1,982,657 | ||||||
Unproved properties | 39,191 | 36,992 | ||||||||
Accumulated depreciation, depletion and amortization | -614,068 | -424,520 | ||||||||
Net capitalized costs | $ | 1,733,014 | $ | 1,595,129 | ||||||
The following table sets forth the costs incurred associated with finding, acquiring and developing our proved oil and natural gas reserves. | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
(In thousands) | ||||||||||
Acquisitions — Proved (1) | $ | 46,047 | $ | 706,322 | $ | 261,812 | ||||
Acquisitions — Unproved | 2,200 | 7,496 | 14 | |||||||
Exploration | 46,100 | 43,338 | 17,129 | |||||||
Development (2) | 303,245 | 180,938 | 83,577 | |||||||
Costs incurred | $ | 397,592 | $ | 938,094 | $ | 362,532 | ||||
(1)For the year ended December 31, 2013, includes $29.7 million associated with the Hilcorp Acquisition and $16.7 million associated with the WD29 Acquisition. See Note 2, “Acquisitions and Dispositions” for more information. | ||||||||||
(2)Includes our estimates during the years ended December 31, 2013, 2012 and 2011 of incurred asset retirement obligations associated with finding and developing our proved oil and natural gas reserves of $1.2 million, $1.2 million and $0.2 million, respectively. | ||||||||||
Expenditures incurred for exploratory dry holes are included in investing activities in the consolidated statements of cash flows. | ||||||||||
Standardized Measure of Discounted Future Net Cash Flows Relating to Reserves | ||||||||||
The following information has been developed utilizing procedures prescribed by ASC 932. It may be useful for certain comparative purposes, but should not be solely relied upon in evaluating our performance. Further, information contained in the following table should not be considered as representative of realistic assessments of future cash flows, nor should the Standardized Measure of Discounted Future Net Cash Flows be viewed as representative of the current value of our oil and natural gas reserves or the current value of the Company. | ||||||||||
We believe that the following factors should be taken into account in reviewing the following information: (1) future costs and sales prices are likely to differ materially from those required to be used in these calculations; (2) due to future market conditions, governmental regulations and other factors, actual rates of production achieved in future years may vary significantly from the rate of production assumed in the calculations; (3) the use of a 10% discount rate, while mandated under ASC 932, is arbitrary and may not be reasonable as a measure of the relative risk inherent in realizing future net oil and gas revenues; and (4) future net revenues may be subject to different rates of income taxation. | ||||||||||
The Standardized Measure of Discounted Future Net Cash Flows uses future cash inflows estimated using oil and natural gas prices computed by applying the use of physical pricing based on the simple average of the closing price on the first day of each of the twelve months during the fiscal year (as required by ASC 932) and by applying historical adjustments, including transportation, quality differentials, and purchaser bonuses, on an individual property basis, to the year-end quantities of estimated proved reserves. The historical adjustments applied to the computed prices are determined by comparing our historical realized price experience with the comparable historical market, or posted, price. These adjustments can vary significantly over time both in amount and as a percentage of the posted price, especially related to our oil prices during periods when the market price for oil varies widely. The price adjustments reflected in our computed reserve prices may not represent the amount of price adjustments we may actually obtain in the future when we sell our production, nor do they give effect to any hedging transactions that we may enter into. Future cash inflows were reduced by estimated future development, abandonment and production costs based on period-end costs with the assumption of the continuation of existing economic conditions in order to arrive at net cash flows before tax. Future income tax expense has been computed by applying period-end statutory tax rates to aggregate future net cash flows, reduced by the tax basis of the properties involved and tax carryforwards. Use of a 10% annual discount rate in computing Standardized Measure of Discounted Future Net Cash Flows is required by ASC 932. | ||||||||||
The standardized measure of discounted future net cash flows relating to proved oil and natural gas reserves is as follows: | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | |||||||||
(In thousands) | ||||||||||
Future cash inflows | $ | 5,937,536 | $ | 5,401,290 | ||||||
Future production costs | -1,957,868 | -1,823,303 | ||||||||
Future development costs (1) | -1,085,440 | -936,580 | ||||||||
Future income taxes | -641,536 | -537,546 | ||||||||
Future net cash flows after income taxes | 2,252,692 | 2,103,861 | ||||||||
10% annual discount for estimated timing of cash flows | -603,614 | -529,579 | ||||||||
Standardized measure of discounted future net cash flows | $ | 1,649,078 | $ | 1,574,282 | ||||||
-1 | Future development costs as of December 31, 2013, include $569.9 million of estimated abandonment and decommissioning costs, net of $25.8 million of estimated salvage values. Future development costs as of December 31, 2012 include $466.9 million of estimated abandonment and decommissioning costs, net of $32.6 million of estimated salvage values. | |||||||||
A summary of the changes in the standardized measure of discounted future net cash flows applicable to proved oil and natural gas reserves for the years ended December 31, 2013 and 2012 is as follows: | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | |||||||||
(In thousands) | ||||||||||
Beginning of the period | $ | 1,574,282 | $ | 876,169 | ||||||
Sales and transfers of oil and natural gas produced, net of production costs | -513,906 | -317,059 | ||||||||
Net changes in prices and production costs | 96,751 | -244,824 | ||||||||
Purchase of minerals in place | 26,708 | 797,085 | ||||||||
Sales of minerals in place | -64,539 | - | ||||||||
Extensions, discoveries and improved recoveries, net of future production costs | 363,493 | 452,258 | ||||||||
Revision of quantity estimates | 84,490 | 55,133 | ||||||||
Previously estimated development costs incurred during the period | 33,920 | 39,321 | ||||||||
Changes in estimated future development costs | 18,229 | 746 | ||||||||
Changes in production rates (timing) and other | -113,022 | -14,157 | ||||||||
Accretion of discount | 197,927 | 110,070 | ||||||||
Net change in income taxes | -55,255 | -180,460 | ||||||||
Net increase (decrease) | 74,796 | 698,113 | ||||||||
End of period | $ | 1,649,078 | $ | 1,574,282 | ||||||
At December 31, 2013 and 2012, the computation of the standardized measure of discounted future net cash flows relating to proved oil and natural gas reserves was based on the following computed prices: | ||||||||||
2013 | 2012 | |||||||||
per barrel of oil | $ | 105.30 | $ | 105.13 | ||||||
per Mcf for natural gas | $ | 3.73 | $ | 2.92 | ||||||
Supplemental_Condensed_Consoli
Supplemental Condensed Consolidating Financial Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Condensed Consolidating Financial Information [Abstract] | ' | ||||||||||||
Supplemental Condensed Consolidating Financial Information | ' | ||||||||||||
(16) Supplemental Condensed Consolidating Financial Information | |||||||||||||
In connection with issuing the 8.25% Senior Notes described in Note 7, all of our existing direct and indirect domestic subsidiaries (other than immaterial subsidiaries) each of which is 100% owned by EPL Oil & Gas, Inc. (the “Guarantor Subsidiaries”) jointly and severally guaranteed the payment obligations under our 8.25% Senior Notes. The guarantees are full and unconditional, as those terms are used in Rule 3-10 of Regulation S-X, except that a Guarantor Subsidiary can be automatically released and relieved of its obligations under certain customary circumstances contained in the 2011 Indenture. So long as other applicable provisions of the indenture are adhered to, these customary circumstances include: when a Guarantor Subsidiary is declared “unrestricted” for covenant purposes, when the requirements for legal defeasance or covenant defeasance or to discharge the indenture have been satisfied, or when the Guarantor Subsidiary is sold or sells all of its assets. The following supplemental financial information sets forth, on a consolidating basis, the balance sheets, statements of operations and cash flow information for EPL Oil & Gas, Inc. (Parent Company Only) and for the Guarantor Subsidiaries. We have not presented separate financial statements and other disclosures concerning the Guarantor Subsidiaries, or for any individual Guarantor Subsidiary, because management has determined that such information is not material to investors. | |||||||||||||
The supplemental condensed consolidating financial information has been prepared pursuant to the rules and regulations for condensed financial information and does not include all disclosures included in annual financial statements. Certain reclassifications were made to conform all of the financial information to the financial presentation on a consolidated basis. The principal eliminating entries eliminate investments in subsidiaries, intercompany balances and intercompany revenues and expenses. | |||||||||||||
Supplemental Condensed Consolidating Balance Sheet | |||||||||||||
As of December 31, 2013 | |||||||||||||
Parent | |||||||||||||
Company | Guarantor | ||||||||||||
Only | Subsidiaries | Eliminations | Consolidated | ||||||||||
(In thousands) | |||||||||||||
ASSETS | |||||||||||||
Current assets: | |||||||||||||
Cash and cash equivalents | $ | 8,812 | $ | - | $ | - | $ | 8,812 | |||||
Trade accounts receivable - net | 70,520 | 187 | - | 70,707 | |||||||||
Intercompany receivables | 39,085 | - | -39,085 | - | |||||||||
Fair value of commodity derivative instruments | 501 | - | - | 501 | |||||||||
Deferred tax asset | 8,949 | - | - | 8,949 | |||||||||
Prepaid expenses | 6,868 | - | - | 6,868 | |||||||||
Total current assets | 134,735 | 187 | -39,085 | 95,837 | |||||||||
Property and equipment | 2,041,689 | 313,530 | - | 2,355,219 | |||||||||
Less accumulated depreciation, depletion, amortization and impairments | -526,736 | -92,052 | - | -618,788 | |||||||||
Net property and equipment | 1,514,953 | 221,478 | - | 1,736,431 | |||||||||
Investment in affiliates | 122,697 | - | -122,697 | - | |||||||||
Deposit for Nexen Acquisition | 7,040 | - | - | 7,040 | |||||||||
Restricted cash | 6,023 | - | - | 6,023 | |||||||||
Fair value of commodity derivative instruments | 238 | - | - | 238 | |||||||||
Deferred financing costs | 10,106 | - | - | 10,106 | |||||||||
Other assets | 2,067 | 89 | - | 2,156 | |||||||||
Total assets | $ | 1,797,859 | $ | 221,754 | $ | -161,782 | $ | 1,857,831 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||
Current liabilities: | |||||||||||||
Accounts payable | $ | 58,758 | $ | 673 | $ | - | $ | 59,431 | |||||
Intercompany payables | - | 39,085 | -39,085 | - | |||||||||
Accrued expenses | 131,111 | 14 | - | 131,125 | |||||||||
Asset retirement obligations | 51,601 | - | - | 51,601 | |||||||||
Fair value of commodity derivative instruments | 29,636 | - | - | 29,636 | |||||||||
Total current liabilities | 271,106 | 39,772 | -39,085 | 271,793 | |||||||||
Long-term debt | 627,355 | - | - | 627,355 | |||||||||
Asset retirement obligations | 160,466 | 43,383 | - | 203,849 | |||||||||
Deferred tax liabilities | 106,910 | 15,902 | - | 122,812 | |||||||||
Fair value of commodity derivative instruments | 2,136 | - | - | 2,136 | |||||||||
Other | 673 | - | - | 673 | |||||||||
Total liabilities | 1,168,646 | 99,057 | -39,085 | 1,228,618 | |||||||||
Stockholders’ equity: | |||||||||||||
Preferred stock | - | - | - | - | |||||||||
Common stock | 41 | - | - | 41 | |||||||||
Additional paid-in capital | 519,114 | 85,479 | -85,479 | 519,114 | |||||||||
Treasury stock, at cost | -31,157 | - | - | -31,157 | |||||||||
Retained earnings | 141,215 | 37,218 | -37,218 | 141,215 | |||||||||
Total stockholders’ equity | 629,213 | 122,697 | -122,697 | 629,213 | |||||||||
Total liabilities and stockholders' equity | $ | 1,797,859 | $ | 221,754 | $ | -161,782 | $ | 1,857,831 | |||||
Supplemental Condensed Consolidating Balance Sheet | |||||||||||||
As of December 31, 2012 | |||||||||||||
Parent | |||||||||||||
Company | Guarantor | ||||||||||||
Only | Subsidiaries | Eliminations | Consolidated | ||||||||||
(In thousands) | |||||||||||||
ASSETS | |||||||||||||
Current assets: | |||||||||||||
Cash and cash equivalents | $ | 1,521 | $ | - | $ | - | $ | 1,521 | |||||
Trade accounts receivable - net | 66,994 | 997 | - | 67,991 | |||||||||
Intercompany receivables | 55,575 | - | -55,575 | - | |||||||||
Fair value of commodity derivative instruments | 3,302 | - | 3,302 | ||||||||||
Deferred tax asset | 3,322 | - | - | 3,322 | |||||||||
Prepaid expenses | 9,873 | - | 9,873 | ||||||||||
Total current assets | 140,587 | 997 | -55,575 | 86,009 | |||||||||
Property and equipment | 1,754,294 | 271,353 | - | 2,025,647 | |||||||||
Less accumulated depreciation, depletion, amortization and impairments | -353,526 | -74,054 | - | -427,580 | |||||||||
Net property and equipment | 1,400,768 | 197,299 | - | 1,598,067 | |||||||||
Investment in affiliates | 111,191 | - | -111,191 | - | |||||||||
Restricted cash | 6,023 | - | - | 6,023 | |||||||||
Fair value of commodity derivative instruments | 211 | - | - | 211 | |||||||||
Deferred financing costs | 12,386 | - | - | 12,386 | |||||||||
Other assets | 2,841 | 90 | - | 2,931 | |||||||||
Total assets | $ | 1,674,007 | $ | 198,386 | $ | -166,766 | $ | 1,705,627 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||
Current liabilities: | |||||||||||||
Accounts payable | $ | 34,740 | $ | 32 | $ | - | $ | 34,772 | |||||
Intercompany payables | - | 55,575 | -55,575 | - | |||||||||
Accrued expenses | 117,245 | 127 | - | 117,372 | |||||||||
Asset retirement obligations | 23,982 | 6,197 | - | 30,179 | |||||||||
Fair value of commodity derivative instruments | 10,026 | - | - | 10,026 | |||||||||
Total current liabilities | 185,993 | 61,931 | -55,575 | 192,349 | |||||||||
Long-term debt | 689,911 | - | - | 689,911 | |||||||||
Asset retirement obligations | 187,790 | 17,141 | - | 204,931 | |||||||||
Deferred tax liabilities | 59,571 | 8,123 | - | 67,694 | |||||||||
Fair value of commodity derivative instruments | 3,637 | - | - | 3,637 | |||||||||
Other | 1,132 | - | - | 1,132 | |||||||||
Total liabilities | 1,128,034 | 87,195 | -55,575 | 1,159,654 | |||||||||
Stockholders’ equity: | |||||||||||||
Preferred stock | - | - | - | - | |||||||||
Common stock | 40 | - | - | 40 | |||||||||
Additional paid-in capital | 510,469 | 85,479 | -85,479 | 510,469 | |||||||||
Treasury stock | -20,477 | - | - | -20,477 | |||||||||
Retained earnings | 55,941 | 25,712 | -25,712 | 55,941 | |||||||||
Total stockholders’ equity | 545,973 | 111,191 | -111,191 | 545,973 | |||||||||
Total liabilities and stockholders' equity | $ | 1,674,007 | $ | 198,386 | $ | -166,766 | $ | 1,705,627 | |||||
Supplemental Condensed Consolidating Statement of Operations | |||||||||||||
Year Ended December 31, 2013 | |||||||||||||
Parent | |||||||||||||
Company | Guarantor | ||||||||||||
Only | Subsidiaries | Eliminations | Consolidated | ||||||||||
(In thousands) | |||||||||||||
Revenue: | |||||||||||||
Oil and natural gas | $ | 606,743 | $ | 82,000 | $ | - | $ | 688,743 | |||||
Other | 689 | 3,606 | - | 4,295 | |||||||||
Total revenue | 607,432 | 85,606 | - | 693,038 | |||||||||
Costs and expenses: | |||||||||||||
Lease operating | 140,605 | 25,236 | - | 165,841 | |||||||||
Transportation | 3,548 | 20 | - | 3,568 | |||||||||
Exploration expenditures and dry hole costs | 22,265 | 4,290 | - | 26,555 | |||||||||
Impairments | 2,937 | - | - | 2,937 | |||||||||
Depreciation, depletion and amortization | 178,427 | 21,932 | - | 200,359 | |||||||||
Accretion of liability for asset retirement obligations | 23,196 | 5,103 | - | 28,299 | |||||||||
General and administrative | 28,137 | - | - | 28,137 | |||||||||
Taxes, other than on earnings | 1,084 | 10,406 | - | 11,490 | |||||||||
Gain on sale of assets | -28,219 | -462 | - | -28,681 | |||||||||
Other | 34,072 | 870 | - | 34,942 | |||||||||
Total costs and expenses | 406,052 | 67,395 | - | 473,447 | |||||||||
Income from operations | 201,380 | 18,211 | - | 219,591 | |||||||||
Other income (expense): | |||||||||||||
Interest income | 99 | - | - | 99 | |||||||||
Interest expense | -52,368 | - | - | -52,368 | |||||||||
Loss on derivative instruments | -32,361 | - | - | -32,361 | |||||||||
Income from equity investments | 11,506 | - | -11,506 | - | |||||||||
Total other income (expense) | -73,124 | - | -11,506 | -84,630 | |||||||||
Income before provision for income taxes | 128,256 | 18,211 | -11,506 | 134,961 | |||||||||
Deferred income tax expense | -42,982 | -6,705 | - | -49,687 | |||||||||
Net income | $ | 85,274 | $ | 11,506 | $ | -11,506 | $ | 85,274 | |||||
Supplemental Condensed Consolidating Statement of Operations | |||||||||||||
