Document_And_Entity_Informatio
| Document And Entity Information | 3 Months Ended |
| Sep. 30, 2014 | |
| Document And Entity Information [Abstract] | ' |
| Entity Registrant Name | 'EPL OIL & GAS, INC. |
| Entity Central Index Key | '0000750199 |
| Document Type | '10-Q |
| Document Period End Date | 30-Sep-14 |
| Amendment Flag | 'false |
| Document Fiscal Year Focus | '2015 |
| Document Fiscal Period Focus | 'Q1 |
| Current Fiscal Year End Date | '--06-30 |
| Entity Filer Category | 'Non-accelerated Filer |
| Entity Common Stock, Shares Outstanding | 0 |
| Trading Symbol | 'EPL |
Condensed_Consolidated_Balance
| Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
| In Thousands, unless otherwise specified | ||
| Current assets: | ' | ' |
| Cash and cash equivalents | $23 | $5,601 |
| Trade accounts receivable - net | 67,385 | 72,301 |
| Fair value of commodity derivative instruments | 2,262 | ' |
| Deferred tax asset | 24,587 | 24,587 |
| Prepaid expenses | 14,345 | 26,521 |
| Total current assets | 108,602 | 129,010 |
| Property and equipment, under the full cost method of accounting, including $908.5 million of unevaluated properties not being amortized at September 30, 2014 and June 30, 2014 | 3,262,727 | 3,205,187 |
| Goodwill | ' | 329,293 |
| Restricted cash | 6,023 | 6,023 |
| Fair value of commodity derivative instruments | 162 | ' |
| Other assets | 143 | 317 |
| Total assets | 3,377,657 | 3,669,830 |
| Current liabilities: | ' | ' |
| Accounts payable | 79,179 | 92,981 |
| Due to EGC | 29,975 | 4,960 |
| Accrued expenses | 181,754 | 161,518 |
| Asset retirement obligations | 39,831 | 39,831 |
| Fair value of commodity derivative instruments | 1,446 | 26,440 |
| Total current liabilities | 332,185 | 325,730 |
| Long-term debt | 1,023,033 | 1,025,566 |
| Asset retirement obligations | 232,419 | 232,864 |
| Deferred tax liabilities | 496,629 | 483,798 |
| Fair value of commodity derivative instruments | ' | 2,140 |
| Other | 5 | 6 |
| Total Liabilities | 2,084,271 | 2,070,104 |
| Commitments and contingencies (Note 10) | ' | ' |
| Stockholders' equity: | ' | ' |
| Preferred stock, par value $0.001 per share. Authorized 1,000,000 shares; no shares issued and outstanding at September 30, 2014 and June 30, 2014 | ' | ' |
| Common stock, par value $0.001 per share. Authorized 75,000,000 shares; 1,000 shares issued and outstanding at September 30, 2014 and June 30, 2014 | ' | ' |
| Additional paid-in capital | 1,599,341 | 1,599,341 |
| Accumulated other comprehensive income (loss) | 6,779 | -6,252 |
| Retained earnings (loss) | -312,734 | 6,637 |
| Total stockholders' equity | 1,293,386 | 1,599,726 |
| Total liabilities and stockholders' equity | $3,377,657 | $3,669,830 |
Condensed_Consolidated_Balance1
| Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
| In Millions, except Share data, unless otherwise specified | ||
| Condensed Consolidated Balance Sheets [Abstract] | ' | ' |
| Unevaluated properties not being amortized | $908.50 | $908.50 |
| Preferred stock, par value | $0.00 | $0.00 |
| Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
| Preferred stock, shares issued | 0 | 0 |
| Preferred stock, shares outstanding | 0 | 0 |
| Common stock, par value | $0.00 | $0.00 |
| Common stock, shares authorized | 75,000,000 | 75,000,000 |
| Common stock, shares issued | 1,000 | 1,000 |
| Common stock, shares outstanding | 1,000 | 1,000 |
Condensed_Consolidated_Stateme
| Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | |
| In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
| Costs and expenses: | ' | ' |
| Accretion of liability for asset retirement obligations | $6,181 | ' |
| Other income (expense): | ' | ' |
| Net loss | -319,371 | -1,284 |
| Basic loss per share | ' | ($0.03) |
| Diluted loss per share | ' | ($0.03) |
| Weighted average common shares used in computing earnings (loss) per share: | ' | ' |
| Basic | ' | 38,589 |
| Diluted | ' | 38,589 |
| Successor Company [Member] | ' | ' |
| Revenue: | ' | ' |
| Oil and natural gas | 173,720 | ' |
| Other | 389 | ' |
| Total revenue | 174,109 | ' |
| Costs and expenses: | ' | ' |
| Lease operating | 56,300 | ' |
| Transportation | 625 | ' |
| Exploration expenditures and dry hole costs | ' | ' |
| Goodwill and other impairments | 329,293 | ' |
| Depreciation, depletion and amortization | 73,745 | ' |
| Accretion of liability for asset retirement obligations | 6,181 | ' |
| General and administrative | 8,042 | ' |
| Taxes, other than on earnings | 2,528 | ' |
| Gain on sales of assets | ' | ' |
| Other | 21 | ' |
| Total costs and expenses | 476,735 | ' |
| Income (loss) from operations | -302,626 | ' |
| Other income (expense): | ' | ' |
| Interest income | ' | ' |
| Interest expense | -10,901 | ' |
| Total loss on derivative instruments | -30 | ' |
| Total other expense | -10,931 | ' |
| Loss before income taxes | -313,557 | ' |
| Deferred income tax expense (benefit) | 5,814 | ' |
| Net loss | -319,371 | ' |
| Basic loss per share | ' | ' |
| Diluted loss per share | ' | ' |
| Weighted average common shares used in computing earnings (loss) per share: | ' | ' |
| Basic | ' | ' |
| Diluted | ' | ' |
| Predecessor Company [Member] | ' | ' |
| Revenue: | ' | ' |
| Oil and natural gas | ' | 183,114 |
| Other | ' | 878 |
| Total revenue | ' | 183,992 |
| Costs and expenses: | ' | ' |
| Lease operating | ' | 42,291 |
| Transportation | ' | 974 |
| Exploration expenditures and dry hole costs | ' | 5,146 |
| Goodwill and other impairments | ' | 12 |
| Depreciation, depletion and amortization | ' | 53,989 |
| Accretion of liability for asset retirement obligations | ' | 6,266 |
| General and administrative | ' | 6,426 |
| Taxes, other than on earnings | ' | 3,285 |
| Gain on sales of assets | ' | -1,745 |
| Other | ' | 26,534 |
| Total costs and expenses | ' | 143,178 |
| Income (loss) from operations | ' | 40,814 |
| Other income (expense): | ' | ' |
| Interest income | ' | 64 |
| Interest expense | ' | -13,177 |
| Total loss on derivative instruments | ' | -30,012 |
| Total other expense | ' | -43,125 |
| Loss before income taxes | ' | -2,311 |
| Deferred income tax expense (benefit) | ' | -1,027 |
| Net loss | ' | ($1,284) |
| Basic loss per share | ' | ($0.03) |
| Diluted loss per share | ' | ($0.03) |
| Weighted average common shares used in computing earnings (loss) per share: | ' | ' |
| Basic | ' | 38,589 |
| Diluted | ' | 38,589 |
Consolidated_Statement_of_Comp
| Consolidated Statement of Comprehensive Loss (USD $) | 3 Months Ended |
| In Thousands, unless otherwise specified | Sep. 30, 2014 |
| Consolidated Statements of Comprehensive Loss [Abstract] | ' |
| Net loss | ($319,371) |
| Crude Oil and Natural Gas Cash Flow Hedges | ' |
| Unrealized change in fair value net of ineffective portion | 21,887 |
| Effective portion reclassified to earnings during the period | -1,839 |
| Total other comprehensive income | 20,048 |
| Income tax expense | -7,017 |
| Net other comprehensive income | 13,031 |
| Comprehensive loss | ($306,340) |
Condensed_Consolidated_Stateme1
| Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
| In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
| Cash flows from operating activities: | ' | ' |
| Net income (loss) | ($319,371) | ($1,284) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
| Accretion of liability for asset retirement obligations | 6,181 | ' |
| Cash flows provided by (used in) financing activities: | ' | ' |
| Cash and cash equivalents at beginning of period | 5,601 | ' |
| Cash and cash equivalents at end of period | 23 | ' |
| Successor Company [Member] | ' | ' |
| Cash flows from operating activities: | ' | ' |
| Net income (loss) | -319,371 | ' |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
| Depreciation, depletion and amortization | 73,745 | ' |
| Accretion of liability for asset retirement obligations | 6,181 | ' |
| Change in fair value of derivative instruments | 30 | ' |
| Deferred income taxes | 5,814 | ' |
| Goodwill and other impairments | 329,293 | ' |
| Amortization of premium, discount and deferred financing costs on debt | -2,534 | ' |
| Gain on sales of assets | ' | ' |
| Changes in operating assets and liabilities: | ' | ' |
| Trade accounts receivable | 6,410 | ' |
| Prepaid expenses | -5,873 | ' |
| Other assets | 174 | ' |
| Accounts payable and accrued expenses | -23,831 | ' |
| Asset retirement obligation settlements | -7,190 | ' |
| Net cash provided by operating activities | 62,848 | ' |
| Cash flows provided by (used in) investing activities: | ' | ' |
| Property acquisitions | -260 | ' |
| Capital expenditures | -111,136 | ' |
| Other property and equipment additions | -40 | ' |
| Net cash used in investing activities | -111,436 | ' |
| Cash flows provided by (used in) financing activities: | ' | ' |
| Advances from EGC | 43,010 | ' |
| Net cash provided by (used in) financing activities | 43,010 | ' |
| Net increase (decrease) in cash and cash equivalents | -5,578 | ' |
| Cash and cash equivalents at beginning of period | 5,601 | ' |
| Cash and cash equivalents at end of period | 23 | ' |
| Predecessor Company [Member] | ' | ' |
| Cash flows from operating activities: | ' | ' |
| Net income (loss) | ' | -1,284 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
| Depreciation, depletion and amortization | ' | 53,989 |
| Accretion of liability for asset retirement obligations | ' | 6,266 |
| Change in fair value of derivative instruments | ' | 26,478 |
| Non-cash compensation | ' | 1,910 |
| Deferred income taxes | ' | -1,052 |
| Exploration expenditures | ' | 73 |
| Goodwill and other impairments | ' | 12 |
| Amortization of premium, discount and deferred financing costs on debt | ' | 1,361 |
| Gain on sales of assets | ' | -1,745 |
| Other | ' | 22,562 |
| Changes in operating assets and liabilities: | ' | ' |
| Trade accounts receivable | ' | 8,542 |
| Prepaid expenses | ' | 549 |
| Other assets | ' | -1,361 |
| Accounts payable and accrued expenses | ' | 10,457 |
| Asset retirement obligation settlements | ' | -10,072 |
| Net cash provided by operating activities | ' | 116,685 |
| Cash flows provided by (used in) investing activities: | ' | ' |
| Decrease in restricted cash | ' | 51,757 |
| Property acquisitions | ' | -24,897 |
| Capital expenditures | ' | -100,021 |
| Other property and equipment additions | ' | -254 |
| Net cash used in investing activities | ' | -73,415 |
| Cash flows provided by (used in) financing activities: | ' | ' |
| Repayments of indebtedness | ' | -40,000 |
| Deferred financing costs | ' | -32 |
| Purchase of shares into treasury | ' | -4,544 |
| Exercise of stock options | ' | 360 |
| Net cash provided by (used in) financing activities | ' | -44,216 |
| Net increase (decrease) in cash and cash equivalents | ' | -946 |
| Cash and cash equivalents at beginning of period | ' | 3,885 |
| Cash and cash equivalents at end of period | ' | $2,939 |
Organization_and_Basis_of_Pres
| Organization and Basis of Presentation | 3 Months Ended |
| Sep. 30, 2014 | |
| Organization and Basis of Presentation [Abstract] | ' |
| Organization and Basis of Presentation | ' |
| (1) Organization and Basis of Presentation | |
| Nature of Operations. EPL Oil & Gas, Inc. (referred to herein as “we,” “our,” “us,” “the Company” or “EPL”) was incorporated as a Delaware corporation on January 29, 1998 and is a wholly-owned subsidiary of Energy XXI Gulf Coast, Inc. (“EGC”), a Delaware corporation and indirect wholly-owned subsidiary of Energy XXI Ltd, an exempted company under the laws of Bermuda (“Energy XXI”). We operate as an independent oil and natural gas exploration and production company based in Houston, Texas and New Orleans, Louisiana. | |
| Our current operations are concentrated in the U.S. Gulf of Mexico shelf (the “GoM shelf”) focusing on state and federal waters offshore Louisiana, which we consider our core area. We have focused on acquiring and developing assets in this region, because the region is characterized by established exploitation, development and exploration opportunities in both productive horizons and deeper geologic formations. | |
| Principles of Consolidation and Reporting. On June 3, 2014, Energy XXI, EGC, Clyde Merger Sub, Inc., a wholly owned subsidiary of EGC (“Merger Sub”), and EPL, completed the transactions contemplated by the Agreement and Plan of Merger, dated as of March 12, 2014 (as amended, the “Merger Agreement”), by and among Energy XXI, EGC, Merger Sub, and EPL, pursuant to which Merger Sub was merged with and into EPL with EPL continuing as the surviving corporation (the “Merger”). Pursuant to the Merger Agreement, at the effective time of the Merger, the issued and outstanding shares of EPL common stock, par value $0.001 per share, were converted, in the aggregate, into the right to receive merger consideration consisting of approximately 65% in cash and 35% in shares of common stock of Energy XXI, par value $0.005 per share. | |
| The Merger resulted in EPL becoming an indirect, wholly owned subsidiary of Energy XXI. Therefore, in the preparation of our financial statements, we have applied “pushdown” accounting, based on guidance from the Securities and Exchange Commission (“SEC”). Pushdown accounting refers to the use of the acquiring entity’s basis of accounting in the preparation of the acquired entity’s financial statements. As a result, our separate financial statements reflect the new basis of accounting recorded by Energy XXI upon acquisition. As such, in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”), due to our new basis of accounting, our financial statements include a black line denoting that our financial statements covering periods prior to the date of the Merger are not comparable to our financial statements as of and subsequent to the date of the Merger. References to the “Predecessor Company” refer to reporting dates of the Company through June 3, 2014, reflecting results of operations and cash flows of the Company prior to the Merger on our historical accounting basis; subsequent thereto, the Company is referred to as the “Successor Company,” reflecting the impact of pushdown accounting and the results of operations and cash flows of the Company subsequent to the Merger. | |
| Energy XXI follows the “full cost” method of accounting for its oil and gas producing activities, while we had historically followed the “successful efforts” method of accounting. Subsequent to the Merger, we converted our accounting method from successful efforts to the full cost method of accounting to be consistent with Energy XXI’s method of accounting pursuant to SEC guidance, which requires a reporting entity that follows the full cost method to apply that method to all of its operations and to the operations of its subsidiaries. Under U.S. GAAP, a change in accounting method is required to be applied retroactively in order to provide comparable historical period information to users of financial statements. However, due to the new basis of accounting established as a result of the Merger transaction and pushdown accounting, our financial statements are no longer comparable to those of periods prior to the Merger and we have applied the full cost method of accounting on a prospective basis from the date of the Merger. | |
