Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 20, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Entity Registrant Name | GULFPORT ENERGY CORP | ||
Entity Central Index Key | 874499 | ||
Current Fiscal Year End Date | -19 | ||
Document Fiscal Year Focus | 2014 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Fiscal Period Focus | FY | ||
Entity Common Stock, Shares Outstanding | 85,684,604 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $5,369,083,865 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $142,340 | $458,956 |
Accounts receivable—oil and gas | 103,858 | 58,824 |
Accounts receivable—related parties | 46 | 2,617 |
Prepaid expenses and other current assets | 3,714 | 2,581 |
Deferred tax asset | 0 | 6,927 |
Short-term derivative instruments | 78,391 | 324 |
Note receivable - related party | 0 | 875 |
Total current assets | 328,349 | 531,104 |
Property and equipment: | ||
Oil and natural gas properties, full-cost accounting, $1,465,538 and $1,020,835 excluded from amortization in 2014 and 2013, respectively | 3,923,154 | 2,477,178 |
Other property and equipment | 18,344 | 11,131 |
Accumulated depletion, depreciation, amortization and impairment | -1,050,879 | -784,717 |
Property and equipment, net | 2,890,619 | 1,703,592 |
Other assets: | ||
Equity investments ($0 and $178,708 attributable to fair value option in 2014 and 2013, respectively) | 369,581 | 440,068 |
Derivative instruments | 24,448 | 521 |
Other assets | 19,396 | 17,851 |
Total other assets | 413,425 | 458,440 |
Total assets | 3,632,393 | 2,693,136 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 371,410 | 190,707 |
Asset retirement obligation—current | 75 | 795 |
Short-term derivative instruments | 0 | 12,280 |
Deferred tax liability | 27,070 | 0 |
Current maturities of long-term debt | 168 | 159 |
Total current liabilities | 398,723 | 203,941 |
Long-term derivative instrument | 0 | 11,366 |
Asset retirement obligation—long-term | 17,863 | 14,288 |
Deferred tax liability | 203,195 | 114,275 |
Long-term debt, net of current maturities | 716,316 | 299,028 |
Total liabilities | 1,336,097 | 642,898 |
Commitments and contingencies (Notes 16 and 17) | ||
Preferred stock, $.01 par value; 5,000,000 authorized, 30,000 authorized as redeemable 12% cumulative preferred stock, Series A; 0 issued and outstanding | 0 | 0 |
Stockholders’ equity: | ||
Common stock - $.01 par value, 200,000,000 authorized, 85,655,438 issued and outstanding in 2014 and 85,177,532 in 2013 | 856 | 851 |
Paid-in capital | 1,828,602 | 1,813,058 |
Accumulated other comprehensive loss | -26,675 | -9,781 |
Retained earnings | 493,513 | 246,110 |
Total stockholders’ equity | 2,296,296 | 2,050,238 |
Total liabilities and stockholders’ equity | $3,632,393 | $2,693,136 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ||
Capitalized costs of oil and natural gas properties excluded from amortization | $1,465,538 | $1,020,835 |
Equity investments attributable to fair value option | $0 | $178,708 |
Preferred stock, par value (usd per share) | $0.01 | $0.01 |
Preferred stock, shares authorized (shares) | 5,000,000 | 5,000,000 |
Temporary Equity, Shares Authorized (shares) | 30,000 | 30,000 |
Preferred stock dividend rate | 12.00% | 12.00% |
Preferred stock Series A, issued (shares) | 0 | 0 |
Preferred stock Series A, outstanding (shares) | 0 | 0 |
Common stock, par value (usd per share) | $0.01 | $0.01 |
Common Stock, Shares Authorized (shares) | 200,000,000 | 200,000,000 |
Common Stock, Shares, Issued (shares) | 85,655,438 | 85,177,532 |
Common Stock, Shares, Outstanding (shares) | 85,655,438 | 85,177,532 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues: | |||
Oil and condensate sales | $247,381 | $224,129 | $242,708 |
Gas sales | 329,254 | 21,015 | 3,225 |
Natural gas liquid sales | 94,127 | 17,081 | 2,668 |
Other income | 504 | 528 | 325 |
Total revenues | 671,266 | 262,753 | 248,926 |
Costs and expenses: | |||
Lease operating expenses | 52,191 | 26,703 | 24,308 |
Production taxes | 24,006 | 26,933 | 28,957 |
Midstream gathering and processing | 64,467 | 11,030 | 443 |
Depreciation, depletion and amortization | 265,431 | 118,880 | 90,749 |
General and administrative | 38,290 | 22,519 | 13,808 |
Accretion expense | 761 | 717 | 698 |
(Gain) loss on sale of assets | -11 | 508 | -7,300 |
Total costs and expenses | 445,135 | 207,290 | 151,663 |
INCOME FROM OPERATIONS | 226,131 | 55,463 | 97,263 |
OTHER (INCOME) EXPENSE: | |||
Interest expense | 23,986 | 17,490 | 7,458 |
Interest income | -195 | -297 | -72 |
Litigation settlement | 25,500 | 0 | 0 |
Gain on contribution of investments | -84,470 | 0 | 0 |
Income from equity method investments | -139,434 | -213,058 | -8,322 |
Total Other (Income) Expense | -174,613 | -195,865 | -936 |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 400,744 | 251,328 | 98,199 |
INCOME TAX EXPENSE | 153,341 | 98,136 | 26,363 |
INCOME FROM CONTINUING OPERATIONS | 247,403 | 153,192 | 71,836 |
Loss on disposal of Belize properties, net of tax | 0 | 0 | 3,465 |
NET INCOME | $247,403 | $153,192 | $68,371 |
NET INCOME PER COMMON SHARE: | |||
Basic net income from continuing operations per share (usd per share) | $2.90 | $1.98 | $1.28 |
Basic net income from discontinued operations, net of tax, per share | $0 | $0 | ($0.06) |
Basic net income per share | $2.90 | $1.98 | $1.22 |
Diluted net income from continuing operations per share (usd per share) | $2.88 | $1.97 | $1.27 |
Diluted net income from discontinued operations, net of tax, per share | $0 | $0 | ($0.06) |
Diluted net income per share | $2.88 | $1.97 | $1.21 |
Weighted average common shares outstanding - Basic (shares) | 85,445,963 | 77,375,683 | 55,933,354 |
Weighted average common shares outstanding-Diluted (shares) | 85,813,182 | 77,861,646 | 56,417,488 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Statement of Comprehensive Income [Abstract] | ||||||
Net income | $247,403,000 | $153,192,000 | $68,371,000 | |||
Foreign currency translation adjustment | -16,894,000 | -12,223,000 | 1,355,000 | |||
Change in fair value of derivative instruments | 0 | [1] | -4,419,000 | [1] | -8,452,000 | [1] |
Reclassification of settled contracts | 0 | [2] | 10,290,000 | [2] | 1,005,000 | [2] |
Other comprehensive loss | -16,894,000 | -6,352,000 | -6,092,000 | |||
Comprehensive income | 230,509,000 | 146,840,000 | 62,279,000 | |||
Change in fair value of derivative instruments, tax | 0 | 4,300,000 | -4,300,000 | |||
Reclassification of settled contracts, tax | $0 | ($500,000) | $500,000 | |||
[1] | Net of $4.3 million and $(4.3) million in taxes for the years ended December 31, 2013 and 2012, respectively. No taxes were recorded in the year ended 2014. | |||||
[2] | Net of $(0.5) million and $0.5 million in taxes for the years ended December 31, 2013 and 2012, respectively. No taxes were recorded in the year ended 2014. |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] |
In Thousands, except Share data, unless otherwise specified | |||||
Balance, value at Dec. 31, 2011 | $632,350 | $556 | $604,584 | $2,663 | $24,547 |
Balance, shares at Dec. 31, 2011 | 55,621,371 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 68,371 | 68,371 | |||
Other Comprehensive Income (Loss) | -6,092 | -6,092 | |||
Stock Compensation | 4,688 | 4,688 | |||
Issuance of Common Stock in public offering, net of related expenses, shares | 11,750,000 | ||||
Issuance of Common Stock in public offering, net of related expenses, value | 426,907 | 118 | 426,789 | ||
Issuance of Restricted Stock, shares | 135,015 | ||||
Issuance of Common Stock through exercise of options, shares | 21,000 | 21,000 | |||
Issuance of Common Stock through exercise of options, value | 184 | 184 | |||
Balance, value at Dec. 31, 2012 | 1,126,408 | 674 | 1,036,245 | -3,429 | 92,918 |
Balance, shares at Dec. 31, 2012 | 67,527,386 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 153,192 | 153,192 | |||
Other Comprehensive Income (Loss) | -6,352 | -6,352 | |||
Stock Compensation | 10,495 | 10,495 | |||
Issuance of Common Stock in public offering, net of related expenses, shares | 17,287,500 | ||||
Issuance of Common Stock in public offering, net of related expenses, value | 765,095 | 173 | 764,922 | ||
Issuance of Restricted Stock, shares | 237,646 | ||||
Issuance of Restricted Stock, value | 3 | -3 | |||
Issuance of Common Stock through exercise of options, shares | 125,000 | 125,000 | |||
Issuance of Common Stock through exercise of options, value | 1,400 | 1 | 1,399 | ||
Balance, value at Dec. 31, 2013 | 2,050,238 | 851 | 1,813,058 | -9,781 | 246,110 |
Balance, shares at Dec. 31, 2013 | 85,177,532 | 85,177,532 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 247,403 | 247,403 | |||
Other Comprehensive Income (Loss) | -16,894 | -16,894 | |||
Stock Compensation | 14,860 | 14,860 | |||
Issuance of Restricted Stock, shares | 272,665 | ||||
Issuance of Restricted Stock, value | 0 | 3 | -3 | ||
Issuance of Common Stock through exercise of options, shares | 205,241 | 205,241 | |||
Issuance of Common Stock through exercise of options, value | 689 | 2 | 687 | ||
Balance, value at Dec. 31, 2014 | $2,296,296 | $856 | $1,828,602 | ($26,675) | $493,513 |
Balance, shares at Dec. 31, 2014 | 85,655,438 | 85,655,438 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income | $247,403 | $153,192 | $68,371 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Accretion of discount—Asset Retirement Obligation | 761 | 717 | 698 |
Depletion, depreciation and amortization | 265,431 | 118,880 | 90,749 |
Stock-based compensation expense | 8,916 | 6,297 | 2,813 |
Gain from equity investments | -54,171 | -212,714 | -8,322 |
Gain on contribution of investments | -84,470 | 0 | 0 |
Interest income - note receivable | -46 | -26 | -2 |
Unrealized (gain) loss on derivative instruments | -121,148 | 18,189 | 144 |
Deferred income tax expense | 122,917 | 84,951 | 24,120 |
Amortization of loan commitment fees | 1,685 | 1,012 | 640 |
Amortization of note discount and premium | -533 | 298 | 59 |
Write off of loan commitment fees | 0 | 0 | 1,143 |
Loss on disposal of assets | 0 | 0 | 5,702 |
Gain on sale of assets | 0 | 0 | -7,300 |
Changes in operating assets and liabilities: | |||
(Increase) decrease in accounts receivable | -45,034 | -33,209 | 2,404 |
Decrease (increase) in accounts receivable—related party | 2,571 | 32,231 | -30,117 |
Increase in prepaid expenses | -1,133 | -1,075 | -179 |
Increase in other assets | 0 | -4,523 | 0 |
Increase in accounts payable and accrued liabilities | 73,925 | 29,310 | 50,506 |
Settlement of asset retirement obligation | -7,201 | -2,465 | -2,271 |
Net cash provided by operating activities | 409,873 | 191,065 | 199,158 |
Cash flows from investing activities: | |||
Deductions to cash held in escrow | 8 | 8 | 8 |
Additions to other property and equipment | -7,030 | -2,322 | -638 |
Additions to oil and gas properties | -1,329,277 | -808,183 | -757,192 |
Proceeds from sale of other property and equipment | 0 | 113 | 140 |
Proceeds from sale of oil and gas properties | 4,404 | 0 | 63,590 |
Repayments (advances) on note receivable to related party | 875 | -875 | 0 |
Proceeds from sale of investments | 258,362 | 192,737 | 0 |
Contributions to equity method investments | -63,999 | -47,014 | -147,307 |
Distributions from equity method investments | 0 | 1,276 | 820 |
Net cash used in investing activities | -1,136,657 | -664,260 | -840,579 |
Cash flows from financing activities: | |||
Principal payments on borrowings | -115,690 | -149 | -158,639 |
Borrowings on line of credit | 215,000 | 158,500 | |
Proceeds from bond issuance | 318,000 | 0 | 296,835 |
Debt issuance costs and loan commitment fees | -7,831 | -1,283 | -9,175 |
Proceeds from issuance of common stock, net of offering costs | 689 | 766,495 | 427,091 |
Net cash provided by financing activities | 410,168 | 765,063 | 714,612 |
Net (decrease) increase in cash and cash equivalents | -316,616 | 291,868 | 73,191 |
Cash and cash equivalents at beginning of period | 458,956 | 167,088 | 93,897 |
Cash and cash equivalents at end of period | 142,340 | 458,956 | 167,088 |
Supplemental disclosure of cash flow information: | |||
Interest payments | 28,646 | 24,280 | 1,461 |
Income tax payments | 23,800 | 2,761 | 261 |
Supplemental disclosure of non-cash transactions: | |||
Capitalized stock based compensation | 5,944 | 4,198 | 1,875 |
Asset retirement obligation capitalized | 9,295 | 3,556 | 2,195 |
Interest capitalized | 9,687 | 7,132 | 0 |
Foreign currency translation (loss) gain on investment in Grizzly Oil Sands ULC | $16,894 | ($12,223) | $1,355 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Accounting Policies [Abstract] | ||||
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||
Business | ||||
Gulfport Energy Corporation (“Gulfport” or the “Company”) is an independent oil and gas exploration, development and production company with its principal properties located in the Utica Shale primarily in Eastern Ohio, along the Louisiana Gulf Coast and in Western Colorado in the Niobrara Formation, and has investments in companies operating in the United States, Canada and Thailand. | ||||
Cash and Cash Equivalents | ||||
The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents for purposes of the statement of cash flows. | ||||
Principles of Consolidation | ||||
The consolidated financial statements include the Company and its wholly owned subsidiaries, Grizzly Holdings Inc., Jaguar Resources LLC, Gator Marine, Inc., Gator Marine Ivanhoe, Inc., Westhawk Minerals LLC and Puma Resources, Inc. All intercompany balances and transactions are eliminated in consolidation. | ||||
Accounts Receivable | ||||
The Company’s accounts receivable—oil and gas primarily are from companies in the oil and gas industry. The majority of its receivables are from three purchasers of the Company’s oil and gas and receivables from joint interest owners on properties the Company operates. Credit is extended based on evaluation of a customer’s payment history and, generally, collateral is not required. Accounts receivable are due within 30 days and are stated at amounts due from customers, net of an allowance for doubtful accounts when the Company believes collection is doubtful. Accounts outstanding longer than the contractual payment terms are considered past due. The Company determines its allowance by considering a number of factors, including the length of time accounts receivable are past due, the Company’s previous loss history, the customer’s current ability to pay its obligation to the Company, amounts which may be obtained by an offset against production proceeds due the customer and the condition of the general economy and the industry as a whole. The Company writes off specific accounts receivable when they become uncollectible, and payments subsequently received on such receivables are credited to the allowance for doubtful accounts. No allowance was deemed necessary at December 31, 2014 and December 31, 2013. | ||||
Oil and Gas Properties | ||||
The Company uses the full cost method of accounting for oil and gas operations. Accordingly, all costs, including nonproductive costs and certain general and administrative costs directly associated with acquisition, exploration and development of oil and gas properties, are capitalized. Under the full cost method of accounting, the Company is required to perform a ceiling test each quarter. The test determines a limit, or ceiling, on the book value of the oil and gas properties. Net capitalized costs are limited to the lower of unamortized cost net of deferred income taxes or the cost center ceiling. The cost center ceiling is defined as the sum of (a) estimated future net revenues, discounted at 10% per annum, from proved reserves, based on the 12-month unweighted average of the first-day-of-the-month price for 2014, 2013 and 2012, adjusted for any contract provisions or financial derivatives, if any, that hedge the Company’s oil and natural gas revenue, and excluding the estimated abandonment costs for properties with asset retirement obligations recorded on the balance sheet, (b) the cost of properties not being amortized, if any, and (c) the lower of cost or market value of unproved properties included in the cost being amortized, including related deferred taxes for differences between the book and tax basis of the oil and natural gas properties. If the net book value, including related deferred taxes, exceeds the ceiling, an impairment or noncash writedown is required. | ||||
Such capitalized costs, including the estimated future development costs and site remediation costs of proved undeveloped properties are depleted by an equivalent units-of-production method, converting barrels to gas at the ratio of one barrel of oil to six Mcf of gas. No gain or loss is recognized upon the disposal of oil and gas properties, unless such dispositions significantly alter the relationship between capitalized costs and proven oil and gas reserves. Oil and gas properties not subject to amortization consist of the cost of unproved leaseholds and totaled $1.5 billion and $1.0 billion at December 31, 2014 and December 31, 2013, respectively. These costs are reviewed quarterly by management for impairment. If impairment has occurred, the portion of cost in excess of the current value is transferred to the cost of oil and gas properties subject to amortization. Factors considered by management in its impairment assessment include drilling results by Gulfport and other operators, the terms of oil and gas leases not held by production, and available funds for exploration and development. | ||||
The Company accounts for its abandonment and restoration liabilities under FASB ASC Topic 410, “Asset Retirement and Environmental Obligations” (“FASB ASC 410”), which requires the Company to record a liability equal to the fair value of the estimated cost to retire an asset. The asset retirement liability is recorded in the period in which the obligation meets the definition of a liability, which is generally when the asset is placed into service. When the liability is initially recorded, the Company increases the carrying amount of oil and natural gas properties by an amount equal to the original liability. The liability is accreted to its present value each period, and the capitalized cost is included in capitalized costs and depreciated consistent with depletion of reserves. Upon settlement of the liability or the sale of the well, the liability is reversed. These liability amounts may change because of changes in asset lives, estimated costs of abandonment or legal or statutory remediation requirements. | ||||
Other Property and Equipment | ||||
Depreciation of other property and equipment is provided on a straight-line basis over the estimated useful lives of the related assets, which range from 3 to 30 years. | ||||
Foreign Currency | ||||
The U.S. dollar is the functional currency for Gulfport’s consolidated operations. However, the Company has an equity investment in a Canadian entity whose functional currency is the Canadian dollar. The assets and liabilities of the Canadian investment are translated into U.S. dollars based on the current exchange rate in effect at the balance sheet dates. Canadian income and expenses are translated at average rates for the periods presented and equity contributions are translated at the current exchange rate in effect at the date of the contribution. Translation adjustments have no effect on net income and are included in accumulated other comprehensive income in stockholders’ equity. The following table presents the balances of the Company’s cumulative translation adjustments included in accumulated other comprehensive income (loss). | ||||