Year Ended December 31, 2012 | |||||||||||||
Parent | |||||||||||||
Company | Guarantor | ||||||||||||
Only | Subsidiaries | Eliminations | Consolidated | ||||||||||
(In thousands) | |||||||||||||
Revenue: | |||||||||||||
Oil and natural gas | $ | 318,749 | $ | 103,780 | $ | - | $ | 422,529 | |||||
Other | 15,152 | 952 | -15,000 | 1,104 | |||||||||
Total revenue | 333,901 | 104,732 | -15,000 | 423,633 | |||||||||
Costs and expenses: | |||||||||||||
Lease operating | 71,002 | 23,848 | - | 94,850 | |||||||||
Transportation | 611 | 4 | - | 615 | |||||||||
Exploration expenditures and dry hole costs | 18,790 | 9 | - | 18,799 | |||||||||
Impairments | 8,883 | - | - | 8,883 | |||||||||
Depreciation, depletion and amortization | 92,689 | 20,892 | - | 113,581 | |||||||||
Accretion of liability for asset retirement obligations | 10,551 | 5,014 | - | 15,565 | |||||||||
General and administrative | 22,845 | 15,363 | -15,000 | 23,208 | |||||||||
Taxes, other than on earnings | 1,162 | 11,845 | - | 13,007 | |||||||||
Other | 5,496 | -818 | - | 4,678 | |||||||||
Total costs and expenses | 232,029 | 76,157 | -15,000 | 293,186 | |||||||||
Income from operations | 101,872 | 28,575 | - | 130,447 | |||||||||
Other income (expense): | |||||||||||||
Interest income | 136 | - | - | 136 | |||||||||
Interest expense | -28,568 | - | - | -28,568 | |||||||||
Loss on derivative instruments | -13,305 | - | - | -13,305 | |||||||||
Income from equity investments | 18,945 | - | -18,945 | - | |||||||||
Total other income (expense) | -22,792 | - | -18,945 | -41,737 | |||||||||
Income before provision for income taxes | 79,080 | 28,575 | -18,945 | 88,710 | |||||||||
Deferred income tax expense | -20,270 | -9,630 | - | -29,900 | |||||||||
Net income | $ | 58,810 | $ | 18,945 | $ | -18,945 | $ | 58,810 | |||||
Supplemental Condensed Consolidating Statement of Operations | |||||||||||||
Year Ended December 31, 2011 | |||||||||||||
Parent | |||||||||||||
Company | Guarantor | ||||||||||||
Only | Subsidiaries | Eliminations | Consolidated | ||||||||||
(In thousands) | |||||||||||||
Revenue: | |||||||||||||
Oil and natural gas | $ | 245,567 | $ | 102,640 | $ | - | $ | 348,207 | |||||
Other | 15,007 | 113 | -15,000 | 120 | |||||||||
Total revenue | 260,574 | 102,753 | -15,000 | 348,327 | |||||||||
Costs and expenses: | |||||||||||||
Lease operating | 51,618 | 18,663 | - | 70,281 | |||||||||
Transportation | 766 | 13 | - | 779 | |||||||||
Exploration expenditures and dry hole costs | 14,045 | 223 | - | 14,268 | |||||||||
Impairments | 32,532 | -66 | - | 32,466 | |||||||||
Depreciation, depletion and amortization | 82,168 | 22,456 | 104,624 | ||||||||||
Accretion of liability for asset retirement obligations | 9,013 | 6,929 | 15,942 | ||||||||||
General and administrative | 18,281 | 15,460 | -15,000 | 18,741 | |||||||||
Taxes, other than on earnings | -733 | 15,098 | - | 14,365 | |||||||||
Other | 9,940 | -205 | - | 9,735 | |||||||||
Total costs and expenses | 217,630 | 78,571 | -15,000 | 281,201 | |||||||||
Income from operations | 42,944 | 24,182 | - | 67,126 | |||||||||
Other income (expense): | |||||||||||||
Interest income | 102 | - | - | 102 | |||||||||
Interest expense | -17,548 | - | - | -17,548 | |||||||||
Loss on derivative instruments | -5,870 | - | - | -5,870 | |||||||||
Loss on early extinguishment of debt | -2,377 | - | - | -2,377 | |||||||||
Loss from equity investments | 15,532 | - | -15,532 | - | |||||||||
Total other income (expense) | -10,161 | - | -15,532 | -25,693 | |||||||||
Loss before provision for income taxes | 32,783 | 24,182 | -15,532 | 41,433 | |||||||||
Deferred income tax expense | -6,172 | -8,650 | - | -14,822 | |||||||||
Net income | $ | 26,611 | $ | 15,532 | $ | -15,532 | $ | 26,611 | |||||
Supplemental Condensed Consolidating Statement of Cash Flows | |||||||||||||
Year Ended December 31, 2013 | |||||||||||||
Parent | |||||||||||||
Company | Guarantor | ||||||||||||
Only | Subsidiaries | Eliminations | Consolidated | ||||||||||
(In thousands) | |||||||||||||
Net cash provided by operating activities | $ | 356,597 | $ | 30,962 | $ | - | $ | 387,559 | |||||
Cash flows provided by (used in) investing activities: | |||||||||||||
Property acquisitions | -27,560 | - | - | -27,560 | |||||||||
Deposit for Nexen Acquisition | -7,040 | - | - | -7,040 | |||||||||
Exploration and development expenditures | -284,073 | -37,967 | - | -322,040 | |||||||||
Other property and equipment additions | -2,016 | - | - | -2,016 | |||||||||
Proceeds from sale of assets | 45,312 | 7,005 | - | 52,317 | |||||||||
Net cash used in investing activities | -275,377 | -30,962 | - | -306,339 | |||||||||
Cash flows provided by (used in) financing activities: | |||||||||||||
Repayments of indebtedness | -65,000 | - | - | -65,000 | |||||||||
Deferred financing costs | -674 | - | - | -674 | |||||||||
Purchase of shares into treasury | -9,640 | - | - | -9,640 | |||||||||
Exercise of stock options | 1,385 | - | - | 1,385 | |||||||||
Net cash used in financing activities | -73,929 | - | - | -73,929 | |||||||||
Net decrease in cash and cash equivalents | 7,291 | - | - | 7,291 | |||||||||
Cash and cash equivalents at beginning of period | 1,521 | - | - | 1,521 | |||||||||
Cash and cash equivalents at end of period | $ | 8,812 | $ | - | $ | - | $ | 8,812 | |||||
Supplemental Condensed Consolidating Statement of Cash Flows | |||||||||||||
Year Ended December 31, 2012 | |||||||||||||
Parent | |||||||||||||
Company | Guarantor | ||||||||||||
Only | Subsidiaries | Eliminations | Consolidated | ||||||||||
(In thousands) | |||||||||||||
Net cash provided by operating activities | $ | 190,851 | $ | 23,020 | $ | - | $ | 213,871 | |||||
Cash flows provided by (used in) investing activities: | |||||||||||||
Property acquisitions | -575,372 | -3,000 | - | -578,372 | |||||||||
Exploration and development expenditures | -165,308 | -19,542 | - | -184,850 | |||||||||
Other property and equipment additions | -1,265 | -478 | - | -1,743 | |||||||||
Net cash used in investing activities | -741,945 | -23,020 | - | -764,965 | |||||||||
Cash flows provided by (used in) financing activities: | |||||||||||||
Proceeds from indebtedness | 509,313 | - | - | 509,313 | |||||||||
Repayments of indebtedness | -20,000 | - | - | -20,000 | |||||||||
Deferred financing costs | -8,469 | - | - | -8,469 | |||||||||
Purchase of shares into treasury | -8,798 | - | - | -8,798 | |||||||||
Exercise of stock options | 441 | - | - | 441 | |||||||||
Net cash provided by financing activities | 472,487 | - | - | 472,487 | |||||||||
Net increase in cash and cash equivalents | -78,607 | - | - | -78,607 | |||||||||
Cash and cash equivalents at beginning of period | 80,128 | - | - | 80,128 | |||||||||
Cash and cash equivalents at end of period | $ | 1,521 | $ | - | $ | - | $ | 1,521 | |||||
Supplemental Condensed Consolidating Statement of Cash Flows | |||||||||||||
Year Ended December 31, 2011 | |||||||||||||
Parent | |||||||||||||
Company | Guarantor | ||||||||||||
Only | Subsidiaries | Eliminations | Consolidated | ||||||||||
(In thousands) | |||||||||||||
Net cash provided by operating activities | $ | 136,245 | $ | 35,007 | $ | - | $ | 171,252 | |||||
Cash flows provided by (used in) investing activities: | |||||||||||||
Decrease in restricted cash | 2,466 | - | - | 2,466 | |||||||||
Property acquisitions | -235,486 | - | - | -235,486 | |||||||||
Exploration and development expenditures | -40,996 | -35,007 | - | -76,003 | |||||||||
Other property and equipment additions | -1,568 | - | - | -1,568 | |||||||||
Net cash used in investing activities | -275,584 | -35,007 | - | -310,591 | |||||||||
Cash flows provided by (used in) financing activities: | |||||||||||||
Proceeds from indebtedness | 203,794 | - | - | 203,794 | |||||||||
Deferred financing costs | -6,646 | - | - | -6,646 | |||||||||
Purchase of shares into treasury | -11,353 | - | - | -11,353 | |||||||||
Exercise of stock options | 119 | - | - | 119 | |||||||||
Net cash provided by financing activities | 185,914 | - | - | 185,914 | |||||||||
Net increase in cash and cash equivalents | 46,575 | - | - | 46,575 | |||||||||
Cash and cash equivalents at beginning of period | 33,553 | - | - | 33,553 | |||||||||
Cash and cash equivalents at end of period | $ | 80,128 | $ | - | $ | - | $ | 80,128 | |||||
Organization_and_Summary_of_Si1
Organization and Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2013 | |
Organization and Summary of Significant Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
(a) Basis of Presentation | |
The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the accounts of EPL Oil & Gas, Inc. and our wholly-owned subsidiaries. All significant intercompany accounts and transactions are eliminated in consolidation. Our interests in oil and natural gas exploration and production ventures and partnerships are proportionately consolidated. | |
Property and Equipment | ' |
(b) Property and Equipment | |
We use the successful efforts method of accounting for oil and natural gas producing activities. Costs to acquire mineral interests in oil and natural gas properties, to drill and equip exploratory wells that find proved reserves, and to drill and equip development wells are capitalized. Exploratory drilling costs are initially capitalized, but charged to expense if and when the well is determined not to have found reserves in commercial quantities. We may capitalize exploratory well costs beyond one year if (a) we found a sufficient quantity of reserves to justify its completion as a producing well and (b) we are making sufficient progress assessing the reserves and the economic and operating viability of the project; otherwise, these costs are expensed. Geological and geophysical costs are charged to expense as incurred. | |
Leasehold acquisition costs are capitalized as unproved properties. If proved reserves are found on undeveloped leases, the related leasehold costs are transferred to proved properties and amortized using the units of production method. For individual unevaluated properties with capitalized costs below a threshold amount, we allocate capitalized costs to earnings generally over the primary lease terms. Properties that are subject to amortization and those with capitalized costs greater than the threshold amount are assessed for impairment periodically. Capitalized costs of producing oil and natural gas properties are depreciated and depleted by the units-of-production method. | |
We evaluate our capitalized costs of proved oil and natural gas properties for potential impairment when circumstances indicate that the carrying values may not be recoverable. The need to test a property for impairment can be based on several factors, including a significant reduction in sales prices for oil and/or natural gas, unfavorable adjustments to reserve volumes, actual operating and development costs in excess of expected amounts, changes in estimates of future operating and capital expenditure requirements, or other changes to contracts, environmental regulations or tax laws. The calculation is performed on a field-by-field basis, utilizing our current estimates of future revenues and operating expenses. In the event net undiscounted cash flow is less than the carrying value, an impairment loss is recorded based on the present value of expected future net cash flows over the economic lives of the reserves. | |
On the sale or retirement of a complete unit of a proved property, the cost and related accumulated depletion, depreciation and amortization are eliminated from the property accounts, along with the related asset retirement obligations, unless retained by us, and the resulting gain or loss is recognized in earnings. | |
Asset Retirement Obligation | ' |
(c) Asset Retirement Obligations | |
We record our obligations associated with the retirement of tangible long-lived assets at their fair values in the period incurred. The fair value of the obligation is also recorded to the related asset’s carrying amount. Accretion of the liability is recognized as an operating expense and the capitalized cost is amortized using the units-of-production method. We revise our estimates of asset retirement obligations as information about material changes to the liability becomes known. Revisions are recorded as adjustments to existing liabilities and to the carrying amount of the related assets. Revisions occurring at or near the end of an asset’s useful life may result in impairments or losses and could materially impact earnings. Our asset retirement obligations relate primarily to the plugging and abandonment of our oil and natural gas wellbores and to decommissioning related pipelines, facilities and structures. | |
Income Taxes | ' |
(d) Income Taxes | |
We account for income taxes under the asset and liability method, which requires that we recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis amounts. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. We recognize the effect on deferred tax assets and liabilities of a change in the tax rates in income in the period that includes the enactment date. | |
We follow the provisions of Accounting Standards Codification (“ASC”) Topic 740, “Income Taxes,” which apply to the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribe a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. These provisions also contain guidance on de-recognition, classification, interest and penalties. Interest, if any, is classified as a component of interest expense, and statutory penalties, if any, are classified as a component of general and administrative expense. | |
Deferred Financing Costs | ' |
(e) Deferred Financing Costs | |
We defer costs incurred to obtain debt financing and then amortize such costs as additional interest expense over the maturity period of the related debt using the effective interest rate method. | |
Earnings Per Share | ' |
(f) Earnings Per Share | |
Basic earnings per share is computed by dividing income or loss available to common stockholders by the weighted average number of common shares outstanding during each period. According to GAAP, we have determined that our unvested restricted share awards, which contain non-forfeitable rights to dividends, are participating securities and should be included in the computation of earnings per share pursuant to the “two-class” method. The “two-class” method allocates undistributed earnings between common shares and participating securities. The diluted earnings per share calculation under the “two-class” method also includes the effect, if dilutive, of potential common shares associated with stock option awards outstanding during each period. The dilutive effect of stock options is determined using the treasury stock method. | |
Revenue Recognition | ' |
(g) Revenue Recognition | |
We record revenues from the sales of oil and natural gas when the product is delivered at a determinable price, title has transferred and collectability is reasonably assured. When we have an interest with other producers in properties from which natural gas is produced, we use the entitlement method for recording natural gas sales revenue. Under this method of accounting, revenue is recorded based on our net revenue interest in production. Deliveries of natural gas in excess of our revenue interest are recorded as liabilities and under-deliveries are recorded as receivables. We had natural gas imbalance liabilities of $2.0 million and $1.7 million at December 31, 2013 and 2012, respectively. We had natural gas imbalance receivables of $1.9 million and $0.8 million at December 31, 2013 and 2012, respectively. | |
Cash and Cash Equivalents | ' |
(h) Cash and Cash Equivalents | |
We include in cash and cash equivalents our highly-liquid investments with original maturities of three months or less. At December 31, 2013 and 2012, cash and cash equivalents includes investments in overnight interest-bearing deposits of $7.3 million and $2.3 million, respectively. These amounts are reduced by overdraft balances on other operating accounts with legal right of offset in the same banking institution to arrive at the cash and cash equivalent balances reported in our consolidated balance sheets. | |
Derivative Activities | ' |
(i) Derivative Activities | |
Derivative instruments, including certain derivative instruments embedded in other contracts, are recorded at fair value and included as either assets or liabilities in the balance sheet. The accounting for changes in fair value depends on the intended use of the derivative and the resulting designation, which is established at the inception of the derivative. We do not elect to designate derivative instruments as hedges. Gains and losses resulting from changes in the fair value of derivative instruments are recorded in other income (expense). Gains and losses related to contract settlements are also recorded in other income (expense). | |
Share-Based Compensation | ' |
(j) Share-Based Compensation | |
We recognize share-based compensation expense based on the estimated grant-date fair value of all share-based awards, net of an estimated forfeiture rate, over the requisite service period of the awards, which is generally equivalent to the vesting term. We record share-based compensation expense only for those awards expected to vest. We periodically revise our estimated forfeiture rate if actual forfeitures differ from our estimates. | |