| The accompanying consolidated financial statements include the accounts of EPL and our wholly-owned subsidiaries and have been prepared in accordance with U.S. GAAP. 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. | |
| Interim Financial Statements. The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments of a normal and recurring nature considered necessary for a fair presentation have been included in the accompanying consolidated financial statements. The results of operations for the interim period are not necessarily indicative of the results that will be realized for the entire fiscal year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2014 Transition Report. | |
| Use of Estimates. The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates of proved reserves are key components of our depletion rate for our proved oil and natural gas properties and the full cost ceiling test limitation. Accordingly, our accounting estimates require exercise of judgment by management in preparing such estimates. While we believe that the estimates and assumptions used in preparation of our consolidated financial statements are appropriate, actual results could differ from those estimates, and any such differences may be material. | |
| Recent Accounting Pronouncements. In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09). ASU 2014-09 provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most current revenue recognition guidance. The standard is effective for public entities for annual and interim periods beginning after December 15, 2016. Early adoption is not permitted. We are currently evaluating the provisions of ASU 2014-09 and assessing the impact, if any, it may have on our financial position, results of operations or cash flows. | |
| In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (ASU 2014-15). ASU 2014-15 requires management to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. The standard is effective for public entities for annual and interim periods beginning after December 15, 2016, with early adoption permitted. We are currently evaluating the provisions of ASU 2014-15 and assessing the impact, if any, it may have on our financial position, results of operations or cash flows. | |
Acquisitions_and_Dispositions
| Acquisitions and Dispositions | 3 Months Ended | |||
| Sep. 30, 2014 | ||||
| Acquisitions and Dispositions [Abstract] | ' | |||
| Acquisitions and Dispositions | ' | |||
| (2) Acquisitions and Dispositions | ||||
| The South Pass 49 Acquisition | ||||
| On June 3, 2014, we acquired from Energy XXI GOM, LLC, an asset package consisting of certain shallow-water GoM shelf oil and natural gas interests in our South Pass 49 field (the “SP49 Interests”) for $230.0 million, subject to customary adjustments to reflect an economic effective date of June 1, 2014 (the “SP49 Acquisition”). We estimate that the proved reserves as of the June 1, 2014 economic effective date totaled approximately 11.3 Mmboe, of which 74% were oil and 73% were proved developed reserves. Prior to the SP49 Acquisition, we owned a 43.5% working interest in certain of these assets, and Energy XXI owned a 56.5% working interest in certain of these assets as well as 100% interest in additional assets in the field. As a result of the SP49 Acquisition, we have become the sole working interest owner of the South Pass 49 field. We financed the SP49 Acquisition with borrowings of approximately $135 million under our credit facility and a $95 million capital contribution from EGC. See Note 6, “Indebtedness” for more information regarding our credit facility. | ||||
| The following table summarizes the estimated values of assets acquired and liabilities assumed and reflects management’s estimate of customary adjustments of $0.2 million to reflect an economic effective date of June 1, 2014. | ||||
| (In thousands) | 1-Jun-14 | |||
| Oil and natural gas properties | $ | 231,271 | ||
| Asset retirement obligations | -1,086 | |||
| Net assets acquired | $ | 230,185 | ||
| The Nexen Acquisition | ||||
| On January 15, 2014, we acquired from Nexen Petroleum Offshore U.S.A., Inc. (“Nexen”) a 100% working interest of certain shallow-water central GoM 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 consisted of approximately 2.6 Mmboe of proved developed producing reserves, about 91% of which was oil. The Nexen Acquisition was financed with borrowings under 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 “Prior Senior Credit Facility”). | ||||
| 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 $5.7 million to reflect an economic effective date of September 1, 2013. | ||||
| (In thousands) | 1-Sep-13 | |||
| Oil and natural gas properties | $ | 82,897 | ||
| Asset retirement obligations | -18,165 | |||
| Net assets acquired | $ | 64,732 | ||
| The West Delta 29 Acquisition | ||||
| On September 26, 2013, we acquired from W&T Offshore, Inc. (“W&T”) an asset package consisting of certain GoM 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 certain shallow water GoM shelf oil and natural gas interests located within the non-operated Bay Marchand field in a tax-deferred exchange of properties. | ||||
| 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 $7.1 million to reflect an economic effective date of January 1, 2013. | ||||
| (In thousands) | 1-Jan-13 | |||
| Oil and natural gas properties | $ | 16,544 | ||
| Asset retirement obligations | -1,398 | |||
| Net assets acquired | $ | 15,146 | ||
| We have accounted for our acquisitions using the acquisition 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 8, “Fair Value Measurements.” | ||||
| Results of Operations and Pro Forma Information | ||||
| Revenues and lease operating expenses attributable to acquired interests and properties were as follows: | ||||
| Three Months Ended September 30, | ||||
| 2014 | ||||
| (In thousands) | ||||
| SP49 Interests: | ||||
| Revenues | $ | 14,980 | ||
| Lease operating expenses | $ | 1,994 | ||
| EI Interests: | ||||
| Revenues | $ | 11,847 | ||
| Lease operating expenses | $ | 4,265 | ||
| WD29 Interests: | ||||
| Revenues | $ | 3,843 | ||
| Lease operating expenses | $ | 244 | ||
| 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. | ||||
| The following supplemental pro forma information presents consolidated results of operations as if the WD 29 Acquisition, the Nexen Acquisition and the SP49 Acquisition had occurred on July 1, 2013. The supplemental unaudited pro forma information was derived from a) our historical condensed consolidated statements of operations and b) unaudited revenues and direct operating expenses of the SP49 Interests, WD29 Interests and the EI Interests as derived from the records of the applicable seller provided to us in connection with the acquisitions. This information does not purport to be indicative of results of operations that would have occurred had the acquisitions occurred on July 1, 2013, nor is such information indicative of any expected future results of operations. | ||||
| PRO FORMA | ||||
| Three Months Ended | ||||
| September 30, | ||||
| 2013 | ||||
| (in thousands, except per share data) | ||||
| Revenue | $ | 220,668 | ||
| Net income | 8,216 | |||
| Basic earnings per share | 0.21 | |||
| Diluted earnings per share | 0.21 | |||
Pushdown_Accounting_and_Goodwi
| Pushdown Accounting and Goodwill | 3 Months Ended |
| Sep. 30, 2014 | |
| Pushdown Accounting and Goodwill [Abstract] | ' |
| Pushdown Accounting and Goodwill | ' |
| (3) Pushdown Accounting and Goodwill | |
| As described in Note 1, the Merger resulted in EPL becoming an indirect, wholly owned subsidiary of Energy XXI. Therefore, we applied “pushdown” accounting, based on guidance from the SEC. In accordance with the acquisition method of accounting, the purchase price established in the Merger was allocated to the assets acquired and liabilities assumed based on their estimated fair values on the acquisition date. The fair value estimates were based on, but not limited to, quoted market prices, where available; expected future cash flows based on estimated reserve quantities; estimated costs to produce and develop reserves; current replacement cost for similar capacity for certain fixed assets; market rate assumptions for contractual obligations; appropriate discount rates and growth rates; and crude oil and natural gas forward prices. The excess of the total consideration over the estimated fair value of the amounts initially assigned to the identifiable assets acquired and liabilities assumed were recorded as goodwill. Goodwill recorded in connection with the merger is not deductible for income tax purposes. | |
| On April 2, 2013, we sold certain shallow water GoM shelf oil and natural gas interests located within the non-operated Bay Marchand field to Chevron U.S.A. Inc. (“Chevron”) with an effective date of January 1, 2013. In September 2014, we were informed by Chevron that the final settlement statement did not reflect a portion of production in the months of January 2013 and February 2013 totaling to approximately $2.1 million. After review of relevant supporting documents, we agreed to reimburse Chevron approximately $2.1 million. This resulted in an increase in liabilities assumed by Energy XXI in the Merger and a corresponding increase in goodwill of approximately $2.1 million; accordingly the June 30, 2014 Condensed Consolidated Balance Sheet has been retrospectively adjusted to increase the value of goodwill. | |
| ASC 350, Intangibles—Goodwill and Other (ASC 350), requires that intangible assets with indefinite lives, including goodwill, be evaluated on an annual basis for impairment or more frequently if events occur or circumstances change that could potentially result in impairment. The goodwill impairment test requires the allocation of goodwill and all other assets and liabilities to reporting units. ASC 350 also specifically requires goodwill impairment testing at the subsidiary level using the subsidiary’s reporting units. EPL has only one reporting unit. At September 30, 2014, we conducted a qualitative goodwill impairment assessment by examining relevant events and circumstances that could have a negative impact on our goodwill, including macroeconomic conditions, industry and market conditions and other relevant factors. After assessing the relevant events and circumstances for the qualitative impairment assessment, we determined that performing a quantitative goodwill impairment test was necessary. In the first step of the goodwill impairment test, we determined that the fair value of our reporting unit was less than the carrying amount, including goodwill, primarily due to price deterioration in forward pricing curves and an increase in the discount rate used to estimate fair value, both factors which adversely impacted the fair value of our estimated reserves. Therefore, we performed the second step of the goodwill impairment test, which led us to conclude that there would be no remaining implied fair value attributable to goodwill. As a result, we recorded a goodwill impairment charge of $329.3 million to reduce the carrying value of goodwill to zero at September 30, 2014. | |
| Because quoted market prices for our reporting unit are not available, management must apply judgment in determining the estimated fair value of the reporting unit for purposes of performing the goodwill impairment test. In estimating the fair value of our reporting unit, we used an income approach which estimated fair value primarily based on the anticipated cash flows associated with our estimated reserves, discounted using a weighted average cost of capital rate. The estimation of the fair value of our reporting unit includes the use of significant inputs not observable in the market, such as estimates of reserves quantities, the weighted average cost of capital (discount rate), future pricing beyond a certain period and estimated future capital and operating costs. The use of these unobservable inputs results in the fair value estimate being classified as a Level 3 measurement. Although we believe the assumptions and estimates used in the fair value calculation of our reporting unit are reasonable and appropriate, different assumptions and estimates could materially impact the analysis and resulting conclusions. | |
| The final valuation of assets acquired and liabilities assumed is not complete and the net adjustments to those values may result in changes to carrying amounts initially assigned to the assets and liabilities based on the initial fair value analysis at the time of the merger. The principal remaining items to be valued are tax assets and liabilities, and any related valuation allowances, which will be finalized in connection with the filing of related tax returns. | |
Earnings_Per_Share
| Earnings Per Share | 3 Months Ended | |||
| Sep. 30, 2014 | ||||
| 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 period for the Predecessor Company. | ||||
| Three Months Ended | ||||
| September 30, | ||||
| 2013 | ||||
| Income (numerator): | ||||
| Net loss | $ | -1,284 | ||
| Net income attributable to participating securities | - | |||
| Net loss attributable to common shares | $ | -1,284 | ||
| Weighted average shares (denominator): | ||||
| Weighted average shares—basic | 38,589 | |||
| Dilutive effect of stock options | - | |||
| Weighted average shares—diluted | 38,589 | |||
| Basic loss per share | $ | -0.03 | ||
| Diluted loss per share | $ | -0.03 | ||
| 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 period indicated. | ||||
| Three Months Ended | ||||
| September 30, | ||||
| 2013 | ||||
| (in thousands) | ||||
| Weighted average shares | 1,037 | |||
Asset_Retirement_Obligations
| Asset Retirement Obligations | 3 Months Ended | |||
| Sep. 30, 2014 | ||||
| Asset Retirement Obligations [Abstract] | ' | |||
| Asset Retirement Obligations | ' | |||
| (5) Asset Retirement Obligations | ||||
| The following table reconciles the beginning and ending aggregate recorded amount of our asset retirement obligations. | ||||
| Three Months Ended | ||||
| September 30, | ||||
| 2014 | ||||
| (in thousands) | ||||
| Beginning of period total | $ | 272,695 | ||
| Accretion expense | 6,181 | |||
| Liabilities incurred | 564 | |||
| Liabilities settled | -7,190 | |||
| End of period total | 272,250 | |||
| Less: End of period, current portion | -39,831 | |||
| End of period, noncurrent portion | $ | 232,419 | ||
Indebtedness
| Indebtedness | 3 Months Ended | ||||||
| Sep. 30, 2014 | |||||||
| Indebtedness [Abstract] | ' | ||||||
| Indebtedness | ' | ||||||
| (6) Indebtedness | |||||||
| The following table sets forth our indebtedness. | |||||||
| September 30, | June 30, | ||||||
| 2014 | 2014 | ||||||
| (In thousands) | |||||||
| 8.25% senior notes due 2018 | $ | 548,033 | $ | 550,566 | |||
| Revolving credit sub-facility | 475,000 | 475,000 | |||||
| Total indebtedness | 1,023,033 | 1,025,566 | |||||
| Current portion of indebtedness | - | - | |||||
| Noncurrent portion of indebtedness | $ | 1,023,033 | $ | 1,025,566 | |||