(In thousands) | ||||
December 31, 2011 | $ | 1,087 | ||
December 31, 2012 | $ | 2,442 | ||
December 31, 2013 | $ | (9,781 | ) | |
31-Dec-14 | $ | (26,675 | ) | |
Net Income per Common Share | ||||
Basic net income per common share is computed by dividing income attributable to common stock by the weighted average number of common shares outstanding for the period. Diluted net income per common share reflects the potential dilution that could occur if options or other contracts to issue common stock were exercised or converted into common stock. Potential common shares are not included if their effect would be anti-dilutive. Calculations of basic and diluted net income per common share are illustrated in Note 12. | ||||
Income Taxes | ||||
Gulfport uses the asset and liability method of accounting for income taxes, under which deferred tax assets and liabilities are recognized for the future tax consequences of (1) temporary differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities and (2) operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are based on enacted tax rates applicable to the future period when those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income during the period the rate change is enacted. Deferred tax assets are recognized as income in the year in which realization becomes determinable. A valuation allowance is provided for deferred tax assets when it is more likely than not the deferred tax assets will not be realized. | ||||
The Company is subject to U.S. federal income tax as well as income tax of multiple jurisdictions. The Company’s 1999 – 2014 U.S. federal and state income tax returns remain open to examination by tax authorities, due to net operating losses. As of December 31, 2014, the Company has no unrecognized tax benefits that would have a material impact on the effective rate. The Company recognizes interest and penalties related to income tax matters as interest expense and general and administrative expenses, respectively. For the year ended December 31, 2014, there is no interest or penalties associated with uncertain tax positions in the Company’s consolidated financial statements. | ||||
Revenue Recognition | ||||
Natural gas revenues are recorded in the month produced and delivered to the purchaser using the entitlement method, whereby any production volumes received in excess of the Company’s ownership percentage in the property are recorded as a liability. If less than Gulfport’s entitlement is received, the underproduction is recorded as a receivable. At December 31, 2014 and 2013, the Company had no gas imbalance liability. Oil revenues are recognized when ownership transfers, which occurs in the month produced. | ||||
Investments—Equity Method | ||||
Investments in entities in which the Company owns an equity interest greater than 20% and less than 50% and/or investments in which it has significant influence are accounted for under the equity method. Under the equity method, the Company’s share of investees’ earnings or loss is recognized in the statement of operations. In accordance with FASB ASC 825, "Financial Instruments," the Company has elected the fair value option of accounting for its equity method investment in the common stock of Diamondback Energy Inc. ("Diamondback"). At the end of each reporting period, the quoted closing market price of Diamondback's common stock is multiplied by the total shares owned by the Company and the resulting gain or loss is recognized in income from equity method investments in the consolidated statements of operations. As of December 31, 2014, the Company did not own any shares of Diamondback's common stock. | ||||
The Company reviews its investments annually to determine if a loss in value which is other than a temporary decline has occurred. If such loss has occurred, the Company recognizes an impairment provision. There was no impairment of equity method investments at December 31, 2013. At December 31, 2014, the Company recognized an impairment of $12.1 million related to its investment in Tatex Thailand III, LLC. See Note 5 for further discussion of this impairment. | ||||
Accounting for Stock-Based Compensation | ||||
The Company accounts for stock-based compensation in accordance with the provisions of FASB ASC Topic 718, “Compensation—Stock Compensation” (“FASB ASC 718”). FASB ASC 718 requires share-based payments to employees, including grants of employee stock options and restricted stock, to be recognized as equity or liabilities at the fair value on the date of grant and to be expensed over the applicable vesting period. The vesting periods for the options range between three to five years and have a maximum contractual term of ten years. The vesting periods for restricted shares range between one to five years with either quarterly or annual vesting installments. | ||||
Accounting for Derivative Instruments and Hedging Activities | ||||
The Company may seek to reduce its exposure to unfavorable changes in oil and natural gas prices by utilizing energy swaps and collars. The Company follows the provisions of FASB ASC 815, “Derivatives and Hedging” (“FASB ASC 815”) as amended. It requires that all derivative instruments be recognized as assets or liabilities in the balance sheet, measured at fair value. | ||||
The Company estimates the fair value of all derivative instruments using established index prices and other sources. These values are based upon, among other things, futures prices, correlation between index prices and the Company’s realized prices, time to maturity and credit risk. The values reported in the consolidated financial statements change as these estimates are revised to reflect actual results, changes in market conditions or other factors. | ||||
The accounting for changes in the fair value of a derivative depends on the intended use of the derivative and the resulting designation. Designation is established at the inception of a derivative, but re-designation is permitted. For derivatives designated as cash flow hedges and meeting the effectiveness guidelines of FASB ASC 815, changes in fair value are recognized in accumulated other comprehensive income until the hedged item is recognized in earnings. Hedge effectiveness is measured at least quarterly based on the relative changes in fair value between the derivative contract and the hedged item over time. Any change in fair value resulting from ineffectiveness is recognized immediately in earnings. | ||||
Use of Estimates | ||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and revenues and expenses during the reporting period. Actual results could differ materially from those estimates. Significant estimates with regard to these financial statements include the estimate of proved oil and gas reserve quantities and the related present value of estimated future net cash flows there from, the amount and timing of asset retirement obligations, the realization of deferred tax assets and the realization of future net operating loss carryforwards available as reductions of income tax expense. The estimate of the Company’s oil and gas reserves is used to compute depletion, depreciation, amortization and impairment of oil and gas properties. | ||||
Reclassification | ||||
Certain reclassifications have been made to prior period financial statements to conform to current period presentation. | ||||
Recent Accounting Pronouncements | ||||
In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360) - Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU 2014-08 changes the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other material disposal transactions that do not meet the revised definition of a discontinued operation. Under the updated standard, a disposal of a component or group of components of an entity is required to be reported as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the component or group of components of the entity (1) has been disposed of by a sale, (2) has been disposed of other than by sale or (3) is classified as held for sale. The ASU is effective for annual and interim periods beginning after December 15, 2014, however, early adoption is permitted. The Company early adopted this ASU on a prospective basis beginning with the second quarter of 2014. The adoption did not have a material impact on the Company’s consolidated financial statements. | ||||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. The core principle of the new standard is for the recognition of revenue to depict the transfer of goods or services to customers in amounts that reflect the payment to which the company expects to be entitled in exchange for those goods or services. The new standard will also result in enhanced revenue disclosures, provide guidance for transactions that were not previously addressed comprehensively and improve guidance for multiple-element arrangements. The ASU is effective for annual periods beginning after December 15, 2016, and interim periods within those years, using either a full or a modified retrospective application approach. The Company is in the process of evaluating the impact on its consolidated financial statements. | ||||
In August 2014, the FASB issued ASU No. 2014-15, "Presentation of Financial Statements - Going Concern (Subtopic 205-40)." The new guidance addresses management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and in certain circumstances to provide related footnote disclosures. The standard is effective for the annual period ending after December 15, 2016 and for annual and interim periods thereafter. Early adoption is permitted. The Company does not believe that the adoption of this guidance will have a material impact on its consolidated financial statements. | ||||
In February 2013, the FASB issued ASU No. 2013-02, "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income," which requires additional information about amounts reclassified out of accumulated other comprehensive income by component. This ASU requires the presentation, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, a cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. The requirements of this ASU are effective prospectively for reporting periods beginning after December 15, 2012 with early adoption permitted. Adoption of the provisions of this ASU did not have a material effect on the Company's consolidated financial statements. | ||||
In May 2011, the FASB issued ASU No. 2011-04, “Fair Value Measurement: Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS,” which provides amendments to FASB ASC Topic 820, “Fair Value Measurements and Disclosure” (“FASB ASC 820”). The purpose of the amendments in this update is to create common fair value measurement and disclosure requirements between GAAP and IFRS. The amendments change certain fair value measurement principles and enhance the disclosure requirements. The amendments to FASB ASC 820 were effective for interim and annual periods beginning after December 15, 2011. Adoption of this ASU had no impact on the Company's financial position or results of operations. | ||||
In June 2011, the FASB issued ASU 2011-05, “Comprehensive Income: Presentation of Comprehensive Income,” which provides amendments to FASB ASC Topic 220, “Comprehensive Income” (“FASB ASC 220”). The purpose of the amendments in this update is to provide a more consistent method of presenting non-owner transactions that affect an entity’s equity. The amendments eliminate the option to report other comprehensive income and its components in the statement of changes in stockholders’ equity and require an entity to present the total of comprehensive income, the components of net income and the components of other comprehensive income either in a single continuous statement or in two separate but consecutive statements. The amendments to FASB ASC 220 were effective for interim and annual periods beginning after December 15, 2011 and should be applied retrospectively. The Company adopted this ASU for reporting periods in 2012 and reports the components of net income and the components of other comprehensive income in two separate but consecutive statements. Adoption of this ASU had no impact on the Company's financial position or results of operations. |
Acquisitions
Acquisitions | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Business Combinations [Abstract] | |||||
Acquisitions | ACQUISITIONS | ||||
Beginning in February 2011, the Company entered into agreements to acquire certain leasehold interests located in the Utica Shale in Ohio. Certain of the agreements also granted the Company an exclusive right of first refusal for a period of six months to acquire certain additional tracts leased by the seller. Certain entities that, at the time, were affiliates of Gulfport initially participated with the Company on a 50/50 basis in the acquisition of all leases described above. On December 17, 2012, Gulfport entered into a definitive agreement with one of the affiliates to purchase approximately 30,000 net acres in the Utica Shale for approximately $302.0 million. On December 19, 2012, the parties amended that agreement to provide for Gulfport's acquisition of approximately 7,000 additional net acres for approximately $70.0 million, resulting in a total purchase price of approximately $372.0 million, subject to certain adjustments. This transaction closed on December 24, 2012. At closing, approximately $53.9 million of the purchase price was placed in escrow pending completion of title review after the closing. Gulfport funded this acquisition with a portion of the net proceeds from its common stock offering that closed on December 24, 2012 (with a second closing for the underwriters' purchase of 900,000 shares pursuant to their over-allotment option on January 7, 2013). The Company received aggregate net proceeds of approximately $460.7 million from this equity offering, as discussed below in Note 8. | |||||
On February 15, 2013, the Company completed an acquisition of approximately 22,000 net acres in the Utica Shale. The purchase price was approximately $220.0 million, subject to certain adjustments. At closing, approximately $33.6 million of the purchase price was placed in escrow pending completion of title review after the closing. Gulfport funded this acquisition with a portion of the net proceeds from its common stock offering that closed on February 15, 2013. The Company received aggregate net proceeds of approximately $325.8 million from this equity offering. All of the acreage included in these transactions was nonproducing at the time of the applicable transaction and the Company is the operator of all of this acreage, subject to existing development and operating agreements between the parties. These acquisitions excluded the seller's interest in 14 existing wells and 16 proposed future wells together with certain acreage surrounding these wells. | |||||
In May 2013, both escrow accounts terminated and an aggregate of $10.0 million was returned to the Company. The balance of the escrow accounts was distributed to the seller based on the results of the title review. | |||||
In February 2014, the Company entered into a definitive agreement with Rhino Exploration LLC ("Rhino") to acquire additional oil and natural gas properties consisting of approximately 8,000 net acres in the Utica Shale, as well as Rhino's interest in all of the producing wells on this acreage (the "Rhino Acquisition"). The Company purchased approximately $182.0 million ($179.5 million net of purchase price adjustments) of these assets in 2014. The Company recognized $6.4 million of net revenues and $1.0 million of lease operating expenses as a result of the Rhino Acquisition from the closing date of March 20, 2014 through December 31, 2014, which is included in the accompanying consolidated statements of operations. | |||||
The Rhino Acquisition qualified as a business combination for accounting purposes and, as such, the Company estimated the fair value of the acquired properties as of the March 20, 2014 acquisition date. The fair value of the assets and liabilities acquired was estimated using assumptions that represent Level 3 inputs. See "Note 14 - Fair Value Measurements" for additional discussion of the measurement inputs. | |||||
The Company estimated that the consideration paid in the Rhino Acquisition for these properties approximated the fair value that would be paid by a typical market participant. As a result, no goodwill or bargain purchase gain was recognized in conjunction with the purchase. | |||||
The following table summarizes the consideration paid in the Rhino Acquisition to acquire the properties and the fair value amount of the assets acquired as of March 20, 2014. | |||||
(in thousands) | |||||
Consideration paid | |||||
Cash, net of purchase price adjustments | $ | 179,527 | |||
Fair value of identifiable assets acquired | |||||
Oil and natural gas properties | |||||
Proved | $ | 31,961 | |||
Unproved | 6,263 | ||||
Unevaluated | 141,303 | ||||
Fair value of net identifiable assets acquired | $ | 179,527 | |||
Accounts_Receivable_Related_Pa
Accounts Receivable - Related Parties | 12 Months Ended |
Dec. 31, 2014 | |
Receivables [Abstract] | |
Accounts Receivable - Related Parties | ACCOUNTS RECEIVABLE—RELATED PARTIES |
Included in the accompanying consolidated balance sheets as of December 31, 2014 and 2013 are amounts receivable from related parties of the Company. At December 31, 2013, these receivables totaled $2.6 million. At December 31, 2014, the amount of related party receivables was immaterial. |
Property_And_Equipment
Property And Equipment | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||||||||||
Property And Equipment | PROPERTY AND EQUIPMENT | |||||||||||||||||||
The major categories of property and equipment and related accumulated depletion, depreciation, amortization and impairment as of December 31, 2014 and 2013 are as follows: | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Oil and natural gas properties | $ | 3,923,154 | $ | 2,477,178 | ||||||||||||||||
Office furniture and fixtures | 10,752 | 6,093 | ||||||||||||||||||
Building | 5,398 | 4,626 | ||||||||||||||||||
Land | 2,194 | 412 | ||||||||||||||||||
Total property and equipment | 3,941,498 | 2,488,309 | ||||||||||||||||||
Accumulated depletion, depreciation, amortization and impairment | (1,050,879 | ) | (784,717 | ) | ||||||||||||||||
Property and equipment, net | $ | 2,890,619 | $ | 1,703,592 | ||||||||||||||||
No impairment of oil and natural gas properties was required under the ceiling test for the years ended December 31, 2014, 2013 or 2012. | ||||||||||||||||||||
Included in oil and natural gas properties at December 31, 2014 and 2013 is the cumulative capitalization of $72.7 million and $47.5 million in general and administrative costs incurred and capitalized to the full cost pool. General and administrative costs capitalized to the full cost pool represent management’s estimate of costs incurred directly related to exploration and development activities such as geological and other administrative costs associated with overseeing the exploration and development activities. All general and administrative costs not directly associated with exploration and development activities were charged to expense as they were incurred. Capitalized general and administrative costs were approximately $25.2 million, $14.9 million and $9.1 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||
The following is a summary of Gulfport’s oil and gas properties not subject to amortization as of December 31, 2014: | ||||||||||||||||||||