We are required to report excess tax benefits from the exercise of stock options as financing cash flows. For the year ended December 31, 2013 and 2012, no excess tax benefits were reported in the statement of cash flows as we were in a net operating loss carryforward position. See Note 12 for additional disclosures. | |
Allowance for Doubtful Accounts | ' |
(k) Allowance for Doubtful Accounts | |
We routinely assess the recoverability of all material trade and other receivables to determine their collectability. Our crude oil and natural gas revenue receivables are typically collected within two months. We may have the ability to withhold future revenue disbursements to recover any non-payment of joint interest receivables on properties where we are the operator. When we believe collection of the full amount of our accounts receivable is in doubt, we record an allowance to reflect accounts receivable at the net realizable value, which may be reflected in earnings or as an increase to the net book value of our oil and natural gas properties depending on the nature of the transaction that created the receivable. The nature of the transaction resulting in the receivable balance determines whether the allowance, when recorded, impacts our earnings (ordinarily through LOE) or our property and equipment balances. As of December 31, 2013, our allowance for doubtful accounts was $0.7 million, $0.1 million of which was recorded as a recovery in earnings in 2013. As of December 31, 2012, our allowance for doubtful accounts was $0.7 million, $0.1 million of which was recorded as a recovery in earnings in 2012. | |
Accrued Expenses | ' |
(l) Accrued Expenses | |
As of December 31, 2013, our accrued expenses included accrued exploration costs, development costs and lease operating expenses totaling approximately $107.8 million, other accrued expenses of $7.5 million and interest payable of approximately $15.8 million. As of December 31, 2012, our accrued expenses included accrued exploration costs, development costs and lease operating expenses totaling approximately $84.9 million, other accrued expenses of $16.3 million and interest payable of approximately $16.2 million. | |
Use of Estimates | ' |
(m) Use of Estimates | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain accounting policies involve judgments and uncertainties to such an extent that there is reasonable likelihood that materially different amounts could have been reported under different conditions, or if different assumptions had been used. We evaluate our estimates and assumptions on a regular basis. We use historical experience and various other assumptions that are believed to be reasonable under the circumstances to form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Our actual results may differ from these estimates and assumptions used in preparation of our financial statements. Significant estimates with regard to these financial statements and related unaudited disclosures include the estimate of proved oil and natural gas reserve quantities and the related present value of estimated future net cash flows therefrom disclosed in Note 15. | |
New Accounting Pronouncements | ' |
(n) New Accounting Pronouncements | |
Effective January 1, 2013, we adopted the amended disclosure requirements contained in ASU 2011-11, “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities.” This guidance impacted the disclosures associated with our derivative instruments and did not impact our consolidated financial position, results of operations or cash flows. See Note 7, “Fair Value Measurements,” of our consolidated financial statements in Part I, Item 1 of this Quarterly Report for related disclosures. | |
In July 2013, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” The amendments in this update clarify the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The amendments are effective for fiscal years, and interim periods within those years, beginning December 15, 2013. We do not expect this guidance to have a material impact on our consolidated financial position, results of operations or cash flows. | |
Acquisitions_and_Dispositions_
Acquisitions and Dispositions (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Schedule of Revenues and Lease Operating Expenses Attributable to the ST 41 Interests, the ASOP Properties and the Main Pass Interests | ' | |||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
(In thousands) | ||||||||||
WD29 Interests: | ||||||||||
Revenues | $ | 3,011 | $ | - | $ | - | ||||
Lease operating expenses | $ | 44 | $ | - | $ | - | ||||
Hilcorp Properties: | ||||||||||
Revenues | $ | 208,241 | $ | 37,978 | $ | - | ||||
Lease operating expenses | $ | 74,404 | $ | 10,982 | $ | - | ||||
ST41 Interests: | ||||||||||
Revenues | $ | 11,189 | $ | 9,262 | $ | - | ||||
Lease operating expenses | $ | 2,468 | $ | 1,760 | $ | - | ||||
ASOP Properties and Main Pass Interests: | ||||||||||
Revenues | $ | 328,070 | $ | 175,538 | $ | 125,975 | ||||
Lease operating expenses | $ | 33,978 | $ | 26,467 | $ | 17,161 | ||||
Schedule of Consolidated Results of Operations | ' | |||||||||
Year Ended December 31, | ||||||||||
Pro Forma | ||||||||||
2012 | ||||||||||
(in thousands, except per share data) | ||||||||||
Revenue | $ | 594,510 | ||||||||
Net income | $ | 59,324 | ||||||||
Basic earnings per share | $ | 1.51 | ||||||||
Diluted earnings per share | $ | 1.51 | ||||||||
Nexen Acquisition [Member] | ' | |||||||||
Schedule of Assets Acquired and Liabilities Assumed | ' | |||||||||
(In thousands) | 1-Sep-13 | |||||||||
Oil and natural gas properties | $ | 93,932 | ||||||||
Asset retirement obligations | -27,133 | |||||||||
Net assets acquired | $ | 66,799 | ||||||||
Non-Operated Bay Marchand Field Disposition [Member] | ' | |||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | |||||||||
(In thousands) | 1-Jan-13 | |||||||||
Oil and natural gas properties | $ | 35,298 | ||||||||
Asset retirement obligations | -3,959 | |||||||||
Other liabilities | -7,311 | |||||||||
Net assets sold | $ | 24,028 | ||||||||
Hilcorp Acquisition [Member] | ' | |||||||||
Schedule of Assets Acquired and Liabilities Assumed | ' | |||||||||
(In thousands) | 1-Jul-12 | |||||||||
Oil and natural gas properties | $ | 698,660 | ||||||||
Asset retirement obligations | -150,959 | |||||||||
Net assets acquired | $ | 547,701 | ||||||||
South Timbalier Acquisition [Member] | ' | |||||||||
Schedule of Assets Acquired and Liabilities Assumed | ' | |||||||||
(In thousands) | April 1, 2012 | |||||||||
Oil and natural gas properties | $ | 33,206 | ||||||||
Asset retirement obligations | -1,878 | |||||||||
Net assets acquired | $ | 31,328 | ||||||||
ASOP Acquisition [Member] | ' | |||||||||
Schedule of Assets Acquired and Liabilities Assumed | ' | |||||||||
(In thousands) | 1-Jan-11 | |||||||||
Oil and natural gas properties | $ | 221,751 | ||||||||
Asset retirement obligations | -24,858 | |||||||||
Net assets acquired | $ | 196,893 | ||||||||
Main Pass Acquisition [Member] | ' | |||||||||
Schedule of Assets Acquired and Liabilities Assumed | ' | |||||||||
(In thousands) | 1-Nov-11 | |||||||||
Oil and natural gas properties | $ | 40,826 | ||||||||
Asset retirement obligations | -2,991 | |||||||||
Net assets acquired | $ | 37,835 | ||||||||
West Delta 29 Acquisition [Member] | ' | |||||||||
Schedule of Assets Acquired and Liabilities Assumed | ' | |||||||||
(In thousands) | 1-Jan-13 | |||||||||
Oil and natural gas properties | $ | 16,696 | ||||||||
Asset retirement obligations | -1,398 | |||||||||
Net assets acquired | $ | 15,298 | ||||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Earnings per Share [Abstract] | ' | |||||||||
Basic and Diluted Weighted Average Shares Outstanding and Earnings per Share | ' | |||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
(in thousands, except per share data) | ||||||||||
Income (numerator): | ||||||||||
Net income | $ | 85,274 | $ | 58,810 | $ | 26,611 | ||||
Net income attributable to participating securities | -943 | -455 | -77 | |||||||
Net income attributable to common shares | $ | 84,331 | $ | 58,355 | $ | 26,534 | ||||
Weighted average shares (denominator): | ||||||||||
Weighted average shares—basic | 38,730 | 38,885 | 39,946 | |||||||
Dilutive effect of stock options | 506 | 149 | 104 | |||||||
Weighted average shares—diluted | 39,236 | 39,034 | 40,050 | |||||||
Basic earnings per share | $ | 2.18 | $ | 1.50 | $ | 0.66 | ||||
Diluted earnings per share | $ | 2.15 | $ | 1.50 | $ | 0.66 | ||||
Number of Antidilutive Shares Excluded from the Computation of Dilutive Weighted Average Shares | ' | |||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
(in thousands) | ||||||||||
Weighted average shares | 273 | 687 | 442 | |||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Property and Equipment [Abstract] | ' | ||||||
Property and Equipment | ' | ||||||
December 31, | |||||||
2013 | 2012 | ||||||
(In thousands) | |||||||
Proved oil and natural gas properties | $ | 2,307,891 | $ | 1,982,657 | |||
Unproved oil and natural gas properties | 39,191 | 36,992 | |||||
Other | 8,137 | 5,998 | |||||
Total property and equipment | $ | 2,355,219 | $ | 2,025,647 | |||
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Asset Retirement Obligations [Abstract] | ' | ||||||
Schedule of Changes in Asset Retirement Obligations | ' | ||||||
Year Ended December 31, | |||||||
2013 | 2012 | ||||||
(in thousands) | |||||||
Beginning of period total | $ | 235,110 | $ | 99,347 | |||
Accretion expense | 28,299 | 15,565 | |||||
Liabilities assumed in acquisitions | 23,541 | 132,109 | |||||
Liabilities incurred | 1,187 | 1,210 | |||||
Revisions | 24,586 | 22,308 | |||||
Liabilities associated with assets sold | -3,965 | - | |||||
Liabilities settled | -53,308 | -35,429 | |||||
End of period total | 255,450 | 235,110 | |||||
Less: End of period, current portion | 51,601 | 30,179 | |||||
End of period, noncurrent portion | $ | 203,849 | $ | 204,931 | |||
Indebtedness_Tables
Indebtedness (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Schedule of Indebtedness | ' | ||||||
December 31, | |||||||
2013 | 2012 | ||||||
(In thousands) | |||||||
8.25% senior notes issued February 14, 2011 and October 25, 2012, face amount of $510.0 million, interest rate of 8.25% payable semi-annually, in arrears on February 15 and August 15 of each year, maturity date February 15, 2018 | $ | 497,355 | $ | 494,911 | |||
Senior Credit Facility, interest rate based on base rate or LIBOR plus a floating spread, maturity date October 31, 2016 | 130,000 | 195,000 | |||||
Total indebtedness | 627,355 | 689,911 | |||||
Current portion of indebtedness | - | - | |||||
Noncurrent portion of indebtedness | $ | 627,355 | $ | 689,911 | |||
8.25% Senior Notes [Member] | ' | ||||||
Schedule of Redeemable Debt | ' | ||||||
Year | Percentage | ||||||
2015 | 104.125% | ||||||
2016 | 102.063% | ||||||
2017 and thereafter | 100.000% | ||||||
Recovered_Sheet1
Derivative Instruments And Hedging Activities (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Derivative Instruments and Hedging Activities [Abstract] | ' | |||||||||
Schedule of Derivative Instruments Outstanding | ' | |||||||||
Fixed-Price Swaps | ||||||||||
Daily Average | Average | |||||||||
Volume | Volume | Swap Price | ||||||||
Remaining Contract Term | (Bbls) | (Bbls) | ($/Bbl) | |||||||
Jan-14 | 16,350 | 506,850 | 93.11 | |||||||
Feb-14 | 16,350 | 457,800 | 93.11 | |||||||
Mar-14 | 16,350 | 506,850 | 93.11 | |||||||
Apr-14 | 15,350 | 460,500 | 94.27 | |||||||
May-14 | 15,350 | 475,850 | 94.27 | |||||||
Jun-14 | 15,350 | 460,500 | 94.27 | |||||||
Jul-14 | 14,350 | 444,850 | 93.56 | |||||||
Aug-14 | 8,750 | 271,250 | 94.28 | |||||||
Sep-14 | 8,750 | 262,500 | 94.28 | |||||||
Oct-14 | 8,750 | 271,250 | 94.28 | |||||||
Nov-14 | 8,750 | 262,500 | 94.28 | |||||||
Dec-14 | 11,700 | 362,700 | 91.90 | |||||||
2014 Total | 12,996 | 4,743,400 | 93.67 | |||||||
January 2015 - December 2015 | 1,500 | 547,500 | 97.70 | |||||||
Gas Contracts | ||||||||||
Fixed-Price Swaps | ||||||||||
Daily Average | Average | |||||||||
Volume | Volume | Swap Price | ||||||||
Remaining Contract Term | (Mmbtu) | (Mmbtu) | ($/Mmbtu) | |||||||
January 2014 - December 2014 | 5,000 | 1,825,000 | 4.01 | |||||||
January 2015 - December 2015 | 4,300 | 1,569,500 | 4.31 | |||||||
Components of Gain (Loss) on Derivative Instruments | ' | |||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
(in thousands) | ||||||||||
Change in fair market value | $ | -20,884 | $ | -9,491 | $ | 11,475 | ||||
Loss on settlement | -11,477 | -3,814 | -17,345 | |||||||
Total loss on derivative instruments | $ | -32,361 | $ | -13,305 | $ | -5,870 | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||
Schedule of Fair Value Measurements of Assets and Liabilities | ' | ||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(in thousands) | |||||||||||||
Assets: | |||||||||||||
Current | $ | 501 | $ | 3,302 | |||||||||
Noncurrent | 238 | 211 | |||||||||||
Total gross fair value | 739 | 3,513 | |||||||||||
Less: counterparty set-off | -739 | -3,513 | |||||||||||
Total net fair value | - | - | |||||||||||
Liabilities: | |||||||||||||
Current | $ | 29,636 | $ | 10,026 | |||||||||
Noncurrent | 2,136 | 3,637 | |||||||||||
Total gross fair value | 31,772 | 13,663 | |||||||||||
Less: counterparty set-off | -739 | -3,513 | |||||||||||
Total net fair value | 31,033 | 10,150 | |||||||||||
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | ' | ||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||
(In thousands) | |||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | ||||||||||
8.25% Senior Notes | $ | 497,355 | $ | 546,338 | $ | 494,911 | $ | 524,600 | |||||
Senior Credit Facility | 130,000 | 130,000 | 195,000 | 195,000 | |||||||||
Total | $ | 627,355 | $ | 676,338 | $ | 689,911 | $ | 719,600 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Current: | |||||||||||||
Federal | $ | - | $ | - | $ | - | |||||||
State | - | - | - | ||||||||||
Total current | $ | - | $ | - | $ | - | |||||||
Deferred: | |||||||||||||
Federal | $ | -47,723 | $ | -28,719 | $ | -14,468 | |||||||
State | -1,964 | -1,181 | -354 | ||||||||||
Total deferred | $ | -49,687 | $ | -29,900 | $ | -14,822 | |||||||
Total: | |||||||||||||
Federal | $ | -47,723 | $ | -28,719 | $ | -14,468 | |||||||
State | -1,964 | -1,181 | -354 | ||||||||||
Total provision for income taxes. | $ | -49,687 | $ | -29,900 | $ | -14,822 | |||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | ||||||||||||
Percentage of Pretax Earnings | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Expected statutory federal income tax rate | 35.0 | % | 35.0 | % | 35.0 | % | |||||||
State taxes | 1.4 | 1.4 | 2.3 | ||||||||||
State tax rate changes | - | -2.7 | -1.7 | ||||||||||
Statutory depletion | -0.3 | -0.4 | -1 | ||||||||||
Other | 0.7 | 0.4 | 1.2 | ||||||||||
Effective income tax rate | 36.8 | % | 33.7 | % | 35.8 | % | |||||||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Federal and state net operating loss carryforwards | $ | 62,015 | $ | 62,130 | |||||||||
Fair value of commodity derivative instruments | 11,578 | 3,912 | |||||||||||
Restricted stock awards and options | 3,843 | 2,313 | |||||||||||
Percentage depletion carryforward | 5,003 | 4,575 | |||||||||||
Accruals and other | 1,130 | 2,613 | |||||||||||
Deferred tax asset | 83,569 | 75,543 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Property, plant and equipment, principally due to differences in depreciation | $ | 193,191 | $ | 136,016 | |||||||||
Fair value of commodity derivative instruments | 182 | 214 | |||||||||||
Prepaid assets | 1,482 | 1,778 | |||||||||||
Accruals and other | 2,577 | 1,907 | |||||||||||
Deferred tax liabilities | 197,432 | 139,915 | |||||||||||
Net deferred tax liability | 113,863 | 64,372 | |||||||||||
Reflected in accompanying balance sheets as: | |||||||||||||
Current deferred asset | 8,949 | 3,322 | |||||||||||
Non-current deferred liability | 122,812 | 67,694 | |||||||||||
Total net deferred tax liability | $ | 113,863 | $ | 64,372 | |||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Employee Benefit Plan [Abstract] | ' | ||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | ||||||||||||
Options | Weighted- | Weighted- | Aggregate Intrinsic Value | ||||||||||
Average | Average | ||||||||||||
Exercise | Remaining | ||||||||||||
Price Per | Contractual | ||||||||||||
Share | Terms | ||||||||||||
(in years) | (in thousands) | ||||||||||||
Outstanding on December 31, 2012 | 1,192,158 | $ | 14.30 | ||||||||||
Granted | 369,137 | 27.48 | |||||||||||
Exercised | -108,122 | 12.80 | |||||||||||
Forfeited/Cancelled | - | - | |||||||||||
Outstanding on December 31, 2013 | 1,453,173 | $ | 17.76 | 7.8 | $ | 15,970 | |||||||
Exercisable on December 31, 2013 | 705,814 | $ | 13.45 | 6.9 | $ | 10,624 | |||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Black-Scholes option pricing model assumptions: | |||||||||||||
Risk free interest rate | 1.4 | % | 1.0 | % | 1.9 | % | |||||||
Expected life (years) | 6.0 | 6.0 | 6.0 | ||||||||||
Expected volatility | 56 | % | 56 | % | 53 | % | |||||||
Dividend yield | - | - | - | ||||||||||
Schedule of Nonvested Share Activity | ' | ||||||||||||
Shares | Weighted- | ||||||||||||
Average | |||||||||||||
Grant- | |||||||||||||