| 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 (as amended and supplemented, 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 5.8%, reflecting the fair value adjustment recorded in pushdown accounting. For additional information regarding the 8.25% Senior Notes, see Note 8, “Indebtedness,” of our 2014 Transition Report. | |||||||
| Revolving Credit Sub-Facility | |||||||
| On June 3, 2014, EGC, EPL, the lenders thereunder and the other parties thereto entered into the Eighth Amendment dated May 23, 2014 (“the Eighth Amendment”) to the second amended and restated first lien credit agreement (“First Lien Credit Agreement”). The Eighth Amendment generally set out the consent of the lenders thereunder to the consummation of the acquisition of EPL by EGC on such date and contained provisions facilitating such acquisition, including providing some of the financing for it. Most of the terms of the Eighth Amendment generally are in regards to incorporating the concept of EPL as a separate “borrower” for purposes of the First Lien Credit Agreement. Pursuant to the Eighth Amendment, the borrowing base for EGC was established at $1.5 billion until the next redetermination of such borrowing base pursuant to the terms of the First Lien Credit Agreement. Of this borrowing base amount, EGC established a sub-facility pursuant to the Eighth Amendment for us with a borrowing base of $475 million (“Revolving Credit Sub-Facility”). The maturity date of the Revolving Credit Sub-Facility is April 9, 2018, provided that the facility maturity will accelerate if the EGC 9.25% senior notes are not retired or refinanced by June 15, 2017 or our 8.25% Senior Notes are not retired or refinanced by August 15, 2017. Currently, the facility bears interest based on the borrowing base usage, at the applicable London Interbank Offered Rate (“LIBOR”), plus applicable margins ranging from 1.75% to 2.75% or an alternate base rate, based on the federal funds effective rate plus applicable margins ranging from 0.75% to 1.75%. | |||||||
| The borrowing base for this sub-facility is subject to redetermination from time to time generally on the same basis as is the overall borrowing base under the First Lien Credit Agreement. Under the Eighth Amendment, EGC and its subsidiaries, other than EPL, have guaranteed and secured the indebtedness of EPL and its subsidiaries, but EPL and its subsidiaries have not commensurately guaranteed the obligations of EGC and its other subsidiaries. However, per the terms of the First Lien Credit Agreement, immediately upon our retirement of our obligations in respect of our outstanding 8.25% Senior Notes due 2018, we are required to guarantee and secure the obligations generally of EGC and its subsidiaries and our sub-facility shall terminate and the entire borrowing base amount shall thereupon be available to EGC for credit extensions under the terms of the First Lien Credit Agreement. | |||||||
| On September 5, 2014, the Ninth Amendment to the First Lien Credit Agreement became effective (the “Ninth Amendment”). The First Lien Credit Agreement, as amended, requires the consolidated EGC to maintain certain financial covenants. Specifically, as of the end of each fiscal quarter, EGC may not permit the following: (a) EGC’s total leverage ratio to be more than 4.25 to 1.0 through the quarter ending March 31, 2015 and 4.0 to 1.0 from the quarter ending June 30, 2015 and beyond, (b) EGC’s interest coverage ratio to be less than 3.0 to 1.0, (c) EGC’s current ratio to be less than 1.0 to 1.0 and (d) EGC’s secured debt leverage ratio to be more than 1.75 to 1.0 through the quarter ending March 31, 2015 and 1.5 to 1.0 from the quarter ending June 30, 2015 and beyond (in each case as defined in our First Lien Credit Agreement). In addition, EGC is subject to various other covenants including, but not limited to, those limiting its ability to declare and pay dividends or other payments, its ability to incur debt, restrictions on change of control, the ability to enter into certain hedging agreements, as well as a covenant to maintain John D. Schiller, Jr. in his current executive position, subject to certain exceptions in the event of his death or disability. | |||||||
| Pursuant to the terms of the Ninth Amendment, the lenders under the First Lien Credit Agreement also maintained the borrowing base for EGC at $1.5 billion, of which such amount $475.0 million is the borrowing base for EPL under the sub-facility established for EPL under the First Lien Credit Agreement. These respective borrowing bases were set in accordance with the regular annual process for determination of the borrowing bases and the borrowing bases are to remain effective until the next redetermination thereof under the terms of the First Lien Credit Agreement. For additional information regarding our Revolving Credit Sub-Facility, see Note 8, “Indebtedness,” of our 2014 Transition Report. | |||||||
Derivative_Instruments_and_Hed
| Derivative Instruments and Hedging Activities | 3 Months Ended | ||||||||||||
| Sep. 30, 2014 | |||||||||||||
| Derivative Instruments and Hedging Activities [Abstract] | ' | ||||||||||||
| Derivative Instruments and Hedging Activities | ' | ||||||||||||
| (7) 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. Prior to the Merger, we did not designate derivative instruments as hedges. All gains and losses due to changes in fair market value and contract settlements were recorded in Gain (loss) on derivative instruments in Other income (expense) in the consolidated statements of operations. | |||||||||||||
| Subsequent to the Merger, we designate a majority of our derivative financial instruments as cash flow hedges. No components of the cash flow hedging instruments are excluded from the assessment of hedge ineffectiveness. Any gains or losses resulting from the change in fair value from hedging transactions that are determined to be ineffective are recorded as a loss (gain) on derivative financial instruments, whereas gains and losses from the settlement of cash flow hedging contracts are recorded in crude oil and natural gas revenue in the same period during which the hedged transactions are settled. See Note 8 for information regarding fair values of our derivative instruments. | |||||||||||||
| Energy XXI assumed our existing hedges and expects to carry those hedges through the end of contract term beginning from June 2014 through December 2015. Our oil contracts are primarily swaps and benchmarked to Argus-LLS and Brent. | |||||||||||||
| The energy markets have historically been very volatile, and there can be no assurances that crude oil and natural gas prices will not be subject to wide fluctuations in the future. While the use of hedging arrangements helps to limit the downside risk of adverse price movements, they may also limit future gains from favorable price movements. | |||||||||||||
| The following tables set forth our derivative instruments outstanding as of September 30, 2014. | |||||||||||||
| Oil Contracts | |||||||||||||
| Fixed-Price Swaps | |||||||||||||
| Daily Average | Average | ||||||||||||
| Volume | Volume | Swap Price | |||||||||||
| Remaining Contract Term | (Bbls) | (Bbls) | ($/Bbl) | ||||||||||
| October 2014 - December 2014 | 7,744 | 712,450 | 91.95 | ||||||||||
| January 2015 - December 2015 | 1,500 | 547,500 | 97.70 | ||||||||||
| Gas Contracts | |||||||||||||
| Type | Average | Weighted Average Contract Price | |||||||||||
| ($/Mmbtu) | |||||||||||||
| of | Volume | Swap Price | Sub | ||||||||||
| Remaining Contract Term | Contract | (Mmbtu) | ($/Mmbtu) | Floor | Floor | Ceiling | |||||||
| October 2014 - December 2014 | Three-Way Collars | 703,000 | 3.25 | 4.00 | 4.76 | ||||||||
| October 2014 - December 2014 | Put Spreads | 217,000 | 3.25 | 4.00 | |||||||||
| October 2014 - December 2014 | Fixed Price Swaps | 460,000 | 4.01 | ||||||||||
| January 2015 - December 2015 | Fixed Price Swaps | 1,569,500 | 4.31 | ||||||||||
| For the three months ended September 30, 2014, we reclassified from AOCI a gain of approximately $1.8 million to oil and natural gas revenue. The amount expected to be reclassified from other comprehensive income to income in the next 12 months is a gain of $9.8 million ($6.4 million net of tax) on our commodity hedges. The estimated and actual amounts are likely to vary significantly due to changes in market conditions. | |||||||||||||
| The effect of derivative instruments on our condensed consolidated statement of operations was as follows: | |||||||||||||
| SUCESSOR | PREDECESSOR | ||||||||||||
| COMPANY | COMPANY | ||||||||||||
| Three Months Ended | Three Months Ended | ||||||||||||
| September 30, | September 30, | ||||||||||||
| 2014 | 2013 | ||||||||||||
| Location of (Gain) Loss in Income Statement | |||||||||||||
| Cash Settlements | |||||||||||||
| Oil sales | $ | -2,013 | $ | - | |||||||||
| Natural gas sales | 174 | - | |||||||||||
| Total cash settlements | -1,839 | - | |||||||||||
| Commodity Derivative Instruments designated as hedging instruments: | |||||||||||||
| Loss on derivative financial instruments | |||||||||||||
| Ineffective portion of commodity derivative instruments | 3 | - | |||||||||||
| Commodity Derivative Instruments not designated as hedging instruments: | |||||||||||||
| Loss on derivative financial instruments | |||||||||||||
| Realized mark to market loss | 26 | 3,534 | |||||||||||
| Unrealized mark to market loss | 1 | 26,478 | |||||||||||
| Total loss on derivative financial instruments | 30 | 30,012 | |||||||||||
| Total (gain) loss | $ | -1,809 | $ | 30,012 | |||||||||
| We monitor the creditworthiness of our counterparties. However, we are not able to predict sudden changes in counterparties’ creditworthiness. In addition, even if such changes are not sudden, we may be limited in our ability to mitigate an increase in counterparty credit risk. Possible actions would be to transfer our position to another counterparty or request a voluntary termination of the derivative contracts resulting in a cash settlement. Should one of these financial counterparties not perform, we may not realize the benefit of some of our derivative instruments under lower commodity prices, and could incur a loss. At September 30, 2014, we had no deposits for collateral with our counterparties. | |||||||||||||
Fair_Value_Measurements
| Fair Value Measurements | 3 Months Ended | ||||||||||||
| Sep. 30, 2014 | |||||||||||||
| Fair Value Measurements [Abstract] | ' | ||||||||||||
| Fair Value Measurements | ' | ||||||||||||
| (8) 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 September 30, 2014 and June 30, 2014, 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. We estimate the fair values of these instruments based on published forward commodity price curves, market volatility and contract terms as of the date of the estimate. The discount rate used in the discounted cash flow projections is based on published LIBOR rates. The fair values of commodity derivative instruments in an asset position include a measure of counterparty nonperformance risk, and the fair values of commodity derivative instruments in a liability position include a measure of our own nonperformance risk, each based on the current published issuer-weighted corporate default rates. 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. | |||||||||||||
| September 30, | June 30, | ||||||||||||
| 2014 | 2014 | ||||||||||||
| (in thousands) | |||||||||||||
| Assets | |||||||||||||
| Commodity Derivative Instruments designated as hedging instruments | |||||||||||||
| Current | $ | 3,272 | $ | - | |||||||||
| Noncurrent | 162 | - | |||||||||||
| Total gross commodity derivative instruments subject to enforceable netting agreement | 3,434 | - | |||||||||||
| Gross amounts offset in Balance sheet | -1,010 | - | |||||||||||
| Net amounts presented in Balance sheet | $ | 2,424 | $ | - | |||||||||
| Liabilities | |||||||||||||
| Commodity Derivative Instruments designated as hedging instruments | |||||||||||||
| Current | $ | 2,456 | $ | 26,440 | |||||||||
| Noncurrent | - | 2,140 | |||||||||||
| Total gross commodity derivative instruments subject to enforceable netting agreement | 2,456 | 28,580 | |||||||||||
| Gross amounts offset in Balance sheet | -1,010 | - | |||||||||||
| Net amounts presented in Balance sheet | $ | 1,446 | $ | 28,580 | |||||||||
| The carrying values reported in the condensed 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 estimated based on quoted prices in a market that is not an active market, which are Level 2 inputs within the fair value hierarchy. The carrying value of the Revolving Credit Sub-Facility approximates its fair value because the interest rate is 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. | |||||||||||||
| 30-Sep-14 | 30-Jun-14 | ||||||||||||
| (In thousands) | |||||||||||||
| Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | ||||||||||
| 8.25% Senior Notes | $ | 548,033 | $ | 519,139 | $ | 550,566 | $ | 545,700 | |||||
| Revolving credit sub-facility | 475,000 | 475,000 | 475,000 | 475,000 | |||||||||
| Total | $ | 1,023,033 | $ | 994,139 | $ | 1,025,566 | $ | 1,020,700 | |||||
| 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 acquisition accounting for business combinations. The inputs to the estimated fair values of assets acquired and liabilities assumed are described in Note 2. | |||||||||||||
Related_Party_Transactions
| Related Party Transactions | 3 Months Ended |
| Sep. 30, 2014 | |
| Related Party Transactions [Abstract] | ' |
| Related Party Transactions | ' |
| (9) Related Party Transactions | |
| On June 3, 2014, we entered an intercompany services and cost allocation agreement with Energy XXI Services, LLC (“Energy Services”), an affiliate of the Company. Services provided by Energy Services include management, legal, accounting, tax, corporate secretarial, human resources, employee benefit administration, office space and other furniture and equipment management, and other support services. Cost of these services for the three months ended September 30, 2014 was approximately $4.0 million, of which $3.7 million is included in general and administrative expense. | |
Commitments_and_Contingencies
| Commitments and Contingencies | 3 Months Ended | |||
| Sep. 30, 2014 | ||||
| Commitments and Contingencies [Abstract] | ' | |||
| Commitments and Contingencies | ' | |||
| (10) Commitments and Contingencies | ||||
| Drilling Rig Commitments. The drilling rig commitments represent minimum future expenditures for drilling rig services. The expenditures for drilling rig services will exceed such minimum amounts to the extent we utilize the drilling rigs subject to a particular contractual commitment for a period greater than the period set forth in the governing contract. As of September 30, 2014, we have entered into four drilling rig commitments: | ||||
| 1) | April 1, 2014 to October 12, 2014 at $112,000 per day. | |||
| 2) | July 1, 2014 to October 21, 2014 at $107,500 per day. | |||
| 3) | October 1, 2014 to December 29, 2014 at $111,380 per day. | |||
| 4) | October 4, 2014 to November 4, 2014 at $107,500 per day. | |||
| Litigation. 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. | ||||