Costs Incurred in | ||||||||||||||||||||
2014 | 2013 | 2012 | Prior to 2012 | Total | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Acquisition costs | $ | 405,226 | $ | 323,515 | $ | 459,151 | $ | 93,864 | $ | 1,281,756 | ||||||||||
Exploration costs | — | — | — | — | — | |||||||||||||||
Development costs | 173,693 | 1,801 | 506 | — | 176,000 | |||||||||||||||
Capitalized interest | 5,204 | 2,578 | — | — | 7,782 | |||||||||||||||
Total oil and gas properties not subject to amortization | $ | 584,123 | $ | 327,894 | $ | 459,657 | $ | 93,864 | $ | 1,465,538 | ||||||||||
The following table summarizes the Company’s non-producing properties excluded from amortization by area at December 31, 2014: | ||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Colorado | $ | 5,127 | ||||||||||||||||||
Bakken | 96 | |||||||||||||||||||
Southern Louisiana | 145 | |||||||||||||||||||
Ohio | 1,460,125 | |||||||||||||||||||
Other | 45 | |||||||||||||||||||
$ | 1,465,538 | |||||||||||||||||||
At December 31, 2013, approximately $1.0 billion of non-producing leasehold costs was not subject to amortization. | ||||||||||||||||||||
During the year ended December 31, 2012, the Company determined that further development of its non-producing leasehold assets located in Belize was not in alignment with its strategic operating plan and, therefore, recognized a loss on disposal of assets, net of tax, of approximately $3.5 million which is included in discontinued operations on the accompanying consolidated statements of operations for the year ended December 31, 2012. | ||||||||||||||||||||
The Company evaluates the costs excluded from its amortization calculation at least annually. Subject to industry conditions and the level of the Company’s activities, the inclusion of most of the above referenced costs into the Company’s amortization calculation is expected to occur within three to five years. | ||||||||||||||||||||
A reconciliation of the Company's asset retirement obligation for the years ended December 31, 2014 and 2013 is as follows: | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Asset retirement obligation, beginning of period | $ | 15,083 | $ | 13,275 | ||||||||||||||||
Liabilities incurred | 9,295 | 3,556 | ||||||||||||||||||
Liabilities settled | (7,201 | ) | (2,465 | ) | ||||||||||||||||
Accretion expense | 761 | 717 | ||||||||||||||||||
Asset retirement obligation as of end of period | 17,938 | 15,083 | ||||||||||||||||||
Less current portion | 75 | 795 | ||||||||||||||||||
Asset retirement obligation, long-term | $ | 17,863 | $ | 14,288 | ||||||||||||||||
On May 7, 2012, the Company entered into a contribution agreement with Diamondback. Under the terms of the contribution agreement, the Company agreed to contribute to Diamondback, prior to the closing of the Diamondback initial public offering (“Diamondback IPO”), all its oil and natural gas interests in the Permian Basin (the "Contribution"). The Contribution was completed on October 11, 2012. At the closing of the Contribution, Diamondback issued to the Company (i) 7,914,036 shares of Diamondback common stock and (ii) a promissory note for $63.6 million, which was repaid to the Company at the closing of the Diamondback IPO on October 17, 2012. This aggregate consideration was subject to a post-closing cash adjustment based on changes in the working capital, long-term debt and certain other items of Diamondback O&G LLC, formerly Windsor Permian LLC ("Diamondback O&G"), as of the date of the Contribution. In January 2013, the Company received an additional payment from Diamondback of approximately $18.6 million as a result of this post-closing adjustment. Diamondback O&G is a wholly-owned subsidiary of Diamondback. Under the contribution agreement, the Company is generally responsible for all liabilities and obligations with respect to the contributed properties arising prior to the Contribution and Diamondback is responsible for such liabilities and obligations with respect to the contributed properties arising after the Contribution. | ||||||||||||||||||||
In accordance with the Company's policy under the full cost method of accounting to only recognize a gain or loss upon the disposal of oil and natural gas properties if such dispositions significantly alter the relationship between capitalized costs and proven oil and natural gas reserves, the Company recognized a gain on the sale of its Permian Basin assets of approximately $7.3 million, which is included in the accompanying consolidated statements of operations for the year ended December 31, 2012. In addition, the Company recorded a reduction to its full cost pool of approximately $213.0 million as a result of the Contribution. | ||||||||||||||||||||
In connection with the Contribution, the Company and Diamondback entered into an investor rights agreement under which the Company had the right, for so long as it beneficially owned more than 10% of Diamondback’s outstanding common stock, to designate one individual as a nominee to serve on Diamondback’s board of directors. Such nominee, if elected to Diamondback’s board, would also serve on each committee of the board so long as he or she satisfied the independence and other requirements for service on the applicable committee of the board. So long as the Company had the right to designate a nominee to Diamondback’s board and there was no Gulfport nominee actually serving as a Diamondback director, the Company had the right to appoint one individual as an advisor to the board who would be entitled to attend board and committee meetings. The Company was also entitled to certain information rights and Diamondback granted the Company certain demand and “piggyback” registration rights obligating Diamondback to register with the SEC any shares of Diamondback common stock that the Company owns. Immediately upon completion of the Contribution, the Company owned a 35% equity interest in Diamondback, rather than leasehold interests in the Company’s Permian Basin acreage. Upon completion of the Diamondback IPO in October 2012, Gulfport owned approximately 21.4% of Diamondback's outstanding common stock. Following the Contribution, the Company has accounted for its interest in Diamondback as an equity investment. In November 2014, the Company sold all of the remaining shares of Diamondback common stock that it received in the Contribution and, as of December 31, 2014, Gulfport did not own any shares of Diamondback's common stock. See Note 5, "Equity Investments - Diamondback Energy, Inc." |
Equity_Investments
Equity Investments | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||
Equity Investments | EQUITY INVESTMENTS | ||||||||||||||||||||
Investments accounted for by the equity method consist of the following as of December 31, 2014 and 2013: | |||||||||||||||||||||
Carrying Value | (Income) loss from equity method investments | ||||||||||||||||||||
Approximate Ownership % | December 31, | For the Year Ended December 31, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2012 | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Investment in Tatex Thailand II, LLC | 23.5 | % | $ | — | $ | — | $ | (475 | ) | $ | (343 | ) | $ | 7 | |||||||
Investment in Tatex Thailand III, LLC | 17.9 | % | — | 10,774 | 12,408 | 254 | 251 | ||||||||||||||
Investment in Grizzly Oil Sands ULC | 24.9999 | % | 180,218 | 191,473 | 13,159 | 2,999 | 1,512 | ||||||||||||||
Investment in Bison Drilling and Field Services LLC | — | % | — | 12,318 | 213 | 3,533 | 373 | ||||||||||||||
Investment in Muskie Proppant LLC | — | % | — | 7,544 | 371 | 1,975 | 1,031 | ||||||||||||||
Investment in Timber Wolf Terminals LLC | 50 | % | 1,013 | 1,001 | 9 | (6 | ) | 122 | |||||||||||||
Investment in Windsor Midstream LLC | 22.5 | % | 13,505 | 10,632 | (477 | ) | (1,125 | ) | (663 | ) | |||||||||||
Investment in Stingray Pressure Pumping LLC | — | % | — | 19,624 | 2,027 | (818 | ) | 1,235 | |||||||||||||
Investment in Stingray Cementing LLC | 50 | % | 2,647 | 3,291 | 344 | 93 | 159 | ||||||||||||||
Investment in Blackhawk Midstream LLC | — | % | — | — | (84,787 | ) | 673 | 436 | |||||||||||||
Investment in Stingray Logistics LLC | 50 | % | — | 903 | (464 | ) | 51 | 36 | |||||||||||||
Investment in Diamondback Energy, Inc. | — | % | — | 178,708 | (79,654 | ) | (220,129 | ) | (12,821 | ) | |||||||||||
Investment in Stingray Energy Services LLC | 50 | % | 5,718 | 3,800 | (88 | ) | (215 | ) | — | ||||||||||||
Investment in Sturgeon Acquisitions LLC | 25 | % | 22,507 | — | (1,819 | ) | — | — | |||||||||||||
Investment in Mammoth Energy Partners LP | 30.5 | % | 143,973 | — | (201 | ) | — | — | |||||||||||||
$ | 369,581 | $ | 440,068 | $ | (139,434 | ) | $ | (213,058 | ) | $ | (8,322 | ) | |||||||||
The tables below summarize financial information for the Company's equity investments, excluding Diamondback, as of December 31, 2014 and 2013. | |||||||||||||||||||||
Summarized balance sheet information: | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Current assets | $ | 181,060 | $ | 84,107 | |||||||||||||||||
Noncurrent assets | $ | 1,306,891 | $ | 1,107,579 | |||||||||||||||||
Current liabilities | $ | 114,506 | $ | 112,406 | |||||||||||||||||
Noncurrent liabilities | $ | 230,062 | $ | 110,095 | |||||||||||||||||
Summarized results of operations: | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Gross revenue | $ | 390,620 | $ | 162,401 | $ | 39,918 | |||||||||||||||
Net loss | $ | 140,796 | $ | 17,350 | $ | 1,943 | |||||||||||||||
Gross revenue and net loss presented above include approximately one month of activity for Mammoth Energy Partners LP ("Mammoth") and approximately eleven months of activity for Stingray Pressure Pumping LLC, Stingray Logistics LLC, Muskie Proppant LLC and Bison Drilling and Field Services LLC, which were contributed to Mammoth in November 2014. See further discussion of the contribution to Mammoth below. | |||||||||||||||||||||
Tatex Thailand II, LLC | |||||||||||||||||||||
The Company has an indirect ownership interest in Tatex Thailand II, LLC (“Tatex”). Tatex holds 85,122 of the 1,000,000 outstanding shares of APICO, LLC (“APICO”), an international oil and gas exploration company. APICO has a reserve base located in Southeast Asia through its ownership of concessions covering approximately 243,000 acres which includes the Phu Horm Field. During the year ended December 31, 2014, Gulfport received $0.5 million in distributions from Tatex which is included in income from equity method investments in the consolidated statements of operations. | |||||||||||||||||||||
Tatex Thailand III, LLC | |||||||||||||||||||||
The Company has an ownership interest in Tatex Thailand III, LLC ("Tatex III"). Tatex III owns a concession covering approximately 245,000 acres in Southeast Asia. During the years ended December 31, 2014 and 2013, the Company paid cash calls of $1.6 million and $2.4 million, respectively. As of December 31, 2014, the Company reviewed its investment in Tatex III and made the decision to allow the concession to expire in 2015. As such, the Company fully impaired the asset as of December 31, 2014, recognizing a loss of $12.1 million which is included in income from equity method investments in the accompanying consolidated statements of operations. | |||||||||||||||||||||
Grizzly Oil Sands ULC | |||||||||||||||||||||
The Company, through its wholly owned subsidiary Grizzly Holdings Inc. ("Grizzly Holdings"), owns an interest in Grizzly Oil Sands ULC ("Grizzly"), a Canadian unlimited liability company. The remaining interest in Grizzly is owned by Grizzly Oil Sands Inc. ("Oil Sands"). As of December 31, 2014, Grizzly had approximately 830,000 acres under lease in the Athabasca and Peace River oil sands regions of Alberta, Canada. Initiation of steam injection at its first project, Algar Lake Phase 1, commenced in January 2014 and first bitumen production was achieved during the second quarter of 2014. During the years ended December 31, 2014 and 2013, Gulfport paid $18.8 million and $33.9 million, respectively, in cash calls. Grizzly’s functional currency is the Canadian dollar. The Company's investment in Grizzly was decreased by $16.9 million and $12.2 million as a result of a foreign currency translation loss for the years ended December 31, 2014 and 2013, respectively, and increased by $1.4 million as a result of a foreign currency translation gain for the year ended December 31, 2012. | |||||||||||||||||||||
Bison Drilling and Field Services LLC | |||||||||||||||||||||
During 2011, the Company invested in Bison Drilling and Field Services LLC (“Bison”). Bison owns and operates drilling rigs. During the years ended December 31, 2014 and 2013, Gulfport paid $17.0 million and $2.3 million, respectively, in cash calls. | |||||||||||||||||||||
The Company entered into a loan agreement with Bison effective May 15, 2012. Interest accrued at LIBOR plus 0.28% or 8%, whichever was lower, and was to be paid on a paid-in-kind basis by increasing the outstanding balance of the loan. The loan had a maturity date of January 31, 2015. The Company loaned Bison $1.6 million during the first nine months of 2012, all of which was repaid by Bison during the third quarter of 2012. This loan agreement was terminated in November 2014. | |||||||||||||||||||||
The Company contributed its investment in Bison to Mammoth during the fourth quarter of 2014. See below under Mammoth Energy Partners LP for discussion of contribution. | |||||||||||||||||||||
Muskie Proppant LLC | |||||||||||||||||||||
During 2011, the Company invested in Muskie Proppant LLC (“Muskie”). Muskie processes and sells sand for use in hydraulic fracturing by the oil and natural gas industry and holds certain rights in a lease covering land in Wisconsin for mining oil and natural gas fracture grade sand. During the years ended December 31, 2014 and 2013, Gulfport paid $1.0 million and $2.2 million, respectively, in cash calls to Muskie. | |||||||||||||||||||||
The Company entered into a loan agreement with Muskie effective July 1, 2013, under which it loaned Muskie $0.9 million. Interest accrued at the prime rate plus 2.5%. The loan had a original maturity date of July 31, 2014. Effective July 31, 2014, an amendment was made to the loan agreement which changed the maturity date of the loan to July 31, 2015. During the fourth quarter of 2014, Muskie repaid the outstanding balance and the loan agreement was terminated. | |||||||||||||||||||||
The Company contributed its investment in Muskie to Mammoth during the fourth quarter of 2014. See below under Mammoth Energy Partners LP for discussion of contribution. | |||||||||||||||||||||
Timber Wolf Terminals LLC | |||||||||||||||||||||
During 2012, the Company invested in Timber Wolf Terminals LLC (“Timber Wolf”). The Company's initial investment during 2012 was $1.0 million. Timber Wolf will operate a crude/condensate terminal and a sand transloading facility in Ohio. During the year ended December 31, 2014, the Company paid an immaterial amount of cash calls related to Timber Wolf. During the year ended December 31, 2013, Gulfport paid $0.1 million in cash calls. | |||||||||||||||||||||
Windsor Midstream LLC | |||||||||||||||||||||
During 2012, the Company purchased an ownership interest in Windsor Midstream LLC (“Midstream”). Midstream owns a 28.4% interest in Coronado Midstream LLC ("Coronado"), a gas processing plant in West Texas. In February of 2015, Coronado announced its intent to sell its natural gas gathering and processing facilities for approximately $600.0 million. During the year ended December 31, 2014, the Company paid $2.4 million in cash calls to Midstream. During the year ended December 31, 2013, the Company paid an immaterial amount in net cash calls to Midstream. | |||||||||||||||||||||
Stingray Pressure Pumping LLC | |||||||||||||||||||||
During 2012, the Company invested in Stingray Pressure Pumping LLC ("Stingray Pressure"). Stingray Pressure provides well completion services. During the years ended December 31, 2014 and 2013, the Company paid $2.5 million and $1.8 million, respectively, in cash calls. The (income) loss from equity method investments presented in the table above reflects any intercompany profit eliminations. | |||||||||||||||||||||
The Company contributed its investment in Stingray Pressure to Mammoth during the fourth quarter of 2014. See below under Mammoth Energy Partners LP for discussion of contribution. | |||||||||||||||||||||
Stingray Cementing LLC | |||||||||||||||||||||
During 2012, the Company invested in Stingray Cementing LLC ("Stingray Cementing"). Stingray Cementing provides well cementing services. During the years ended December 31, 2014 and 2013, the Company did not pay any cash calls related to Stingray Cementing. The (income) loss from equity method investments presented in the table above reflects any intercompany profit eliminations. | |||||||||||||||||||||
Blackhawk Midstream LLC | |||||||||||||||||||||
During 2012, the Company invested in Blackhawk Midstream LLC ("Blackhawk"). Blackhawk coordinates gathering, compression, processing and marketing activities for the Company in connection with the development of its Utica Shale acreage. During the year ended December 31, 2013, the Company paid $0.7 million in cash calls related to Blackhawk. On January 28, 2014, Blackhawk closed on the sale of its equity interests in Ohio Gathering Company, LLC and Ohio Condensate Company, LLC for a purchase price of $190.0 million, of which $14.3 million was placed in escrow. Gulfport received $84.8 million in net proceeds from this transaction in 2014, which is included in income from equity method investments in the accompanying consolidated statements of operations. Subsequent to December 31, 2014, the Company received net proceeds of approximately $7.2 million from the release of escrow from the Blackhawk sale. | |||||||||||||||||||||
Stingray Logistics LLC | |||||||||||||||||||||
During 2012, the Company invested in Stingray Logistics LLC ("Stingray Logistics"). Stingray Logistics provides well services. During the years ended December 31, 2014 and 2013, the Company did not pay any cash calls related to Stingray Logistics. | |||||||||||||||||||||
The Company contributed its investment in Stingray Logistics to Mammoth during the fourth quarter of 2014. See below under Mammoth Energy Partners LP for discussion of contribution. | |||||||||||||||||||||
Diamondback Energy, Inc. | |||||||||||||||||||||
As noted above in Note 4, on October 11, 2012, following the closing of the Diamondback IPO, the Company owned 7,914,036 shares of Diamondback's outstanding common stock for an initial investment in Diamondback valued at $138.5 million. In June and November of 2013, the Company sold 2,234,536 and 2,300,000 shares of its Diamondback common stock, respectively, and received aggregate net proceeds of approximately $192.7 million. In June and September of 2014, the Company sold 1,000,000 and 1,437,500 shares of its Diamondback common stock, respectively, and received aggregate net proceeds of approximately $197.6 million. On November 12, 2014, the Company sold its remaining 942,000 shares of Diamondback common stock for net proceeds of approximately $60.8 million. As of December 31, 2014, the Company did not own any shares of Diamondback common stock. | |||||||||||||||||||||