Date | |||||||||||||
Fair Value | |||||||||||||
Non-vested share awards outstanding at December 31, 2012 | 326,952 | $ | 15.98 | ||||||||||
Granted | 264,383 | 26.60 | |||||||||||
Vested | -145,309 | 16.77 | |||||||||||
Forfeited | -1,531 | 32.67 | |||||||||||
Non-vested share awards outstanding at December 31, 2013 | 444,495 | $ | 21.98 | ||||||||||
Schedule of Share-Based Compensation Expense and Related Tax Benefits | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Compensation Expense: | |||||||||||||
Stock Options | $ | 3,426 | $ | 2,621 | $ | 1,497 | |||||||
Non-vested share awards | 3,918 | 2,096 | 1,012 | ||||||||||
Deferred Income Tax Benefit | 2,704 | 1,726 | 936 | ||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies [Abstract] | ' | |||
Schedule of Future Minimum Commitments Under Operating Lease Obligations | ' | |||
2014 | $ | 1,073 | ||
2015 | 1,222 | |||
2016 | 1,239 | |||
2017 | 661 | |||
2018 | 542 | |||
Thereafter | 406 | |||
Future minimum commitments | $ | 5,143 | ||
Interim_Financial_Information_1
Interim Financial Information (Unaudited) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Interim Financial Information (Unaudited) [Abstract] | ' | ||||||||||||
Schedule of Interim Financial Information (Unaudited) | ' | ||||||||||||
Three Months Ended | |||||||||||||
31-Mar | 30-Jun | September 30(1) | December 31(2) | ||||||||||
(In thousands, except per share data) | |||||||||||||
2013 | |||||||||||||
Revenues | $ | 182,349 | $ | 184,087 | $ | 183,992 | $ | 142,610 | |||||
Costs and expenses | 109,657 | 98,535 | 143,178 | 122,077 | |||||||||
Income from operations | 72,692 | 85,552 | 40,814 | 20,533 | |||||||||
Net income (loss) | 29,037 | 69,579 | -1,284 | -12,058 | |||||||||
Earnings (loss) per share: | |||||||||||||
Basic | $ | 0.74 | $ | 1.77 | $ | -0.03 | $ | -0.31 | |||||
Diluted | 0.73 | 1.75 | -0.03 | -0.31 | |||||||||
-1 | Included in net income (loss) for the three months ended September 30, 2013 is the loss on abandonment activities totaling $22.6 million resulting from an increase in required scope of work attributable to changes in regulatory interpretations and enforcement by BSEE in the deepwater. | ||||||||||||
-2 | The decrease in revenue for the quarter ended December 31, 2013 compared to the quarter ended September 30, 2013 is primarily due to a decrease in oil production and a decrease in the average selling prices of our oil. | ||||||||||||
Three Months Ended | |||||||||||||
31-Mar | 30-Jun | 30-Sep | December 31 (1) | ||||||||||
(In thousands, except per share data) | |||||||||||||
2012 | |||||||||||||
Revenues | $ | 98,796 | $ | 99,270 | $ | 86,668 | $ | 138,899 | |||||
Costs and expenses | 71,501 | 68,071 | 67,379 | 86,235 | |||||||||
Income from operations | 27,295 | 31,199 | 19,289 | 52,664 | |||||||||
Net income (loss) | 1,503 | 35,401 | -2,247 | 24,153 | |||||||||
Earnings (loss) per share: | |||||||||||||
Basic | $ | 0.04 | $ | 0.90 | $ | -0.06 | $ | 0.62 | |||||
Diluted | 0.04 | 0.90 | -0.06 | 0.61 | |||||||||
-1 | |||||||||||||
Supplementary_Oil_and_Natural_1
Supplementary Oil and Natural Gas Disclosures (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Supplementary Oil and Natural Gas Disclosures (Unaudited) [Abstract] | ' | |||||||||
Schedule of Estimated Net Proved Reserves, Changes in Estimated Net Proved Reserves and Proved Developed Reserves | ' | |||||||||
Oil | Gas | Oil Equivalent | ||||||||
(Mbbls) | (Mmcf) | (Mboe) | ||||||||
Estimated Proved Reserves: | ||||||||||
31-Dec-10 | 17,223 | 61,251 | 27,431 | |||||||
Acquisitions (a) | 7,987 | 8,640 | 9,427 | |||||||
Extensions and discoveries | 2,266 | 4,664 | 3,043 | |||||||
Revisions | 2,778 | -6,678 | 1,666 | |||||||
Production | -2,953 | -9,092 | -4,468 | |||||||
31-Dec-11 | 27,301 | 58,785 | 37,099 | |||||||
Acquisitions (b) | 16,430 | 115,876 | 35,742 | |||||||
Extensions and discoveries (c) | 6,388 | 10,241 | 8,095 | |||||||
Revisions | 1,128 | 4,033 | 1,800 | |||||||
Production | -3,805 | -8,996 | -5,304 | |||||||
31-Dec-12 | 47,442 | 179,939 | 77,432 | |||||||
Acquisitions | 366 | 209 | 401 | |||||||
Sales | -1,415 | -916 | -1,568 | |||||||
Extensions and discoveries (d) | 7,354 | 20,247 | 10,729 | |||||||
Revisions | 3,952 | -10,128 | 2,264 | |||||||
Production | -6,182 | -15,767 | -8,810 | |||||||
31-Dec-13 | 51,517 | 173,584 | 80,448 | |||||||
Proved developed reserves: | ||||||||||
31-Dec-11 | 24,791 | 52,739 | 33,581 | |||||||
31-Dec-12 | 37,908 | 120,687 | 58,022 | |||||||
31-Dec-13 | 39,439 | 107,687 | 57,387 | |||||||
Proved undeveloped reserves: | ||||||||||
31-Dec-11 | 2,510 | 6,046 | 3,518 | |||||||
31-Dec-12 | 9,534 | 59,252 | 19,409 | |||||||
31-Dec-13 | 12,078 | 65,897 | 23,061 | |||||||
Capitalized Costs for Oil and Natural Gas Producing Activities | ' | |||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | |||||||||
(In thousands) | ||||||||||
Proved properties | $ | 2,307,891 | $ | 1,982,657 | ||||||
Unproved properties | 39,191 | 36,992 | ||||||||
Accumulated depreciation, depletion and amortization | -614,068 | -424,520 | ||||||||
Net capitalized costs | $ | 1,733,014 | $ | 1,595,129 | ||||||
Cost Incurred Associated with Finding, Acquiring and Developing Proved Oil and Natural Gas Reserves | ' | |||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
(In thousands) | ||||||||||
Acquisitions — Proved (1) | $ | 46,047 | $ | 706,322 | $ | 261,812 | ||||
Acquisitions — Unproved | 2,200 | 7,496 | 14 | |||||||
Exploration | 46,100 | 43,338 | 17,129 | |||||||
Development (2) | 303,245 | 180,938 | 83,577 | |||||||
Costs incurred | $ | 397,592 | $ | 938,094 | $ | 362,532 | ||||
Standardized Measure of Discounted Future Cash Flows Relating to Proved Oil and Natural Gas Reserves Disclosure | ' | |||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | |||||||||
(In thousands) | ||||||||||
Future cash inflows | $ | 5,937,536 | $ | 5,401,290 | ||||||
Future production costs | -1,957,868 | -1,823,303 | ||||||||
Future development costs (1) | -1,085,440 | -936,580 | ||||||||
Future income taxes | -641,536 | -537,546 | ||||||||
Future net cash flows after income taxes | 2,252,692 | 2,103,861 | ||||||||
10% annual discount for estimated timing of cash flows | -603,614 | -529,579 | ||||||||
Standardized measure of discounted future net cash flows | $ | 1,649,078 | $ | 1,574,282 | ||||||
Schedule of Changes in Standardized Measure of Discounted Future Net Cash Flows Applicable to Proved Oil and Natural Gas Reserves | ' | |||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | |||||||||
(In thousands) | ||||||||||
Beginning of the period | $ | 1,574,282 | $ | 876,169 | ||||||
Sales and transfers of oil and natural gas produced, net of production costs | -513,906 | -317,059 | ||||||||
Net changes in prices and production costs | 96,751 | -244,824 | ||||||||
Purchase of minerals in place | 26,708 | 797,085 | ||||||||
Sales of minerals in place | -64,539 | - | ||||||||
Extensions, discoveries and improved recoveries, net of future production costs | 363,493 | 452,258 | ||||||||
Revision of quantity estimates | 84,490 | 55,133 | ||||||||
Previously estimated development costs incurred during the period | 33,920 | 39,321 | ||||||||
Changes in estimated future development costs | 18,229 | 746 | ||||||||
Changes in production rates (timing) and other | -113,022 | -14,157 | ||||||||
Accretion of discount | 197,927 | 110,070 | ||||||||
Net change in income taxes | -55,255 | -180,460 | ||||||||
Net increase (decrease) | 74,796 | 698,113 | ||||||||
End of period | $ | 1,649,078 | $ | 1,574,282 | ||||||
Oil and Natural Gas Computed Price Used in Computation of Discounted Future Net Cash Flows | ' | |||||||||
2013 | 2012 | |||||||||
per barrel of oil | $ | 105.30 | $ | 105.13 | ||||||
per Mcf for natural gas | $ | 3.73 | $ | 2.92 | ||||||
Supplemental_Condensed_Consoli1
Supplemental Condensed Consolidating Financial Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Condensed Consolidating Financial Information [Abstract] | ' | ||||||||||||
Supplemental Condensed Consolidating Balance Sheet | ' | ||||||||||||
Supplemental Condensed Consolidating Balance Sheet | |||||||||||||
As of December 31, 2013 | |||||||||||||
Parent | |||||||||||||
Company | Guarantor | ||||||||||||
Only | Subsidiaries | Eliminations | Consolidated | ||||||||||
(In thousands) | |||||||||||||
ASSETS | |||||||||||||
Current assets: | |||||||||||||
Cash and cash equivalents | $ | 8,812 | $ | - | $ | - | $ | 8,812 | |||||
Trade accounts receivable - net | 70,520 | 187 | - | 70,707 | |||||||||
Intercompany receivables | 39,085 | - | -39,085 | - | |||||||||
Fair value of commodity derivative instruments | 501 | - | - | 501 | |||||||||
Deferred tax asset | 8,949 | - | - | 8,949 | |||||||||
Prepaid expenses | 6,868 | - | - | 6,868 | |||||||||
Total current assets | 134,735 | 187 | -39,085 | 95,837 | |||||||||
Property and equipment | 2,041,689 | 313,530 | - | 2,355,219 | |||||||||
Less accumulated depreciation, depletion, amortization and impairments | -526,736 | -92,052 | - | -618,788 | |||||||||
Net property and equipment | 1,514,953 | 221,478 | - | 1,736,431 | |||||||||
Investment in affiliates | 122,697 | - | -122,697 | - | |||||||||
Deposit for Nexen Acquisition | 7,040 | - | - | 7,040 | |||||||||
Restricted cash | 6,023 | - | - | 6,023 | |||||||||
Fair value of commodity derivative instruments | 238 | - | - | 238 | |||||||||
Deferred financing costs | 10,106 | - | - | 10,106 | |||||||||
Other assets | 2,067 | 89 | - | 2,156 | |||||||||
Total assets | $ | 1,797,859 | $ | 221,754 | $ | -161,782 | $ | 1,857,831 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||
Current liabilities: | |||||||||||||
Accounts payable | $ | 58,758 | $ | 673 | $ | - | $ | 59,431 | |||||
Intercompany payables | - | 39,085 | -39,085 | - | |||||||||
Accrued expenses | 131,111 | 14 | - | 131,125 | |||||||||
Asset retirement obligations | 51,601 | - | - | 51,601 | |||||||||
Fair value of commodity derivative instruments | 29,636 | - | - | 29,636 | |||||||||
Total current liabilities | 271,106 | 39,772 | -39,085 | 271,793 | |||||||||
Long-term debt | 627,355 | - | - | 627,355 | |||||||||
Asset retirement obligations | 160,466 | 43,383 | - | 203,849 | |||||||||
Deferred tax liabilities | 106,910 | 15,902 | - | 122,812 | |||||||||
Fair value of commodity derivative instruments | 2,136 | - | - | 2,136 | |||||||||
Other | 673 | - | - | 673 | |||||||||
Total liabilities | 1,168,646 | 99,057 | -39,085 | 1,228,618 | |||||||||
Stockholders’ equity: | |||||||||||||
Preferred stock | - | - | - | - | |||||||||
Common stock | 41 | - | - | 41 | |||||||||
Additional paid-in capital | 519,114 | 85,479 | -85,479 | 519,114 | |||||||||
Treasury stock, at cost | -31,157 | - | - | -31,157 | |||||||||
Retained earnings | 141,215 | 37,218 | -37,218 | 141,215 | |||||||||
Total stockholders’ equity | 629,213 | 122,697 | -122,697 | 629,213 | |||||||||
Total liabilities and stockholders' equity | $ | 1,797,859 | $ | 221,754 | $ | -161,782 | $ | 1,857,831 | |||||
Supplemental Condensed Consolidating Balance Sheet | |||||||||||||
As of December 31, 2012 | |||||||||||||
Parent | |||||||||||||
Company | Guarantor | ||||||||||||
Only | Subsidiaries | Eliminations | Consolidated | ||||||||||
(In thousands) | |||||||||||||
ASSETS | |||||||||||||
Current assets: | |||||||||||||
Cash and cash equivalents | $ | 1,521 | $ | - | $ | - | $ | 1,521 | |||||
Trade accounts receivable - net | 66,994 | 997 | - | 67,991 | |||||||||
Intercompany receivables | 55,575 | - | -55,575 | - | |||||||||
Fair value of commodity derivative instruments | 3,302 | - | 3,302 | ||||||||||
Deferred tax asset | 3,322 | - | - | 3,322 | |||||||||
Prepaid expenses | 9,873 | - | 9,873 | ||||||||||
Total current assets | 140,587 | 997 | -55,575 | 86,009 | |||||||||
Property and equipment | 1,754,294 | 271,353 | - | 2,025,647 | |||||||||
Less accumulated depreciation, depletion, amortization and impairments | -353,526 | -74,054 | - | -427,580 | |||||||||
Net property and equipment | 1,400,768 | 197,299 | - | 1,598,067 | |||||||||
Investment in affiliates | 111,191 | - | -111,191 | - | |||||||||
Restricted cash | 6,023 | - | - | 6,023 | |||||||||
Fair value of commodity derivative instruments | 211 | - | - | 211 | |||||||||
Deferred financing costs | 12,386 | - | - | 12,386 | |||||||||
Other assets | 2,841 | 90 | - | 2,931 | |||||||||
Total assets | $ | 1,674,007 | $ | 198,386 | $ | -166,766 | $ | 1,705,627 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||
Current liabilities: | |||||||||||||
Accounts payable | $ | 34,740 | $ | 32 | $ | - | $ | 34,772 | |||||
Intercompany payables | - | 55,575 | -55,575 | - | |||||||||
Accrued expenses | 117,245 | 127 | - | 117,372 | |||||||||
Asset retirement obligations | 23,982 | 6,197 | - | 30,179 | |||||||||
Fair value of commodity derivative instruments | 10,026 | - | - | 10,026 | |||||||||
Total current liabilities | 185,993 | 61,931 | -55,575 | 192,349 | |||||||||
Long-term debt | 689,911 | - | - | 689,911 | |||||||||
Asset retirement obligations | 187,790 | 17,141 | - | 204,931 | |||||||||
Deferred tax liabilities | 59,571 | 8,123 | - | 67,694 | |||||||||
Fair value of commodity derivative instruments | 3,637 | - | - | 3,637 | |||||||||
Other | 1,132 | - | - | 1,132 | |||||||||
Total liabilities | 1,128,034 | 87,195 | -55,575 | 1,159,654 | |||||||||
Stockholders’ equity: | |||||||||||||
Preferred stock | - | - | - | - | |||||||||
Common stock | 40 | - | - | 40 | |||||||||
Additional paid-in capital | 510,469 | 85,479 | -85,479 | 510,469 | |||||||||
Treasury stock | -20,477 | - | - | -20,477 | |||||||||
Retained earnings | 55,941 | 25,712 | -25,712 | 55,941 | |||||||||
Total stockholders’ equity | 545,973 | 111,191 | -111,191 | 545,973 | |||||||||
Total liabilities and stockholders' equity | $ | 1,674,007 | $ | 198,386 | $ | -166,766 | $ | 1,705,627 | |||||
Supplemental Condensed Consolidating Statement of Operations | ' | ||||||||||||
Supplemental Condensed Consolidating Statement of Operations | |||||||||||||
Year Ended December 31, 2013 | |||||||||||||
Parent | |||||||||||||
Company | Guarantor | ||||||||||||
Only | Subsidiaries | Eliminations | Consolidated | ||||||||||
(In thousands) | |||||||||||||
Revenue: | |||||||||||||
Oil and natural gas | $ | 606,743 | $ | 82,000 | $ | - | $ | 688,743 | |||||
Other | 689 | 3,606 | - | 4,295 | |||||||||
Total revenue | 607,432 | 85,606 | - | 693,038 | |||||||||
Costs and expenses: | |||||||||||||
Lease operating | 140,605 | 25,236 | - | 165,841 | |||||||||
Transportation | 3,548 | 20 | - | 3,568 | |||||||||
Exploration expenditures and dry hole costs | 22,265 | 4,290 | - | 26,555 | |||||||||
Impairments | 2,937 | - | - | 2,937 | |||||||||
Depreciation, depletion and amortization | 178,427 | 21,932 | - | 200,359 | |||||||||
Accretion of liability for asset retirement obligations | 23,196 | 5,103 | - | 28,299 | |||||||||
General and administrative | 28,137 | - | - | 28,137 | |||||||||
Taxes, other than on earnings | 1,084 | 10,406 | - | 11,490 | |||||||||
Gain on sale of assets | -28,219 | -462 | - | -28,681 | |||||||||
Other | 34,072 | 870 | - | 34,942 | |||||||||
Total costs and expenses | 406,052 | 67,395 | - | 473,447 | |||||||||
Income from operations | 201,380 | 18,211 | - | 219,591 | |||||||||
Other income (expense): | |||||||||||||
Interest income | 99 | - | - | 99 | |||||||||
Interest expense | -52,368 | - | - | -52,368 | |||||||||
Loss on derivative instruments | -32,361 | - | - | -32,361 | |||||||||
Income from equity investments | 11,506 | - | -11,506 | - | |||||||||
Total other income (expense) | -73,124 | - | -11,506 | -84,630 | |||||||||
Income before provision for income taxes | 128,256 | 18,211 | -11,506 | 134,961 | |||||||||
Deferred income tax expense | -42,982 | -6,705 | - | -49,687 | |||||||||
Net income | $ | 85,274 | $ | 11,506 | $ | -11,506 | $ | 85,274 | |||||
Supplemental Condensed Consolidating Statement of Operations | |||||||||||||
Year Ended December 31, 2012 | |||||||||||||
Parent | |||||||||||||
Company | Guarantor | ||||||||||||
Only | Subsidiaries | Eliminations | Consolidated | ||||||||||
(In thousands) | |||||||||||||
Revenue: | |||||||||||||
Oil and natural gas | $ | 318,749 | $ | 103,780 | $ | - | $ | 422,529 | |||||
Other | 15,152 | 952 | -15,000 | 1,104 | |||||||||
Total revenue | 333,901 | 104,732 | -15,000 | 423,633 | |||||||||
Costs and expenses: | |||||||||||||
Lease operating | 71,002 | 23,848 | - | 94,850 | |||||||||
Transportation | 611 | 4 | - | 615 | |||||||||
Exploration expenditures and dry hole costs | 18,790 | 9 | - | 18,799 | |||||||||
Impairments | 8,883 | - | - | 8,883 | |||||||||
Depreciation, depletion and amortization | 92,689 | 20,892 | - | 113,581 | |||||||||
Accretion of liability for asset retirement obligations | 10,551 | 5,014 | - | 15,565 | |||||||||
General and administrative | 22,845 | 15,363 | -15,000 | 23,208 | |||||||||
Taxes, other than on earnings | 1,162 | 11,845 | - | 13,007 | |||||||||
Other | 5,496 | -818 | - | 4,678 | |||||||||
Total costs and expenses | 232,029 | 76,157 | -15,000 | 293,186 | |||||||||
Income from operations | 101,872 | 28,575 | - | 130,447 | |||||||||
Other income (expense): | |||||||||||||
Interest income | 136 | - | - | 136 | |||||||||
Interest expense | -28,568 | - | - | -28,568 | |||||||||
Loss on derivative instruments | -13,305 | - | - | -13,305 | |||||||||