| In March and April, 2014, three alleged stockholders (the “Plaintiffs”) filed three separate class action lawsuits in the Court of Chancery of the State of Delaware on behalf of our stockholders against our Company, our directors, Energy XXI, EGC, and Clyde Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of EGC (“Merger Sub” and collectively, the “defendants”). The Court of Chancery of the State of Delaware consolidated these lawsuits on May 5, 2014. The consolidated lawsuit is styled In re EPL Oil & Gas Inc. Shareholders Litigation, C.A. No. 9460-VCN, in the Court of Chancery of the State of Delaware (the “lawsuit”). | ||||
| Plaintiffs allege a variety of causes of action challenging the Agreement and Plan of Merger between Energy XXI, EGC, Merger Sub, and EPL (the “Merger Agreement”), including that (a) our directors have allegedly breached fiduciary duties in connection with the Merger and (b) we along with Energy XXI, EGC, and Merger Sub, allegedly aided and abetted in these alleged breaches of fiduciary duties. Plaintiffs’ causes of action are based on their allegations that (i) the Merger allegedly provided inadequate consideration to our stockholders for their shares of our common stock; (ii) the Merger Agreement contained contractual terms — including, among others, the (A) “no solicitation,” (B) “competing proposal,” and (C) “termination fee” provisions — that allegedly dissuaded other potential acquirers from making competing offers for shares of our common stock; (iii) certain of our officers and directors allegedly received benefits — including (A) an offer for one of our directors to join the Energy XXI board of directors and (B) the triggering of change-in-control provisions in notes held by our executive officers — that were not equally shared by our stockholders; (iv) Energy XXI required our officers and directors to agree to vote their shares of our common stock in favor of the Merger; and (v) we provided, and Energy XXI obtained, non-public information that allegedly allowed Energy XXI to acquire us for inadequate consideration. Plaintiffs also allege that the Registration Statement filed on Form S-4 by us and Energy XXI on April 1, 2014 omits information concerning, among other things, (i) the events leading up to the Merger, (ii) our efforts to attract offers from other potential acquirors, (iii) our evaluation of the Merger; (iv) negotiations between us and Energy XXI, and (v) the analysis of our financial advisor. Based on these allegations, plaintiffs seek to have the Merger Agreement rescinded. Plaintiffs also seek damages and attorneys’ fees. | ||||
| Defendants date to answer, move to dismiss, or otherwise respond to the lawsuit has been indefinitely extended. We cannot predict the outcome of the lawsuit or any others that might be filed subsequent to the date of the filing of this Quarterly Report; nor can we predict the amount of time and expense that will be required to resolve the lawsuit. The defendants intend to vigorously defend the lawsuit. | ||||
| Other. 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 September 30, 2014, 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 condensed 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. | ||||
| 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. | ||||
Subsequent_Events
| Subsequent Events | 3 Months Ended |
| Sep. 30, 2014 | |
| Subsequent Events [Abstract] | ' |
| Subsequent Events | ' |
| (11) Subsequent Events | |
| In November 2014, we monetized certain Brent swap contracts related to calendar year 2015 and realized $7.5 million. These monetized amounts will be recorded in stockholder’s equity as part of OCI and will be recognized in income over the contract life of the underlying hedge contracts during calendar year 2015. | |
Supplemental_Condensed_Consoli
| Supplemental Condensed Consolidating Financial Information | 3 Months Ended | ||||||||||||
| Sep. 30, 2014 | |||||||||||||
| Supplemental Condensed Consolidating Financial Information [Abstract] | ' | ||||||||||||
| Supplemental Condensed Consolidating Financial Information | ' | ||||||||||||
| (12) Supplemental Condensed Consolidating Financial Information | |||||||||||||
| In connection with issuing the 8.25% Senior Notes described in Note 6, all of our existing direct and indirect domestic subsidiaries (other than immaterial subsidiaries) each of which is 100% owned by EPL (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 (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. The principal eliminating entries eliminate investments in subsidiaries and intercompany balances. | |||||||||||||
| SUCCESSOR COMPANY | |||||||||||||
| Supplemental Condensed Consolidating Balance Sheet | |||||||||||||
| As of September 30, 2014 | |||||||||||||
| (UNAUDITED) | |||||||||||||
| Parent | |||||||||||||
| Company | Guarantor | ||||||||||||
| Only | Subsidiaries | Eliminations | Consolidated | ||||||||||
| (In thousands) | |||||||||||||
| ASSETS | |||||||||||||
| Current assets: | |||||||||||||
| Cash and cash equivalents | $ | 23 | $ | - | $ | - | $ | 23 | |||||
| Trade accounts receivable - net | 67,242 | 143 | - | 67,385 | |||||||||
| Intercompany receivables | - | 32,088 | -32,088 | - | |||||||||
| Fair value of commodity derivative instruments | 2,262 | - | - | 2,262 | |||||||||
| Deferred tax asset | 24,587 | - | - | 24,587 | |||||||||
| Prepaid expenses | 14,345 | - | - | 14,345 | |||||||||
| Total current assets | 108,459 | 32,231 | -32,088 | 108,602 | |||||||||
| Net property and equipment | 3,094,134 | 168,593 | - | 3,262,727 | |||||||||
| Investment in affiliates | 129,772 | - | -129,772 | - | |||||||||
| Restricted cash | 6,023 | - | - | 6,023 | |||||||||
| Fair value of commodity derivative instruments | 162 | - | - | 162 | |||||||||
| Other assets | 53 | 90 | - | 143 | |||||||||
| Total assets | $ | 3,338,603 | $ | 200,914 | $ | -161,860 | $ | 3,377,657 | |||||
| LIABILITIES AND STOCKHOLDER'S EQUITY | |||||||||||||
| Current liabilities: | |||||||||||||
| Accounts payable | $ | 78,565 | $ | 614 | $ | - | $ | 79,179 | |||||
| Intercompany payables | 32,088 | - | -32,088 | - | |||||||||
| Accrued expenses | 181,739 | 15 | - | 181,754 | |||||||||
| Asset retirement obligations | 34,041 | 5,790 | - | 39,831 | |||||||||
| Fair value of commodity derivative instruments | 1,446 | - | - | 1,446 | |||||||||
| Due to EGC | 29,975 | - | - | 29,975 | |||||||||
| Total current liabilities | 357,854 | 6,419 | -32,088 | 332,185 | |||||||||
| Long-term debt | 1,023,033 | - | - | 1,023,033 | |||||||||
| Asset retirement obligations | 192,750 | 39,669 | - | 232,419 | |||||||||
| Deferred tax liabilities | 471,575 | 25,054 | - | 496,629 | |||||||||
| Other | 5 | - | - | 5 | |||||||||
| Total liabilities | 2,045,217 | 71,142 | -32,088 | 2,084,271 | |||||||||
| Stockholder's equity: | |||||||||||||
| Preferred stock | - | - | - | - | |||||||||
| Common stock | - | - | - | - | |||||||||
| Additional paid-in capital | 1,599,341 | 85,479 | -85,479 | 1,599,341 | |||||||||
| Accumulated other comprehensive income | 6,779 | - | - | 6,779 | |||||||||
| Retained earnings (loss) | -312,734 | 44,293 | -44,293 | -312,734 | |||||||||
| Total stockholder's equity | 1,293,386 | 129,772 | -129,772 | 1,293,386 | |||||||||
| Total liabilities and stockholder's equity | $ | 3,338,603 | $ | 200,914 | $ | -161,860 | $ | 3,377,657 | |||||
| SUCCESSOR COMPANY | |||||||||||||
| Supplemental Condensed Consolidating Balance Sheet | |||||||||||||
| As of June 30, 2014 | |||||||||||||
| (AUDITED) | |||||||||||||
| Parent | |||||||||||||
| Company | Guarantor | ||||||||||||
| Only | Subsidiaries | Eliminations | Consolidated | ||||||||||
| (In thousands) | |||||||||||||
| ASSETS | |||||||||||||
| Current assets: | |||||||||||||
| Cash and cash equivalents | $ | 5,601 | $ | - | $ | - | $ | 5,601 | |||||
| Trade accounts receivable - net | 72,156 | 145 | - | 72,301 | |||||||||
| Intercompany receivables | - | 26,311 | -26,311 | - | |||||||||
| Deferred tax asset | 24,587 | - | - | 24,587 | |||||||||
| Prepaid expenses | 26,521 | - | - | 26,521 | |||||||||
| Total current assets | 128,865 | 26,456 | -26,311 | 129,010 | |||||||||
| Net property and equipment | 3,034,805 | 170,382 | - | 3,205,187 | |||||||||
| Investment in affiliates | 126,638 | - | -126,638 | - | |||||||||
| Goodwill | 329,293 | - | - | 329,293 | |||||||||
| Restricted cash | 6,023 | - | - | 6,023 | |||||||||
| Other assets | 226 | 91 | - | 317 | |||||||||
| Total assets | $ | 3,625,850 | $ | 196,929 | $ | -152,949 | $ | 3,669,830 | |||||
| LIABILITIES AND STOCKHOLDER'S EQUITY | |||||||||||||
| Current liabilities: | |||||||||||||
| Accounts payable | $ | 92,325 | $ | 656 | $ | - | $ | 92,981 | |||||
| Intercompany payables | 26,311 | - | -26,311 | - | |||||||||
| Accrued expenses | 161,503 | 15 | - | 161,518 | |||||||||
| Asset retirement obligations | 33,357 | 6,474 | - | 39,831 | |||||||||
| Fair value of commodity derivative instruments | 26,440 | - | - | 26,440 | |||||||||
| Due to EGC | 4,960 | - | - | 4,960 | |||||||||
| Total current liabilities | 344,896 | 7,145 | -26,311 | 325,730 | |||||||||
| Long-term debt | 1,025,566 | - | - | 1,025,566 | |||||||||
| Asset retirement obligations | 193,908 | 38,956 | - | 232,864 | |||||||||
| Deferred tax liabilities | 459,608 | 24,190 | - | 483,798 | |||||||||
| Fair value of commodity derivative instruments | 2,140 | - | - | 2,140 | |||||||||
| Other | 6 | - | - | 6 | |||||||||
| Total liabilities | 2,026,124 | 70,291 | -26,311 | 2,070,104 | |||||||||
| Stockholder's equity: | |||||||||||||
| Preferred stock | - | - | - | - | |||||||||
| Common stock | - | - | - | - | |||||||||
| Additional paid-in capital | 1,599,341 | 85,479 | -85,479 | 1,599,341 | |||||||||
| Accumulated other comprehensive income (loss) | -6,252 | - | - | -6,252 | |||||||||
| Retained earnings | 6,637 | 41,159 | -41,159 | 6,637 | |||||||||
| Total stockholder's equity | 1,599,726 | 126,638 | -126,638 | 1,599,726 | |||||||||
| Total liabilities and stockholder's equity | $ | 3,625,850 | $ | 196,929 | $ | -152,949 | $ | 3,669,830 | |||||
| SUCCESSOR COMPANY | |||||||||||||
| Supplemental Condensed Consolidating Statement of Operations | |||||||||||||
| Three Months Ended September 30, 2014 | |||||||||||||
| (UNAUDITED) | |||||||||||||
| Parent | |||||||||||||
| Company | Guarantor | ||||||||||||
| Only | Subsidiaries | Eliminations | Consolidated | ||||||||||
| (In thousands) | |||||||||||||
| Revenue: | |||||||||||||
| Oil and natural gas | $ | 156,093 | $ | 17,627 | $ | - | $ | 173,720 | |||||
| Other | 318 | 71 | - | 389 | |||||||||
| Total revenue | 156,411 | 17,698 | - | 174,109 | |||||||||
| Costs and expenses: | |||||||||||||
| Lease operating | 52,574 | 3,726 | - | 56,300 | |||||||||
| Transportation | 624 | 1 | - | 625 | |||||||||
| Goodwill and other impairments | 329,293 | - | - | 329,293 | |||||||||
| Depreciation, depletion and amortization | 68,005 | 5,740 | - | 73,745 | |||||||||
| Accretion of liability for asset retirement obligations | 5,343 | 838 | - | 6,181 | |||||||||
| General and administrative | 8,042 | - | - | 8,042 | |||||||||
| Taxes, other than on earnings | 105 | 2,423 | - | 2,528 | |||||||||
| Other | 21 | - | - | 21 | |||||||||
| Total costs and expenses | 464,007 | 12,728 | - | 476,735 | |||||||||
| Income (loss) from operations | -307,596 | 4,970 | - | -302,626 | |||||||||
| Other income (expense): | |||||||||||||
| Interest expense | -10,901 | - | - | -10,901 | |||||||||
| Loss on derivative instruments | -30 | - | - | -30 | |||||||||
| Income from equity investments | 3,134 | - | -3,134 | - | |||||||||
| Total other income (expense) | -7,797 | - | -3,134 | -10,931 | |||||||||
| Income (loss) before provision for income taxes | -315,393 | 4,970 | -3,134 | -313,557 | |||||||||
| Deferred income tax expense | 3,978 | 1,836 | - | 5,814 | |||||||||
| Net income (loss) | $ | -319,371 | $ | 3,134 | $ | -3,134 | $ | -319,371 | |||||
| PREDECESSOR COMPANY | |||||||||||||
| Supplemental Condensed Consolidating Statement of Operations | |||||||||||||
| Three Months Ended September 30, 2013 | |||||||||||||
| (UNAUDITED) | |||||||||||||
| Parent | |||||||||||||
| Company | Guarantor | ||||||||||||
| Only | Subsidiaries | Eliminations | Consolidated | ||||||||||
| (In thousands) | |||||||||||||
| Revenue: | |||||||||||||
| Oil and natural gas | $ | 159,902 | $ | 23,212 | $ | - | $ | 183,114 | |||||
| Other | 127 | 751 | - | 878 | |||||||||
| Total revenue | 160,029 | 23,963 | - | 183,992 | |||||||||
| Costs and expenses: | |||||||||||||
| Lease operating | 35,995 | 6,296 | - | 42,291 | |||||||||
| Transportation | 974 | - | - | 974 | |||||||||
| Exploration expenditures and dry hole costs | 5,145 | 1 | - | 5,146 | |||||||||
| Goodwill and other impairments | 12 | - | - | 12 | |||||||||
| Depreciation, depletion and amortization | 48,451 | 5,538 | - | 53,989 | |||||||||
| Accretion of liability for asset retirement obligations | 5,077 | 1,189 | - | 6,266 | |||||||||
| General and administrative | 6,426 | - | - | 6,426 | |||||||||
| Taxes, other than on earnings | 225 | 3,060 | - | 3,285 | |||||||||
| Gain on sale of assets | -1,745 | - | -1,745 | ||||||||||
| Other | 26,407 | 127 | - | 26,534 | |||||||||
| Total costs and expenses | 126,967 | 16,211 | - | 143,178 | |||||||||
| Income from operations | 33,062 | 7,752 | - | 40,814 | |||||||||
| Other income (expense): | |||||||||||||
| Interest income | 64 | - | - | 64 | |||||||||
| Interest expense | -13,177 | - | - | -13,177 | |||||||||
| Gain on derivative instruments | -30,012 | - | - | -30,012 | |||||||||
| Income from equity investments | 4,930 | - | -4,930 | - | |||||||||
| Total other income (expense) | -38,195 | - | -4,930 | -43,125 | |||||||||
| Income (loss) before provision for income taxes | -5,133 | 7,752 | -4,930 | -2,311 | |||||||||
| Deferred income tax expense (benefit) | -3,849 | 2,822 | - | -1,027 | |||||||||
| Net income (loss) | $ | -1,284 | $ | 4,930 | $ | -4,930 | $ | -1,284 | |||||
| SUCCESSOR COMPANY | |||||||||||||
| Supplemental Condensed Consolidating Statement of Cash Flows | |||||||||||||
| Three Months Ended September 30, 2014 | |||||||||||||
| (UNAUDITED) | |||||||||||||
| Parent | |||||||||||||
| Company | Guarantor | ||||||||||||
| Only | Subsidiaries | Eliminations | Consolidated | ||||||||||
| (In thousands) | |||||||||||||
| Net cash provided by operating activities | $ | 58,897 | $ | 3,951 | $ | - | $ | 62,848 | |||||
| Cash flows provided by (used in) investing activities: | |||||||||||||
| Property acquisitions | -260 | - | - | -260 | |||||||||
| Capital expenditures | -107,185 | -3,951 | - | -111,136 | |||||||||
| Other property and equipment additions | -40 | - | - | -40 | |||||||||
| Net cash used in investing activities | -107,485 | -3,951 | - | -111,436 | |||||||||
| Cash flows provided by (used in) financing activities: | |||||||||||||
| Advances from EGC | 43,010 | - | - | 43,010 | |||||||||
| Net cash provided by financing activities | 43,010 | - | - | 43,010 | |||||||||
| Net decrease in cash and cash equivalents | -5,578 | - | - | -5,578 | |||||||||
| Cash and cash equivalents at beginning of period | 5,601 | - | - | 5,601 | |||||||||
| Cash and cash equivalents at end of period | $ | 23 | $ | - | $ | - | $ | 23 | |||||