The Company accounted for its interest in Diamondback as an equity method investment and had elected the fair value option of accounting for this investment. While the investment in Diamondback was below 20% ownership prior to November 2014, the Company had appointed a member of Diamondback's Board as discussed in Note 4. The individual appointed by the Company continues to serve on Diamondback's board and the Company had influence through this board seat. The Company recognized an aggregate gain of approximately $79.7 million, $220.1 million and $12.8 million on its investment in Diamondback for years ended December 31, 2014, 2013, and 2012, respectively, which is included in income from equity method investments in the consolidated statements of operations. | |||||||||||||||||||||
The Company has determined that for the periods presented in its consolidated financial statements, Diamondback has met the conditions of a significant subsidiary under Rule 1-02(w) of Regulation S-X, for which the Company is required, pursuant to Rule 3-09 of Regulation S-X, to attach separate financial statements as exhibits to its Annual Report on Form 10-K. | |||||||||||||||||||||
Stingray Energy Services LLC | |||||||||||||||||||||
During 2013, the Company invested in Stingray Energy Services LLC ("Stingray Energy"). Stingray Energy provides rental tools for land-based oil and natural gas drilling, completion and workover activities as well as the transfer of fresh water to wellsites. During the year ended December 31, 2014, the Company did not pay any cash calls to Stingray Energy. The (income) loss from equity method investments presented in the table above reflects any intercompany profit eliminations. | |||||||||||||||||||||
Sturgeon Acquisitions LLC | |||||||||||||||||||||
During the third quarter of 2014, the Company invested $20.7 million and received an ownership interest of 25% in Sturgeon Acquisitions LLC ("Sturgeon"). Sturgeon owns and operates sand mines that produce hydraulic fracturing grade sand. | |||||||||||||||||||||
Mammoth Energy Partners LP | |||||||||||||||||||||
In the fourth quarter of 2014, the Company contributed its investments in Stingray Pressure, Stingray Logistics, Bison and Muskie to Mammoth for a 30.5% interest in this newly formed limited partnership. Mammoth has filed a registration statement on Form S-1 with the SEC in connection with its proposed initial public offering. Mammoth intends to pursue this offering in 2015 subject to market conditions. | |||||||||||||||||||||
The Company accounted for the contribution as a sale of financial assets under ASC 860. The Company estimated the fair market value of its investment in Mammoth as of the contribution date using an average of the market approach and the income approach, based on a independently prepared valuation of the contributed assets. The fair market value was reduced by a discount factor for lack of marketability due to the Company's minority interest, resulting in a fair value of $143.5 million for the Company's 30.5% interest. The fair value of the assets and liabilities acquired was estimated using assumptions that represent Level 3 inputs. See "Note 14 - Fair Value Measurements" for additional discussion of the measurement inputs. The Company recognized a gain of $84.5 million from its contribution of assets to Mammoth, which is included in gain on contribution of investments in the accompanying consolidated statements of operations. | |||||||||||||||||||||
Other_Assets
Other Assets | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Other Assets, Noncurrent Disclosure [Abstract] | ||||||||
Other Assets | OTHER ASSETS | |||||||
Other assets consist of the following as of December 31, 2014 and 2013: | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Plugging and abandonment escrow account on the WCBB properties (Note 16) | $ | 3,097 | $ | 3,105 | ||||
Certificates of Deposit securing letter of credit | 275 | 275 | ||||||
Prepaid drilling costs | 483 | 526 | ||||||
Loan commitment fees | 15,390 | 9,341 | ||||||
Derivative receivable | — | 4,493 | ||||||
Deposits | 34 | 34 | ||||||
Other | 117 | 77 | ||||||
$ | 19,396 | $ | 17,851 | |||||
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Long-term Debt, Unclassified [Abstract] | ||||||||||||
Long-Term Debt | LONG-TERM DEBT | |||||||||||
Long-term debt consisted of the following items as of December 31, 2014 and 2013: | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||
Revolving credit agreement (1) | $ | 100,000 | $ | — | ||||||||
Building loans (2) | 1,826 | 1,995 | ||||||||||
7.75% senior unsecured notes due 2020 (3) | 600,000 | 300,000 | ||||||||||
Unamortized original issue premium (discount), net (4) | 14,658 | (2,808 | ) | |||||||||
Less: current maturities of long term debt | (168 | ) | (159 | ) | ||||||||
Debt reflected as long term | $ | 716,316 | $ | 299,028 | ||||||||
Maturities of long-term debt (excluding premiums and discounts) as of December 31, 2014 are as follows: | ||||||||||||
(In thousands) | ||||||||||||
2015 | $ | 168 | ||||||||||
2016 | 1,658 | |||||||||||
2017 | — | |||||||||||
2018 | 100,000 | |||||||||||
2019 | — | |||||||||||
Thereafter | 600,000 | |||||||||||
Total | $ | 701,826 | ||||||||||
The Company capitalized approximately $9.7 million and $7.1 million in interest expense to undeveloped oil and natural gas properties during the years ended December 31, 2014 and 2013, respectively. | ||||||||||||
(1) On September 30, 2010, the Company entered into a senior secured revolving credit agreement with the Bank of Nova Scotia as the lead arranger and administrative agent and certain lenders from time to time party thereto. On December 27, 2013, the Company amended and restated its credit agreement in its entirety (the "Amended and Restated Credit Agreement"). The Amended and Restated Credit Agreement provided for an increase in the maximum facility amount from $350.0 million to $1.5 billion, with an increase in borrowing base availability as of December 27, 2013 from $50.0 million to $150.0 million. The credit agreement is secured by substantially all of the Company's assets. The Amended and Restated Credit Agreement matures on June 6, 2018. | ||||||||||||
On April 23, 2014, the Company entered into a first amendment to the Amended and Restated Credit Agreement. The first amendment increased the letter of credit sublimit from $20.0 million to $70.0 million and provided for an increase in the borrowing base availability from $150.0 million to $275.0 million. The first amendment also made certain changes to the lenders and their respective lending commitments thereunder. | ||||||||||||
On November 26, 2014, the Company entered into a second amendment to the Amended and Restated Credit Agreement. The second amendment changed the definition of EBITDAX to exclude proceeds from the disposition of equity method investments and changed the ratio of funded debt to EBITDAX to be the ratio of net funded debt to EBITDAX. Net funded debt is funded debt less the amount of cash and short-term investments the Company has at the end of the relevant fiscal quarter. The second amendment increases the ratio from 2.00 to 1.00 to 3.50 to 1.00 for the period December 31, 2014 through June 30, 2015 and then decreases the ratio to 3.25 to 1.00 for the periods thereafter. Further, the second amendment increased the letter of credit sublimit from $70.0 million to $125.0 million and provided for an increase in the borrowing base availability from $275.0 million to $450.0 million. As of December 31, 2014, $100.0 million was outstanding under the Amended and Restated Credit Agreement. At December 31, 2014, the total availability for future borrowings under Amended and Restated Credit Agreement, after giving effect to an aggregate of $43.6 million of letters of credit, was $306.4 million. The Company's wholly-owned subsidiaries have guaranteed the obligations of the Company under the Amended and Restated Credit Agreement. | ||||||||||||
Advances under the Amended and Restated Credit Agreement may be in the form of either base rate loans or eurodollar loans. The interest rate for base rate loans is equal to (1) the applicable rate, which ranges from 0.50% to 1.50%, plus (2) the highest of: (a) the federal funds rate plus 0.50%, (b) the rate of interest in effect for such day as publicly announced from time to time by agent as its “prime rate,” and (c) the eurodollar rate for an interest period of one month plus 1.00%. The interest rate for eurodollar loans is equal to (1) the applicable rate, which ranges from 1.50% to 2.50%, plus (2) the London interbank offered rate that appears on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate for deposits in U.S. dollars, or, if such rate is not available, the rate as administered by ICE Benchmark Administration (or any other person that takes over administration of such rate) per annum equal to the offered rate on such other page or service that displays on average London interbank offered rate as determined by ICE Benchmark Administration (or any other person that takes over administration of such rate) for deposits in U.S. dollars, or, if such rate is not available, the average quotations for three major New York money center banks of whom the agent shall inquire as the “London Interbank Offered Rate” for deposits in U.S. dollars. At December 31, 2014, amounts borrowed under the Amended and Restated Credit Agreement bore interest at the Eurodollar rate (1.91%). | ||||||||||||
The Amended and Restated Credit Agreement contains customary negative covenants including, but not limited to, restrictions on the Company’s and its subsidiaries’ ability to: | ||||||||||||
•incur indebtedness; | ||||||||||||
•grant liens; | ||||||||||||
•pay dividends and make other restricted payments; | ||||||||||||
•make investments; | ||||||||||||
•make fundamental changes; | ||||||||||||
•enter into swap contracts and forward sales contracts; | ||||||||||||
•dispose of assets; | ||||||||||||
•change the nature of their business; and | ||||||||||||
•enter into transactions with affiliates. | ||||||||||||
The negative covenants are subject to certain exceptions as specified in the Amended and Restated Credit Agreement. The Amended and Restated Credit Agreement also contains certain affirmative covenants, including, but not limited to the following financial covenants: | ||||||||||||
(i) the ratio of net funded debt to EBITDAX (net income, excluding (i) any non-cash revenue or expense associated with swap contracts resulting from ASC 815 and (ii) any cash or noncash revenue or expense attributable to minority investments plus without duplication and, in the case of expenses, to the extent deducted from revenues in determining net income, the sum of (a) the aggregate amount of consolidated interest expense for such period, (b) the aggregate amount of income, franchise, capital or similar tax expense (other than ad valorem taxes) for such period, (c) all amounts attributable to depletion, depreciation, amortization and asset or goodwill impairment or writedown for such period, (d) all other non-cash charges, (e) exploration costs deducted in determining net income under successful efforts accounting, (f) actual cash distributions received from minority investments, (g) to the extent actually reimbursed by insurance, expenses with respect to liability on casualty events or business interruption, and (h) all reasonable transaction expenses related to dispositions and acquisitions of assets, investments and debt and equity offerings (provided that expenses related to any unsuccessful disposition will be limited to $3.0 million in the aggregate) for a twelve-month period may not be greater than 3.50 to 1.00 for the period December 31, 2014 through June 30, 2015 and 3.25 to 1.00 for the twelve-month period ending September 30, 2015 and periods thereafter; and | ||||||||||||
(ii) the ratio of EBITDAX to interest expense for a twelve-month period may not be less than 3.00 to 1.00. | ||||||||||||
The Company was in compliance with all covenants at December 31, 2014. | ||||||||||||
The Bank of Nova Scotia, as sole lead arranger and administrative agent of the Company's revolving credit facility, as part of the regular spring 2015 borrowing base redetermination process, informed the Company that it will be recommending to the lending syndicate an increase in the Company's borrowing base under this facility from $450.0 million to $575.0 million. The Company expects final approval and implementation of the borrowing base increase to be completed within the next 30 to 45 days by the lending syndicate. | ||||||||||||
(2) In March 2011, the Company entered into a new building loan agreement for the office building it occupies in Oklahoma City, Oklahoma. The new loan agreement refinanced the $2.4 million outstanding under the previous building loan agreement. The new agreement matures in February 2016 and bears interest at the rate of 5.82% per annum. The new building loan requires monthly interest and principal payments of approximately $22,000 and is collateralized by the Oklahoma City office building and associated land. | ||||||||||||
(3) On October 17, 2012, the Company issued $250.0 million in aggregate principal amount of October Notes to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in accordance with Regulation S under the Securities Act, (the "October Notes Offering") under an indenture among the Company, its subsidiary guarantors and Wells Fargo Bank, National Association, as the trustee, (the "senior note indenture"). On December 21, 2012, the Company issued an additional $50.0 million in aggregate principal amount of December Notes to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in accordance with Regulation S under the Securities Act ("the December Notes Offering"). The December Notes were issued as additional securities under the senior note indenture. The October Notes Offering and the December Notes Offering are collectively referred to as the "Notes Offerings". The Company used a portion of the net proceeds from the October Notes Offering to repay all amounts outstanding at such time under its revolving credit facility. The Company used the remaining net proceeds of October Notes Offering and the net proceeds of the December Notes Offering for general corporate purposes, which included funding a portion of its 2013 capital development plan. The October Notes and the December Notes were exchanged for substantially identical notes in the same aggregate principal amount that were registered under the Securities Act in October 2013 (the "Exchange Notes"). | ||||||||||||
On August 18, 2014, the Company issued an additional $300.0 million in aggregate principal amount of senior unsecured notes due 2020 (the "August Notes") to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in accordance with Regulation S under the Securities Act ("the August Notes Offering"). The August Notes were issued as additional securities under the senior note indenture. The Company used a portion of the net proceeds from the August Notes Offering to repay all amounts outstanding at such time under its revolving credit facility. The Company used the remaining net proceeds of the August Notes Offering for general corporate purposes, including funding a portion of its 2014 capital development plans. The October Notes Offering, December Notes Offering and the August Notes Offering are collectively referred to as the "Notes Offerings" and the Exchange Notes, and the August Notes are collectively referred to as the "Notes". | ||||||||||||
In connection with the issuance of the August Notes, the Company and the subsidiary guarantors entered into a registration rights agreement with the initial purchasers on August 18, 2014, pursuant to which the Company and the subsidiary guarantors have agreed to file a registration statement with respect to an offer to exchange the August Notes for a new issue of substantially identical debt securities registered under the Securities Act. The registration statement relating to the exchange offer for the August Notes was filed on November 6, 2014, as amended on February 3, 2015, and declared effective by the SEC on February 4, 2015. The exchange offer for the August Note is expected to be completed on or about March 10, 2015. | ||||||||||||
Under the senior note indenture, interest on the Notes accrues at a rate of 7.75% per annum on the outstanding principal amount from October 17, 2012, payable semi-annually on May 1 and November 1 of each year, commencing on May 1, 2013. The Notes are the Company's senior unsecured obligations and rank equally in the right of payment with all of the Company's other senior indebtedness and senior in right of payment to any future subordinated indebtedness. All of the Company's existing and future restricted subsidiaries that guarantee the Company's secured revolving credit facility or certain other debt guarantee the Notes; provided, however, that the Notes are not guaranteed by Grizzly Holdings, Inc. and will not be guaranteed by any of the Company's future unrestricted subsidiaries. The Company may redeem some or all of the Notes at any time on or after November 1, 2016, at the redemption prices listed in the senior note indenture. Prior to November 1, 2016, the Company may redeem the Notes at a price equal to 100% of the principal amount plus a “make-whole” premium. In addition, prior to November 1, 2015, the Company may redeem up to 35% of the aggregate principal amount of the Notes with the net proceeds of certain equity offerings, provided that at least 65% of the aggregate principal amount of the Notes initially issued remains outstanding immediately after such redemption. | ||||||||||||
(4) The October Notes were issued at a price of 98.534% resulting in a gross discount of $3.7 million and an effective rate of 8.000%. The December Notes were issued at a price of 101.000% resulting in a gross premium of $0.5 million and an effective rate of 7.531%. The August Notes were issued at a price of 106.000% resulting in a gross premium of $18.0 million and an effective rate of 6.561%. The premium and discount are being amortized using the effective interest method. | ||||||||||||
Interest Expense | ||||||||||||
The following schedule shows the components of interest expense at December 31, 2014, 2013 and 2012: | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Cash paid for interest | $ | 28,646 | $ | 24,270 | $ | 1,404 | ||||||
Change in accrued interest | 3,875 | (969 | ) | 4,155 | ||||||||
Write-off of deferred loan costs | — | — | 1,143 | |||||||||
Capitalized interest | (9,687 | ) | (7,132 | ) | — | |||||||
Amortization of loan costs | 1,685 | 1,012 | 640 | |||||||||
Amortization of note discount and premium | (533 | ) | 298 | 59 | ||||||||
Other | — | 11 | 57 | |||||||||
Total interest expense | $ | 23,986 | $ | 17,490 | $ | 7,458 | ||||||
Common_Stock_Options_Warrants_
Common Stock Options, Warrants And Changes In Capitalization | 12 Months Ended |
Dec. 31, 2014 | |
Stockholders' Equity Note [Abstract] | |
Common Stock Options, Warrants and Changes In Capitalization | COMMON STOCK OPTIONS, WARRANTS, RESTRICTED STOCK AND CHANGES IN CAPITALIZATION |
Options | |
In January 2005, the Company adopted the 2005 Stock Incentive Plan (“2005 Plan”), which is administered by the Compensation Committee (the "Committee"). Under the terms of the 2005 Plan, the Committee may determine when options shall be granted, to which eligible participants options shall be granted, the number of shares covered by such options, the purchase price or exercise price of such options, the vesting periods of such options and the exercisable period of such options. Eligible participants are defined as employees, consultants, and directors of the Company. | |