Income from equity investments | 18,945 | - | -18,945 | - | |||||||||
Total other income (expense) | -22,792 | - | -18,945 | -41,737 | |||||||||
Income before provision for income taxes | 79,080 | 28,575 | -18,945 | 88,710 | |||||||||
Deferred income tax expense | -20,270 | -9,630 | - | -29,900 | |||||||||
Net income | $ | 58,810 | $ | 18,945 | $ | -18,945 | $ | 58,810 | |||||
Supplemental Condensed Consolidating Statement of Operations | |||||||||||||
Year Ended December 31, 2011 | |||||||||||||
Parent | |||||||||||||
Company | Guarantor | ||||||||||||
Only | Subsidiaries | Eliminations | Consolidated | ||||||||||
(In thousands) | |||||||||||||
Revenue: | |||||||||||||
Oil and natural gas | $ | 245,567 | $ | 102,640 | $ | - | $ | 348,207 | |||||
Other | 15,007 | 113 | -15,000 | 120 | |||||||||
Total revenue | 260,574 | 102,753 | -15,000 | 348,327 | |||||||||
Costs and expenses: | |||||||||||||
Lease operating | 51,618 | 18,663 | - | 70,281 | |||||||||
Transportation | 766 | 13 | - | 779 | |||||||||
Exploration expenditures and dry hole costs | 14,045 | 223 | - | 14,268 | |||||||||
Impairments | 32,532 | -66 | - | 32,466 | |||||||||
Depreciation, depletion and amortization | 82,168 | 22,456 | 104,624 | ||||||||||
Accretion of liability for asset retirement obligations | 9,013 | 6,929 | 15,942 | ||||||||||
General and administrative | 18,281 | 15,460 | -15,000 | 18,741 | |||||||||
Taxes, other than on earnings | -733 | 15,098 | - | 14,365 | |||||||||
Other | 9,940 | -205 | - | 9,735 | |||||||||
Total costs and expenses | 217,630 | 78,571 | -15,000 | 281,201 | |||||||||
Income from operations | 42,944 | 24,182 | - | 67,126 | |||||||||
Other income (expense): | |||||||||||||
Interest income | 102 | - | - | 102 | |||||||||
Interest expense | -17,548 | - | - | -17,548 | |||||||||
Loss on derivative instruments | -5,870 | - | - | -5,870 | |||||||||
Loss on early extinguishment of debt | -2,377 | - | - | -2,377 | |||||||||
Loss from equity investments | 15,532 | - | -15,532 | - | |||||||||
Total other income (expense) | -10,161 | - | -15,532 | -25,693 | |||||||||
Loss before provision for income taxes | 32,783 | 24,182 | -15,532 | 41,433 | |||||||||
Deferred income tax expense | -6,172 | -8,650 | - | -14,822 | |||||||||
Net income | $ | 26,611 | $ | 15,532 | $ | -15,532 | $ | 26,611 | |||||
Supplemental Condensed Consolidating Statement of Cash Flows | ' | ||||||||||||
Supplemental Condensed Consolidating Statement of Cash Flows | |||||||||||||
Year Ended December 31, 2013 | |||||||||||||
Parent | |||||||||||||
Company | Guarantor | ||||||||||||
Only | Subsidiaries | Eliminations | Consolidated | ||||||||||
(In thousands) | |||||||||||||
Net cash provided by operating activities | $ | 356,597 | $ | 30,962 | $ | - | $ | 387,559 | |||||
Cash flows provided by (used in) investing activities: | |||||||||||||
Property acquisitions | -27,560 | - | - | -27,560 | |||||||||
Deposit for Nexen Acquisition | -7,040 | - | - | -7,040 | |||||||||
Exploration and development expenditures | -284,073 | -37,967 | - | -322,040 | |||||||||
Other property and equipment additions | -2,016 | - | - | -2,016 | |||||||||
Proceeds from sale of assets | 45,312 | 7,005 | - | 52,317 | |||||||||
Net cash used in investing activities | -275,377 | -30,962 | - | -306,339 | |||||||||
Cash flows provided by (used in) financing activities: | |||||||||||||
Repayments of indebtedness | -65,000 | - | - | -65,000 | |||||||||
Deferred financing costs | -674 | - | - | -674 | |||||||||
Purchase of shares into treasury | -9,640 | - | - | -9,640 | |||||||||
Exercise of stock options | 1,385 | - | - | 1,385 | |||||||||
Net cash used in financing activities | -73,929 | - | - | -73,929 | |||||||||
Net decrease in cash and cash equivalents | 7,291 | - | - | 7,291 | |||||||||
Cash and cash equivalents at beginning of period | 1,521 | - | - | 1,521 | |||||||||
Cash and cash equivalents at end of period | $ | 8,812 | $ | - | $ | - | $ | 8,812 | |||||
Supplemental Condensed Consolidating Statement of Cash Flows | |||||||||||||
Year Ended December 31, 2012 | |||||||||||||
Parent | |||||||||||||
Company | Guarantor | ||||||||||||
Only | Subsidiaries | Eliminations | Consolidated | ||||||||||
(In thousands) | |||||||||||||
Net cash provided by operating activities | $ | 190,851 | $ | 23,020 | $ | - | $ | 213,871 | |||||
Cash flows provided by (used in) investing activities: | |||||||||||||
Property acquisitions | -575,372 | -3,000 | - | -578,372 | |||||||||
Exploration and development expenditures | -165,308 | -19,542 | - | -184,850 | |||||||||
Other property and equipment additions | -1,265 | -478 | - | -1,743 | |||||||||
Net cash used in investing activities | -741,945 | -23,020 | - | -764,965 | |||||||||
Cash flows provided by (used in) financing activities: | |||||||||||||
Proceeds from indebtedness | 509,313 | - | - | 509,313 | |||||||||
Repayments of indebtedness | -20,000 | - | - | -20,000 | |||||||||
Deferred financing costs | -8,469 | - | - | -8,469 | |||||||||
Purchase of shares into treasury | -8,798 | - | - | -8,798 | |||||||||
Exercise of stock options | 441 | - | - | 441 | |||||||||
Net cash provided by financing activities | 472,487 | - | - | 472,487 | |||||||||
Net increase in cash and cash equivalents | -78,607 | - | - | -78,607 | |||||||||
Cash and cash equivalents at beginning of period | 80,128 | - | - | 80,128 | |||||||||
Cash and cash equivalents at end of period | $ | 1,521 | $ | - | $ | - | $ | 1,521 | |||||
Supplemental Condensed Consolidating Statement of Cash Flows | |||||||||||||
Year Ended December 31, 2011 | |||||||||||||
Parent | |||||||||||||
Company | Guarantor | ||||||||||||
Only | Subsidiaries | Eliminations | Consolidated | ||||||||||
(In thousands) | |||||||||||||
Net cash provided by operating activities | $ | 136,245 | $ | 35,007 | $ | - | $ | 171,252 | |||||
Cash flows provided by (used in) investing activities: | |||||||||||||
Decrease in restricted cash | 2,466 | - | - | 2,466 | |||||||||
Property acquisitions | -235,486 | - | - | -235,486 | |||||||||
Exploration and development expenditures | -40,996 | -35,007 | - | -76,003 | |||||||||
Other property and equipment additions | -1,568 | - | - | -1,568 | |||||||||
Net cash used in investing activities | -275,584 | -35,007 | - | -310,591 | |||||||||
Cash flows provided by (used in) financing activities: | |||||||||||||
Proceeds from indebtedness | 203,794 | - | - | 203,794 | |||||||||
Deferred financing costs | -6,646 | - | - | -6,646 | |||||||||
Purchase of shares into treasury | -11,353 | - | - | -11,353 | |||||||||
Exercise of stock options | 119 | - | - | 119 | |||||||||
Net cash provided by financing activities | 185,914 | - | - | 185,914 | |||||||||
Net increase in cash and cash equivalents | 46,575 | - | - | 46,575 | |||||||||
Cash and cash equivalents at beginning of period | 33,553 | - | - | 33,553 | |||||||||
Cash and cash equivalents at end of period | $ | 80,128 | $ | - | $ | - | $ | 80,128 | |||||
Organization_and_Summary_of_Si2
Organization and Summary of Significant Accounting Policies (Narrative) (Details) (USD $) | 0 Months Ended | |||||||||||
In Millions, unless otherwise specified | Jan. 15, 2014 | Sep. 26, 2013 | 15-May-12 | Oct. 31, 2012 | Oct. 31, 2012 | Feb. 14, 2011 | Nov. 17, 2011 | Apr. 02, 2013 | Jan. 17, 2014 | Nov. 26, 2013 | Oct. 31, 2012 | 1-May-12 |
Nexen Acquisition [Member] | West Delta 29 Acquisition [Member] | South Timbalier Acquisition [Member] | Hilcorp Acquisition [Member] | Hilcorp Acquisition [Member] | ASOP Acquisition [Member] | Main Pass Acquisition [Member] | Non-Operated Bay Marchand Field Disposition [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | $475 | $425 | $425 | $200 |
Line Of Credit Facility Increase To Current Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | 50 | ' | ' | ' |
Acquired certain interests in producing oil and natural gas assets | 70.4 | 21.8 | 32.4 | 550 | 550 | 200.7 | 38.6 | ' | ' | ' | ' | ' |
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | ' | $16.50 | ' | ' | ' | ' | ' | $62.80 | ' | ' | ' | ' |
Organization_and_Summary_of_Si3
Organization and Summary of Significant Accounting Policies (Revenue Recognition) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Organization and Summary of Significant Accounting Policies [Abstract] | ' | ' |
Gas Imbalance Asset | $1.90 | $0.80 |
Gas Imbalance liability | $2 | $1.70 |
Organization_and_Summary_of_Si4
Organization and Summary of Significant Accounting Policies (Cash and Cash Equivalents) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Organization and Summary of Significant Accounting Policies [Abstract] | ' | ' |
Overnight Interest-bearing deposits | $7.30 | $2.30 |
Organization_and_Summary_of_Si5
Organization and Summary of Significant Accounting Policies (Share-Based Compensation) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Organization and Summary of Significant Accounting Policies [Abstract] | ' | ' |
Excess Tax Benefit From the Exercise of Stock Options | $0 | $0 |
Organization_and_Summary_of_Si6
Organization and Summary of Significant Accounting Policies (Allowance for Doubtful Accounts) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Organization and Summary of Significant Accounting Policies [Abstract] | ' | ' |
Allowance for Doubtful Accounts Receivable | $0.70 | $0.70 |
Allowance for Doubtful Accounts Receivable, Recoveries | $0.10 | $0.10 |
Organization_and_Summary_of_Si7
Organization and Summary of Significant Accounting Policies (Accrued Expenses) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Organization and Summary of Significant Accounting Policies [Abstract] | ' | ' |
Accrued Exploration Costs, Development Costs and Lease Operating Costs | $107.80 | $84.90 |
Other Accrued Expenses | 7.5 | 16.3 |
Accrued Interest on Indebtedness | $15.80 | $16.20 |
Acquisitions_and_Dispositions_1
Acquisitions and Dispositions (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 26, 2013 | Dec. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2012 | Oct. 25, 2011 | Oct. 25, 2012 | 15-May-12 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 14, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 14, 2011 | Nov. 17, 2011 | Nov. 01, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 02, 2013 | Dec. 31, 2013 | Jan. 15, 2014 | Sep. 01, 2013 | Jan. 17, 2014 | Nov. 26, 2013 | Oct. 31, 2012 | 1-May-12 | |
Parent Company [Member] | West Delta 29 Acquisition [Member] | West Delta 29 Acquisition [Member] | Hilcorp Acquisition [Member] | Hilcorp Acquisition [Member] | Hilcorp Acquisition [Member] | Hilcorp Acquisition [Member] | Hilcorp Acquisition [Member] | Hilcorp Acquisition [Member] | Hilcorp Acquisition [Member] | South Timbalier Acquisition [Member] | South Timbalier Acquisition [Member] | South Timbalier Acquisition [Member] | South Timbalier Acquisition [Member] | ASOP Acquisition [Member] | ASOP Acquisition [Member] | ASOP Acquisition [Member] | ASOP Acquisition [Member] | ASOP Acquisition [Member] | Main Pass Acquisition [Member] | Main Pass Acquisition [Member] | Main Pass Acquisition [Member] | Main Pass Acquisition [Member] | Non-Operated Bay Marchand Field Disposition [Member] | Non-Operated Bay Marchand Field Disposition [Member] | Nexen Acquisition [Member] | Nexen Acquisition [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | |||
MMBoe | MMBoe | Senior Notes Due 2018 [Member] | Senior Notes Due 2018 [Member] | Senior Notes Due 2018 [Member] | MMBoe | MMBoe | 2011 Senior Notes [Member] | MMBoe | MMBoe | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired certain interests in producing oil and natural gas assets | ' | ' | ' | $21,800,000 | ' | $550,000,000 | $550,000,000 | ' | ' | ' | ' | ' | $32,400,000 | ' | ' | ' | $200,700,000 | ' | ' | ' | $200,700,000 | $38,600,000 | ' | ' | ' | ' | ' | $70,400,000 | ' | ' | ' | ' | ' |
Proved Reserves BOE | ' | ' | ' | ' | 0.7 | ' | ' | 37.2 | ' | ' | ' | ' | ' | 1 | ' | ' | ' | 8.1 | ' | ' | ' | ' | 1.3 | ' | ' | ' | ' | ' | 2.6 | ' | ' | ' | ' |
Percentage of Oil Reserves | ' | ' | ' | ' | 95.00% | ' | ' | 49.00% | ' | ' | ' | ' | ' | 51.00% | ' | ' | ' | 84.00% | ' | ' | ' | ' | 96.00% | ' | ' | ' | ' | ' | 91.00% | ' | ' | ' | ' |
Percentage of proved developed reserves | ' | ' | ' | ' | 58.00% | ' | ' | 58.00% | ' | ' | ' | ' | ' | 84.00% | ' | ' | ' | 76.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Working interest by acquirer prior to acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Working interest by acquiree prior to acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Notes, face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | 300 | ' | ' | ' | ' | ' | ' | ' | ' | 210,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from offering of Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 289,500,000 | 289,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 202,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Economic effective date | ' | ' | ' | ' | 1-Jan-13 | ' | ' | 1-Jul-12 | ' | ' | ' | ' | ' | ' | 1-Apr-12 | ' | ' | ' | 1-Jan-11 | ' | ' | ' | ' | 1-Nov-11 | ' | ' | 1-Jan-13 | ' | ' | ' | ' | ' | ' |
Purchase Price Adjustments | ' | ' | ' | ' | 7,100,000 | ' | ' | 5,700,000 | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | 3,800,000 | ' | ' | ' | ' | 700,000 | ' | ' | 700,000 | ' | ' | ' | ' | ' | ' |
Incurred fees | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | 500,000 | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Buyers Assumption of Certain Associated Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,300,000 | ' | ' | ' | ' | ' | ' | ' |
Cash consideration from sale of proptery | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,500,000 | ' | ' | ' | ' | ' | ' | ' |
Total consideration from sale of property | ' | ' | ' | 16,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 62,800,000 | ' | ' | ' | ' | ' | ' | ' |
Pre-tax gain on sale of assets | 28,681,000 | ' | 28,219,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,100,000 | ' | ' | ' | ' | ' | ' |
Line Of Credit Facility Increase To Current Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 475,000,000 | 425,000,000 | 425,000,000 | 200,000,000 |
Asset Retirement Obligation, Revision of Estimate | $24,586,000 | $22,308,000 | ' | ' | ' | ' | ' | $22,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_and_Dispositions_2
Acquisitions and Dispositions (Schedule of Carry Amount of Net Assets Sold) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Asset retirement obligations | ($255,450) | ($235,110) | ($99,347) |
Non-Operated Bay Marchand Field Disposition [Member] | ' | ' | ' |
Net property and equipment | 35,298 | ' | ' |
Asset retirement obligations | -3,959 | ' | ' |
Other Liabilities | -7,311 | ' | ' |
Net assets sold | $24,028 | ' | ' |
Acquisitions_and_Dispositions_3
Acquisitions and Dispositions (Schedule of Assets Acquired and Liabilities Assumed) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Acquired Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' |
Asset retirement obligations | ($255,450) | ($235,110) | ($99,347) |
Hilcorp Acquisition [Member] | ' | ' | ' |
Acquired Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' |
Oil and natural gas properties | 698,660 | ' | ' |
Asset retirement obligations | -150,959 | ' | ' |
Net assets acquired | 547,701 | ' | ' |
South Timbalier Acquisition [Member] | ' | ' | ' |
Acquired Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' |
Oil and natural gas properties | 33,206 | ' | ' |
Asset retirement obligations | -1,878 | ' | ' |
Net assets acquired | 31,328 | ' | ' |
ASOP Acquisition [Member] | ' | ' | ' |
Acquired Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' |
Oil and natural gas properties | ' | 221,751 | ' |
Asset retirement obligations | ' | -24,858 | ' |
Net assets acquired | ' | 196,893 | ' |
Main Pass Acquisition [Member] | ' | ' | ' |
Acquired Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' |
Oil and natural gas properties | ' | 40,826 | ' |
Asset retirement obligations | ' | -2,991 | ' |
Net assets acquired | ' | 37,835 | ' |
Nexen Acquisition [Member] | ' | ' | ' |
Acquired Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' |
Oil and natural gas properties | 93,932 | ' | ' |
Asset retirement obligations | -27,133 | ' | ' |
Net assets acquired | 66,799 | ' | ' |
West Delta 29 Acquisition [Member] | ' | ' | ' |
Acquired Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' |
Oil and natural gas properties | 16,696 | ' | ' |
Asset retirement obligations | -1,398 | ' | ' |
Net assets acquired | $15,298 | ' | ' |
Acquisitions_Schedule_of_Reven
Acquisitions (Schedule of Revenues and Lease Operating Expenses Attributable to the ST 41 Interests, the ASOP Properties and the Main Pass Interests) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Hilcorp Properties Acquisition [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Revenue | $208,241 | $37,978 | ' |
Lease operating expenses | 74,404 | 10,982 | ' |
South Timbalier Acquisition [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Revenue | 11,189 | 9,262 | ' |
Lease operating expenses | 2,468 | 1,760 | ' |
ASOP and Main Pass Acquisition [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Revenue | 328,070 | 175,538 | 125,975 |
Lease operating expenses | 33,978 | 26,467 | 17,161 |
West Delta 29 Acquisition [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Revenue | 3,011 | ' | ' |