| PREDECESSOR COMPANY | |||||||||||||
| Supplemental Condensed Consolidating Statement of Cash Flows | |||||||||||||
| Three Months Ended September 30, 2013 | |||||||||||||
| (UNAUDITED) | |||||||||||||
| Parent | |||||||||||||
| Company | Guarantor | ||||||||||||
| Only | Subsidiaries | Eliminations | Consolidated | ||||||||||
| (In thousands) | |||||||||||||
| Net cash provided by operating activities | $ | 99,497 | $ | 17,188 | $ | - | $ | 116,685 | |||||
| Cash flows provided by (used in) investing activities: | |||||||||||||
| Decrease in restricted cash | 51,757 | - | - | 51,757 | |||||||||
| Property acquisitions | -24,897 | - | - | -24,897 | |||||||||
| Capital expenditures | -82,833 | -17,188 | - | -100,021 | |||||||||
| Other property and equipment additions | -254 | - | - | -254 | |||||||||
| Net cash used in investing activities | -56,227 | -17,188 | - | -73,415 | |||||||||
| Cash flows provided by (used in) financing activities: | |||||||||||||
| Repayments of indebtedness | -40,000 | - | - | -40,000 | |||||||||
| Deferred financing costs | -32 | - | - | -32 | |||||||||
| Purchase of shares into treasury | -4,544 | - | - | -4,544 | |||||||||
| Exercise of stock options | 360 | - | - | 360 | |||||||||
| Net cash used in financing activities | -44,216 | - | - | -44,216 | |||||||||
| Net decrease in cash and cash equivalents | -946 | - | - | -946 | |||||||||
| Cash and cash equivalents at beginning of period | 3,885 | - | - | 3,885 | |||||||||
| Cash and cash equivalents at end of period | $ | 2,939 | $ | - | $ | - | $ | 2,939 | |||||
Organization_and_Basis_of_Pres1
| Organization and Basis of Presentation (Policy) | 3 Months Ended |
| Sep. 30, 2014 | |
| Organization and Basis of Presentation [Abstract] | ' |
| Nature of Operations | ' |
| Nature of Operations. EPL Oil & Gas, Inc. (referred to herein as “we,” “our,” “us,” “the Company” or “EPL”) was incorporated as a Delaware corporation on January 29, 1998 and is a wholly-owned subsidiary of Energy XXI Gulf Coast, Inc. (“EGC”), a Delaware corporation and indirect wholly-owned subsidiary of Energy XXI Ltd, an exempted company under the laws of Bermuda (“Energy XXI”). We operate as an independent oil and natural gas exploration and production company based in Houston, Texas and New Orleans, Louisiana. | |
| Our current operations are concentrated in the U.S. Gulf of Mexico shelf (the “GoM shelf”) focusing on state and federal waters offshore Louisiana, which we consider our core area. We have focused on acquiring and developing assets in this region, because the region is characterized by established exploitation, development and exploration opportunities in both productive horizons and deeper geologic formations. | |
| Principles of Consolidation and Reporting | ' |
| Principles of Consolidation and Reporting. On June 3, 2014, Energy XXI, EGC, Clyde Merger Sub, Inc., a wholly owned subsidiary of EGC (“Merger Sub”), and EPL, completed the transactions contemplated by the Agreement and Plan of Merger, dated as of March 12, 2014 (as amended, the “Merger Agreement”), by and among Energy XXI, EGC, Merger Sub, and EPL, pursuant to which Merger Sub was merged with and into EPL with EPL continuing as the surviving corporation (the “Merger”). Pursuant to the Merger Agreement, at the effective time of the Merger, the issued and outstanding shares of EPL common stock, par value $0.001 per share, were converted, in the aggregate, into the right to receive merger consideration consisting of approximately 65% in cash and 35% in shares of common stock of Energy XXI, par value $0.005 per share. | |
| The Merger resulted in EPL becoming an indirect, wholly owned subsidiary of Energy XXI. Therefore, in the preparation of our financial statements, we have applied “pushdown” accounting, based on guidance from the Securities and Exchange Commission (“SEC”). Pushdown accounting refers to the use of the acquiring entity’s basis of accounting in the preparation of the acquired entity’s financial statements. As a result, our separate financial statements reflect the new basis of accounting recorded by Energy XXI upon acquisition. As such, in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”), due to our new basis of accounting, our financial statements include a black line denoting that our financial statements covering periods prior to the date of the Merger are not comparable to our financial statements as of and subsequent to the date of the Merger. References to the “Predecessor Company” refer to reporting dates of the Company through June 3, 2014, reflecting results of operations and cash flows of the Company prior to the Merger on our historical accounting basis; subsequent thereto, the Company is referred to as the “Successor Company,” reflecting the impact of pushdown accounting and the results of operations and cash flows of the Company subsequent to the Merger. | |
| Energy XXI follows the “full cost” method of accounting for its oil and gas producing activities, while we had historically followed the “successful efforts” method of accounting. Subsequent to the Merger, we converted our accounting method from successful efforts to the full cost method of accounting to be consistent with Energy XXI’s method of accounting pursuant to SEC guidance, which requires a reporting entity that follows the full cost method to apply that method to all of its operations and to the operations of its subsidiaries. Under U.S. GAAP, a change in accounting method is required to be applied retroactively in order to provide comparable historical period information to users of financial statements. However, due to the new basis of accounting established as a result of the Merger transaction and pushdown accounting, our financial statements are no longer comparable to those of periods prior to the Merger and we have applied the full cost method of accounting on a prospective basis from the date of the Merger. | |
| The accompanying consolidated financial statements include the accounts of EPL and our wholly-owned subsidiaries and have been prepared in accordance with U.S. GAAP. 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. | |
| Interim Financial Statements | ' |
| Interim Financial Statements. The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments of a normal and recurring nature considered necessary for a fair presentation have been included in the accompanying consolidated financial statements. The results of operations for the interim period are not necessarily indicative of the results that will be realized for the entire fiscal year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2014 Transition Report. | |
| Use of Estimates | ' |
| Use of Estimates. The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates of proved reserves are key components of our depletion rate for our proved oil and natural gas properties and the full cost ceiling test limitation. Accordingly, our accounting estimates require exercise of judgment by management in preparing such estimates. While we believe that the estimates and assumptions used in preparation of our consolidated financial statements are appropriate, actual results could differ from those estimates, and any such differences may be material. | |
| Recent Accounting Pronouncements | ' |
| Recent Accounting Pronouncements. In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09). ASU 2014-09 provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most current revenue recognition guidance. The standard is effective for public entities for annual and interim periods beginning after December 15, 2016. Early adoption is not permitted. We are currently evaluating the provisions of ASU 2014-09 and assessing the impact, if any, it may have on our financial position, results of operations or cash flows. | |
| In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (ASU 2014-15). ASU 2014-15 requires management to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. The standard is effective for public entities for annual and interim periods beginning after December 15, 2016, with early adoption permitted. We are currently evaluating the provisions of ASU 2014-15 and assessing the impact, if any, it may have on our financial position, results of operations or cash flows. | |
Acquisitions_and_Dispositions_
| Acquisitions and Dispositions (Tables) | 3 Months Ended | |||
| Sep. 30, 2014 | ||||
| Schedule of Revenues and Leases Operating Expenses Attributable to Acquired Oil and Gas Properties | ' | |||
| Revenues and lease operating expenses attributable to acquired interests and properties were as follows: | ||||
| Three Months Ended September 30, | ||||
| 2014 | ||||
| (In thousands) | ||||
| SP49 Interests: | ||||
| Revenues | $ | 14,980 | ||
| Lease operating expenses | $ | 1,994 | ||
| EI Interests: | ||||
| Revenues | $ | 11,847 | ||
| Lease operating expenses | $ | 4,265 | ||
| WD29 Interests: | ||||
| Revenues | $ | 3,843 | ||
| Lease operating expenses | $ | 244 | ||
| Schedule of Consolidated Results of Operations | ' | |||
| This information does not purport to be indicative of results of operations that would have occurred had the acquisitions occurred on July 1, 2013, nor is such information indicative of any expected future results of operations. | ||||
| PRO FORMA | ||||
| Three Months Ended | ||||
| September 30, | ||||
| 2013 | ||||
| (in thousands, except per share data) | ||||
| Revenue | $ | 220,668 | ||
| Net income | 8,216 | |||
| Basic earnings per share | 0.21 | |||
| Diluted earnings per share | 0.21 | |||
| The South Pass 49 [Member] | ' | |||
| Schedule of Assets Acquired and Liabilities Assumed | ' | |||
| The following table summarizes the estimated values of assets acquired and liabilities assumed and reflects management’s estimate of customary adjustments of $0.2 million to reflect an economic effective date of June 1, 2014. | ||||
| (In thousands) | 1-Jun-14 | |||
| Oil and natural gas properties | $ | 231,271 | ||
| Asset retirement obligations | -1,086 | |||
| Net assets acquired | $ | 230,185 | ||
| Nexen Acquisition [Member] | ' | |||
| Schedule of Assets Acquired and Liabilities Assumed | ' | |||
| 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 $5.7 million to reflect an economic effective date of September 1, 2013. | ||||
| (In thousands) | 1-Sep-13 | |||
| Oil and natural gas properties | $ | 82,897 | ||
| Asset retirement obligations | -18,165 | |||
| Net assets acquired | $ | 64,732 | ||
| West Delta 29 Acquisition [Member] | ' | |||
| Schedule of Assets Acquired and Liabilities Assumed | ' | |||
| 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 $7.1 million to reflect an economic effective date of January 1, 2013. | ||||
| (In thousands) | 1-Jan-13 | |||
| Oil and natural gas properties | $ | 16,544 | ||
| Asset retirement obligations | -1,398 | |||
| Net assets acquired | $ | 15,146 | ||
Earnings_per_Share_Tables
| Earnings per Share (Tables) | 3 Months Ended | |||
| Sep. 30, 2014 | ||||
| Earnings Per Share [Abstract] | ' | |||
| Basic and Diluted Weighted Average Shares Outstanding and 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 period for the Predecessor Company. | ||||
| Three Months Ended | ||||
| September 30, | ||||
| 2013 | ||||
| Income (numerator): | ||||
| Net loss | $ | -1,284 | ||
| Net income attributable to participating securities | - | |||
| Net loss attributable to common shares | $ | -1,284 | ||
| Weighted average shares (denominator): | ||||
| Weighted average shares—basic | 38,589 | |||
| Dilutive effect of stock options | - | |||
| Weighted average shares—diluted | 38,589 | |||
| Basic loss per share | $ | -0.03 | ||
| Diluted loss per share | $ | -0.03 | ||
| Number of Antidilutive Shares Excluded from the Computation of Dilutive Weighted Average Shares | ' | |||
| 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 period indicated. | ||||
| Three Months Ended | ||||
| September 30, | ||||
| 2013 | ||||
| (in thousands) | ||||
| Weighted average shares | 1,037 | |||
Asset_Retirement_Obligations_T
| Asset Retirement Obligations (Tables) | 3 Months Ended | |||
| Sep. 30, 2014 | ||||
| Asset Retirement Obligations [Abstract] | ' | |||
| Schedule of Changes in Asset Retirement Obligations | ' | |||
| The following table reconciles the beginning and ending aggregate recorded amount of our asset retirement obligations. | ||||
| Three Months Ended | ||||
| September 30, | ||||
| 2014 | ||||
| (in thousands) | ||||
| Beginning of period total | $ | 272,695 | ||
| Accretion expense | 6,181 | |||
| Liabilities incurred | 564 | |||
| Liabilities settled | -7,190 | |||
| End of period total | 272,250 | |||
| Less: End of period, current portion | -39,831 | |||
| End of period, noncurrent portion | $ | 232,419 | ||
Indebtedness_Tables
| Indebtedness (Tables) | 3 Months Ended | ||||||
| Sep. 30, 2014 | |||||||
| Indebtedness [Abstract] | ' | ||||||
| Schedule of Indebtedness | ' | ||||||
| The following table sets forth our indebtedness. | |||||||
| September 30, | June 30, | ||||||
| 2014 | 2014 | ||||||
| (In thousands) | |||||||
| 8.25% senior notes due 2018 | $ | 548,033 | $ | 550,566 | |||
| Revolving credit sub-facility | 475,000 | 475,000 | |||||
| Total indebtedness | 1,023,033 | 1,025,566 | |||||
| Current portion of indebtedness | - | - | |||||
| Noncurrent portion of indebtedness | $ | 1,023,033 | $ | 1,025,566 | |||
Derivative_Instruments_and_Hed1
| Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended | ||||||||||||
| Sep. 30, 2014 | |||||||||||||
| Derivative Instruments and Hedging Activities [Abstract] | ' | ||||||||||||
| Schedule of Derivative Instruments Outstanding | ' | ||||||||||||
| The following tables set forth our derivative instruments outstanding as of September 30, 2014. | |||||||||||||
| Oil Contracts | |||||||||||||
| Fixed-Price Swaps | |||||||||||||
| Daily Average | Average | ||||||||||||
| Volume | Volume | Swap Price | |||||||||||
| Remaining Contract Term | (Bbls) | (Bbls) | ($/Bbl) | ||||||||||
| October 2014 - December 2014 | 7,744 | 712,450 | 91.95 | ||||||||||
| January 2015 - December 2015 | 1,500 | 547,500 | 97.70 | ||||||||||
| Gas Contracts | |||||||||||||
| Type | Average | Weighted Average Contract Price | |||||||||||
| ($/Mmbtu) | |||||||||||||
| of | Volume | Swap Price | Sub | ||||||||||
| Remaining Contract Term | Contract | (Mmbtu) | ($/Mmbtu) | Floor | Floor | Ceiling | |||||||
| October 2014 - December 2014 | Three-Way Collars | 703,000 | 3.25 | 4.00 | 4.76 | ||||||||
| October 2014 - December 2014 | Put Spreads | 217,000 | 3.25 | 4.00 | |||||||||
| October 2014 - December 2014 | Fixed Price Swaps | 460,000 | 4.01 | ||||||||||
| January 2015 - December 2015 | Fixed Price Swaps | 1,569,500 | 4.31 | ||||||||||
| Components of Gain (Loss) on Derivative Instruments | ' | ||||||||||||
| The effect of derivative instruments on our condensed consolidated statement of operations was as follows: | |||||||||||||
| SUCESSOR | PREDECESSOR | ||||||||||||
| COMPANY | COMPANY | ||||||||||||
| Three Months Ended | Three Months Ended | ||||||||||||
| September 30, | September 30, | ||||||||||||
| 2014 | 2013 | ||||||||||||
| Location of (Gain) Loss in Income Statement | |||||||||||||