On April 20, 2006, the Company amended and restated the 2005 Plan to (i) include (a) incentive stock options, (b) nonstatutory stock options, (c) restricted awards (restricted stock and restricted stock units), (d) performance awards and (e) stock appreciation rights and (ii) increase the maximum aggregate amount of common stock that may be issued under the 2005 Plan from 1,904,606 shares to 3,000,000 shares, including the 627,337 shares underlying options granted to employees under the Plan prior to adoption of the 2005 Plan. As of December 31, 2014, the Company had granted 997,269 options for the purchase of shares of the Company’s common stock and 1,143,217 shares of restricted stock under the 2005 Plan. No additional securities will be issued under the Plan other than upon exercise of options that are outstanding. | |
On April 19, 2013, the Company amended and restated the 2005 Plan with the 2013 Restated Stock Incentive Plan ("2013 Plan"). The 2013 Plan increased the numbers of shares that may be awarded from 3,000,000 to 7,500,000 shares, including the 627,337 shares underlaying options granted to employees under the Plan. The shares of stock issued once the options are exercised will be from authorized but unissued common stock. As of December 31, 2014, the Company had granted 258,361 shares of restricted stock under the 2013 Plan. | |
Sale of Common Stock | |
On December 24, 2012, the Company completed the sale of an aggregate of 11,750,000 shares of its common stock in an underwritten public offering (including the partial exercise of a 1,650,000 share over-allotment option granted to the underwriters, which option was initially exercised to the extent of 750,000 shares) at a public offering price of $38.00 per share less the underwriting discount. The underwriters subsequently exercised their option to purchase the remaining 900,000 additional shares of common stock subject to the over-allotment option in a second closing, which occurred on January 7, 2013. The Company received aggregate net proceeds from both closings of approximately $460.7 million from the sale of these shares after deducting the underwriting discount and before offering expenses. The Company used a portion of these net proceeds to fund the acquisition of approximately 37,000 net acres in the Utica Shale, as described above in Note 2, and for general corporate purposes, including the funding of a portion of its 2013 capital development plan. | |
On February 15, 2013, the Company completed the sale of an aggregate of 8,912,500 shares of its common stock in an underwritten public offering at a public offering price of $38.00 per share less the underwriting discount. The Company received aggregate net proceeds of approximately $325.8 million from the sale of these shares after deducting the underwriting discount and before offering expenses. The Company used a portion of the net proceeds from this equity offering to fund its acquisition of additional Utica Shale acreage as described in Note 2, and the balance for general corporate purposes, including the funding of a portion of its 2013 capital development plan. | |
On November 13, 2013, the Company completed the sale of an aggregate of 7,475,000 shares of its common stock in an underwritten public offering at a public offering price of $56.75 per share less the underwriting discount. The Company received aggregate net proceeds of approximately $408.0 million from the sale of these shares after deducting the underwriting discount and before offering expenses. The Company has used and intends to continue to use the net proceeds from this equity offering for general corporate purposes, which may include expenditures associated with its 2014 drilling program and additional acreage acquisitions in the Utica Shale. | |
Private Placement Offering | |
In March 2002, the Company completed a private placement offering of 10,000 units. Each unit consisted of (i) one share of Cumulative Preferred Stock, Series A, of the Company (the “Preferred”) and (ii) a warrant to purchase up to 250 shares of common stock, par value $0.01 per share, of the Company (the “Warrants”). Holders of the Preferred were entitled to receive dividends at the rate of 12% of the liquidation preference per annum payable quarterly in cash or, at the option of the Company for all quarters ending on or prior to March 31, 2004, payable in whole or in part in additional shares of Preferred at the rate of 15% of the liquidation preference per annum. All Preferred shares were redeemed in 2005. | |
The 2,322,962 Warrants issued had a term of 10 years and a current exercise price of $1.19 per share of common stock subject to adjustment. The Company granted to holders of the Warrants certain demand and piggyback registration rights with respect to shares of common stock issuable upon exercise of the Warrants. The 8,875 unexercised warrants expired on March 31, 2012. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Share-based Compensation [Abstract] | |||||||||||||
Stock-Based Compensation | STOCK-BASED COMPENSATION | ||||||||||||
During the years ended December 31, 2014, 2013 and 2012 the Company’s stock-based compensation cost was $14.9 million, $10.5 million and $4.7 million, respectively, of which the Company capitalized $5.9 million, $4.2 million and $1.9 million, respectively, relating to its exploration and development efforts. | |||||||||||||
The fair value of each option award is estimated on the date of grant using the Black-Scholes option valuation model. Expected volatilities are based on the historical volatility of the market price of Gulfport’s common stock over a period of time ending on the grant date. Based upon the historical experience of the Company, the expected term of options granted is equal to the vesting period plus one year. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. The 2013 Restated Stock Incentive Plan (which amended and restated the 2005 Plan) provides that all options must have an exercise price not less than the fair value of the Company’s common stock on the date of the grant. | |||||||||||||
No stock options were issued during the years ended December 31, 2014, 2013 and 2012. | |||||||||||||
The Company has not declared dividends and does not intend to do so in the foreseeable future, and thus did not use a dividend yield. In each case, the actual value that will be realized, if any, depends on the future performance of the common stock and overall stock market conditions. There is no assurance that the value an optionee actually realizes will be at or near the value estimated using the Black-Scholes model. | |||||||||||||
A summary of the status of stock options and related activity for the years ended December 31, 2014, 2013 and 2012 is presented below: | |||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||
Average | Average | Intrinsic | |||||||||||
Exercise Price | Remaining | Value (In thousands) | |||||||||||
per Share | Contractual Term | ||||||||||||
Options outstanding at December 31, 2011 | 356,241 | $ | 6.51 | 3.41 | $ | 8,172 | |||||||
Granted | — | — | |||||||||||
Exercised | (21,000 | ) | 8.8 | 628 | |||||||||
Forfeited/expired | — | — | |||||||||||
Options outstanding at December 31, 2012 | 335,241 | 6.37 | 2.39 | $ | 10,678 | ||||||||
Granted | — | — | |||||||||||
Exercised | (125,000 | ) | 11.2 | 4,797 | |||||||||
Forfeited/expired | — | — | |||||||||||
Options outstanding at December 31, 2013 | 210,241 | 3.5 | 1.07 | $ | 12,538 | ||||||||
Granted | — | — | |||||||||||
Exercised | (205,241 | ) | 3.36 | 12,822 | |||||||||
Forfeited/expired | — | — | |||||||||||
Options outstanding at December 31, 2014 | 5,000 | $ | 9.07 | 0.69 | $ | 163 | |||||||
Options exercisable at December 31, 2014 | 5,000 | $ | 9.07 | 0.69 | $ | 163 | |||||||
The following table summarizes information about the stock options outstanding at December 31, 2014: | |||||||||||||
Exercise | Number | Weighted Average | Number | ||||||||||
Price | Outstanding | Remaining Life | Exercisable | ||||||||||
(in years) | |||||||||||||
$ | 9.07 | 5,000 | 0.69 | 5,000 | |||||||||
5,000 | 5,000 | ||||||||||||
The following table summarizes restricted stock activity for the twelve months ended December 31, 2014, 2013 and 2012: | |||||||||||||
Number of | Weighted | ||||||||||||
Unvested | Average | ||||||||||||
Restricted Shares | Grant Date | ||||||||||||
Fair Value | |||||||||||||
Unvested shares as of December 31, 2011 | 203,348 | $ | 26.02 | ||||||||||
Granted | 196,832 | 35.87 | |||||||||||
Vested | (135,015 | ) | 29.59 | ||||||||||
Forfeited | (19,334 | ) | 26.81 | ||||||||||
Unvested shares as of December 31, 2012 | 245,831 | $ | 31.88 | ||||||||||
Granted | 463,952 | $ | 50 | ||||||||||
Vested | (237,646 | ) | 41.79 | ||||||||||
Forfeited | (8,500 | ) | 38.54 | ||||||||||
Unvested shares as of December 31, 2013 | 463,637 | $ | 44.8 | ||||||||||
Granted | 246,409 | $ | 65.07 | ||||||||||
Vested | (272,665 | ) | 45.76 | ||||||||||
Forfeited | (50,136 | ) | 53.72 | ||||||||||
Unvested shares as of December 31, 2014 | 387,245 | $ | 55.87 | ||||||||||
Unrecognized compensation expense as of December 31, 2014 related to outstanding stock options and restricted shares was $17.9 million. The expense is expected to be recognized over a weighted average period of 1.49 years. |
Fair_Value_Of_Financial_Instru
Fair Value Of Financial Instruments | 12 Months Ended |
Dec. 31, 2014 | |
Investments, All Other Investments [Abstract] | |
Fair Value Of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS |
The carrying amounts on the accompanying consolidated balance sheet for cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, and current debt are carried at cost, which approximates market value due to their short-term nature. Long-term debt related to the building loan is carried at cost, which approximates market value based on the borrowing rates currently available to the Company with similar terms and maturities. | |
At December 31, 2014, the carrying value of the outstanding debt represented by the Notes was $614.7 million, including the remaining unamortized discount of approximately $2.8 million related to the October Notes and the remaining unamortized premium of approximately $0.4 million related to the December Notes and $17.1 million related to the August Notes. Based on the quoted market price, the fair value of the Notes was determined to be approximately $587.6 million at December 31, 2014. | |
The fair value of the derivative instruments is computed based on the difference between the prices provided by the fixed-price contracts and forward market prices as of the specified date, as adjusted for basis differentials. Forward market prices for oil and natural gas are dependent upon supply and demand factors in such forward market and are subject to significant volatility. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | INCOME TAXES | |||||||||||
The income tax provision for continuing operations consists of the following: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Current: | ||||||||||||
State | $ | 14,384 | $ | 6,860 | $ | 84 | ||||||
Federal | 16,039 | 6,325 | 646 | |||||||||
Deferred: | ||||||||||||
State | 4,314 | 7,385 | 2,214 | |||||||||
Federal | 118,604 | 77,566 | 23,419 | |||||||||
Total income tax expense provision from continuing operations | $ | 153,341 | $ | 98,136 | $ | 26,363 | ||||||
A reconciliation of the statutory federal income tax amount to the recorded expense follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Income from continuing operations before federal income taxes | $ | 400,744 | $ | 251,328 | $ | 98,199 | ||||||
Expected income tax at statutory rate | 140,259 | 87,965 | 34,370 | |||||||||
State income taxes | 11,570 | 9,297 | 1,493 | |||||||||
Other differences | 1,512 | 874 | 292 | |||||||||
Changes in valuation allowance | — | — | (9,792 | ) | ||||||||
Income tax expense recorded for continuing operations | $ | 153,341 | $ | 98,136 | $ | 26,363 | ||||||
The tax effects of temporary differences and net operating loss carryforwards, which give rise to deferred tax assets and liabilities at December 31, 2014, 2013 and 2012 are estimated as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Deferred tax assets: | ||||||||||||
Net operating loss carryforward | $ | 1,091 | $ | 1,462 | $ | 1,513 | ||||||
FASB ASC 718 compensation expense | 1,562 | 634 | 762 | |||||||||
AMT credit | 24,053 | 7,968 | 1,643 | |||||||||
Charitable contributions carryover | 150 | 25 | 5 | |||||||||
Unrealized loss on hedging activities | — | 8,540 | 3,836 | |||||||||
Foreign tax credit carryforwards | 2,074 | 2,074 | 2,074 | |||||||||
Accrued liabilities | 1,260 | — | — | |||||||||
State net operating loss carryover | 2,627 | 4,408 | 4,315 | |||||||||
Total deferred tax assets | 32,817 | 25,111 | 14,148 | |||||||||
Valuation allowance for deferred tax assets | (3,145 | ) | (4,743 | ) | (4,629 | ) | ||||||
Deferred tax assets, net of valuation allowance | 29,672 | 20,368 | 9,519 | |||||||||
Deferred tax liabilities: | ||||||||||||
Oil and gas property basis difference | 183,767 | 72,173 | 15,049 | |||||||||
Investment in pass through entities | 38,315 | 8,799 | 3,618 | |||||||||
Non-oil and gas property basis difference | 849 | 249 | 227 | |||||||||
Investment in nonconsolidated affiliates | — | 46,495 | 9,232 | |||||||||
Unrealized gain on hedging activities | 37,006 | — | — | |||||||||
Total deferred tax liabilities | 259,937 | 127,716 | 28,126 | |||||||||
Net deferred tax liability | $ | (230,265 | ) | $ | (107,348 | ) | $ | (18,607 | ) | |||
The Company has an available federal tax net operating loss carryforward estimated at approximately $3.1 million as of December 31, 2014. This carryforward will begin to expire in the year 2034. Based upon the December 31, 2014, 2013 and 2012 net deferred tax liability position of the Company's oil and gas assets, management believes that this is a positive source of evidence to utilize the carryforward before it expires. Therefore, a valuation allowance has not been provided at December 31, 2014, 2013 and 2012. The Company also has state net operating loss carryovers of $50.5 million from Louisiana that will begin to expire in 2014, alternative minimum tax credits of $24.1 million with no expiration date and federal foreign tax credit carryovers of $2.1 million which begin to expire in 2017. The Company has recorded a valuation allowance of $3.1 million related to state net operating loss carryovers and foreign tax credit carryovers as the carryovers may not be utilized based upon a more likely than not basis. | ||||||||||||
In 2012, the Diamondback Contribution generated an estimated $61.9 million taxable gain. As a result, the Company recognized $9.8 million of its deferred tax assets which had previously been subject to a valuation allowance. The Company also recognized $25.6 million of deferred tax expense in 2012 primarily due to the utilization of prior net operating losses from the Diamondback Contribution gain. In 2013, the sale of Diamondback common shares generated $120.0 million taxable gain resulting in deferred tax expense of $35.7 million and current tax expense of $13.2 million. In 2014, the sale of the remaining shares of Diamondback, as well as the sale of Blackhawk, generated $203.3 million and $83.7 million taxable gains, respectively, resulting in a deferred tax expense of $79.4 million and $32.3 million, respectively. The Company's current federal tax expense in 2014, 2013 and 2012 is primarily attributable to alternative minimum tax, primarily generated by taxable gains from the sale of shares of Diamondback and the sale of assets by Blackhawk in 2014. | ||||||||||||
At December 31, 2014 and 2013, the Company owed approximately $17.7 million and $11.0 million, respectively, for state and federal income taxes payable which is included on the accompanying consolidated balance sheets. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||
Earnings Per Share | EARNINGS PER SHARE | ||||||||||||||||||||||||||||||||
Reconciliations of the components of basic and diluted net income per common share are presented in the tables below: | |||||||||||||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Income | Shares | Per | Income | Shares | Per | Income | Shares | Per Share | |||||||||||||||||||||||||
Share | Share | ||||||||||||||||||||||||||||||||
(In thousands, except share data) | |||||||||||||||||||||||||||||||||
Basic: | |||||||||||||||||||||||||||||||||
Net income | $ | 247,403 | 85,445,963 | $ | 2.9 | $ | 153,192 | 77,375,683 | $ | 1.98 | $ | 68,371 | 55,933,354 | $ | 1.22 | ||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||||||||||||
Stock options and awards | — | 367,219 | — | 485,963 | — | 484,134 | |||||||||||||||||||||||||||
Diluted: | |||||||||||||||||||||||||||||||||
Net income | $ | 247,403 | 85,813,182 | $ | 2.88 | $ | 153,192 | 77,861,646 | $ | 1.97 | $ | 68,371 | 56,417,488 | $ | 1.21 | ||||||||||||||||||
There were no potential shares of common stock that were considered anti-dilutive for the years ended December 31, 2014, 2013 and 2012. |
Hedging_Activities
Hedging Activities | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | ||||||||||||
Hedging Activities | HEDGING ACTIVITIES | |||||||||||
Oil Price Hedging Activities | ||||||||||||
The Company seeks to reduce its exposure to unfavorable changes in oil and natural gas prices, which are subject to significant and often volatile fluctuation, by entering into fixed price swaps. These contracts allow the Company to predict with greater certainty the effective oil and natural gas prices to be received for hedged production and benefit operating cash flows and earnings when market prices are less than the fixed prices provided in the contracts. However, the Company will not benefit from market prices that are higher than the fixed prices in the contracts for hedged production. | ||||||||||||
The Company accounts for its oil and natural gas derivative instruments as cash flow hedges for accounting purposes under FASB ASC 815 and related pronouncements. All derivative contracts are marked to market each quarter end and are included in the accompanying consolidated balance sheets as derivative assets and liabilities. | ||||||||||||
During 2013 and 2014, the Company entered into fixed price swap and swaption contracts for 2013 through 2017 with four financial institutions. The Company’s fixed price swap contracts are tied to the commodity prices on the International Petroleum Exchange (“IPE”) and NYMEX. The Company will receive the fixed price amount stated in the contract and pay to its counterparty the current market price as listed on the IPE for Brent Crude and the NYMEX WTI for oil and on the NYMEX Henry Hub for natural gas. At December 31, 2014, the Company had the following fixed price swaps in place: | ||||||||||||
Daily Volume (MMBtu/day) | Weighted | |||||||||||
Average Price | ||||||||||||
January 2015 - March 2015 | 190,625 | $ | 4.12 | |||||||||
Apr-15 | 191,250 | $ | 4.05 | |||||||||
May 2015 - June 2015 | 201,250 | $ | 4.05 | |||||||||
July 2015 - September 2015 | 216,875 | $ | 4.04 | |||||||||
October 2015 - December 2015 | 232,500 | $ | 4.04 | |||||||||
January 2016 - March 2016 | 172,500 | $ | 3.99 | |||||||||
Apr-16 | 162,500 | $ | 3.99 | |||||||||
May 2016 - December 2016 | 92,500 | $ | 3.97 | |||||||||
January 2017 - June 2017 | 62,500 | $ | 3.96 | |||||||||
At December 31, 2014 the fair value of derivative assets and liabilities related to the fixed price swaps was as follows: | ||||||||||||
(In thousands) | ||||||||||||
Short-term derivative instruments - asset | $ | 78,391 | ||||||||||
Long-term derivative instruments - asset | $ | 24,448 | ||||||||||