Lease operating expenses | $44 | ' | ' |
Acquisitions_Schedule_of_Conso
Acquisitions (Schedule of Consolidated Results of Operations) (Details) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2012 |
Acquisitions and Dispositions [Abstract] | ' |
Revenue | $594,510 |
Net income | $59,324 |
Basic earnings (loss) per share | $1.51 |
Diluted earnings (loss) per share | $1.51 |
Common_Stock_Narrative_Details
Common Stock (Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||||
Jul. 30, 2013 | 2-May-12 | Aug. 29, 2011 | Dec. 31, 2013 | Apr. 30, 2013 | 26-May-11 | |
Common Stock [Abstract] | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program, Authorized Amount | $80,000,000 | $40,000,000 | $20,000,000 | ' | ' | ' |
Treasury Stock, Value, Acquired, Cost Method, Authorized Repurchase Program | ' | ' | ' | 29,700,000 | ' | ' |
Treasury Stock Shares, Acquired, Authorized Repurchase Program | ' | ' | ' | $1,799,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | ' | ' | ' | 3,574,000 | 3,574,000 | 2,474,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | ' | ' | ' | 1,184,322 | ' | ' |
Earnings_Per_Share_Basic_and_D
Earnings Per Share (Basic and Diluted Weighted Average Shares Outstanding and Earnings per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income | ($12,058) | ($1,284) | $69,579 | $29,037 | $24,153 | ($2,247) | $35,401 | $1,503 | $85,274 | $58,810 | $26,611 |
Net income attributable to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | -943 | -455 | -77 |
Net income attributed to common shares | ' | ' | ' | ' | ' | ' | ' | ' | 84,331 | 58,355 | 26,534 |
Weighted average shares - basic | ' | ' | ' | ' | ' | ' | ' | ' | 38,730 | 38,885 | 39,946 |
Dilutive effect of stock options | ' | ' | ' | ' | ' | ' | ' | ' | 506 | 149 | 104 |
Weighted average shares - diluted | ' | ' | ' | ' | ' | ' | ' | ' | 39,236 | 39,034 | 40,050 |
Basic earnings per share | ($0.31) | ($0.03) | $1.77 | $0.74 | $0.62 | ($0.06) | $0.90 | $0.04 | $2.18 | $1.50 | $0.66 |
Diluted earnings per share | ($0.31) | ($0.03) | $1.75 | $0.73 | $0.61 | ($0.06) | $0.90 | $0.04 | $2.15 | $1.50 | $0.66 |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | $85,274 | $58,810 | $26,611 |
Earnings_Per_Share_Number_of_A
Earnings Per Share (Number of Antidilutive Shares Excluded from the Computation of Dilutive Weighted Average Shares) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Earnings per Share [Abstract] | ' | ' | ' |
Weighted average shares | 273 | 687 | 442 |
Property_and_Equipment_Narrati
Property and Equipment (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Impairment of Oil and Gas Properties | $2,937 | $8,883 | $32,466 |
Parent Company [Member] | ' | ' | ' |
Impairment of Oil and Gas Properties | $2,937 | $8,883 | $32,532 |
Property_and_Equipment_Schedul
Property and Equipment (Schedule of Property and Equipment) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property and Equipment [Abstract] | ' | ' |
Proved oil and natural gas properties | $2,307,891 | $1,982,657 |
Unproved oil and natural gas properties | 39,191 | 36,992 |
Other | 8,137 | 5,998 |
Net property and equipment | $2,355,219 | $2,025,647 |
Asset_Retirement_Obligations_N
Asset Retirement Obligations (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2013 |
Asset Retirement Obligations [Abstract] | ' | ' |
Revision to Asset Retirement Obligation of Non Operated Interests | ' | $20.80 |
Loss on Abandonment Activities of Non Operated Interests | $22.60 | $20.80 |
Asset_Retirement_Obligations_S
Asset Retirement Obligations (Schedule of Changes in Asset Retirement Obligations) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Beginning of period total | $235,110 | $99,347 | ' |
Accretion expense | 28,299 | 15,565 | 15,942 |
Liabilities assumed in acquisition | 23,541 | 132,109 | ' |
Liabilities incurred | 1,187 | 1,210 | ' |
Revisions | 24,586 | 22,308 | ' |
Liabilities associated with assets sold | -3,965 | ' | ' |
Liabilities settled | -53,308 | -35,429 | ' |
End of period total | 255,450 | 235,110 | 99,347 |
Less: End of period, current portion | 51,601 | 30,179 | ' |
End of period, noncurrent portion | 203,849 | 204,931 | ' |
Parent Company [Member] | ' | ' | ' |
Accretion expense | 23,196 | 10,551 | 9,013 |
Less: End of period, current portion | 51,601 | 23,982 | ' |
End of period, noncurrent portion | $160,466 | $187,790 | ' |
Indebtedness_Narrative_Details
Indebtedness (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jan. 17, 2014 | Nov. 26, 2013 | Dec. 31, 2012 | Oct. 31, 2012 | 1-May-12 | Feb. 14, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 14, 2011 | Feb. 14, 2011 | Oct. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2012 | Oct. 25, 2011 | Oct. 25, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Maximum [Member] | Parent Company [Member] | 8.25% Senior Notes [Member] | 8.25% Senior Notes [Member] | 8.25% Senior Notes [Member] | ASOP Acquisition [Member] | ASOP Acquisition [Member] | Hilcorp Acquisition [Member] | Hilcorp Acquisition [Member] | Hilcorp Acquisition [Member] | Hilcorp Acquisition [Member] | Hilcorp Acquisition [Member] | Base Rate plus margin [Member] | Base Rate plus margin [Member] | LIBOR plus margin [Member] | LIBOR plus margin [Member] | ||||
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Maximum [Member] | 2011 Senior Notes [Member] | Senior Notes Due 2018 [Member] | Senior Notes Due 2018 [Member] | Senior Notes Due 2018 [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | ||||||||||||||||
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Notes, face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $510,000,000 | ' | ' | ' | $210,000,000 | ' | ' | $300,000,000 | ' | $300 | ' | ' | ' | ' |
Senior Notes, stated percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date | ' | ' | ' | 31-Oct-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Feb-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from offering of Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 202,000,000 | ' | ' | 289,500,000 | 289,500,000 | ' | ' | ' | ' | ' |
Loss on early extinguishment of debt | 2,377,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,377,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price of properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,700,000 | 200,700,000 | 550,000,000 | 550,000,000 | ' | ' | ' | ' | ' | ' | ' |
Acquired certain interests in producing oil and natural gas assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,700,000 | 200,700,000 | 550,000,000 | 550,000,000 | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | 750,000,000 | ' | ' | ' | 750,000,000 | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing base under the expanded credit facility | ' | ' | ' | ' | 475,000,000 | 425,000,000 | ' | 425,000,000 | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line Of Credit Facility Increase To Current Borrowing Capacity | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | 1.75% | 1.75% | 2.75% |
Amounts drawn under Senior Credit Facility | ' | ' | ' | 130,000,000 | ' | ' | 195,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior credit facility condition | ' | ' | ' | 'Our obligations under our Senior Credit Facility, as well as any hedging contracts and treasury management agreements with the lenders or affiliates of lenders, are secured by substantially all of our assets, including a) mortgages on at least 80% of the total value of our oil and gas properties evaluated in the most recently completed reserve report, after giving effect to exploration and production activities, acquisitions and dispositions, and b) the stock of certain wholly-owned subsidiaries. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt redemption notice | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | '60 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redeemable debt, redemption percentage of principal prior to 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Early debt redemption notice | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | '60 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redeemable debt, redemption percentage prior to 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 108.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redeemable debt, percentage of principal outstanding prior to 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redeemable debt, redemption period after equity offering | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum debt owned for repurchase right | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum debt owned for repurchase right, additional increments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase right, redemption percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase period after sale of assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '360 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum proceeds from sale of assets that must be applied to senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase Percentage of Senior Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.38% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility Maximum Letter of Credit Capacity | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Covenant certification requirements | ' | ' | ' | 'Our Senior Credit Facility contains customary covenants, default provisions and collateral requirements. As described in the agreement underlying our Senior Credit Facility, we must maintain, for each period for which a covenant certification is required, (a)B a minimum current ratio (as defined in the agreement for our Senior Credit Facility) of 1.0 to 1.0 and (b)B a maximum total debt to EBITDAX ratio of 3.5 to 1.0. We are also required to maintain a commodities hedging program that is in compliance with the requirements set forth in our Senior Credit Facility. Our Senior Credit Facility also places restrictions on the maximum estimated future production volumes that can be subject to commodity derivative instruments. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued interest included in purchase price | ' | $15,800,000 | $16,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,800,000 | ' | ' | ' | ' |
Indebtedness_Schedule_of_Indeb
Indebtedness (Schedule of Indebtedness) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
8.25% senior notes, face amount of $510.0 million, interest rate of 8.25% payable semi-annually, in arrears on February 15 and August 15 of each year, maturity date February 15, 2018 | $497,355,000 | $494,911,000 |
Senior Credit Facility, interest rate based on base rate or LIBOR plus a floating spread, maturity date October 31, 2016 | 130,000,000 | 195,000,000 |
Total indebtedness | 627,355,000 | 689,911,000 |
Current portion of indebtedness | 0 | 0 |
Noncurrent portion of indebtedness | 627,355,000 | 689,911,000 |
8.25% Senior Notes [Member] | ' | ' |
Noncurrent portion of indebtedness | 497,355,000 | 494,911,000 |
Senior Notes, face amount | 510,000,000 | ' |
Senior Notes, stated percentage | 8.25% | ' |
Maturity date | 15-Feb-18 | ' |
Parent Company [Member] | ' | ' |
Noncurrent portion of indebtedness | 627,355,000 | 689,911,000 |
Revolving Credit Facility [Member] | ' | ' |
Noncurrent portion of indebtedness | $130,000,000 | $195,000,000 |
Maturity date | 31-Oct-16 | ' |
Indebtedness_Schedule_of_Redee
Indebtedness (Schedule of Redeemable Debt) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Indebtedness [Abstract] | ' |
2015 | 104.13% |
2016 | 102.06% |
2017 and thereafter | 100.00% |
Concentrations_Narrative_Detai
Concentrations (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Customer 1 Concentration Risk | ' | ' | ' |
Percentage of total oil and natural gas revenues | 63.00% | 45.00% | 51.00% |
Customer 2 Concentration Risk | ' | ' | ' |
Percentage of total oil and natural gas revenues | 24.00% | 31.00% | 17.00% |
Customer 3 Concentration Risk | ' | ' | ' |
Percentage of total oil and natural gas revenues | 6.00% | 11.00% | 12.00% |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Schedule of Derivative Instruments Outstanding) (Details) (Fixed Price Swaps [Member]) | Dec. 31, 2013 |
January 2014 [Member] | Oil Contract [Member] | ' |
Derivative [Line Items] | ' |
Daily Average Volume | 16,350 |
Volume | 506,850 |
Average Swap Price | 93.11 |
February 2014 [Member] | Oil Contract [Member] | ' |
Derivative [Line Items] | ' |
Daily Average Volume | 16,350 |
Volume | 457,800 |
Average Swap Price | 93.11 |
March 2014 [Member] | Oil Contract [Member] | ' |
Derivative [Line Items] | ' |
Daily Average Volume | 16,350 |
Volume | 506,850 |
Average Swap Price | 93.11 |
April 2014 [Member] | Oil Contract [Member] | ' |
Derivative [Line Items] | ' |
Daily Average Volume | 15,350 |
Volume | 460,500 |
Average Swap Price | 94.27 |
May 2014 [Member] | Oil Contract [Member] | ' |
Derivative [Line Items] | ' |
Daily Average Volume | 15,350 |
Volume | 475,850 |
Average Swap Price | 94.27 |
June 2014 [Member] | Oil Contract [Member] | ' |
Derivative [Line Items] | ' |
Daily Average Volume | 15,350 |
Volume | 460,500 |
Average Swap Price | 94.27 |
July 2014 [Member] | Oil Contract [Member] | ' |
Derivative [Line Items] | ' |
Daily Average Volume | 14,350 |
Volume | 444,850 |
Average Swap Price | 93.56 |
August 2014 [Member] | Oil Contract [Member] | ' |
Derivative [Line Items] | ' |
Daily Average Volume | 8,750 |
Volume | 271,250 |
Average Swap Price | 94.28 |
September 2014 [Member] | Oil Contract [Member] | ' |
Derivative [Line Items] | ' |
Daily Average Volume | 8,750 |
Volume | 262,500 |
Average Swap Price | 94.28 |
October 2014 [Member] | Oil Contract [Member] | ' |
Derivative [Line Items] | ' |
Daily Average Volume | 8,750 |
Volume | 271,250 |
Average Swap Price | 94.28 |
November 2014 [Member] | Oil Contract [Member] | ' |
Derivative [Line Items] | ' |
Daily Average Volume | 8,750 |
Volume | 262,500 |
Average Swap Price | 94.28 |
December 2014 [Member] | Oil Contract [Member] | ' |
Derivative [Line Items] | ' |
Daily Average Volume | 11,700 |
Volume | 362,700 |
Average Swap Price | 91.9 |
2014 Totals [Member] | Oil Contract [Member] | ' |
Derivative [Line Items] | ' |
Daily Average Volume | 12,996 |
Volume | 4,743,400 |
Average Swap Price | 93.67 |
January 2014 To December 2014 [Member] | Gas Contract [Member] | ' |
Derivative [Line Items] | ' |
Daily Average Volume | 5,000 |
Volume | 1,825,000 |
Average Swap Price | 4.01 |
January 2015 To December 2015 [Member] | Oil Contract [Member] | ' |
Derivative [Line Items] | ' |
Daily Average Volume | 1,500 |
Volume | 547,500 |
Average Swap Price | 97.7 |
January 2015 To December 2015 [Member] | Gas Contract [Member] | ' |
Derivative [Line Items] | ' |
Daily Average Volume | 4,300 |
Volume | 1,569,500 |
Average Swap Price | 4.31 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Components of Gain (Loss) on Derivative Instruments) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Change in fair market value | ($20,884) | ($9,491) | $11,475 |
Loss on settlement | -11,477 | -3,814 | -17,345 |
Total loss on derivative instruments | -32,361 | -13,305 | -5,870 |
Parent Company [Member] | ' | ' | ' |
Total loss on derivative instruments | ($32,361) | ($13,305) | ($5,870) |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule of Fair Value Measurements of Assets and Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current | $501 | $3,302 |
Noncurrent | 238 | 211 |
Total gross fair value | 739 | 3,513 |
Less: counterparty set-off | -739 | -3,513 |
Current | 29,636 | 10,026 |
Noncurrent | 2,136 | 3,637 |
Total gross fair value | 31,772 | 13,663 |
Less: counterparty set-off | -739 | -3,513 |
Total net fair value | 31,033 | 10,150 |
Parent Company [Member] | ' | ' |
Current | 501 | 3,302 |
Noncurrent | 238 | 211 |
Current | 29,636 | 10,026 |
Noncurrent | $2,136 | $3,637 |
Fair_Value_Measurements_Schedu1
Fair Value Measurements (Schedule of Carrying Values and Estimated Fair Values of Debt Instruments) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Carrying Value | $627,355,000 | $689,911,000 |
Estimated fair value | 676,338,000 | 719,600,000 |
Parent Company [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Carrying Value | 627,355,000 | 689,911,000 |
8.25% Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes, stated percentage | 8.25% | ' |
Face amount of 8.25% Notes | 510,000,000 | ' |
Carrying Value | 497,355,000 | 494,911,000 |
Estimated fair value | 546,338,000 | 524,600,000 |
Revolving Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Carrying Value | 130,000,000 | 195,000,000 |
Estimated fair value | $130,000,000 | $195,000,000 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 25, 2009 |
Income Taxes [Abstract] | ' | ' |
Reduction in net operating loss carryforward | ' | $97 |
Operating Loss Carryforwards | 167 | ' |
Unused annual limited net operating loss carryforward | ' | 137 |
Annual limitation net operating loss carryforward | 21 | ' |
Net operating loss carryforward available current year | 121 | ' |
Net operating loss carryforward Share Based Compensation | $3.80 | ' |
Uncertain tax positions | 'no | ' |
Income_Taxes_Schedule_of_Incom
Income Taxes (Schedule of Income Tax Benefit (Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Deferred Federal Income Tax Expense (Benefit) | ($47,723) | ($28,719) | ($14,468) |