| Cash Settlements | |||||||||||||
| Oil sales | $ | -2,013 | $ | - | |||||||||
| Natural gas sales | 174 | - | |||||||||||
| Total cash settlements | -1,839 | - | |||||||||||
| Commodity Derivative Instruments designated as hedging instruments: | |||||||||||||
| Loss on derivative financial instruments | |||||||||||||
| Ineffective portion of commodity derivative instruments | 3 | - | |||||||||||
| Commodity Derivative Instruments not designated as hedging instruments: | |||||||||||||
| Loss on derivative financial instruments | |||||||||||||
| Realized mark to market loss | 26 | 3,534 | |||||||||||
| Unrealized mark to market loss | 1 | 26,478 | |||||||||||
| Total loss on derivative financial instruments | 30 | 30,012 | |||||||||||
| Total (gain) loss | $ | -1,809 | $ | 30,012 | |||||||||
Fair_Value_Measurements_Tables
| Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||
| Sep. 30, 2014 | |||||||||||||
| Fair Value Measurements [Abstract] | ' | ||||||||||||
| Schedule of Fair Value Measurements of Assets and Liabilities | ' | ||||||||||||
| The following table sets forth our financial assets and liabilities that are accounted for at fair value on a recurring basis. | |||||||||||||
| September 30, | June 30, | ||||||||||||
| 2014 | 2014 | ||||||||||||
| (in thousands) | |||||||||||||
| Assets | |||||||||||||
| Commodity Derivative Instruments designated as hedging instruments | |||||||||||||
| Current | $ | 3,272 | $ | - | |||||||||
| Noncurrent | 162 | - | |||||||||||
| Total gross commodity derivative instruments subject to enforceable netting agreement | 3,434 | - | |||||||||||
| Gross amounts offset in Balance sheet | -1,010 | - | |||||||||||
| Net amounts presented in Balance sheet | $ | 2,424 | $ | - | |||||||||
| Liabilities | |||||||||||||
| Commodity Derivative Instruments designated as hedging instruments | |||||||||||||
| Current | $ | 2,456 | $ | 26,440 | |||||||||
| Noncurrent | - | 2,140 | |||||||||||
| Total gross commodity derivative instruments subject to enforceable netting agreement | 2,456 | 28,580 | |||||||||||
| Gross amounts offset in Balance sheet | -1,010 | - | |||||||||||
| Net amounts presented in Balance sheet | $ | 1,446 | $ | 28,580 | |||||||||
| Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | ' | ||||||||||||
| The following table sets forth the carrying values and estimated fair values of our long-term indebtedness. | |||||||||||||
| 30-Sep-14 | 30-Jun-14 | ||||||||||||
| (In thousands) | |||||||||||||
| Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | ||||||||||
| 8.25% Senior Notes | $ | 548,033 | $ | 519,139 | $ | 550,566 | $ | 545,700 | |||||
| Revolving credit sub-facility | 475,000 | 475,000 | 475,000 | 475,000 | |||||||||
| Total | $ | 1,023,033 | $ | 994,139 | $ | 1,025,566 | $ | 1,020,700 | |||||
Supplemental_Condensed_Consoli1
| Supplemental Condensed Consolidating Financial Information (Tables) | 3 Months Ended | ||||||||||||
| Sep. 30, 2014 | |||||||||||||
| Supplemental Condensed Consolidating Financial Information [Abstract] | ' | ||||||||||||
| Supplemental Condensed Consolidating Balance Sheet | ' | ||||||||||||
| SUCCESSOR COMPANY | |||||||||||||
| Supplemental Condensed Consolidating Balance Sheet | |||||||||||||
| As of September 30, 2014 | |||||||||||||
| (UNAUDITED) | |||||||||||||
| Parent | |||||||||||||
| Company | Guarantor | ||||||||||||
| Only | Subsidiaries | Eliminations | Consolidated | ||||||||||
| (In thousands) | |||||||||||||
| ASSETS | |||||||||||||
| Current assets: | |||||||||||||
| Cash and cash equivalents | $ | 23 | $ | - | $ | - | $ | 23 | |||||
| Trade accounts receivable - net | 67,242 | 143 | - | 67,385 | |||||||||
| Intercompany receivables | - | 32,088 | -32,088 | - | |||||||||
| Fair value of commodity derivative instruments | 2,262 | - | - | 2,262 | |||||||||
| Deferred tax asset | 24,587 | - | - | 24,587 | |||||||||
| Prepaid expenses | 14,345 | - | - | 14,345 | |||||||||
| Total current assets | 108,459 | 32,231 | -32,088 | 108,602 | |||||||||
| Net property and equipment | 3,094,134 | 168,593 | - | 3,262,727 | |||||||||
| Investment in affiliates | 129,772 | - | -129,772 | - | |||||||||
| Restricted cash | 6,023 | - | - | 6,023 | |||||||||
| Fair value of commodity derivative instruments | 162 | - | - | 162 | |||||||||
| Other assets | 53 | 90 | - | 143 | |||||||||
| Total assets | $ | 3,338,603 | $ | 200,914 | $ | -161,860 | $ | 3,377,657 | |||||
| LIABILITIES AND STOCKHOLDER'S EQUITY | |||||||||||||
| Current liabilities: | |||||||||||||
| Accounts payable | $ | 78,565 | $ | 614 | $ | - | $ | 79,179 | |||||
| Intercompany payables | 32,088 | - | -32,088 | - | |||||||||
| Accrued expenses | 181,739 | 15 | - | 181,754 | |||||||||
| Asset retirement obligations | 34,041 | 5,790 | - | 39,831 | |||||||||
| Fair value of commodity derivative instruments | 1,446 | - | - | 1,446 | |||||||||
| Due to EGC | 29,975 | - | - | 29,975 | |||||||||
| Total current liabilities | 357,854 | 6,419 | -32,088 | 332,185 | |||||||||
| Long-term debt | 1,023,033 | - | - | 1,023,033 | |||||||||
| Asset retirement obligations | 192,750 | 39,669 | - | 232,419 | |||||||||
| Deferred tax liabilities | 471,575 | 25,054 | - | 496,629 | |||||||||
| Other | 5 | - | - | 5 | |||||||||
| Total liabilities | 2,045,217 | 71,142 | -32,088 | 2,084,271 | |||||||||
| Stockholder's equity: | |||||||||||||
| Preferred stock | - | - | - | - | |||||||||
| Common stock | - | - | - | - | |||||||||
| Additional paid-in capital | 1,599,341 | 85,479 | -85,479 | 1,599,341 | |||||||||
| Accumulated other comprehensive income | 6,779 | - | - | 6,779 | |||||||||
| Retained earnings (loss) | -312,734 | 44,293 | -44,293 | -312,734 | |||||||||
| Total stockholder's equity | 1,293,386 | 129,772 | -129,772 | 1,293,386 | |||||||||
| Total liabilities and stockholder's equity | $ | 3,338,603 | $ | 200,914 | $ | -161,860 | $ | 3,377,657 | |||||
| SUCCESSOR COMPANY | |||||||||||||
| Supplemental Condensed Consolidating Balance Sheet | |||||||||||||
| As of June 30, 2014 | |||||||||||||
| (AUDITED) | |||||||||||||
| Parent | |||||||||||||
| Company | Guarantor | ||||||||||||
| Only | Subsidiaries | Eliminations | Consolidated | ||||||||||
| (In thousands) | |||||||||||||
| ASSETS | |||||||||||||
| Current assets: | |||||||||||||
| Cash and cash equivalents | $ | 5,601 | $ | - | $ | - | $ | 5,601 | |||||
| Trade accounts receivable - net | 72,156 | 145 | - | 72,301 | |||||||||
| Intercompany receivables | - | 26,311 | -26,311 | - | |||||||||
| Deferred tax asset | 24,587 | - | - | 24,587 | |||||||||
| Prepaid expenses | 26,521 | - | - | 26,521 | |||||||||
| Total current assets | 128,865 | 26,456 | -26,311 | 129,010 | |||||||||
| Net property and equipment | 3,034,805 | 170,382 | - | 3,205,187 | |||||||||
| Investment in affiliates | 126,638 | - | -126,638 | - | |||||||||
| Goodwill | 329,293 | - | - | 329,293 | |||||||||
| Restricted cash | 6,023 | - | - | 6,023 | |||||||||
| Other assets | 226 | 91 | - | 317 | |||||||||
| Total assets | $ | 3,625,850 | $ | 196,929 | $ | -152,949 | $ | 3,669,830 | |||||
| LIABILITIES AND STOCKHOLDER'S EQUITY | |||||||||||||
| Current liabilities: | |||||||||||||
| Accounts payable | $ | 92,325 | $ | 656 | $ | - | $ | 92,981 | |||||
| Intercompany payables | 26,311 | - | -26,311 | - | |||||||||
| Accrued expenses | 161,503 | 15 | - | 161,518 | |||||||||
| Asset retirement obligations | 33,357 | 6,474 | - | 39,831 | |||||||||
| Fair value of commodity derivative instruments | 26,440 | - | - | 26,440 | |||||||||
| Due to EGC | 4,960 | - | - | 4,960 | |||||||||
| Total current liabilities | 344,896 | 7,145 | -26,311 | 325,730 | |||||||||
| Long-term debt | 1,025,566 | - | - | 1,025,566 | |||||||||
| Asset retirement obligations | 193,908 | 38,956 | - | 232,864 | |||||||||
| Deferred tax liabilities | 459,608 | 24,190 | - | 483,798 | |||||||||
| Fair value of commodity derivative instruments | 2,140 | - | - | 2,140 | |||||||||
| Other | 6 | - | - | 6 | |||||||||
| Total liabilities | 2,026,124 | 70,291 | -26,311 | 2,070,104 | |||||||||
| Stockholder's equity: | |||||||||||||
| Preferred stock | - | - | - | - | |||||||||
| Common stock | - | - | - | - | |||||||||
| Additional paid-in capital | 1,599,341 | 85,479 | -85,479 | 1,599,341 | |||||||||
| Accumulated other comprehensive income (loss) | -6,252 | - | - | -6,252 | |||||||||
| Retained earnings | 6,637 | 41,159 | -41,159 | 6,637 | |||||||||
| Total stockholder's equity | 1,599,726 | 126,638 | -126,638 | 1,599,726 | |||||||||
| Total liabilities and stockholder's equity | $ | 3,625,850 | $ | 196,929 | $ | -152,949 | $ | 3,669,830 | |||||
| Supplemental Condensed Consolidating Statement of Operations | ' | ||||||||||||
| SUCCESSOR COMPANY | |||||||||||||
| Supplemental Condensed Consolidating Statement of Operations | |||||||||||||
| Three Months Ended September 30, 2014 | |||||||||||||
| (UNAUDITED) | |||||||||||||
| Parent | |||||||||||||
| Company | Guarantor | ||||||||||||
| Only | Subsidiaries | Eliminations | Consolidated | ||||||||||
| (In thousands) | |||||||||||||
| Revenue: | |||||||||||||
| Oil and natural gas | $ | 156,093 | $ | 17,627 | $ | - | $ | 173,720 | |||||
| Other | 318 | 71 | - | 389 | |||||||||
| Total revenue | 156,411 | 17,698 | - | 174,109 | |||||||||
| Costs and expenses: | |||||||||||||
| Lease operating | 52,574 | 3,726 | - | 56,300 | |||||||||
| Transportation | 624 | 1 | - | 625 | |||||||||
| Goodwill and other impairments | 329,293 | - | - | 329,293 | |||||||||
| Depreciation, depletion and amortization | 68,005 | 5,740 | - | 73,745 | |||||||||
| Accretion of liability for asset retirement obligations | 5,343 | 838 | - | 6,181 | |||||||||
| General and administrative | 8,042 | - | - | 8,042 | |||||||||
| Taxes, other than on earnings | 105 | 2,423 | - | 2,528 | |||||||||
| Other | 21 | - | - | 21 | |||||||||
| Total costs and expenses | 464,007 | 12,728 | - | 476,735 | |||||||||
| Income (loss) from operations | -307,596 | 4,970 | - | -302,626 | |||||||||
| Other income (expense): | |||||||||||||
| Interest expense | -10,901 | - | - | -10,901 | |||||||||
| Loss on derivative instruments | -30 | - | - | -30 | |||||||||
| Income from equity investments | 3,134 | - | -3,134 | - | |||||||||
| Total other income (expense) | -7,797 | - | -3,134 | -10,931 | |||||||||
| Income (loss) before provision for income taxes | -315,393 | 4,970 | -3,134 | -313,557 | |||||||||
| Deferred income tax expense | 3,978 | 1,836 | - | 5,814 | |||||||||
| Net income (loss) | $ | -319,371 | $ | 3,134 | $ | -3,134 | $ | -319,371 | |||||
| PREDECESSOR COMPANY | |||||||||||||
| Supplemental Condensed Consolidating Statement of Operations | |||||||||||||
| Three Months Ended September 30, 2013 | |||||||||||||
| (UNAUDITED) | |||||||||||||
| Parent | |||||||||||||
| Company | Guarantor | ||||||||||||
| Only | Subsidiaries | Eliminations | Consolidated | ||||||||||
| (In thousands) | |||||||||||||
| Revenue: | |||||||||||||
| Oil and natural gas | $ | 159,902 | $ | 23,212 | $ | - | $ | 183,114 | |||||
| Other | 127 | 751 | - | 878 | |||||||||
| Total revenue | 160,029 | 23,963 | - | 183,992 | |||||||||
| Costs and expenses: | |||||||||||||
| Lease operating | 35,995 | 6,296 | - | 42,291 | |||||||||
| Transportation | 974 | - | - | 974 | |||||||||
| Exploration expenditures and dry hole costs | 5,145 | 1 | - | 5,146 | |||||||||
| Goodwill and other impairments | 12 | - | - | 12 | |||||||||
| Depreciation, depletion and amortization | 48,451 | 5,538 | - | 53,989 | |||||||||
| Accretion of liability for asset retirement obligations | 5,077 | 1,189 | - | 6,266 | |||||||||
| General and administrative | 6,426 | - | - | 6,426 | |||||||||
| Taxes, other than on earnings | 225 | 3,060 | - | 3,285 | |||||||||
| Gain on sale of assets | -1,745 | - | -1,745 | ||||||||||
| Other | 26,407 | 127 | - | 26,534 | |||||||||
| Total costs and expenses | 126,967 | 16,211 | - | 143,178 | |||||||||
| Income from operations | 33,062 | 7,752 | - | 40,814 | |||||||||
| Other income (expense): | |||||||||||||
| Interest income | 64 | - | - | 64 | |||||||||
| Interest expense | -13,177 | - | - | -13,177 | |||||||||
| Gain on derivative instruments | -30,012 | - | - | -30,012 | |||||||||
| Income from equity investments | 4,930 | - | -4,930 | - | |||||||||
| Total other income (expense) | -38,195 | - | -4,930 | -43,125 | |||||||||
| Income (loss) before provision for income taxes | -5,133 | 7,752 | -4,930 | -2,311 | |||||||||
| Deferred income tax expense (benefit) | -3,849 | 2,822 | - | -1,027 | |||||||||
| Net income (loss) | $ | -1,284 | $ | 4,930 | $ | -4,930 | $ | -1,284 | |||||
| Supplemental Condensed Consolidating Statement of Cash Flows | ' | ||||||||||||
| SUCCESSOR COMPANY | |||||||||||||
| Supplemental Condensed Consolidating Statement of Cash Flows | |||||||||||||
| Three Months Ended September 30, 2014 | |||||||||||||
| (UNAUDITED) | |||||||||||||
| Parent | |||||||||||||
| Company | Guarantor | ||||||||||||
| Only | Subsidiaries | Eliminations | Consolidated | ||||||||||
| (In thousands) | |||||||||||||
| Net cash provided by operating activities | $ | 58,897 | $ | 3,951 | $ | - | $ | 62,848 | |||||
| Cash flows provided by (used in) investing activities: | |||||||||||||
| Property acquisitions | -260 | - | - | -260 | |||||||||
| Capital expenditures | -107,185 | -3,951 | - | -111,136 | |||||||||
| Other property and equipment additions | -40 | - | - | -40 | |||||||||
| Net cash used in investing activities | -107,485 | -3,951 | - | -111,436 | |||||||||
| Cash flows provided by (used in) financing activities: | |||||||||||||
| Advances from EGC | 43,010 | - | - | 43,010 | |||||||||
| Net cash provided by financing activities | 43,010 | - | - | 43,010 | |||||||||
| Net decrease in cash and cash equivalents | -5,578 | - | - | -5,578 | |||||||||
| Cash and cash equivalents at beginning of period | 5,601 | - | - | 5,601 | |||||||||
| Cash and cash equivalents at end of period | $ | 23 | $ | - | $ | - | $ | 23 | |||||
| PREDECESSOR COMPANY | |||||||||||||
| Supplemental Condensed Consolidating Statement of Cash Flows | |||||||||||||
| Three Months Ended September 30, 2013 | |||||||||||||
| (UNAUDITED) | |||||||||||||
| Parent | |||||||||||||
| Company | Guarantor | ||||||||||||
| Only | Subsidiaries | Eliminations | Consolidated | ||||||||||
| (In thousands) | |||||||||||||
| Net cash provided by operating activities | $ | 99,497 | $ | 17,188 | $ | - | $ | 116,685 | |||||
| Cash flows provided by (used in) investing activities: | |||||||||||||
| Decrease in restricted cash | 51,757 | - | - | 51,757 | |||||||||
| Property acquisitions | -24,897 | - | - | -24,897 | |||||||||
| Capital expenditures | -82,833 | -17,188 | - | -100,021 | |||||||||
| Other property and equipment additions | -254 | - | - | -254 | |||||||||
| Net cash used in investing activities | -56,227 | -17,188 | - | -73,415 | |||||||||
| Cash flows provided by (used in) financing activities: | |||||||||||||
| Repayments of indebtedness | -40,000 | - | - | -40,000 | |||||||||
| Deferred financing costs | -32 | - | - | -32 | |||||||||
| Purchase of shares into treasury | -4,544 | - | - | -4,544 | |||||||||
| Exercise of stock options | 360 | - | - | 360 | |||||||||
| Net cash used in financing activities | -44,216 | - | - | -44,216 | |||||||||