At December 31, 2013 the fair value of derivative assets and liabilities related to the fixed price swaps and swaptions was as follows: | ||||||||||||
(In thousands) | ||||||||||||
Short-term derivative instruments - asset | $ | 324 | ||||||||||
Long-term derivative instruments - asset | $ | 521 | ||||||||||
Short-term derivative instruments - liability | $ | 12,280 | ||||||||||
Long-term derivative instruments - liability | $ | 11,366 | ||||||||||
All fixed price swaps have been executed in connection with the Company’s oil and natural gas price hedging program. For fixed price swaps qualifying as cash flow hedges pursuant to FASB ASC 815, the realized contract price is included in oil and gas sales in the period for which the underlying production was hedged. | ||||||||||||
For derivatives designated as cash flow hedges and meeting the effectiveness guidelines of FASB ASC 815, changes in fair value are recognized in accumulated other comprehensive income (loss) until the hedged item is recognized in earnings. Amounts reclassified out of accumulated other comprehensive income (loss) into earnings as a component of oil and condensate sales for the years ended December 31, 2014, 2013 and 2012 are presented below. | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Reduction to oil and condensate sales | $ | — | $ | (9,779 | ) | $ | (1,517 | ) | ||||
At December 31, 2014, no amounts related to fixed price swaps remain in accumulated other comprehensive income (loss). | ||||||||||||
The following table presents the balances of the Company’s cumulative hedging activities included in other comprehensive loss. | ||||||||||||
(In thousands) | ||||||||||||
December 31, 2011 | $ | 1,576 | ||||||||||
December 31, 2012 | $ | (9,660 | ) | |||||||||
December 31, 2013 | $ | — | ||||||||||
December 31, 2014 | $ | — | ||||||||||
Hedge effectiveness is measured at least quarterly based on the relative changes in fair value between the derivative contract and the hedged item over time. Any change in fair value resulting from ineffectiveness is recognized immediately in earnings. The Company recognized a gain of $121.1 million related to hedge ineffectiveness for the year ended December 31, 2014, which is included in oil and condensate and gas sales in the consolidated statements of operations. The Company recognized a loss of $18.2 million related to hedge ineffectiveness for the year ended December 31, 2013, which is included in oil and condensate and gas sales in the consolidated statements of operations. This loss was comprised of a loss of $9.1 million related to hedge ineffectiveness and a loss of $9.1 million related to the amortization of other comprehensive income for the year ended December 31, 2013. The Company recognized a loss of $0.1 million related to hedge ineffectiveness for the year ended December 31, 2012, which is included in oil and condensate sales in the consolidated statements of operations. | ||||||||||||
The Company delivered approximately 62% of its 2014 production under fixed price swaps. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||
Fair Value Measurements | FAIR VALUE MEASUREMENTS | |||||||||||
The Company records certain financial and non-financial assets and liabilities on the balance sheet at fair value in accordance with FASB ASC 820. FASB ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date. The statement establishes market or observable inputs as the preferred sources of values, followed by assumptions based on hypothetical transactions in the absence of market inputs. The statement requires fair value measurements be classified and disclosed in one of the following categories: | ||||||||||||
Level 1 – Quoted prices in active markets for identical assets and liabilities. | ||||||||||||
Level 2 – Quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations whose inputs are observable or whose significant value drivers are observable. | ||||||||||||
Level 3 – Significant inputs to the valuation model are unobservable. | ||||||||||||
Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. | ||||||||||||
The following tables summarize the Company’s financial and non-financial liabilities by FASB ASC 820 valuation level as of December 31, 2014 and 2013: | ||||||||||||
December 31, 2014 | ||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||
(In thousands) | ||||||||||||
Assets: | ||||||||||||
Fixed price swaps | $ | — | $ | 102,839 | $ | — | ||||||
December 31, 2013 | ||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||
(In thousands) | ||||||||||||
Assets: | ||||||||||||
Fixed price swaps | $ | — | $ | 845 | $ | — | ||||||
Equity investment in Diamondback | 178,708 | — | — | |||||||||
Liabilities: | ||||||||||||
Fixed price swaps | $ | — | $ | 23,646 | $ | — | ||||||
The estimated fair value of the Company’s fixed price swap contracts were based upon forward commodity prices based on quoted market prices, adjusted for differentials. See Note 13 for further discussion of the Company's hedging activities. The estimated fair value of the Company's equity investment in Diamondback was based upon the public closing share price of Diamondback's common stock as of December 31, 2013. | ||||||||||||
The estimated fair values of proved oil and gas properties assumed in business combinations are based on a discounted cash flow model and market assumptions as to future commodity prices, projections of estimated quantities of oil and natural gas reserves, expectations for timing and amount of future development and operating costs, projections of future rates of production, expected recovery rates, and risk-adjusted discount rates. The estimated fair values of unevaluated oil and gas properties was based on geological studies, historical well performance, location and applicable mineral lease terms. Based on the unobservable nature of certain of the inputs, the estimated fair value of the oil and gas properties assumed is deemed to use Level 3 inputs. See Note 2 for further discussion of the Company's acquisitions. | ||||||||||||
The Company estimates asset retirement obligations pursuant to the provisions of FASB ASC Topic 410, “Asset Retirement and Environmental Obligations” (“FASB ASC 410”). The initial measurement of asset retirement obligations at fair value is calculated using discounted cash flow techniques and based on internal estimates of future retirement costs associated with oil and gas properties. Given the unobservable nature of the inputs, including plugging costs and reserve lives, the initial measurement of the asset retirement obligation liability is deemed to use Level 3 inputs. See Note 4 for further discussion of the Company’s asset retirement obligations. Asset retirement obligations incurred during the year ended December 31, 2014 were approximately $9.3 million. | ||||||||||||
Due to the unobservable nature of the inputs, the fair value of the Company's initial investment in Mammoth was estimated using assumptions that represent level 3 inputs. The Company estimated the fair value of the investment as of the November 24, 2014 contribution date. See Note 5 for further discussion of the Company's contribution to Mammoth. The estimated fair value of the Company's investment in Mammoth was $143.5 million at December 31, 2014. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS |
In the ordinary course of business, the Company has conducted business activities with certain related parties. | |
Gulfport is the operator of its Niobrara Formation acreage under a development agreement with Windsor Niobrara LLC ("Windsor Niobrara"). As operator, the Company is responsible for daily operations, monthly operation billings and monthly revenue disbursements for these properties. For the year ended December 31, 2013, the Company billed Windsor Niobrara approximately $0.9 million for these services. At December 31, 2013, Windsor Niobrara owed the Company an immaterial amount for these services. Windsor Niobrara was not a related party in 2014. | |
Windsor Ohio LLC ("Windsor Ohio") participated with the Company in the acquisition of certain leasehold interests in acreage located in the Utica Shale in Ohio. As operator of this acreage, the Company is responsible for daily operations, monthly operation billings and monthly revenue disbursements for these properties. For the year ended December 31, 2013, the Company billed Windsor Ohio approximately $73.4 million for these services. At December 31, 2013, Windsor Ohio owed the Company approximately $1.6 million for these services. During the years ended December 31, 2013 and 2012, the Company purchased certain oil and natural gas properties in the Utica Shale from Windsor Ohio. For information regarding these transactions, see Note 2. Windsor Ohio was not a related party in 2014. | |
Stingray Pressure provides well completion services. Stingray Pressure was previously 50% owned by the Company until its contribution to Mammoth in November 2014 as discussed above in Note 5. As of the contribution date, the Company owns a 30.5% limited partner interest in Mammoth. No amounts were owed to Stingray Pressure at the date of the contribution. As of December 31, 2013, the Company owed Stingray Pressure approximately $8.3 million related to these services. Approximately $78.3 million and $58.3 million of services provided by Stingray Pressure are included in oil and natural gas properties before elimination of intercompany profits on the accompanying consolidated balance sheets at December 31, 2014 and 2013, respectively. | |
Stingray Cementing, which is 50% owned by the Company, provides well cementing services as discussed above in Note 5. At December 31, 2014 and 2013, the Company owed Stingray Cementing approximately $0.8 million and $1.5 million, respectively, related to these services. Approximately $6.0 million and $4.0 million of services provided by Stingray Cementing are included in oil and natural gas properties before elimination of intercompany profits on the accompanying consolidated balance sheets at December 31, 2014 and 2013, respectively. | |
Stingray Energy, which is 50% owned by the Company, provides rental tools for land-based oil and natural gas drilling, completion and workover activities as well as the transfer of fresh water to wellsites as discussed above in Note 5. At December 31, 2014 and 2013, the Company owed Stingray Energy approximately $6.0 million and $4.1 million, respectively, related to these services. Approximately $1.3 million and an immaterial amount of services provided by Stingray Energy are included in lease operating expenses in the consolidated statements of operations for the year ended December 31, 2014 and 2013, respectively. Approximately $24.8 million and $5.1 million of services provided by Stingray Energy are included in oil and natural gas properties before elimination of intercompany profits on the accompanying consolidated balance sheets at December 31, 2014 and 2013, respectively. | |
Athena Construction LLC (“Athena”) performs services for the Company at its WCBB and Hackberry fields. At December 31, 2013, the Company owed Athena approximately $1.0 million related to these services. Approximately $0.6 million of services provided by Athena are included in lease operating expenses in the consolidated statements of operations for the year ended December 31, 2013. Approximately $4.1 million related to services performed by Athena are included in oil and natural gas properties on the accompanying consolidated balance sheets at December 31, 2013. Athena was not a related party in 2014. | |
Black Fin P&A, LLC (“Black Fin”) performed plugging and abandonment services for the Company at its WCBB field. No amounts were owed to Black Fin at December 31, 2013. An immaterial amount of services performed by Black Fin are included in oil and natural gas properties on the accompanying consolidated balance sheets at December 31, 2013. Black Fin was not a related party in 2014. | |
Panther Drilling Systems, LLC ("Panther") performs directional drilling services for the Company. In November 2014, Panther became a wholly-owned subsidiary of Mammoth. The Company owns a 30.5% limited partner interest in Mammoth as discussed above in Note 5. At December 31, 2014 and 2013, the Company owed Panther approximately $2.4 million and $1.8 million, respectively, related to these services. Approximately $7.6 million and $12.6 million of services provided by Panther are included in oil and natural gas properties on the accompanying consolidated balance sheets at December 31, 2014 and 2013, respectively. | |
Redback Directional Services, LLC ("Redback") provides coil tubing and flow back services for the Company. In November 2014, Redback became a wholly-owned subsidiary of Mammoth. The Company owns a 30.5% limited partner interest in Mammoth as discussed above in Note 5. At December 31, 2014, the Company owed Redback approximately $0.4 million related to these services. No amounts were owed to Redback at December 31, 2013. Approximately $1.0 million and $0.1 million related to services performed by Redback are included in oil and natural gas properties on the accompanying consolidated balance sheets at December 31, 2014 and 2013, respectively. | |
In November 2014, the Company contributed its investment in Muskie, Stingray Pressure, Stingray Logistics and Bison to Mammoth, of which the Company owns 30.5%. Approximately $11.1 million of services provided by Mammoth are included in oil and natural gas properties on the accompanying consolidated balance sheets at December 31, 2014. At December 31, 2014, the Company owed Mammoth approximately $28.4 million related to these services. | |
Caliber Development Company, LLC ("Caliber") provides building maintenance services for the Company's headquarters in Oklahoma City, Oklahoma. Caliber also leases office space to the Company. At December 31, 2013, the Company owed Caliber an immaterial amount related to these services. Approximately $0.2 million of services performed by Caliber and rent paid to Caliber are included in general and administrative expenses on the accompanying consolidated statements of operations for the year ended December 31, 2013. Caliber was not a related party in 2014. | |
Each of Diamondback, Windsor Niobrara, Windsor Ohio, Stingray Pressure, Stingray Cementing, Stingray Energy, Stingray Logistics, Athena, Black Fin, Panther, Redback and Caliber is affiliated with or controlled by Wexford Capital LP ("Wexford"). In addition, affiliates of Wexford own the general partner of Mammoth and the remaining 69.5% limited partner interest in Mammoth. See Note 5 above. Prior to September 21, 2012, Wexford and/or its affiliates beneficially owned more than 10% of the Company's common stock and was deemed to be a related party. On or about September 28, 2012, Wexford’s and/or its affiliates’ ownership of Gulfport’s common stock dropped to below 1% and, as a result, was no longer deemed to be a related party. Subsequent to September 28, 2012, the Company continued to treat Windsor Niobrara, Windsor Ohio, Athena, Black Fin, Panther, Redback and Caliber as related parties because Mr. Mike Liddell, the Company's former Chairman of the Board and a named executive officer during 2013, had informed the Company that he was the operating member of each such entity and also held a 10% participation interest in Windsor Ohio and a 10% contingent participation interest in Windsor Niobrara, Athena, Black Fin, Panther, Redback and Caliber. Mr. Liddell is no longer a related party with respect to the Company. |
Commitments
Commitments | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Commitments [Abstract] | ||||||||||||
Commitments | COMMITMENTS | |||||||||||
Plugging and Abandonment Funds | ||||||||||||
In connection with the Company's acquisition in 1997 of the remaining 50% interest in its WCBB properties, the Company assumed the seller’s (Chevron) obligation to contribute approximately $18,000 per month through March 2004 to a plugging and abandonment trust and the obligation to plug a minimum of 20 wells per year for 20 years commencing March 11, 1997. Chevron retained a security interest in production from these properties until abandonment obligations to Chevron have been fulfilled. Beginning in 2009, the Company could access the trust for use in plugging and abandonment charges associated with the property, although it has not yet done so. As of December 31, 2014, the plugging and abandonment trust totaled approximately $3.1 million. At December 31, 2014, the Company had plugged 450 wells at WCBB since it began its plugging program in 1997, which management believes fulfills its current minimum plugging obligation. | ||||||||||||
Contributions to 401(k) Plan | ||||||||||||
Gulfport sponsors a 401(k) and Profit Sharing plan under which eligible employees may contribute up to 100% of their total compensation up to the maximum pre-tax threshold through salary deferrals. Also under the plan, the Company will make a contribution each calendar year on behalf of each employee equal to at least 3% of his or her salary, regardless of the employee’s participation in salary deferrals and may also make additional discretionary contributions. During the years ended December 31, 2014, 2013 and 2012, Gulfport incurred $0.8 million, $0.6 million, and $0.4 million, respectively, in contributions expense related to this plan. | ||||||||||||
Employment Agreements | ||||||||||||
Effective November 1, 2012, the Company entered into employment agreements with Mike Liddell, the Company's former Chairman, James D. Palm, the Company's former Chief Executive Officer, and Michael G. Moore, the Company's former Chief Financial Officer. Each agreement had an initial three-year term expiring on November 1, 2015 subject to automatic one-year extensions unless terminated by either party to the agreement at least 90 days prior to the end of the then current term. These agreements provided for minimum salary and bonus levels which were subject to review and potential increase by the Compensation Committee and/or the Board of Directors, as well as participation in the Company's Amended and Restated 2005 Stock Incentive Plan (or other equity incentive plans that may be put in place for the benefit of employees) and other employee benefits. | ||||||||||||
Effective February 15, 2014, Mr. Palm retired and his employment agreement with the Company terminated. The Company entered into a separation agreement with Mr. Palm, under which agreement certain benefits are provided to, and obligations imposed on, Mr. Palm. As of December 31, 2014, the minimum commitment under Mr. Palm's separation agreement was approximately $0.6 million. | ||||||||||||
Mr. Liddell resigned as the Company's Chairman effective June 2013 at which date his employment agreement with Gulfport terminated. At that same time, the Company entered into a consulting agreement with Mr. Liddell. In October 2014, Mr. Liddell terminated his consulting agreement with the Company effective January 1, 2015. | ||||||||||||
On April 22, 2014, the Board of Directors appointed Michael G. Moore as Chief Executive Officer of the Company. The Company and Mr. Moore entered into an amended and restated employment agreement. The agreement has a three-year term commencing effective April 22, 2014. This agreement provides, among other things, for a minimum salary level, subject to review and potential increase by the Compensation Committee and/or the Board of Directors, as well as participation in the Company's incentive plans and other employee benefits. The aggregate minimum commitment for future salary at December 31, 2014 under the April 22, 2014 amended and restated employment agreement was approximately $0.9 million. | ||||||||||||