Deferred State Income Tax Expense (Benefit) | -1,964 | -1,181 | -354 |
Deferred Income Tax Expense (Benefit), Total | -49,687 | -29,900 | -14,822 |
Federal Income Tax Expense (Benefit) | -47,723 | -28,719 | -14,468 |
State Income Tax Expense (Benefit) | -1,964 | -1,181 | -354 |
Total provision for income taxes | -49,687 | -29,900 | -14,822 |
Parent Company [Member] | ' | ' | ' |
Deferred Income Tax Expense (Benefit), Total | ($42,982) | ($20,270) | ($6,172) |
Income_Taxes_Reconciliation_of
Income Taxes (Reconciliation of Effective Income Tax Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Taxes [Abstract] | ' | ' | ' |
Expected Statutory Federal Income Tax Rate | 35.00% | 35.00% | 35.00% |
State Taxes | 1.40% | 1.40% | 2.30% |
State Tax Rate Change | ' | 2.70% | 1.70% |
Statutory Depletion | 0.30% | 0.40% | 1.00% |
Other | 0.70% | 0.40% | 1.20% |
Effective Income Tax Rate | 36.80% | 33.70% | 35.80% |
Income_Taxes_Schedule_of_Tax_E
Income Taxes (Schedule of Tax Effect of Temporary Differences) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Federal and state net operating loss carryforwards | $62,015 | $62,130 |
Fair Value of Commodity Derivative Instruments | 11,578 | 3,912 |
Restricted stock awards and options | 3,843 | 2,313 |
Percentage depletion carryforward | 5,003 | 4,575 |
Accruals and Other | 1,130 | 2,613 |
Deferred Tax Assets | 83,569 | 75,543 |
Property, plant and equipment, principally due to differences in depreciation | 193,191 | 136,016 |
Deferred Tax Liabilities, Derivatives | 182 | 214 |
Prepaid Assets | 1,482 | 1,778 |
Deferred Tax Liabilities, Other | 2,577 | 1,907 |
Deferred tax liabilities | 197,432 | 139,915 |
Total deferred tax Liabilities | 113,863 | 64,372 |
Deferred tax asset | 8,949 | 3,322 |
Deferred tax liabilities | 122,812 | 67,694 |
Parent Company [Member] | ' | ' |
Deferred tax asset | 8,949 | 3,322 |
Deferred tax liabilities | $106,910 | $59,571 |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 30, 2013 | 26-May-11 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 30, 2013 | 26-May-11 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 30, 2013 | 16-May-12 | 19-May-11 | Dec. 31, 2013 | Apr. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2009 | Dec. 31, 2013 | |
Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | 2009 Long Term Incentive Plan [Member] | 2009 Long Term Incentive Plan [Member] | 2009 Long Term Incentive Plan [Member] | 2009 Long Term Incentive Plan [Member] | 2009 Long Term Incentive Plan [Member] | 2009 Long Term Incentive Plan [Member] | 2009 Long Term Incentive Plan [Member] | 2009 Long Term Incentive Plan [Member] | 2009 Long Term Incentive Plan [Member] | 401(K) Plans [Member] | Director [Member] | Director [Member] | Director [Member] | Director [Member] | Director [Member] | Director [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | ||||||
Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | 2009 Long Term Incentive Plan [Member] | 2009 Long Term Incentive Plan [Member] | 2009 Long Term Incentive Plan [Member] | 2009 Long Term Incentive Plan [Member] | 2009 Long Term Incentive Plan [Member] | |||||||||||||||
Restricted Stock [Member] | Restricted Stock [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | |||||||||||||||||||||||
Restricted Stock, Granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 264,383 | ' | 15,305 | 31,095 | 31,405 | ' | ' | ' | 68,116 | ' | ' |
Allocated Share-based Compensation Expense | ' | ' | ' | ' | ' | $3,426,000 | $2,621,000 | $1,497,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,000 |
Modification of September 30, 2009 employment agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'On May 1, 2012, the Compensation Committee modified the terms of the Option Agreement to extend the expiration of the stock options granted thereunder to September 30, 2019, resulting in additional compensation expense of $0.1 million in the year ended December 31, 2012. Upon a change in control as defined in the 2009 LTIP, all stock options under the Option Agreement remain exercisable for a period of not less than 30 months following the change in control. In November 2009, the Compensation Committee approved a compensation program for each of our non-employee directors which provides for the annual grant of a stock award with a market value of $100,000 (as measured on the date of grant and prorated from the date of grant, as applicable). Pursuant to the terms of the program, |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,574,000 | ' | ' | 3,574,000 | 2,474,000 | ' | ' | ' | ' | ' | ' | 3,574,000 | 2,474,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,184,322 | ' | ' | ' | ' | ' | ' | ' | 1,184,322 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 Years | ' | ' | ' | ' | ' | ' | ' | ' | 'one-half of each stock award vests immediately on the date of grant, and the remaining one-half vests immediately prior to the next annual meeting of stockholders held after the grant date. | ' | ' | 'The terms of the Option Agreement provided for an exercise price equal to $10.00 per share. The closing price of our common stock on the NYSE on SeptemberB 30, 2009 was $7.46 per share. The option vested ratably on a monthly basis over a 36-month period from the date of grant; however, the vesting for the first six months of the vesting period (the "Initial Period") was deferred until the end of the Initial Period and any remaining unvested portion vested ratably on a monthly basis over the remainder of the 36-month vesting period, subject to the executive remaining continuously employed. Under the original terms of the award agreement, vested stock options under the Option Agreement were to expire 30 months following the applicable vesting date of such stock options. | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average grant-date fair value of stock options granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $14.50 | $8.84 | $7.97 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average grant-date fair value nonvested share awards granted | ' | ' | ' | ' | ' | ' | ' | ' | $26.60 | $16.33 | $15.34 | ' | ' | ' | ' | ' | $26.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total fair value of nonvested share awards vested during period | ' | ' | ' | ' | ' | ' | ' | ' | 4,100,000 | 2,000,000 | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate instrinsic value of stock options exercised during period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,600,000 | ' | ' | 6,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average recognition period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Pursuant to elections made by two directors applicable to certain of these awards, the receipt of such awards totaling 39,009 shares is deferred until such directors cease to serve on our Board of Directors. During the year ended December 31, 2013, one of our non-employee directors resigned, forfeiting 1,531 shares awarded under this program. | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Shares Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39,009 | ' | ' | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Shares Forfeited | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,531 | ' | ' | ' | ' | ' |
Description of 401(K) Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'We also have a 401(k) Plan that covers all employees. We match 100% of each individual participant's contribution not to exceed 6% of the participant's compensation. Our matching contributions are made in cash. | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $900,000 | $800,000 | $700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee_Benefit_Plans_Stock_O
Employee Benefit Plans (Stock Option Activity) (Details) (Employee Stock Option [Member], USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 |
Aggregate Intrinsic Value, Outstanding on December 31, 2013 | $15,970 |
Aggregate Intrinsic Value, Exercisable on December 31, 2013 | $10,624 |
2009 Long Term Incentive Plan [Member] | ' |
Options, Outstanding on December 31, 2012 | 1,192,158 |
Options, Granted | 369,137 |
Options, Exercised | -108,122 |
Options, Outstanding on December 31. 2013 | 1,453,173 |
Options, Exercisable on December 31, 2013 | 705,814 |
Weighted Average Exercise Price per Share, Outstanding on December 31,2012 | $14.30 |
Weighted Average Exercise Price per Share, Granted | $27.48 |
Weighted Average Exercise Price per Share, Exercised | $12.80 |
Weighted Average Exercise Price per Share, Outstanding on December 31, 2013 | $17.76 |
Weighted Average Remaining Contractual Terms, Exercisable on December 31, 2013 | $13.45 |
Weighted Average Remaining Contractual Terms, Outstanding on December 31, 2013 | '7 years 9 months 18 days |
Weighted Average Remaining Contractual Terms, Exercisable on December 31, 2013 | '6 years 10 months 24 days |
Employee_Benefit_Plans_Fair_Va
Employee Benefit Plans (Fair Value Stock Option Award) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Employee Benefit Plan [Abstract] | ' | ' | ' |
Risk-free interest rate | 1.40% | 1.00% | 1.90% |
Expected life (years) | '6 years | '6 years | '6 years |
Expected Volatility | 56.00% | 56.00% | 53.00% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Employee_Benefit_Plans_NonVest
Employee Benefit Plans (Non-Vested Share Awards Activity) (Details) (2009 Long Term Incentive Plan [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Weighted-average grant-date fair value nonvested share awards granted | $26.60 | $16.33 | $15.34 |
Restricted Stock [Member] | ' | ' | ' |
Non-vested restricted share awards outstanding at December 31, 2012 | 326,952 | ' | ' |
Restricted Stock, Granted | 264,383 | ' | ' |
Restricted Stock, Vested | -145,309 | ' | ' |
Restricted Stock, Forfeited | -1,531 | ' | ' |
Non-vested restricted share awards outstanding at December 31, 2013 | 444,495 | ' | ' |
Weighted Average Grant Date Fair Value, Non-vested restricted share awards outstanding at December 31, 2012 | $15.98 | ' | ' |
Weighted-average grant-date fair value nonvested share awards granted | $26.60 | ' | ' |
Weighted Average Grant Date Fair Value, Vested | $16.77 | ' | ' |
Weighted Average Grant Date Fair Value, Forfeited | $32.67 | ' | ' |
Weighted Average Grant Date Fair Value, Non-vested restricted share awards outstanding at December 31, 2013 | $21.98 | ' | ' |
Employee_Benefit_Plans_ShareBa
Employee Benefit Plans (Share-Based Compensation Expense and Related Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Deferred Income Tax Benefit | $2,704 | $1,726 | $936 |
Employee Stock Option [Member] | ' | ' | ' |
Compensation expense | 3,426 | 2,621 | 1,497 |
Non-vested share award [Member] | ' | ' | ' |
Compensation expense | $3,918 | $2,096 | $1,012 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Narrative) (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 | Dec. 31, 2008 |
bbl | |||||
Commitments and Contingencies [Abstract] | ' | ' | ' | ' | ' |
Operating Leases, Rent Expense | $7.50 | $2.40 | $1.80 | ' | ' |
Long-term Purchase Commitment, Amount | 40.5 | ' | ' | ' | ' |
Long-term Purchase Commitment, Time Period | 'four | ' | ' | ' | ' |
Restricted escrow funds' trust | ' | ' | ' | 15 | ' |
Misallocated oil volumes | 74,000 | ' | ' | ' | ' |
Value of misallocated oil volumes | 6.9 | ' | ' | ' | ' |
Restricted escrow trust funds including accumulated interest | ' | ' | ' | ' | 16.7 |
Escrow Deposit | $6 | ' | ' | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies (Schedule of Future Minimum Commitments) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies [Abstract] | ' |
2014 | $1,073 |
2015 | 1,222 |
2016 | 1,239 |
2017 | 661 |
2018 | 542 |
Thereafter | 406 |
Future minimum commitments | $5,143 |
Interim_Financial_Information_2
Interim Financial Information (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Revenues | $142,610,000 | $183,992,000 | $184,087,000 | $182,349,000 | $138,899,000 | $86,668,000 | $99,270,000 | $98,796,000 | $693,038,000 | $423,633,000 | $348,327,000 |
Costs and Expenses | 122,077,000 | 143,178,000 | 98,535,000 | 109,657,000 | 86,235,000 | 67,379,000 | 68,071,000 | 71,501,000 | 473,447,000 | 293,186,000 | 281,201,000 |
Income from operations | 20,533,000 | 40,814,000 | 85,552,000 | 72,692,000 | 52,664,000 | 19,289,000 | 31,199,000 | 27,295,000 | 219,591,000 | 130,447,000 | 67,126,000 |
Net income | -12,058,000 | -1,284,000 | 69,579,000 | 29,037,000 | 24,153,000 | -2,247,000 | 35,401,000 | 1,503,000 | 85,274,000 | 58,810,000 | 26,611,000 |
Basic earnings per share | ($0.31) | ($0.03) | $1.77 | $0.74 | $0.62 | ($0.06) | $0.90 | $0.04 | $2.18 | $1.50 | $0.66 |
Diluted earnings (loss) per share | ($0.31) | ($0.03) | $1.75 | $0.73 | $0.61 | ($0.06) | $0.90 | $0.04 | $2.15 | $1.50 | $0.66 |
Gains Losses On Extinguishment Of Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,377,000 |
Loss on Abandonment Activities of Non Operated Interests | ' | 22,600,000 | ' | ' | ' | ' | ' | ' | 20,800,000 | ' | ' |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 607,432,000 | 333,901,000 | 260,574,000 |
Costs and Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 406,052,000 | 232,029,000 | 217,630,000 |
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | 201,380,000 | 101,872,000 | 42,944,000 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 85,274,000 | 58,810,000 | 26,611,000 |
Gains Losses On Extinguishment Of Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($2,377,000) |
Supplementary_Oil_and_Natural_2
Supplementary Oil and Natural Gas Disclosures (Unaudited) (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Supplementary Oil and Natural Gas Disclosures (Unaudited) [Abstract] | ' | ' |
Significant Changes in Reserves | 'Includes extensions and discoveries across 12 different fields, primarily within our Ship Shoal and West Delta areas. The Ship Shoal 208 field accounts for 46% of our total extensions and discoveries with 4,973 Mboe, consisting of 3,967 Mbbls of oil and 6,035 Mmcf of produced gas. The remaining 11 locations account for up to 16% each of total extensions and discoveries with reserves ranging from 10 Mboe to 1.6 Mmboe. | 'Includes extensions and discoveries across 6 different fields, primarily within our West Delta and Ship Shoal areas. These extensions and discoveries added volumes ranging from 18 Mboe to 1.2 Mmboe each, with three exceeding 1.0 Mmboe each. |
Supplementary_Oil_and_Natural_3
Supplementary Oil and Natural Gas Disclosures (Unaudited) (Schedule of Estimated Net Proved Reserves, Changes in Estimated Net Proved Reserves and Proved Developed Reserves) (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
MMBbls | MMBbls | MMBbls | |
Crude Oil (Mbbls) [Member] | ' | ' | ' |
Estimated Proved Reserves, Beginning Balance | 47,442 | 27,301 | 17,223 |
Acquisitions | 366 | 16,430 | 7,987 |
Sales | -1,415 | ' | ' |
Extensions, discoveries and other additions | 7,354 | 6,388 | 2,266 |
Revisions | 3,952 | 1,128 | 2,778 |
Production | -6,182 | -3,805 | -2,953 |
Estimated Proved Reserves, Ending Balance | 51,517 | 47,442 | 27,301 |
Proved Developed Reserves (Volume) | 39,439 | 37,908 | 24,791 |
Proved Undeveloped Reserve (Volume) | 12,078 | 9,534 | 2,510 |
Gas (Mmcf) [Member] | ' | ' | ' |
Estimated Proved Reserves, Beginning Balance | 179,939 | 58,785 | 61,251 |
Acquisitions | 209 | 115,876 | 8,640 |
Sales | -916 | ' | ' |
Extensions, discoveries and other additions | 20,247 | 10,241 | 4,664 |
Revisions | -10,128 | 4,033 | -6,678 |
Production | -15,767 | -8,996 | -9,092 |
Estimated Proved Reserves, Ending Balance | 173,584 | 179,939 | 58,785 |
Proved Developed Reserves (Volume) | 107,687 | 120,687 | 52,739 |
Proved Undeveloped Reserve (Volume) | 65,897 | 59,252 | 6,046 |
Oil Equivalent (Mboe) [Member] | ' | ' | ' |
Estimated Proved Reserves, Beginning Balance | 77,432 | 37,099 | 27,431 |
Acquisitions | 401 | 35,742 | 9,427 |
Sales | -1,568 | ' | ' |
Extensions, discoveries and other additions | 10,729 | 8,095 | 3,043 |
Revisions | 2,264 | 1,800 | 1,666 |
Production | -8,810 | -5,304 | -4,468 |
Estimated Proved Reserves, Ending Balance | 80,448 | 77,432 | 37,099 |
Proved Developed Reserves (Volume) | 57,387 | 58,022 | 33,581 |
Proved Undeveloped Reserve (Volume) | 23,061 | 19,409 | 3,518 |
Supplementary_Oil_and_Natural_4
Supplementary Oil and Natural Gas Disclosures (Unaudited) (Capitalized Cost for Oil and Natural Gas Producing Activities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Supplementary Oil and Natural Gas Disclosures (Unaudited) [Abstract] | ' | ' |
Capitalized Costs, Proved properties | $2,307,891 | $1,982,657 |
Capitalized Costs, Unproved properties | 39,191 | 36,992 |
Capitalized costs, accumulated depreciation, depletion and amortization | -614,068 | -424,520 |
Net capitalized costs | $1,733,014 | $1,595,129 |
Supplementary_Oil_and_Natural_5
Supplementary Oil and Natural Gas Disclosures (Unaudited) (Costs Incurred Associated with Finding, Acquiring and Developing Proved Oil and Natural Gas Reserves) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Acquistions-Proved | $46,047,000 | $706,322,000 | $261,812,000 |
Acquisition - Unproved | 2,200,000 | 7,496,000 | 14,000 |
Exploration | 46,100,000 | 43,338,000 | 17,129,000 |
Development | 303,245,000 | 180,938,000 | 83,577,000 |
Costs incurred | 397,592,000 | 938,094,000 | 362,532,000 |