| Net decrease in cash and cash equivalents | -946 | - | - | -946 | |||||||||
| Cash and cash equivalents at beginning of period | 3,885 | - | - | 3,885 | |||||||||
| Cash and cash equivalents at end of period | $ | 2,939 | $ | - | $ | - | $ | 2,939 | |||||
Organization_and_Basis_of_Pres2
| Organization and Basis of Presentation (Narrative) (Details) (USD $) | 0 Months Ended | ||
| Jun. 03, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | |
| Business Acquisition [Line Items] | ' | ' | ' |
| Date of acquisition | 3-Jun-14 | ' | ' |
| Common stock, par value | $0.00 | $0.00 | $0.00 |
| Aggregate consideration to be paid in acquirer stock | 35.00% | ' | ' |
| Aggregate consideration paid in cash | 65.00% | ' | ' |
| Energy XXI LTD [Member] | ' | ' | ' |
| Business Acquisition [Line Items] | ' | ' | ' |
| Common stock, par value | $0.01 | ' | ' |
Acquisitions_and_Dispositions_1
| Acquisitions and Dispositions (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 0 Months Ended | 5 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | ||||||
| Jun. 03, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Jun. 03, 2014 | Jun. 01, 2014 | 31-May-14 | Jun. 03, 2014 | Jan. 15, 2014 | Mar. 31, 2014 | Sep. 01, 2013 | Sep. 26, 2013 | Jan. 01, 2013 | |
| 8.25% Senior Notes [Member] | 8.25% Senior Notes [Member] | The South Pass 49 [Member] | The South Pass 49 [Member] | The South Pass 49 [Member] | The South Pass 49 [Member] | Nexen Acquisition [Member] | Nexen Acquisition [Member] | Nexen Acquisition [Member] | West Delta 29 Acquisition [Member] | West Delta 29 Acquisition [Member] | |||
| MMBoe | Parent Company [Member] | Energy XXI LTD [Member] | MMBoe | MMBoe | |||||||||
| Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Date of acquisition | 3-Jun-14 | ' | ' | ' | 3-Jun-14 | ' | ' | ' | ' | ' | ' | 26-Sep-13 | ' |
| Acquired certain interests in producing oil and natural gas assets | ' | ' | ' | ' | ' | ' | ' | ' | $70,400,000 | ' | ' | $21,800,000 | ' |
| Purchase price | ' | ' | ' | ' | ' | 230,185,000 | ' | ' | ' | 64,732,000 | 64,732,000 | ' | 15,146,000 |
| Percentage of oil reserves | ' | ' | ' | ' | 74.00% | ' | ' | ' | ' | ' | 91.00% | ' | 95.00% |
| Percentage of proved developed reserves | ' | ' | ' | ' | 73.00% | ' | ' | ' | ' | ' | ' | ' | 58.00% |
| Percentage of ownership interest | ' | 100.00% | ' | ' | 100.00% | ' | 43.50% | 56.50% | 100.00% | ' | ' | ' | ' |
| Economic effective date | ' | ' | ' | ' | 1-Jun-14 | ' | ' | ' | 1-Sep-13 | 1-Sep-13 | ' | 1-Jan-13 | ' |
| Proved Reserves Mmboe | ' | ' | ' | ' | 11.3 | ' | ' | ' | ' | ' | 2.6 | ' | 0.7 |
| Borrowings under line of credit | ' | ' | ' | ' | 135,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
| Capital contribution from EGC | ' | ' | ' | ' | 95,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
| Purchase price adjustments | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | 5,700,000 | ' | 7,100,000 |
| Senior notes, face amount | ' | ' | $510,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Senior notes, stated percentage | ' | ' | 8.25% | 8.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_and_Dispositions_2
| Acquisitions and Dispositions (Schedule of Assets Acquired and Liabilities Assumed) (Details) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Jun. 01, 2014 | Mar. 31, 2014 | Sep. 01, 2013 | Jan. 01, 2013 |
| In Thousands, unless otherwise specified | The South Pass 49 [Member] | Nexen Acquisition [Member] | Nexen Acquisition [Member] | West Delta 29 Acquisition [Member] | ||
| Acquired Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' |
| Oil and natural gas properties | ' | ' | $231,271 | $82,897 | $82,897 | $16,544 |
| Asset retirement obligations | -272,250 | -272,695 | -1,086 | -18,165 | -18,165 | -1,398 |
| Net assets acquired | ' | ' | $230,185 | $64,732 | $64,732 | $15,146 |
Acquisitions_and_Dispositions_3
| Acquisitions and Dispositions (Schedule of Revenues and Leases Operating Expenses Attributable to Acquired Oil and Gas Properties) (Details) (USD $) | 3 Months Ended |
| In Thousands, unless otherwise specified | Sep. 30, 2014 |
| The South Pass 49 [Member] | ' |
| Business Acquisition [Line Items] | ' |
| Revenues | $14,980 |
| Lease operating expenses | 1,994 |
| West Delta 29 Acquisition [Member] | ' |
| Business Acquisition [Line Items] | ' |
| Revenues | 3,843 |
| Lease operating expenses | 244 |
| Nexen Acquisition [Member] | ' |
| Business Acquisition [Line Items] | ' |
| Revenues | 11,847 |
| Lease operating expenses | $4,265 |
Acquisitions_and_Dispositions_4
| Acquisitions and Dispositions (Schedule of Consolidated Results of Operations) (Details) (USD $) | 3 Months Ended |
| In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 |
| Acquisitions and Dispositions [Abstract] | ' |
| Revenue | $220,668 |
| Net income | $8,216 |
| Basic earnings per share | $0.21 |
| Diluted earnings per share | $0.21 |
Pushdown_Accounting_and_Goodwi1
| Pushdown Accounting and Goodwill (Narrative) (Details) (USD $) | 3 Months Ended |
| In Millions, unless otherwise specified | Sep. 30, 2014 |
| segment | |
| Number of reporting unit | 1 |
| Goodwill impairment charge | $329.30 |
| EPL Oil & Gas Inc [Member] | ' |
| Amount reimbursed to Chevron after the acquisition | 2.1 |
| Increase in value of goodwill | $2.10 |
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 | |
| In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
| Earnings Per Share [Abstract] | ' | ' |
| Net income (loss) | ($319,371) | ($1,284) |
| Net income attributed to common shares | ' | ($1,284) |
| Weighted average shares - basic | ' | 38,589 |
| Dilutive effect of stock options | ' | ' |
| Weighted average shares - diluted | ' | 38,589 |
| Basic loss per share | ' | ($0.03) |
| Diluted loss per share | ' | ($0.03) |
Earnings_per_Share_Number_of_A
| Earnings per Share (Number of Antidilutive Shares Excluded from the Computation of Dilutive Weighted Average Shares) (Details) | 3 Months Ended |
| In Thousands, unless otherwise specified | Sep. 30, 2013 |
| Earnings Per Share [Abstract] | ' |
| Weighted average shares | 1,037 |
Asset_Retirement_Obligations_S
| Asset Retirement Obligations (Schedule of Changes in Asset Retirement Obligations) (Details) (USD $) | 3 Months Ended | |
| In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 |
| Asset Retirement Obligations [Abstract] | ' | ' |
| Beginning of period total | $272,695 | ' |
| Accretion expense | 6,181 | ' |
| Liabilities incurred | 564 | ' |
| Liabilities settled | -7,190 | ' |
| End of period total | 272,250 | ' |
| Less: End of period, current portion | -39,831 | -39,831 |
| End of period, noncurrent portion | $232,419 | $232,864 |
Indebtedness_Narrative_Details
| Indebtedness (Narrative) (Details) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
| Eighth Amendment as of June 3, 2014 [Member] | Revolving Credit Sub-Facility [Member] | Revolving Credit Sub-Facility [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | 8.25% Senior Notes [Member] | 8.25% Senior Notes [Member] | Federal Funds Rate [Member] | Federal Funds Rate [Member] | |||
| Energy XXI Gulf Coast Inc [Member] | Market Rate Applies [Member] | Market Rate Applies [Member] | Minimum [Member] | Maximum [Member] | ||||||||||
| Market Rate Applies [Member] | Market Rate Applies [Member] | |||||||||||||
| Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Senior notes, face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $510,000,000 | ' | ' | ' |
| Carrying Value | 1,023,033,000 | 1,025,566,000 | ' | 475,000,000 | 475,000,000 | ' | ' | ' | ' | ' | 548,033,000 | 550,566,000 | ' | ' |
| Senior notes, stated percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.25% | 8.25% | ' | ' |
| Debt issuance date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14-Feb-11 | ' | ' | ' |
| Maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Feb-18 | ' | ' | ' |
| Senior Credit Facility, maturity term | ' | ' | 9-Apr-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Senior secured credit facility | ' | ' | 475,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Borrowing base under the expanded credit facility | ' | ' | $1,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Applicable margin above LIBOR or the base rate | ' | ' | ' | ' | ' | ' | ' | 1.75% | ' | 2.75% | ' | ' | 0.75% | 1.75% |
| Total leverage of EGC, minimum | ' | ' | ' | ' | ' | 4.25% | 4.00% | ' | ' | ' | ' | ' | ' | ' |
| Interest coverage ratio, maximum | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
| Current ratio, maximum | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' |
| Secured debt leverage ratio, minimum | ' | ' | ' | ' | ' | 1.75 | 1.5 | ' | ' | ' | ' | ' | ' | ' |
| Effective interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.80% | ' | ' | ' |
Indebtedness_Schedule_of_Indeb
| Indebtedness (Schedule of Indebtedness) (Details) (USD $) | 3 Months Ended | |
| In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 |
| Total indebtedness | $1,023,033 | $1,025,566 |
| Noncurrent portion of indebtedness | 1,023,033 | 1,025,566 |
| 8.25% Senior Notes [Member] | ' | ' |
| 8.25% senior notes due 2018 | 548,033 | 550,566 |
| Noncurrent portion of indebtedness | 548,033 | 550,566 |
| Senior notes, stated percentage | 8.25% | 8.25% |
| Maturity date | 15-Feb-18 | ' |
| Revolving Credit Sub-Facility [Member] | ' | ' |
| Revolving credit sub-facility | 475,000 | 475,000 |
| Noncurrent portion of indebtedness | $475,000 | $475,000 |
Derivative_Instruments_and_Hed2
| Derivative Instruments and Hedging Activities (Narrative) (Details) (USD $) | 3 Months Ended |
| Sep. 30, 2014 | |
| Derivative Instruments and Hedging Activities [Abstract] | ' |
| Gain reclassified from AOCI | $1,800,000 |
| Amount expected to be reclassified from other comprehensive income to income, gross | 9,800,000 |
| Amount expected to be reclassified from other comprehensive income to income, net | 6,400,000 |
| Deposits for collateral with counterparties | $0 |
Derivative_Instruments_and_Hed3
| Derivative Instruments and Hedging Activities (Schedule of Derivative Instruments Outstanding) (Details) | Sep. 30, 2014 |
| bbl | |
| October 2014 - December 2014 [Member] | Oil Contract [Member] | ' |
| Derivative [Line Items] | ' |
| Daily Average Volume | 7,744 |
| Volume, Oil Contracts | 712,450 |
| Average Swap Price | 91.95 |
| October 2014 - December 2014 [Member] | Gas Contract [Member] | Three-Way Collars [Member] | ' |
| Derivative [Line Items] | ' |
| Volume, Gas Contracts | 703,000 |
| Sub Floor | 3.25 |
| Floor | 4 |
| Ceiling | 4.76 |
| October 2014 - December 2014 [Member] | Gas Contract [Member] | Put Spreads [Member] | ' |
| Derivative [Line Items] | ' |
| Volume, Gas Contracts | 217,000 |
| Sub Floor | 3.25 |
| Floor | 4 |
| October 2014 - December 2014 [Member] | Gas Contract [Member] | Fixed Price Swaps [Member] | ' |
| Derivative [Line Items] | ' |
| Volume, Gas Contracts | 460,000 |
| Average Swap Price | 4.01 |
| January 2015 - December 2015 [Member] | Oil Contract [Member] | ' |
| Derivative [Line Items] | ' |
| Daily Average Volume | 1,500 |
| Volume, Oil Contracts | 547,500 |
| Average Swap Price | 97.7 |
| January 2015 - December 2015 [Member] | Gas Contract [Member] | Fixed Price Swaps [Member] | ' |
| Derivative [Line Items] | ' |
| Volume, Gas Contracts | 1,569,500 |
| Average Swap Price | 4.31 |
Derivative_Instruments_and_Hed4
| Derivative Instruments and Hedging Activities (Components of Gain (Loss) on Derivative Instruments) (Details) (USD $) | 3 Months Ended | ||||||
| In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 |
| Successor Company [Member] | Successor Company [Member] | Successor Company [Member] | Successor Company [Member] | Successor Company [Member] | Predecessor Company [Member] | Predecessor Company [Member] | |
| Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Oil Contract [Member] | Gas Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
| Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
| Total cash settlements | ($1,839) | ' | ' | ($2,013) | $174 | ' | ' |
| Realized mark to market loss | ' | ' | 26 | ' | ' | ' | 3,534 |
| Unrealized mark to market loss | 30 | -3 | 1 | ' | ' | 26,478 | 26,478 |
| Total loss on derivative instruments | 30 | ' | ' | ' | ' | 30,012 | ' |
| Total (gain) loss | ($1,809) | ' | ' | ' | ' | $30,012 | ' |
Fair_Value_Measurements_Schedu
| Fair Value Measurements (Schedule of Fair Value Measurements of Assets and Liabilities) (Details) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
| In Thousands, unless otherwise specified | ||
| Assets: | ' | ' |
| Current | $2,262 | ' |
| Noncurrent | 162 | ' |
| Liabilities: | ' | ' |
| Current | 1,446 | 26,440 |
| Noncurrent | ' | 2,140 |
| Designated as Hedging Instrument [Member] | ' | ' |
| Assets: | ' | ' |
| Current | 3,272 | ' |
| Noncurrent | 162 | ' |
| Total gross commodity derivative instruments subject to enforceable netting agreement | 3,434 | ' |
| Gross amounts offset in Balance sheet | -1,010 | ' |
| Net amounts presented in Balance sheet | 2,424 | ' |
| Liabilities: | ' | ' |
| Current | 2,456 | 26,440 |
| Noncurrent | ' | 2,140 |
| Total gross commodity derivative instruments subject to enforceable netting agreement | 2,456 | 28,580 |
| Gross amounts offset in Balance sheet | -1,010 | ' |
| Net amounts presented in Balance sheet | $1,446 | $28,580 |
Fair_Value_Measurements_Schedu1
| Fair Value Measurements (Schedule of Carrying Values and Estimated Fair Values of Debt Instruments) (Details) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
| In Thousands, unless otherwise specified | ||
| Debt Instrument [Line Items] | ' | ' |
| Carrying Value | $1,023,033 | $1,025,566 |
| Estimated Fair Value | 994,139 | 1,020,700 |
| 8.25% Senior Notes [Member] | ' | ' |
| Debt Instrument [Line Items] | ' | ' |
| Senior notes, stated percentage | 8.25% | 8.25% |
| Carrying Value | 548,033 | 550,566 |
| Estimated Fair Value | 519,139 | 545,700 |
| Revolving Credit Sub-Facility [Member] | ' | ' |
| Debt Instrument [Line Items] | ' | ' |
| Carrying Value | 475,000 | 475,000 |
| Estimated Fair Value | $475,000 | $475,000 |
Related_Party_Transactions_Nar
| Related Party Transactions (Narrative) (Details) (Energy XXI LTD [Member], USD $) | 3 Months Ended |
| Sep. 30, 2014 | |
| Energy XXI LTD [Member] | ' |
| Related Party Transaction [Line Items] | ' |
| Related party costs | $4,000,000 |
| General and administrative | $3,700,000 |
Commitments_and_Contingencies_
| Commitments and Contingencies (Narrative) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2008 | Dec. 31, 2007 |
| In Millions, unless otherwise specified | item | ||
| Loss Contingencies [Line Items] | ' | ' | ' |
| Number of drilling rig commitments | 4 | ' | ' |
| Restricted escrow funds' trust | ' | ' | $15 |
| Restricted escrow trust funds including accumulated interest | ' | 16.7 | ' |
| Escrow deposit | $6 | ' | ' |
| April 1, 2014 to October 12, 2014 [Member] | ' | ' | ' |
| Loss Contingencies [Line Items] | ' | ' | ' |
| Drilling rig commitment per day | 112,000 | ' | ' |
| July 1, 2014 to October 21, 2014 [Member] | ' | ' | ' |
| Loss Contingencies [Line Items] | ' | ' | ' |
| Drilling rig commitment per day | 107,500 | ' | ' |