Firm Transportation Commitments | ||||||||||||
As of December 31, 2014, the Company had approximately 218,000 MMBtu per day of firm sales contracted with third parties. Of these sales, 33,000 MMBtu per day, 5,000 MMBtu per day, 30,000 MMBtu per day, 50,000 MMBtu per day, 50,000 MMBtu per day and 50,000 MMBtu per day expire in 2015, 2016, 2017, 2018, 2019 and 2022, respectively. | ||||||||||||
Operating Leases | ||||||||||||
The Company leases office facilities under non-cancellable operating leases exceeding one year. Future minimum lease commitments under these leases at December 31, 2014 are as follows: | ||||||||||||
(In thousands) | ||||||||||||
2015 | $ | 615 | ||||||||||
2016 | 524 | |||||||||||
2017 | 451 | |||||||||||
2018 | 20 | |||||||||||
Total | $ | 1,610 | ||||||||||
The following table presents rent expense for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||
For the years ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Minimum rentals | $ | 733 | $ | 258 | $ | 139 | ||||||
Less: Sublease rentals | 15 | 45 | 7 | |||||||||
$ | 718 | $ | 213 | $ | 132 | |||||||
Other Commitments | ||||||||||||
Effective October 1, 2014, the Company entered into a Sand Supply Agreement with Muskie that expires on September 30, 2018. Pursuant to this agreement, the Company has agreed to purchase annual and monthly amounts of proppant sand subject to exceptions specified in the agreement at a fixed price per ton, subject to certain adjustments, plus agreed costs and expenses. Failure by either Muskie or the Company to deliver or accept the minimum monthly amount results in damages calculated per ton based on the difference between the monthly obligation amount and the amount actually delivered or accepted, as applicable. As of December 31, 2014, the Company had accrued $0.3 million related to non-utilization fees. | ||||||||||||
Effective October 1, 2014, the Company entered into an Amended and Restated Master Services Agreement for pressure pumping services with Stingray Pressure that expires on September 30, 2018. Pursuant to this agreement, Stingray Pressure has agreed to provide hydraulic fracturing, stimulation and related completion and rework services to the Company and the Company has agreed to pay Stingray Pressure a monthly service fee plus the associated costs of the services provided. | ||||||||||||
Future minimum commitments under these agreements at December 31, 2014 are as follows: | ||||||||||||
(In thousands) | ||||||||||||
2015 | $ | 52,440 | ||||||||||
2016 | 52,440 | |||||||||||
2017 | 52,440 | |||||||||||
2018 | 39,330 | |||||||||||
Total | $ | 196,650 | ||||||||||
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Loss Contingency [Abstract] | |
Contingencies | CONTINGENCIES |
Due to the nature of the Company's business, it is, from time to time, involved in routine litigation or subject to disputes or claims related to its business activities, including workers' compensation claims and employment related disputes. In the opinion of the Company's management, none of the pending litigation, disputes or claims against the Company, if decided adversely, will have a material adverse effect on its financial condition, cash flows or results of operations. | |
Concentration of Credit Risk | |
Gulfport operates in the oil and gas industry principally in the states of Ohio and Louisiana with sales to refineries, re-sellers such as pipeline companies, and local distribution companies. While certain of these customers are affected by periodic downturns in the economy in general or in their specific segment of the oil and gas industry, Gulfport believes that its level of credit-related losses due to such economic fluctuations has been immaterial and will continue to be immaterial to the Company’s results of operations in the long term. | |
The Company maintains cash balances at several banks. Accounts at each institution are insured by the Federal Deposit Insurance Corporation up to $250,000. At December 31, 2014, Gulfport held cash in excess of insured limits in these banks totaling $140.9 million. | |
During the year ended December 31, 2014, Gulfport sold approximately 99% of its oil production to Shell Trading Company (“Shell”), 100% of its natural gas liquids production to MarkWest Utica and 40%, 32% and 19% of its natural gas production to BP, DTE Energy Trading Inc. and Hess, respectively. During the year ended December 31, 2013, Gulfport sold approximately 99% of its oil production to Shell, 100% of its natural gas liquids production to MarkWest Utica, and 32%, 31% and 17% of its natural gas production to Sequent Energy Management, L.P., Hess and Interstate Gas Supply, Inc., respectively. During the year ended December 31, 2012, Gulfport sold approximately 92% and 8% of its oil production to Shell and Diamondback O&G, respectively, 91% of its natural gas liquids production to Diamondback O&G and 41%, 18% and 16% of its natural gas production to Noble Americas Gas, Hess and Chevron, respectively. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||||||||||
Condensed Consolidating Financial Information | CONDENSED CONSOLIDATING FINANCIAL INFORMATION | |||||||||||||||||||
On October 17, 2012, December 21, 2012, and August 18, 2014, the Company issued an aggregate of $600.0 million of its 7.75% Senior Notes. The October Notes and the December Notes were exchanged for substantially identical notes in the same aggregate principal amount that were registered under the Securities Act. The Exchange Notes and the August Notes are collectively referred to as the "Notes". The Notes are guaranteed on a senior unsecured basis by all existing consolidated subsidiaries that guarantee the Company's secured revolving credit facility or certain other debt (the "Guarantors"). The Notes are not guaranteed by Grizzly Holdings, Inc., (the "Non-Guarantor"). The Guarantors are 100% owned by Gulfport (the "Parent"), and the guarantees are full, unconditional, joint and several. There are no significant restrictions on the ability of the Parent or the Guarantors to obtain funds from each other in the form of a dividend or loan. | ||||||||||||||||||||
In connection with the issuance of the August Notes, the Company and the subsidiary guarantors entered into a registration rights agreement with the initial purchasers on August 18, 2014, pursuant to which the Company and the subsidiary guarantors have agreed to file a registration statement with respect to an offer to exchange the August Notes for a new issue of substantially identical debt securities registered under the Securities Act. The registration statement relating to the exchange offer for the August Notes was filed on November 6, 2014, as amended on February 3, 2015, and declared effective by the SEC on February 4, 2015. The exchange offer for the August Note is expected to be completed on or about March 10, 2015. | ||||||||||||||||||||
The following condensed consolidating balance sheets, statements of operations, statements of comprehensive income (loss) and statements of cash flows are provided for the Parent, the Guarantors and the Non-Guarantor and include the consolidating adjustments and eliminations necessary to arrive at the information for the Company on a condensed consolidated basis. The information has been presented using the equity method of accounting for the Parent's ownership of the Guarantors and the Non-Guarantor. | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Assets | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 141,535 | $ | 804 | $ | 1 | $ | — | $ | 142,340 | ||||||||||
Accounts receivable - oil and gas | 103,762 | 96 | — | — | 103,858 | |||||||||||||||
Accounts receivable - related parties | 46 | — | — | — | 46 | |||||||||||||||
Accounts receivable - intercompany | 45,222 | 27 | — | (45,249 | ) | — | ||||||||||||||
Prepaid expenses and other current assets | 3,714 | — | — | — | 3,714 | |||||||||||||||
Short-term derivative instruments | 78,391 | — | — | — | 78,391 | |||||||||||||||
Total current assets | 372,670 | 927 | 1 | (45,249 | ) | 328,349 | ||||||||||||||
Property and equipment: | ||||||||||||||||||||
Oil and natural gas properties, full-cost accounting | 3,887,874 | 35,990 | — | (710 | ) | 3,923,154 | ||||||||||||||
Other property and equipment | 18,301 | 43 | — | — | 18,344 | |||||||||||||||
Accumulated depletion, depreciation, amortization and impairment | (1,050,855 | ) | (24 | ) | — | — | (1,050,879 | ) | ||||||||||||
Property and equipment, net | 2,855,320 | 36,009 | — | (710 | ) | 2,890,619 | ||||||||||||||
Other assets: | ||||||||||||||||||||
Equity investments and investments in subsidiaries | 360,238 | — | 180,217 | (170,874 | ) | 369,581 | ||||||||||||||
Derivative instruments | 24,448 | — | — | — | 24,448 | |||||||||||||||
Other assets | 19,396 | — | — | — | 19,396 | |||||||||||||||
Total other assets | 404,082 | — | 180,217 | (170,874 | ) | 413,425 | ||||||||||||||
Total assets | $ | 3,632,072 | $ | 36,936 | $ | 180,218 | $ | (216,833 | ) | $ | 3,632,393 | |||||||||
Liabilities and Stockholders' Equity | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 371,089 | $ | 321 | $ | — | $ | — | $ | 371,410 | ||||||||||
Accounts payable - intercompany | — | 45,143 | 106 | (45,249 | ) | — | ||||||||||||||
Asset retirement obligation - current | 75 | — | — | — | 75 | |||||||||||||||
Deferred tax liability | 27,070 | — | — | — | 27,070 | |||||||||||||||
Current maturities of long-term debt | 168 | — | — | — | 168 | |||||||||||||||
Total current liabilities | 398,402 | 45,464 | 106 | (45,249 | ) | 398,723 | ||||||||||||||
Asset retirement obligation - long-term | 17,863 | — | — | — | 17,863 | |||||||||||||||
Deferred tax liability | 203,195 | — | — | — | 203,195 | |||||||||||||||
Long-term debt, net of current maturities | 716,316 | — | — | — | 716,316 | |||||||||||||||
Total liabilities | 1,335,776 | 45,464 | 106 | (45,249 | ) | 1,336,097 | ||||||||||||||
Stockholders' equity: | ||||||||||||||||||||
Common stock | 856 | — | — | — | 856 | |||||||||||||||
Paid-in capital | 1,828,602 | 322 | 227,079 | (227,401 | ) | 1,828,602 | ||||||||||||||
Accumulated other comprehensive income (loss) | (26,675 | ) | — | (26,675 | ) | 26,675 | (26,675 | ) | ||||||||||||
Retained earnings (accumulated deficit) | 493,513 | (8,850 | ) | (20,292 | ) | 29,142 | 493,513 | |||||||||||||
Total stockholders' equity | 2,296,296 | (8,528 | ) | 180,112 | (171,584 | ) | 2,296,296 | |||||||||||||
Total liabilities and stockholders' equity | $ | 3,632,072 | $ | 36,936 | $ | 180,218 | $ | (216,833 | ) | $ | 3,632,393 | |||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Assets | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 451,431 | $ | 7,525 | $ | — | $ | — | $ | 458,956 | ||||||||||
Accounts receivable - oil and gas | 58,662 | 162 | — | — | 58,824 | |||||||||||||||
Accounts receivable - related parties | 2,617 | — | — | — | 2,617 | |||||||||||||||
Accounts receivable - intercompany | 21,379 | 27 | — | (21,406 | ) | — | ||||||||||||||
Prepaid expenses and other current assets | 2,581 | — | — | — | 2,581 | |||||||||||||||
Deferred tax asset | 6,927 | — | — | — | 6,927 | |||||||||||||||
Short-term derivative instruments | 324 | — | — | — | 324 | |||||||||||||||
Note receivable - related party | 875 | — | — | — | 875 | |||||||||||||||
Total current assets | 544,796 | 7,714 | — | (21,406 | ) | 531,104 | ||||||||||||||
Property and equipment: | ||||||||||||||||||||
Oil and natural gas properties, full-cost accounting, | 2,470,411 | 7,340 | — | (573 | ) | 2,477,178 | ||||||||||||||
Other property and equipment | 11,102 | 29 | — | — | 11,131 | |||||||||||||||
Accumulated depletion, depreciation, amortization and impairment | (784,695 | ) | (22 | ) | — | — | (784,717 | ) | ||||||||||||
Property and equipment, net | 1,696,818 | 7,347 | — | (573 | ) | 1,703,592 | ||||||||||||||
Other assets: | ||||||||||||||||||||
Equity investments and investments in subsidiaries | 432,727 | — | 191,473 | (184,132 | ) | 440,068 | ||||||||||||||
Derivative instruments | 521 | — | — | — | 521 | |||||||||||||||
Other assets | 17,851 | — | — | — | 17,851 | |||||||||||||||
Total other assets | 451,099 | — | 191,473 | (184,132 | ) | 458,440 | ||||||||||||||
Total assets | $ | 2,692,713 | $ | 15,061 | $ | 191,473 | $ | (206,111 | ) | $ | 2,693,136 | |||||||||
Liabilities and Stockholders' Equity | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 190,284 | $ | 423 | $ | — | $ | — | $ | 190,707 | ||||||||||
Accounts payable - intercompany | — | 21,296 | 110 | (21,406 | ) | — | ||||||||||||||
Asset retirement obligation - current | 795 | — | — | — | 795 | |||||||||||||||
Short-term derivative instruments | 12,280 | — | — | — | 12,280 | |||||||||||||||
Current maturities of long-term debt | 159 | — | — | — | 159 | |||||||||||||||
Total current liabilities | 203,518 | 21,719 | 110 | (21,406 | ) | 203,941 | ||||||||||||||
Long-term derivative instruments | 11,366 | — | — | — | 11,366 | |||||||||||||||
Asset retirement obligation - long-term | 14,288 | — | — | — | 14,288 | |||||||||||||||
Deferred tax liability | 114,275 | — | — | — | 114,275 | |||||||||||||||
Long-term debt, net of current maturities | 299,028 | — | — | — | 299,028 | |||||||||||||||
Total liabilities | 642,475 | 21,719 | 110 | (21,406 | ) | 642,898 | ||||||||||||||
Stockholders' equity: | ||||||||||||||||||||
Common stock | 851 | — | — | — | 851 | |||||||||||||||
Paid-in capital | 1,813,058 | 322 | 208,277 | (208,599 | ) | 1,813,058 | ||||||||||||||
Accumulated other comprehensive income (loss) | (9,781 | ) | — | (9,781 | ) | 9,781 | (9,781 | ) | ||||||||||||
Retained earnings (accumulated deficit) | 246,110 | (6,980 | ) | (7,133 | ) | 14,113 | 246,110 | |||||||||||||
Total stockholders' equity | 2,050,238 | (6,658 | ) | 191,363 | (184,705 | ) | 2,050,238 | |||||||||||||
Total liabilities and stockholders' equity | $ | 2,692,713 | $ | 15,061 | $ | 191,473 | $ | (206,111 | ) | $ | 2,693,136 | |||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Total revenues | $ | 669,067 | $ | 2,199 | $ | — | $ | — | $ | 671,266 | ||||||||||
Costs and expenses: | ||||||||||||||||||||
Lease operating expenses | 51,238 | 953 | — | — | 52,191 | |||||||||||||||
Production taxes | 23,803 | 203 | — | — | 24,006 | |||||||||||||||
Midstream gathering and processing | 64,402 | 65 | — | — | 64,467 | |||||||||||||||
Depreciation, depletion and amortization | 265,428 | 3 | — | — | 265,431 | |||||||||||||||
General and administrative | 37,846 | 446 | (2 | ) | — | 38,290 | ||||||||||||||
Accretion expense | 761 | — | — | — | 761 | |||||||||||||||
Gain on sale of assets | (11 | ) | — | — | — | (11 | ) | |||||||||||||
443,467 | 1,670 | (2 | ) | — | 445,135 | |||||||||||||||
INCOME FROM OPERATIONS | 225,600 | 529 | 2 | — | 226,131 | |||||||||||||||
OTHER (INCOME) EXPENSE: | ||||||||||||||||||||
Interest expense | 23,986 | — | — | — | 23,986 | |||||||||||||||
Interest income | (195 | ) | — | — | — | (195 | ) | |||||||||||||
Litigation settlement | 25,500 | — | — | — | 25,500 | |||||||||||||||
Gain on contribution of investments | (84,470 | ) | — | — | — | (84,470 | ) | |||||||||||||
(Income) loss from equity method investments and investments in subsidiaries | (139,965 | ) | — | 13,159 | (12,628 | ) | (139,434 | ) | ||||||||||||
(175,144 | ) | — | 13,159 | (12,628 | ) | (174,613 | ) | |||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 400,744 | 529 | (13,157 | ) | 12,628 | 400,744 | ||||||||||||||
INCOME TAX EXPENSE | 153,341 | — | — | — | 153,341 | |||||||||||||||
NET INCOME (LOSS) | $ | 247,403 | $ | 529 | $ | (13,157 | ) | $ | 12,628 | $ | 247,403 | |||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Total revenues | $ | 261,809 | $ | 1,517 | $ | — | $ | (573 | ) | $ | 262,753 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Lease operating expenses | 25,971 | 732 | — | — | 26,703 | |||||||||||||||
Production taxes | 26,848 | 85 | — | — | 26,933 | |||||||||||||||
Midstream gathering and processing | 10,999 | 31 | — | — | 11,030 | |||||||||||||||
Depreciation, depletion and amortization | 118,878 | 2 | — | — | 118,880 | |||||||||||||||
General and administrative | 22,359 | 159 | 1 | — | 22,519 | |||||||||||||||
Accretion expense | 717 | — | — | — | 717 | |||||||||||||||
Loss on sale of assets | 508 | — | — | — | 508 | |||||||||||||||
206,280 | 1,009 | 1 | — | 207,290 | ||||||||||||||||
INCOME (LOSS) FROM OPERATIONS | 55,529 | 508 | (1 | ) | (573 | ) | 55,463 | |||||||||||||
OTHER (INCOME) EXPENSE: | ||||||||||||||||||||
Interest expense | 17,490 | — | — | — | 17,490 | |||||||||||||||
Interest income | (297 | ) | — | — | — | (297 | ) | |||||||||||||
(Income) loss from equity method investments and investments in subsidiaries | (212,992 | ) | — | 2,999 | (3,065 | ) | (213,058 | ) | ||||||||||||
(195,799 | ) | — | 2,999 | (3,065 | ) | (195,865 | ) | |||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 251,328 | 508 | (3,000 | ) | 2,492 | 251,328 | ||||||||||||||
INCOME TAX EXPENSE | 98,136 | — | — | — | 98,136 | |||||||||||||||
NET INCOME (LOSS) | $ | 153,192 | $ | 508 | $ | (3,000 | ) | $ | 2,492 | $ | 153,192 | |||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Total revenues | $ | 247,637 | $ | 1,289 | $ | — | $ | — | $ | 248,926 | ||||||||||
Costs and expenses: | ||||||||||||||||||||
Lease operating expenses | 23,644 | 664 | — | — | 24,308 | |||||||||||||||
Production taxes | 28,874 | 83 | — | — | 28,957 | |||||||||||||||
Midstream gathering and processing | 432 | 11 | — | — | 443 | |||||||||||||||
Depreciation, depletion and amortization | 90,749 | — | — | — | 90,749 | |||||||||||||||
General and administrative | 13,602 | 132 | 74 | — | 13,808 | |||||||||||||||
Accretion expense | 698 | — | — | — | 698 | |||||||||||||||
Gain on sale of assets | (7,300 | ) | — | — | — | (7,300 | ) | |||||||||||||
150,699 | 890 | 74 | — | 151,663 | ||||||||||||||||
INCOME (LOSS) FROM OPERATIONS | 96,938 | 399 | (74 | ) | — | 97,263 | ||||||||||||||
OTHER (INCOME) EXPENSE: | ||||||||||||||||||||
Interest expense | 7,458 | — | — | — | 7,458 | |||||||||||||||
Interest income | (72 | ) | — | — | — | (72 | ) | |||||||||||||
(Income) loss from equity method investments and investments in subsidiaries | (5,182 | ) | — | 1,512 | (4,652 | ) | (8,322 | ) | ||||||||||||
2,204 | — | 1,512 | (4,652 | ) | (936 | ) | ||||||||||||||
INCOME (LOSS) FROM COTINUING OPERATIONS BEFORE INCOME TAXES | 94,734 | 399 | (1,586 | ) | 4,652 | 98,199 | ||||||||||||||
INCOME TAX EXPENSE | 26,363 | — | — | — | 26,363 | |||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | 68,371 | 399 | (1,586 | ) | 4,652 | 71,836 | ||||||||||||||
DISCONTINUED OPERATIONS | ||||||||||||||||||||
Loss on disposal of Belize properties, net of tax | — | 3,465 | — | — | 3,465 | |||||||||||||||
NET INCOME (LOSS) | $ | 68,371 | $ | (3,066 | ) | $ | (1,586 | ) | $ | 4,652 | $ | 68,371 | ||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Net income (loss) | $ | 247,403 | $ | 529 | $ | (13,157 | ) | $ | 12,628 | $ | 247,403 | |||||||||
Foreign currency translation adjustment | (16,894 | ) | — | (16,894 | ) | 16,894 | (16,894 | ) | ||||||||||||
Other comprehensive income (loss) | (16,894 | ) | — | (16,894 | ) | 16,894 | (16,894 | ) | ||||||||||||
Comprehensive income | $ | 230,509 | $ | 529 | $ | (30,051 | ) | $ | 29,522 | $ | 230,509 | |||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Net income (loss) | $ | 153,192 | $ | 508 | $ | (3,000 | ) | $ | 2,492 | $ | 153,192 | |||||||||
Foreign currency translation adjustment | (12,223 | ) | — | (12,223 | ) | 12,223 | (12,223 | ) | ||||||||||||