Liabilities assumed in acquisition | 23,541,000 | 132,109,000 | ' |
Asset retirement obligations incurred | 1,200,000 | 1,200,000 | 200,000 |
Hilcorp Acquisition [Member] | ' | ' | ' |
Purchase Price Adjustments Associated with Acquiring Proved Reserves | 29,700,000 | ' | ' |
West Delta 29 Acquisition [Member] | ' | ' | ' |
Purchase Price Adjustments Associated with Acquiring Proved Reserves | $16,700,000 | ' | ' |
Supplementary_Oil_and_Natural_6
Supplementary Oil and Natural Gas Disclosures (Unaudited) Standardized Measure of Discounted Future Net Cash Flow Relating to Proved Oil and Natural Gas Reserves) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Supplementary Oil and Natural Gas Disclosures (Unaudited) [Abstract] | ' | ' |
Future cash inflows | $5,937,536,000 | $5,401,290,000 |
Future production costs | -1,957,868,000 | -1,823,303,000 |
Future development costs | -1,085,440,000 | -936,580,000 |
Future income taxes | -641,536,000 | -537,546,000 |
Future net cash flows after income taxes | 2,252,692,000 | 2,103,861,000 |
10% annual discount for estimated timing of cash flows | -603,614,000 | -529,579,000 |
Standardized measure of discounted future net cash flows | 1,649,078,000 | 1,574,282,000 |
Future Abandonment and Decommissioning Costs | 569,900,000 | 466,900,000 |
Future Salvage Values | $25,800,000 | $32,600,000 |
Supplementary_Oil_and_Natural_7
Supplementary Oil and Natural Gas Disclosures (Unaudited) (Schedule of Changes in Standardized Measure of Discounted Future Net Cash Flows Applicable to Proved Oil and Natural Gas Reserves) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Supplementary Oil and Natural Gas Disclosures (Unaudited) [Abstract] | ' | ' |
Beginning of the period | $1,574,282 | $876,169 |
Sales and transfers of oil and natural gas produced, net of productuin costs | -513,906 | -317,059 |
Net changes in prices and prooduction costs | 96,751 | -244,824 |
Purchase of mineral in place | 26,708 | 797,085 |
Sales of minerals in place | -64,539 | ' |
Extensions, discoveries and improved recoveries, net of future production costs | 363,493 | 452,258 |
Revision of quantity estimates | 84,490 | 55,133 |
Previously estimated development costs incurred during the period | 33,920 | 39,321 |
Changes in estimated future development costs | 18,229 | 746 |
Changes in production rates (timing) and other | -113,022 | -14,157 |
Accretion of discount | 197,927 | 110,070 |
Net change in income taxes | -55,255 | -180,460 |
Net increase (decrease) | 74,796 | 698,113 |
End of period | $1,649,078 | $1,574,282 |
Supplementary_Oil_and_Natural_8
Supplementary Oil and Natural Gas Disclosures (Unaudited) (Oil and Natural Gas Computed Price Used in Computation of Discounted Future Net Cash Flows) (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Supplementary Oil and Natural Gas Disclosures (Unaudited) [Abstract] | ' | ' |
Computed Price Per Barrel of Oil | 105.3 | 105.13 |
Computed prices Per mcf for Natural Gas | 3.73 | 2.92 |
Supplemental_Condensed_Consoli2
Supplemental Condensed Consolidating Financial Information (Supplemental Condensed Consolidating Balance Sheet) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Cash and cash equivalents | $8,812 | $1,521 | $80,128 | $33,553 |
Trade accounts receivable - net | 70,707 | 67,991 | ' | ' |
Fair value of commodity derivative instruments | 501 | 3,302 | ' | ' |
Deferred tax asset | 8,949 | 3,322 | ' | ' |
Prepaid expenses | 6,868 | 9,873 | ' | ' |
Total current assets | 95,837 | 86,009 | ' | ' |
Property and equipment | 2,355,219 | 2,025,647 | ' | ' |
Less accumulated depreciation, depletion, amortization and impairments | -618,788 | -427,580 | ' | ' |
Net property and equipment | 1,736,431 | 1,598,067 | ' | ' |
Deposit for Nexen Acquisition | 7,040 | ' | ' | ' |
Restricted cash | 6,023 | 6,023 | ' | ' |
Fair value of commodity derivative instruments | 238 | 211 | ' | ' |
Deferred financing costs | 10,106 | 12,386 | ' | ' |
Other assets | 2,156 | 2,931 | ' | ' |
Total Assets | 1,857,831 | 1,705,627 | ' | ' |
Accounts payable | 59,431 | 34,772 | ' | ' |
Accrued expenses | 131,125 | 117,372 | ' | ' |
Asset retirement obligations | 51,601 | 30,179 | ' | ' |
Fair value of commodity derivative instruments | 29,636 | 10,026 | ' | ' |
Total current liabilities | 271,793 | 192,349 | ' | ' |
Long-term debt | 627,355 | 689,911 | ' | ' |
Asset retirement obligations | 203,849 | 204,931 | ' | ' |
Deferred tax liabilities | 122,812 | 67,694 | ' | ' |
Fair value of commodity derivative instruments | 2,136 | 3,637 | ' | ' |
Other | 673 | 1,132 | ' | ' |
Total liabilities | 1,228,618 | 1,159,654 | ' | ' |
Preferred stock | ' | ' | ' | ' |
Common stock | 41 | 40 | ' | ' |
Additional paid-in capital | 519,114 | 510,469 | ' | ' |
Treasury stock, at cost | -31,157 | -20,477 | ' | ' |
Retained earnings | 141,215 | 55,941 | ' | ' |
Total stockholders' equity | 629,213 | 545,973 | 491,045 | 473,116 |
Total liabilities and stockholders' equity | 1,857,831 | 1,705,627 | ' | ' |
Parent Company [Member] | ' | ' | ' | ' |
Cash and cash equivalents | 8,812 | 1,521 | 80,128 | 33,553 |
Trade accounts receivable - net | 70,520 | 66,994 | ' | ' |
Intercompany receivable | 39,085 | 55,575 | ' | ' |
Fair value of commodity derivative instruments | 501 | 3,302 | ' | ' |
Deferred tax asset | 8,949 | 3,322 | ' | ' |
Prepaid expenses | 6,868 | 9,873 | ' | ' |
Total current assets | 134,735 | 140,587 | ' | ' |
Property and equipment | 2,041,689 | 1,754,294 | ' | ' |
Less accumulated depreciation, depletion, amortization and impairments | -526,736 | -353,526 | ' | ' |
Net property and equipment | 1,514,953 | 1,400,768 | ' | ' |
Investment in affiliates | 122,697 | 111,191 | ' | ' |
Deposit for Nexen Acquisition | 7,040 | ' | ' | ' |
Restricted cash | 6,023 | 6,023 | ' | ' |
Fair value of commodity derivative instruments | 238 | 211 | ' | ' |
Deferred financing costs | 10,106 | 12,386 | ' | ' |
Other assets | 2,067 | 2,841 | ' | ' |
Total Assets | 1,797,859 | 1,674,007 | ' | ' |
Accounts payable | 58,758 | 34,740 | ' | ' |
Accrued expenses | 131,111 | 117,245 | ' | ' |
Asset retirement obligations | 51,601 | 23,982 | ' | ' |
Fair value of commodity derivative instruments | 29,636 | 10,026 | ' | ' |
Total current liabilities | 271,106 | 185,993 | ' | ' |
Long-term debt | 627,355 | 689,911 | ' | ' |
Asset retirement obligations | 160,466 | 187,790 | ' | ' |
Deferred tax liabilities | 106,910 | 59,571 | ' | ' |
Fair value of commodity derivative instruments | 2,136 | 3,637 | ' | ' |
Other | 673 | 1,132 | ' | ' |
Total liabilities | 1,168,646 | 1,128,034 | ' | ' |
Common stock | 41 | 40 | ' | ' |
Additional paid-in capital | 519,114 | 510,469 | ' | ' |
Treasury stock, at cost | -31,157 | -20,477 | ' | ' |
Retained earnings | 141,215 | 55,941 | ' | ' |
Total stockholders' equity | 629,213 | 545,973 | ' | ' |
Total liabilities and stockholders' equity | 1,797,859 | 1,674,007 | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Trade accounts receivable - net | 187 | 997 | ' | ' |
Total current assets | 187 | 997 | ' | ' |
Property and equipment | 313,530 | 271,353 | ' | ' |
Less accumulated depreciation, depletion, amortization and impairments | -92,052 | -74,054 | ' | ' |
Net property and equipment | 221,478 | 197,299 | ' | ' |
Other assets | 89 | 90 | ' | ' |
Total Assets | 221,754 | 198,386 | ' | ' |
Accounts payable | 673 | 32 | ' | ' |
Intercompany payable | 39,085 | 55,575 | ' | ' |
Accrued expenses | 14 | 127 | ' | ' |
Asset retirement obligations | ' | 6,197 | ' | ' |
Total current liabilities | 39,772 | 61,931 | ' | ' |
Asset retirement obligations | 43,383 | 17,141 | ' | ' |
Deferred tax liabilities | 15,902 | 8,123 | ' | ' |
Total liabilities | 99,057 | 87,195 | ' | ' |
Additional paid-in capital | 85,479 | 85,479 | ' | ' |
Retained earnings | 37,218 | 25,712 | ' | ' |
Total stockholders' equity | 122,697 | 111,191 | ' | ' |
Total liabilities and stockholders' equity | 221,754 | 198,386 | ' | ' |
Consolidation, Eliminations [Member] | ' | ' | ' | ' |
Intercompany receivable | -39,085 | -55,575 | ' | ' |
Total current assets | -39,085 | -55,575 | ' | ' |
Investment in affiliates | -122,697 | -111,191 | ' | ' |
Total Assets | -161,782 | -166,766 | ' | ' |
Intercompany payable | -39,085 | -55,575 | ' | ' |
Total current liabilities | -39,085 | -55,575 | ' | ' |
Total liabilities | -39,085 | -55,575 | ' | ' |
Additional paid-in capital | -85,479 | -85,479 | ' | ' |
Retained earnings | -37,218 | -25,712 | ' | ' |
Total stockholders' equity | -122,697 | -111,191 | ' | ' |
Total liabilities and stockholders' equity | ($161,782) | ($166,766) | ' | ' |
Supplemental_Condensed_Consoli3
Supplemental Condensed Consolidating Financial Information (Supplemental Condensed Consolidating Statement of Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Oil and natural gas | ' | ' | ' | ' | ' | ' | ' | ' | $688,743 | $422,529 | $348,207 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 4,295 | 1,104 | 120 |
Total Revenue | 142,610 | 183,992 | 184,087 | 182,349 | 138,899 | 86,668 | 99,270 | 98,796 | 693,038 | 423,633 | 348,327 |
Lease operating | ' | ' | ' | ' | ' | ' | ' | ' | 165,841 | 94,850 | 70,281 |
Transportation | ' | ' | ' | ' | ' | ' | ' | ' | 3,568 | 615 | 779 |
Exploration expenditures and dry hole costs | ' | ' | ' | ' | ' | ' | ' | ' | 26,555 | 18,799 | 14,268 |
Impairments | ' | ' | ' | ' | ' | ' | ' | ' | 2,937 | 8,883 | 32,466 |
Depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 200,359 | 113,581 | 104,624 |
Accretion of liability for asset retirement obligations | ' | ' | ' | ' | ' | ' | ' | ' | 28,299 | 15,565 | 15,942 |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 28,137 | 23,208 | 18,741 |
Taxes, other than on earnings | ' | ' | ' | ' | ' | ' | ' | ' | 11,490 | 13,007 | 14,365 |
Gain on sale of assets | ' | ' | ' | ' | ' | ' | ' | ' | -28,681 | ' | ' |
Gain on sale of assets | ' | ' | ' | ' | ' | ' | ' | ' | -28,681 | ' | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 34,942 | 4,678 | 9,735 |
Total costs and expenses | 122,077 | 143,178 | 98,535 | 109,657 | 86,235 | 67,379 | 68,071 | 71,501 | 473,447 | 293,186 | 281,201 |
Income from operations | 20,533 | 40,814 | 85,552 | 72,692 | 52,664 | 19,289 | 31,199 | 27,295 | 219,591 | 130,447 | 67,126 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 99 | 136 | 102 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -52,368 | -28,568 | -17,548 |
Loss on derivative instruments | ' | ' | ' | ' | ' | ' | ' | ' | -32,361 | -13,305 | -5,870 |
Total other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -84,630 | -41,737 | -25,693 |
Income (loss) before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 134,961 | 88,710 | 41,433 |
Deferred income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -49,687 | -29,900 | -14,822 |
Total provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -49,687 | -29,900 | -14,822 |
Net income | -12,058 | -1,284 | 69,579 | 29,037 | 24,153 | -2,247 | 35,401 | 1,503 | 85,274 | 58,810 | 26,611 |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Oil and natural gas | ' | ' | ' | ' | ' | ' | ' | ' | 606,743 | 318,749 | 245,567 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 689 | 15,152 | 15,007 |
Total Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 607,432 | 333,901 | 260,574 |
Lease operating | ' | ' | ' | ' | ' | ' | ' | ' | 140,605 | 71,002 | 51,618 |
Transportation | ' | ' | ' | ' | ' | ' | ' | ' | 3,548 | 611 | 766 |
Exploration expenditures and dry hole costs | ' | ' | ' | ' | ' | ' | ' | ' | 22,265 | 18,790 | 14,045 |
Impairments | ' | ' | ' | ' | ' | ' | ' | ' | 2,937 | 8,883 | 32,532 |
Depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 178,427 | 92,689 | 82,168 |
Accretion of liability for asset retirement obligations | ' | ' | ' | ' | ' | ' | ' | ' | 23,196 | 10,551 | 9,013 |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 28,137 | 22,845 | 18,281 |
Taxes, other than on earnings | ' | ' | ' | ' | ' | ' | ' | ' | 1,084 | 1,162 | -733 |
Gain on sale of assets | ' | ' | ' | ' | ' | ' | ' | ' | -28,219 | ' | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 34,072 | 5,496 | 9,940 |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 406,052 | 232,029 | 217,630 |
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | 201,380 | 101,872 | 42,944 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 99 | 136 | 102 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -52,368 | -28,568 | -17,548 |
Loss on derivative instruments | ' | ' | ' | ' | ' | ' | ' | ' | -32,361 | -13,305 | -5,870 |
Income (loss) from equity investments | ' | ' | ' | ' | ' | ' | ' | ' | 11,506 | 18,945 | 15,532 |
Total other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -73,124 | -22,792 | -10,161 |
Income (loss) before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 128,256 | 79,080 | 32,783 |
Deferred income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -42,982 | -20,270 | -6,172 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 85,274 | 58,810 | 26,611 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Oil and natural gas | ' | ' | ' | ' | ' | ' | ' | ' | 82,000 | 103,780 | 102,640 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 3,606 | 952 | 113 |
Total Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 85,606 | 104,732 | 102,753 |
Lease operating | ' | ' | ' | ' | ' | ' | ' | ' | 25,236 | 23,848 | 18,663 |
Transportation | ' | ' | ' | ' | ' | ' | ' | ' | 20 | 4 | 13 |
Exploration expenditures and dry hole costs | ' | ' | ' | ' | ' | ' | ' | ' | 4,290 | 9 | 223 |
Impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -66 |
Depreciation, depletion and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 21,932 | 20,892 | 22,456 |
Accretion of liability for asset retirement obligations | ' | ' | ' | ' | ' | ' | ' | ' | 5,103 | 5,014 | 6,929 |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,363 | 15,460 |
Taxes, other than on earnings | ' | ' | ' | ' | ' | ' | ' | ' | 10,406 | 11,845 | 15,098 |
Gain on sale of assets | ' | ' | ' | ' | ' | ' | ' | ' | -462 | ' | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 870 | -818 | -205 |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 67,395 | 76,157 | 78,571 |
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | 18,211 | 28,575 | 24,182 |
Income (loss) before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 18,211 | 28,575 | 24,182 |
Deferred income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -6,705 | -9,630 | -8,650 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 11,506 | 18,945 | 15,532 |
Consolidation, Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | -15,000 | -15,000 |
Total Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | -15,000 | -15,000 |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | ' | -15,000 | -15,000 |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | -15,000 | -15,000 |
Income (loss) from equity investments | ' | ' | ' | ' | ' | ' | ' | ' | -11,506 | -18,945 | -15,532 |
Total other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -11,506 | -18,945 | -15,532 |
Income (loss) before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -11,506 | -18,945 | -15,532 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ($11,506) | ($18,945) | ($15,532) |
Supplemental_Condensed_Consoli4
Supplemental Condensed Consolidating Financial Information (Supplemental Condensed Consolidating Statement of Cash Flows) (Details) (USD $) | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 |
Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | Guarantor Subsidiaries [Member] | ||||
Net cash provided by operating activities | $387,559 | $213,871 | $171,252 | $356,597 | $190,851 | $136,245 | $30,962 | $23,020 | $35,007 |
Decrease in restricted cash | ' | ' | 2,466 | ' | ' | 2,466 | ' | ' | ' |
Property acquisitions | -27,560 | -578,372 | -235,486 | -27,560 | -575,372 | -235,486 | ' | -3,000 | ' |
Exploration and development expenditures | -322,040 | -184,850 | -76,003 | -284,073 | -165,308 | -40,996 | -37,967 | -19,542 | -35,007 |
Deposit for Nexen Acquisition | -7,040 | ' | ' | -7,040 | ' | ' | ' | ' | ' |
Other property and equipment additions | -2,016 | -1,743 | -1,568 | -2,016 | -1,265 | -1,568 | ' | -478 | ' |
Proceeds from sale of assets | 52,317 | ' | ' | 45,312 | ' | ' | 7,005 | ' | ' |
Net cash used in investing activities | -306,339 | -764,965 | -310,591 | -275,377 | -741,945 | -275,584 | -30,962 | -23,020 | -35,007 |
Proceeds from indebtedness | ' | 509,313 | 203,794 | ' | 509,313 | 203,794 | ' | ' | ' |
Repayments of indebtedness | -65,000 | -20,000 | ' | -65,000 | -20,000 | ' | ' | ' | ' |
Deferred financing costs | -674 | -8,469 | -6,646 | -674 | -8,469 | -6,646 | ' | ' | ' |
Purchase of shares into treasury | -9,640 | -8,798 | -11,353 | -9,640 | -8,798 | -11,353 | ' | ' | ' |
Exercise of stock options | 1,385 | 441 | 119 | 1,385 | 441 | 119 | ' | ' | ' |
Net cash provided by (used) in financing activities | -73,929 | 472,487 | 185,914 | -73,929 | 472,487 | 185,914 | ' | ' | ' |
Net increase in cash and cash equivalents | 7,291 | -78,607 | 46,575 | 7,291 | -78,607 | 46,575 | ' | ' | ' |
Cash and cash equivalents at beginning of period | 1,521 | 80,128 | 33,553 | 1,521 | 80,128 | 33,553 | ' | ' | ' |
Cash and cash equivalents at end of period | $8,812 | $1,521 | $80,128 | $8,812 | $1,521 | $80,128 | ' | ' | ' |