| October 1, 2014 to December 29, 2014 [Member] | ' | ' | ' |
| Loss Contingencies [Line Items] | ' | ' | ' |
| Drilling rig commitment per day | 111,380 | ' | ' |
| October 4, 2014 to November 4, 2014 [Member] | ' | ' | ' |
| Loss Contingencies [Line Items] | ' | ' | ' |
| Drilling rig commitment per day | 107,500 | ' | ' |
Subsequent_Events_Narrative_De
| Subsequent Events (Narrative) (Details) (Subsequent Event [Member], USD $) | 0 Months Ended |
| In Millions, unless otherwise specified | Nov. 03, 2014 |
| Subsequent Event [Member] | ' |
| Subsequent Event [Line Items] | ' |
| Cash proceeds against certain hedge positions | $7.50 |
Supplemental_Condensed_Consoli2
| Supplemental Condensed Consolidating Financial Information (Narrative) (Details) | 3 Months Ended | ||
| Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | |
| 8.25% Senior Notes [Member] | 8.25% Senior Notes [Member] | ||
| Senior notes, stated percentage | ' | 8.25% | 8.25% |
| Percentage of ownership interest | 100.00% | ' | ' |
Supplemental_Condensed_Consoli3
| Supplemental Condensed Consolidating Financial Information (Supplemental Condensed Consolidating Balance Sheet) (Details) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
| In Thousands, unless otherwise specified | ||
| Cash and cash equivalents | $23 | $5,601 |
| Trade accounts receivable - net | 67,385 | 72,301 |
| Fair value of commodity derivative instruments | 2,262 | ' |
| Deferred tax asset | 24,587 | 24,587 |
| Prepaid expenses | 14,345 | 26,521 |
| Total current assets | 108,602 | 129,010 |
| Net property and equipment | 3,262,727 | 3,205,187 |
| Goodwill | ' | 329,293 |
| Restricted cash | 6,023 | 6,023 |
| Fair value of commodity derivative instruments | 162 | ' |
| Other assets | 143 | 317 |
| Total assets | 3,377,657 | 3,669,830 |
| Accounts payable | 79,179 | 92,981 |
| Accrued expenses | 181,754 | 161,518 |
| Asset retirement obligations | 39,831 | 39,831 |
| Fair value of commodity derivative instruments | 1,446 | 26,440 |
| Due to EGC | 29,975 | 4,960 |
| Total current liabilities | 332,185 | 325,730 |
| Long-term debt | 1,023,033 | 1,025,566 |
| Asset retirement obligations | 232,419 | 232,864 |
| Deferred tax liabilities | 496,629 | 483,798 |
| Fair value of commodity derivative instruments | ' | 2,140 |
| Other | 5 | 6 |
| Total Liabilities | 2,084,271 | 2,070,104 |
| Preferred stock | ' | ' |
| Common stock | ' | ' |
| Additional paid-in capital | 1,599,341 | 1,599,341 |
| Accumulated other comprehensive income (loss) | 6,779 | -6,252 |
| Retained earnings (loss) | -312,734 | 6,637 |
| Total stockholders' equity | 1,293,386 | 1,599,726 |
| Total liabilities and stockholders' equity | 3,377,657 | 3,669,830 |
| Successor Company [Member] | ' | ' |
| Cash and cash equivalents | 23 | 5,601 |
| Trade accounts receivable - net | 67,385 | 72,301 |
| Fair value of commodity derivative instruments | 2,262 | ' |
| Deferred tax asset | 24,587 | 24,587 |
| Prepaid expenses | 14,345 | 26,521 |
| Total current assets | 108,602 | 129,010 |
| Net property and equipment | 3,262,727 | 3,205,187 |
| Goodwill | ' | 329,293 |
| Restricted cash | 6,023 | 6,023 |
| Fair value of commodity derivative instruments | 162 | ' |
| Other assets | 143 | 317 |
| Total assets | 3,377,657 | 3,669,830 |
| Accounts payable | 79,179 | 92,981 |
| Accrued expenses | 181,754 | 161,518 |
| Asset retirement obligations | 39,831 | 39,831 |
| Fair value of commodity derivative instruments | 1,446 | 26,440 |
| Due to EGC | 29,975 | 4,960 |
| Total current liabilities | 332,185 | 325,730 |
| Long-term debt | 1,023,033 | 1,025,566 |
| Asset retirement obligations | 232,419 | 232,864 |
| Deferred tax liabilities | 496,629 | 483,798 |
| Fair value of commodity derivative instruments | ' | 2,140 |
| Other | 5 | 6 |
| Total Liabilities | 2,084,271 | 2,070,104 |
| Preferred stock | ' | 0 |
| Common stock | ' | ' |
| Additional paid-in capital | 1,599,341 | 1,599,341 |
| Accumulated other comprehensive income (loss) | 6,779 | -6,252 |
| Retained earnings (loss) | -312,734 | 6,637 |
| Total stockholders' equity | 1,293,386 | 1,599,726 |
| Total liabilities and stockholders' equity | 3,377,657 | 3,669,830 |
| Successor Company [Member] | Parent Company [Member] | ' | ' |
| Cash and cash equivalents | 23 | 5,601 |
| Trade accounts receivable - net | 67,242 | 72,156 |
| Fair value of commodity derivative instruments | 2,262 | ' |
| Deferred tax asset | 24,587 | 24,587 |
| Prepaid expenses | 14,345 | 26,521 |
| Total current assets | 108,459 | 128,865 |
| Net property and equipment | 3,094,134 | 3,034,805 |
| Investment in affiliates | 129,772 | 126,638 |
| Goodwill | ' | 329,293 |
| Restricted cash | 6,023 | 6,023 |
| Fair value of commodity derivative instruments | 162 | ' |
| Other assets | 53 | 226 |
| Total assets | 3,338,603 | 3,625,850 |
| Accounts payable | 78,565 | 92,325 |
| Intercompany payables | 32,088 | 26,311 |
| Accrued expenses | 181,739 | 161,503 |
| Asset retirement obligations | 34,041 | 33,357 |
| Fair value of commodity derivative instruments | 1,446 | 26,440 |
| Due to EGC | 29,975 | 4,960 |
| Total current liabilities | 357,854 | 344,896 |
| Long-term debt | 1,023,033 | 1,025,566 |
| Asset retirement obligations | 192,750 | 193,908 |
| Deferred tax liabilities | 471,575 | 459,608 |
| Fair value of commodity derivative instruments | ' | 2,140 |
| Other | 5 | 6 |
| Total Liabilities | 2,045,217 | 2,026,124 |
| Preferred stock | ' | 0 |
| Common stock | ' | ' |
| Additional paid-in capital | 1,599,341 | 1,599,341 |
| Accumulated other comprehensive income (loss) | 6,779 | -6,252 |
| Retained earnings (loss) | -312,734 | 6,637 |
| Total stockholders' equity | 1,293,386 | 1,599,726 |
| Total liabilities and stockholders' equity | 3,338,603 | 3,625,850 |
| Successor Company [Member] | Guarantor Subsidiaries [Member] | ' | ' |
| Trade accounts receivable - net | 143 | 145 |
| Intercompany receivables | 32,088 | 26,311 |
| Total current assets | 32,231 | 26,456 |
| Net property and equipment | 168,593 | 170,382 |
| Other assets | 90 | 91 |
| Total assets | 200,914 | 196,929 |
| Accounts payable | 614 | 656 |
| Accrued expenses | 15 | 15 |
| Asset retirement obligations | 5,790 | 6,474 |
| Total current liabilities | 6,419 | 7,145 |
| Asset retirement obligations | 39,669 | 38,956 |
| Deferred tax liabilities | 25,054 | 24,190 |
| Total Liabilities | 71,142 | 70,291 |
| Preferred stock | ' | 0 |
| Common stock | ' | ' |
| Additional paid-in capital | 85,479 | 85,479 |
| Retained earnings (loss) | 44,293 | 41,159 |
| Total stockholders' equity | 129,772 | 126,638 |
| Total liabilities and stockholders' equity | 200,914 | 196,929 |
| Successor Company [Member] | Consolidation, Eliminations [Member] | ' | ' |
| Cash and cash equivalents | ' | ' |
| Intercompany receivables | -32,088 | -26,311 |
| Total current assets | -32,088 | -26,311 |
| Investment in affiliates | -129,772 | -126,638 |
| Total assets | -161,860 | -152,949 |
| Intercompany payables | -32,088 | -26,311 |
| Total current liabilities | -32,088 | -26,311 |
| Total Liabilities | -32,088 | -26,311 |
| Preferred stock | ' | 0 |
| Common stock | ' | ' |
| Additional paid-in capital | -85,479 | -85,479 |
| Retained earnings (loss) | -44,293 | -41,159 |
| Total stockholders' equity | -129,772 | -126,638 |
| Total liabilities and stockholders' equity | ($161,860) | ($152,949) |
Supplemental_Condensed_Consoli4
| Supplemental Condensed Consolidating Financial Information (Supplemental Condensed Consolidating Statement of Operations) (Details) (USD $) | 3 Months Ended | |
| In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
| Accretion of liability for asset retirement obligations | $6,181 | ' |
| Net loss | -319,371 | -1,284 |
| Successor Company [Member] | ' | ' |
| Oil and natural gas | 173,720 | ' |
| Other | 389 | ' |
| Total revenue | 174,109 | ' |
| Lease operating | 56,300 | ' |
| Transportation | 625 | ' |
| Exploration expenditures and dry hole costs | ' | ' |
| Goodwill and other impairments | 329,293 | ' |
| Depreciation, depletion and amortization | 73,745 | ' |
| Accretion of liability for asset retirement obligations | 6,181 | ' |
| General and administrative | 8,042 | ' |
| Taxes, other than on earnings | 2,528 | ' |
| Gain on sales of assets | ' | ' |
| Other | 21 | ' |
| Total costs and expenses | 476,735 | ' |
| Income from operations | -302,626 | ' |
| Interest income | ' | ' |
| Interest expense | -10,901 | ' |
| Total loss on derivative instruments | -30 | ' |
| Total other expense | -10,931 | ' |
| Loss before income taxes | -313,557 | ' |
| Deferred income tax expense (benefit) | 5,814 | ' |
| Net loss | -319,371 | ' |
| Successor Company [Member] | Parent Company [Member] | ' | ' |
| Oil and natural gas | 156,093 | ' |
| Other | 318 | ' |
| Total revenue | 156,411 | ' |
| Lease operating | 52,574 | ' |
| Transportation | 624 | ' |
| Goodwill and other impairments | 329,293 | ' |
| Depreciation, depletion and amortization | 68,005 | ' |
| Accretion of liability for asset retirement obligations | 5,343 | ' |
| General and administrative | 8,042 | ' |
| Taxes, other than on earnings | 105 | ' |
| Other | 21 | ' |
| Total costs and expenses | 464,007 | ' |
| Income from operations | -307,596 | ' |
| Interest expense | -10,901 | ' |
| Total loss on derivative instruments | -30 | ' |
| Income (loss) from equity investments | 3,134 | ' |
| Total other expense | -7,797 | ' |
| Loss before income taxes | -315,393 | ' |
| Deferred income tax expense (benefit) | 3,978 | ' |
| Net loss | -319,371 | ' |
| Successor Company [Member] | Guarantor Subsidiaries [Member] | ' | ' |
| Oil and natural gas | 17,627 | ' |
| Other | 71 | ' |
| Total revenue | 17,698 | ' |
| Lease operating | 3,726 | ' |
| Transportation | 1 | ' |
| Depreciation, depletion and amortization | 5,740 | ' |
| Accretion of liability for asset retirement obligations | 838 | ' |
| Taxes, other than on earnings | 2,423 | ' |
| Total costs and expenses | 12,728 | ' |
| Income from operations | 4,970 | ' |
| Loss before income taxes | 4,970 | ' |
| Deferred income tax expense (benefit) | 1,836 | ' |
| Net loss | 3,134 | ' |
| Successor Company [Member] | Consolidation, Eliminations [Member] | ' | ' |
| Income (loss) from equity investments | -3,134 | ' |
| Total other expense | -3,134 | ' |
| Loss before income taxes | -3,134 | ' |
| Net loss | -3,134 | ' |
| Predecessor Company [Member] | ' | ' |
| Oil and natural gas | ' | 183,114 |
| Other | ' | 878 |
| Total revenue | ' | 183,992 |
| Lease operating | ' | 42,291 |
| Transportation | ' | 974 |
| Exploration expenditures and dry hole costs | ' | 5,146 |
| Goodwill and other impairments | ' | 12 |
| Depreciation, depletion and amortization | ' | 53,989 |
| Accretion of liability for asset retirement obligations | ' | 6,266 |
| General and administrative | ' | 6,426 |
| Taxes, other than on earnings | ' | 3,285 |
| Gain on sales of assets | ' | -1,745 |
| Other | ' | 26,534 |
| Total costs and expenses | ' | 143,178 |
| Income from operations | ' | 40,814 |
| Interest income | ' | 64 |
| Interest expense | ' | -13,177 |
| Total loss on derivative instruments | ' | -30,012 |
| Total other expense | ' | -43,125 |
| Loss before income taxes | ' | -2,311 |
| Deferred income tax expense (benefit) | ' | -1,027 |
| Net loss | ' | -1,284 |
| Predecessor Company [Member] | Parent Company [Member] | ' | ' |
| Oil and natural gas | ' | 159,902 |
| Other | ' | 127 |
| Total revenue | ' | 160,029 |
| Lease operating | ' | 35,995 |
| Transportation | ' | 974 |
| Exploration expenditures and dry hole costs | ' | 5,145 |
| Goodwill and other impairments | ' | 12 |
| Depreciation, depletion and amortization | ' | 48,451 |
| Accretion of liability for asset retirement obligations | ' | 5,077 |
| General and administrative | ' | 6,426 |
| Taxes, other than on earnings | ' | 225 |
| Gain on sales of assets | ' | -1,745 |
| Other | ' | 26,407 |
| Total costs and expenses | ' | 126,967 |
| Income from operations | ' | 33,062 |
| Interest income | ' | 64 |
| Interest expense | ' | -13,177 |
| Total loss on derivative instruments | ' | -30,012 |
| Income (loss) from equity investments | ' | 4,930 |
| Total other expense | ' | -38,195 |
| Loss before income taxes | ' | -5,133 |
| Deferred income tax expense (benefit) | ' | -3,849 |
| Net loss | ' | -1,284 |
| Predecessor Company [Member] | Guarantor Subsidiaries [Member] | ' | ' |
| Oil and natural gas | ' | 23,212 |
| Other | ' | 751 |
| Total revenue | ' | 23,963 |
| Lease operating | ' | 6,296 |
| Exploration expenditures and dry hole costs | ' | 1 |
| Depreciation, depletion and amortization | ' | 5,538 |
| Accretion of liability for asset retirement obligations | ' | 1,189 |
| Taxes, other than on earnings | ' | 3,060 |
| Other | ' | 127 |
| Total costs and expenses | ' | 16,211 |
| Income from operations | ' | 7,752 |
| Loss before income taxes | ' | 7,752 |
| Deferred income tax expense (benefit) | ' | 2,822 |
| Net loss | ' | 4,930 |
| Predecessor Company [Member] | Consolidation, Eliminations [Member] | ' | ' |
| Income (loss) from equity investments | ' | -4,930 |
| Total other expense | ' | -4,930 |
| Loss before income taxes | ' | -4,930 |
| Net loss | ' | ($4,930) |
Supplemental_Condensed_Consoli5
| Supplemental Condensed Consolidating Financial Information (Supplemental Condensed Consolidating Statement of Cash Flows) (Details) (USD $) | 3 Months Ended | |||||||
| In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
| Successor Company [Member] | Successor Company [Member] | Successor Company [Member] | Successor Company [Member] | Predecessor Company [Member] | Predecessor Company [Member] | Predecessor Company [Member] | Predecessor Company [Member] | |
| Parent Company [Member] | Guarantor Subsidiaries [Member] | Consolidation, Eliminations [Member] | Parent Company [Member] | Guarantor Subsidiaries [Member] | Consolidation, Eliminations [Member] | |||
| Net cash provided by operating activities | $62,848 | $58,897 | $3,951 | ' | $116,685 | $99,497 | $17,188 | ' |
| Decrease in restricted cash | ' | ' | ' | ' | 51,757 | 51,757 | ' | ' |
| Property acquisitions | -260 | -260 | ' | ' | -24,897 | -24,897 | ' | ' |
| Capital expenditures | -111,136 | -107,185 | -3,951 | ' | -100,021 | -82,833 | -17,188 | ' |
| Other property and equipment additions | -40 | -40 | ' | ' | -254 | -254 | ' | ' |
| Net cash used in investing activities | -111,436 | -107,485 | -3,951 | ' | -73,415 | -56,227 | -17,188 | ' |
| Repayments of indebtedness | ' | ' | ' | ' | -40,000 | -40,000 | ' | ' |
| Advances from EGC | 43,010 | 43,010 | ' | ' | ' | ' | ' | ' |
| Deferred financing costs | ' | ' | ' | ' | -32 | -32 | ' | ' |
| Purchase of shares into treasury | ' | ' | ' | ' | -4,544 | -4,544 | ' | ' |
| Exercise of stock options | ' | ' | ' | ' | 360 | 360 | ' | ' |
| Net cash provided by (used in) financing activities | 43,010 | 43,010 | ' | ' | -44,216 | -44,216 | ' | ' |
| Net increase in cash and cash equivalents | -5,578 | -5,578 | ' | ' | -946 | -946 | ' | ' |
| Cash and cash equivalents at beginning of period | 5,601 | 5,601 | ' | ' | 3,885 | 3,885 | ' | ' |
| Cash and cash equivalents at end of period | $23 | $23 | ' | ' | $2,939 | $2,939 | ' | ' |