Change in fair value of derivative instruments, net of taxes | (4,419 | ) | — | — | — | (4,419 | ) | |||||||||||||
Reclassification of settled contracts, net of taxes | 10,290 | — | — | — | 10,290 | |||||||||||||||
Other comprehensive income (loss) | (6,352 | ) | — | (12,223 | ) | 12,223 | (6,352 | ) | ||||||||||||
Comprehensive income | $ | 146,840 | $ | 508 | $ | (15,223 | ) | $ | 14,715 | $ | 146,840 | |||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Net income (loss) | $ | 68,371 | $ | (3,066 | ) | $ | (1,586 | ) | $ | 4,652 | $ | 68,371 | ||||||||
Foreign currency translation adjustment | 1,355 | — | 1,355 | (1,355 | ) | 1,355 | ||||||||||||||
Change in fair value of derivative instruments, net of taxes | (8,452 | ) | — | — | — | (8,452 | ) | |||||||||||||
Reclassification of settled contracts, net of taxes | 1,005 | — | — | — | 1,005 | |||||||||||||||
Other comprehensive income (loss) | (6,092 | ) | — | 1,355 | (1,355 | ) | (6,092 | ) | ||||||||||||
Comprehensive income | $ | 62,279 | $ | (3,066 | ) | $ | (231 | ) | $ | 3,297 | $ | 62,279 | ||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Net cash provided by (used in) operating activities | $ | 388,177 | $ | 21,698 | $ | (2 | ) | $ | — | $ | 409,873 | |||||||||
Net cash provided by (used in) investing activities | (1,108,241 | ) | (28,419 | ) | (18,799 | ) | 18,802 | (1,136,657 | ) | |||||||||||
Net cash provided by (used in) financing activities | 410,168 | — | 18,802 | (18,802 | ) | 410,168 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | (309,896 | ) | (6,721 | ) | 1 | — | (316,616 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 451,431 | 7,525 | — | — | 458,956 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 141,535 | $ | 804 | $ | 1 | $ | — | $ | 142,340 | ||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Net cash provided by operating activities | $ | 182,961 | $ | 8,104 | $ | — | $ | — | $ | 191,065 | ||||||||||
Net cash provided by (used in) investing activities | (661,886 | ) | (2,374 | ) | (33,929 | ) | 33,929 | (664,260 | ) | |||||||||||
Net cash provided by (used in) financing activities | 765,063 | — | 33,929 | (33,929 | ) | 765,063 | ||||||||||||||
Net increase in cash and cash equivalents | 286,138 | 5,730 | — | — | 291,868 | |||||||||||||||
Cash and cash equivalents at beginning of period | 165,293 | 1,795 | — | — | 167,088 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 451,431 | $ | 7,525 | $ | — | $ | — | $ | 458,956 | ||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Net cash provided by (used in) operating activities | $ | 195,734 | $ | 3,425 | $ | (1 | ) | $ | — | $ | 199,158 | |||||||||
Net cash provided by (used in) investing activities | (838,177 | ) | (2,402 | ) | (103,915 | ) | 103,915 | (840,579 | ) | |||||||||||
Net cash provided by (used in) financing activities | 714,612 | — | 103,915 | (103,915 | ) | 714,612 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 72,169 | 1,023 | (1 | ) | — | 73,191 | ||||||||||||||
Cash and cash equivalents at beginning of period | 93,124 | 772 | 1 | — | 93,897 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 165,293 | $ | 1,795 | $ | — | $ | — | $ | 167,088 | ||||||||||
Supplemental_Information_On_Oi
Supplemental Information On Oil And Gas Exploration And Production Activities | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
Extractive Industries [Abstract] | |||||||||||||||||||||||||||
Supplemental Information On Oil And Gas Exploration And Production Activities | SUPPLEMENTAL INFORMATION ON OIL AND GAS EXPLORATION AND PRODUCTION ACTIVITIES (UNAUDITED) | ||||||||||||||||||||||||||
As discussed above in Notes 4 and 5, the Company did not own any of Diamondback's common stock at December 31, 2014. However, at December 31, 2013 and December 31, 2012, the Company owned a 7.2% and 21.4% equity interest in Diamondback, respectively, which interest is shown below. The Company also owns a 24.9999% interest in Grizzly, which interest is shown below. Grizzly achieved first production in 2014, therefore, interest in Grizzly is shown only for 2014. | |||||||||||||||||||||||||||
The following is historical revenue and cost information relating to the Company’s oil and gas operations located entirely in the United States: | |||||||||||||||||||||||||||
Capitalized Costs Related to Oil and Gas Producing Activities | |||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Proven properties | $ | 2,457,616 | $ | 1,526,588 | |||||||||||||||||||||||
Unproven properties | 1,465,538 | 950,590 | |||||||||||||||||||||||||
3,923,154 | 2,477,178 | ||||||||||||||||||||||||||
Accumulated depreciation, depletion, amortization and impairment reserve | (1,044,273 | ) | (779,561 | ) | |||||||||||||||||||||||
Net capitalized costs | $ | 2,878,881 | $ | 1,697,617 | |||||||||||||||||||||||
Equity investment in Diamondback Energy, Inc. | |||||||||||||||||||||||||||
Proven properties | $ | — | $ | 92,074 | |||||||||||||||||||||||
Unproven properties | — | 26,608 | |||||||||||||||||||||||||
— | 118,682 | ||||||||||||||||||||||||||
Accumulated depreciation, depletion, amortization and impairment reserve | — | (15,180 | ) | ||||||||||||||||||||||||
Net capitalized costs | $ | — | $ | 103,502 | |||||||||||||||||||||||
Equity investment in Grizzly Oil Sand ULC | |||||||||||||||||||||||||||
Proven properties | $ | 96,859 | $ | — | |||||||||||||||||||||||
Unproven properties | 103,160 | — | |||||||||||||||||||||||||
200,019 | — | ||||||||||||||||||||||||||
Accumulated depreciation, depletion, amortization and impairment reserve | (1,248 | ) | — | ||||||||||||||||||||||||
Net capitalized costs | $ | 198,771 | $ | — | |||||||||||||||||||||||
Costs Incurred in Oil and Gas Property Acquisition and Development Activities | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Acquisition | $ | 440,288 | $ | 338,153 | $ | 513,904 | |||||||||||||||||||||
Development of proved undeveloped properties | 864,511 | 408,121 | 121,787 | ||||||||||||||||||||||||
Exploratory | 2,249 | 26,174 | 93,397 | ||||||||||||||||||||||||
Recompletions | 45,658 | 44,633 | 24,643 | ||||||||||||||||||||||||
Capitalized asset retirement obligation | 2,095 | 3,556 | 2,195 | ||||||||||||||||||||||||
Total | $ | 1,354,801 | $ | 820,637 | $ | 755,926 | |||||||||||||||||||||
Equity investment in Diamondback Energy, Inc. | |||||||||||||||||||||||||||
Acquisition | $ | — | $ | 44,534 | $ | 49,895 | |||||||||||||||||||||
Development of proved undeveloped properties | — | 6,369 | 22,740 | ||||||||||||||||||||||||
Exploratory | — | 17,491 | 3,755 | ||||||||||||||||||||||||
Capitalized asset retirement obligation | — | 50 | 203 | ||||||||||||||||||||||||
Total | $ | — | $ | 68,444 | $ | 76,593 | |||||||||||||||||||||
Equity investment in Grizzly Oil Sands ULC | |||||||||||||||||||||||||||
Acquisition | $ | 1,230 | $ | — | $ | — | |||||||||||||||||||||
Development of proved undeveloped properties | 7,107 | — | — | ||||||||||||||||||||||||
Exploratory | — | — | — | ||||||||||||||||||||||||
Capitalized asset retirement obligation | 1,055 | — | — | ||||||||||||||||||||||||
Total | $ | 9,392 | $ | — | $ | — | |||||||||||||||||||||
Results of Operations for Producing Activities | |||||||||||||||||||||||||||
The following schedule sets forth the revenues and expenses related to the production and sale of oil and gas. The income tax expense is calculated by applying the current statutory tax rates to the revenues after deducting costs, which include depreciation, depletion and amortization allowances, after giving effect to the permanent differences. The results of operations exclude general office overhead and interest expense attributable to oil and gas production. | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Revenues | $ | 670,762 | $ | 262,225 | $ | 248,601 | |||||||||||||||||||||
Production costs | (140,664 | ) | (64,666 | ) | (53,708 | ) | |||||||||||||||||||||
Depletion | (263,946 | ) | (118,118 | ) | (90,230 | ) | |||||||||||||||||||||
266,152 | 79,441 | 104,663 | |||||||||||||||||||||||||
Income tax expense (benefit) | |||||||||||||||||||||||||||
Current | — | — | 730 | ||||||||||||||||||||||||
Deferred | 96,061 | 49,447 | 25,633 | ||||||||||||||||||||||||
96,061 | 49,447 | 26,363 | |||||||||||||||||||||||||
Results of operations from producing activities | $ | 170,091 | $ | 29,994 | $ | 78,300 | |||||||||||||||||||||
Depletion per Mcf of gas equivalent (Mcfe) | $ | 3.01 | $ | 4.78 | $ | 5.85 | |||||||||||||||||||||
Results of Operations from equity method investment in Diamondback Energy, Inc. | |||||||||||||||||||||||||||
Revenues | $ | — | $ | 14,976 | $ | 16,042 | |||||||||||||||||||||
Production costs | — | (2,518 | ) | (4,474 | ) | ||||||||||||||||||||||
Depletion | — | (4,754 | ) | (5,515 | ) | ||||||||||||||||||||||
— | 7,704 | 6,053 | |||||||||||||||||||||||||
Income tax expense | — | 2,286 | 2,158 | ||||||||||||||||||||||||
Results of operations from producing activities | $ | — | $ | 5,418 | $ | 3,895 | |||||||||||||||||||||
Results of Operations from equity method investment in Grizzly Oil Sands ULC | |||||||||||||||||||||||||||
Revenues | $ | 5,449 | $ | — | $ | — | |||||||||||||||||||||
Production costs | (10,113 | ) | — | — | |||||||||||||||||||||||
Depletion | (1,195 | ) | — | — | |||||||||||||||||||||||
(5,859 | ) | — | — | ||||||||||||||||||||||||
Income tax expense | — | — | — | ||||||||||||||||||||||||
Results of operations from producing activities | $ | (5,859 | ) | $ | — | $ | — | ||||||||||||||||||||
Oil and Gas Reserves | |||||||||||||||||||||||||||
The following table presents estimated volumes of proved developed and undeveloped oil and gas reserves as of December 31, 2014, 2013 and 2012 and changes in proved reserves during the last three years. The reserve reports use an average price equal to the unweighted arithmetic average of hydrocarbon prices received on a field-by-field basis on the first day of each month within the 12-month period ended December 31, 2014, 2013 and 2012, in accordance with guidelines of the SEC applicable to reserves estimates. Volumes for oil are stated in thousands of barrels (MBbls) and volumes for gas are stated in millions of cubic feet (MMcf). The prices used for the 2014 reserve report are $94.99 per barrel of oil, $4.35 per MMbtu and $44.84 per barrel for NGLs, adjusted by lease for transportation fees and regional price differentials, and for oil and gas reserves, respectively. The prices used at December 31, 2013 and 2012 for reserve report purposes are $96.78 per barrel, $3.67 per MMbtu and $41.23 per barrel for NGLs and $91.32 per barrel and $2.76 per MMbtu, respectively. | |||||||||||||||||||||||||||
Gulfport emphasizes that the volumes of reserves shown below are estimates which, by their nature, are subject to revision. The estimates are made using all available geological and reservoir data, as well as production performance data. These estimates are reviewed annually and revised, either upward or downward, as warranted by additional performance data. | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||
Oil | Gas | NGL | Oil | Gas | NGL | Oil | Gas | NGL | |||||||||||||||||||
(MBbls) | (MMcf) | (MBbls) | (MBbls) | (MMcf) | (MBbls) | (MBbls) | (MMcf) | (MBbls) | |||||||||||||||||||
Proved Reserves | |||||||||||||||||||||||||||
Beginning of the period | 8,346 | 146,446 | 5,675 | 8,106 | 33,771 | 145 | 13,954 | 15,728 | 2,791 | ||||||||||||||||||
Purchases in oil and gas reserves in place | 173 | 8,863 | 353 | — | — | — | — | — | — | ||||||||||||||||||
Extensions and discoveries | 4,975 | 629,151 | 22,594 | 2,765 | 123,597 | 5,850 | 4,732 | 31,265 | 148 | ||||||||||||||||||
Sales of oil and gas reserves in place | — | — | — | — | — | — | (7,875 | ) | (11,757 | ) | (2,729 | ) | |||||||||||||||
Revisions of prior reserve estimates | (1,313 | ) | (6,136 | ) | (304 | ) | (208 | ) | (2,031 | ) | — | (382 | ) | (357 | ) | — | |||||||||||
Current production | (2,684 | ) | (59,318 | ) | (2,050 | ) | (2,317 | ) | (8,891 | ) | (320 | ) | (2,323 | ) | (1,108 | ) | (65 | ) | |||||||||
End of period | 9,497 | 719,006 | 26,268 | 8,346 | 146,446 | 5,675 | 8,106 | 33,771 | 145 | ||||||||||||||||||
Proved developed reserves | 5,719 | 345,166 | 12,379 | 5,609 | 94,552 | 3,527 | 5,175 | 18,482 | 44 | ||||||||||||||||||
Proved undeveloped reserves | 3,778 | 373,840 | 13,889 | 2,737 | 51,894 | 2,148 | 2,931 | 15,289 | 101 | ||||||||||||||||||
Equity investment in Diamondback Energy, Inc. | |||||||||||||||||||||||||||
Proved Reserves | |||||||||||||||||||||||||||
Beginning of the period | — | — | — | 5,606 | 7,398 | 1,766 | 3,874 | 4,398 | 1,080 | ||||||||||||||||||
Change in ownership interest in Diamondback | — | — | — | (3,720 | ) | (4,909 | ) | (1,171 | ) | — | — | — | |||||||||||||||
Purchases in oil and gas reserves in place | — | — | — | 528 | 752 | 120 | 1,543 | 2,292 | 540 | ||||||||||||||||||
Extensions and discoveries | — | — | — | 1,227 | 1,741 | 331 | 665 | 804 | 186 | ||||||||||||||||||
Revisions of prior reserve estimates | — | — | — | (428 | ) | (417 | ) | (249 | ) | (314 | ) | 82 | (1 | ) | |||||||||||||
Current production | — | — | — | (146 | ) | (124 | ) | (26 | ) | (162 | ) | (178 | ) | (39 | ) | ||||||||||||
End of period | — | — | — | 3,067 | 4,441 | 771 | 5,606 | 7,398 | 1,766 | ||||||||||||||||||
Proved developed reserves | — | — | — | 1,425 | 2,263 | 358 | 1,539 | 2,753 | 641 | ||||||||||||||||||
Proved undeveloped reserves | — | — | — | 1,642 | 2,178 | 413 | 4,068 | 4,645 | 1,124 | ||||||||||||||||||
Equity investment in Grizzly Oil Sands ULC | |||||||||||||||||||||||||||
Beginning of the period | 13,637 | — | — | — | — | — | — | — | — | ||||||||||||||||||
Purchases in oil and gas reserves in place | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Extensions and discoveries | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Revisions of prior reserve estimates | 990 | — | — | — | — | — | — | — | — | ||||||||||||||||||
Current production | (69 | ) | — | — | — | — | — | — | — | — | |||||||||||||||||
End of period | 14,558 | — | — | — | — | — | — | — | — | ||||||||||||||||||
Proved developed reserves | 1,632 | — | — | — | — | — | — | — | — | ||||||||||||||||||
Proved undeveloped reserves | 12,926 | — | — | — | — | — | — | — | — | ||||||||||||||||||
In 2014, the Company experienced extensions and discoveries of 786,347 million cubic feet of gas equivalent (MMcfe) of proved reserves attributable to the development of the Company's Utica Shale acreage. In addition, the Company experienced downward revisions of 15,837 MMcfe in estimated proved reserves in 2014 primarily due to the exclusion of PUD locations in our Southern Louisiana and Utica fields that were not expected to be drilled within five years of initial booking. The Company also purchased 12,019 MMcfe of proved reserves as a result of its acquisition from Rhino discussed in Note 2. In 2013, the Company experienced extensions and discoveries of 166,832 MMcfe of proved reserves attributable to the development of the Company's Utica Shale acreage. The Company contributed its Permian Basin assets to Diamondback in 2012, as discussed in Note 4, resulting in a decrease of 75,384 MMcfe in estimated proved reserves in 2012. The Company experienced extensions and discoveries of proved reserves of 40,049 MMcfe in 2012 attributable to the discovery and development of the Company's Utica Shale acreage. In addition, the Company experienced downward reserve revisions of 2,649 MMcfe in estimated proved reserves in 2012 primarily due to a change in the drilling schedule of its Niobrara acreage. | |||||||||||||||||||||||||||
Discounted Future Net Cash Flows | |||||||||||||||||||||||||||
The following tables present the estimated future cash flows, and changes therein, from Gulfport’s proven oil and gas reserves as of December 31, 2014, 2013 and 2012 using an unweighted average first-of-the-month price for the period January through December 31, 2014, 2013 and 2012. | |||||||||||||||||||||||||||
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves | |||||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Future cash flows | $ | 4,667,678 | $ | 1,657,708 | $ | 954,833 | |||||||||||||||||||||
Future development and abandonment costs | (719,898 | ) | (272,500 | ) | (159,113 | ) | |||||||||||||||||||||
Future production costs | (880,427 | ) | (274,428 | ) | (147,024 | ) | |||||||||||||||||||||
Future production taxes | (71,229 | ) | (78,647 | ) | (89,175 | ) | |||||||||||||||||||||
Future income taxes | (693,154 | ) | (172,691 | ) | (114,867 | ) | |||||||||||||||||||||
Future net cash flows | 2,302,970 | 859,442 | 444,654 | ||||||||||||||||||||||||
10% discount to reflect timing of cash flows | (875,803 | ) | (280,976 | ) | (96,013 | ) | |||||||||||||||||||||
Standardized measure of discounted future net cash flows | $ | 1,427,167 | $ | 578,466 | $ | 348,641 | |||||||||||||||||||||
Equity investment in Diamondback Energy, Inc. Standardized measure of discounted cash flows | |||||||||||||||||||||||||||
Future cash flows | $ | — | $ | 331,505 | $ | 592,669 | |||||||||||||||||||||
Future development and abandonment costs | — | (37,229 | ) | (115,869 | ) | ||||||||||||||||||||||
Future production costs | — | (58,096 | ) | (165,553 | ) | ||||||||||||||||||||||
Future production taxes | — | (22,925 | ) | (30,122 | ) | ||||||||||||||||||||||
Future income taxes | — | (48,547 | ) | (71,669 | ) | ||||||||||||||||||||||
Future net cash flows | — | 164,708 | 209,456 | ||||||||||||||||||||||||
10% discount to reflect timing of cash flows | — | (94,462 | ) | (130,871 | ) | ||||||||||||||||||||||
Standardized measure of discounted future net cash flows | $ | — | $ | 70,246 | $ | 78,585 | |||||||||||||||||||||
Equity investment in Grizzly Oil Sands ULC Standardized measure of discounted cash flows | |||||||||||||||||||||||||||
Future cash flows | $ | 754,720 | $ | — | $ | — | |||||||||||||||||||||
Future development and abandonment costs | (205,242 | ) | — | — | |||||||||||||||||||||||
Future production costs | (291,988 | ) | — | — | |||||||||||||||||||||||
Future production taxes | — | — | — | ||||||||||||||||||||||||
Future income taxes | (11,250 | ) | — | — | |||||||||||||||||||||||
Future net cash flows | 246,240 | — | — | ||||||||||||||||||||||||
10% discount to reflect timing of cash flows | (152,494 | ) | — | — | |||||||||||||||||||||||
Standardized measure of discounted future net cash flows | $ | 93,746 | $ | — | $ | — | |||||||||||||||||||||
In order to develop its proved undeveloped reserves according to the drilling schedule used by the engineers in Gulfport’s reserve report, the Company will need to spend $221.0 million, $93.1 million and $215.4 million during years 2015, 2016 and 2017, respectively. | |||||||||||||||||||||||||||
Changes in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves | |||||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Sales and transfers of oil and gas produced, net of production costs | $ | (530,098 | ) | $ | (197,559 | ) | $ | (194,893 | ) | ||||||||||||||||||
Net changes in prices, production costs, and development costs | 97,716 | 65,573 | 108,941 | ||||||||||||||||||||||||
Acquisition of oil and gas reserves in place | 14,266 | — | — | ||||||||||||||||||||||||
Extensions and discoveries | 790,533 | 130,826 | 151,654 | ||||||||||||||||||||||||
Previously estimated development costs incurred during the period | 68,227 | 43,478 | 10,211 | ||||||||||||||||||||||||
Revisions of previous quantity estimates, less related production costs | (37,801 | ) | (3,591 | ) | (10,504 | ) | |||||||||||||||||||||
Sales of reserves in place | — | — | (214,867 | ) | |||||||||||||||||||||||
Accretion of discount | 57,847 | 34,864 | 37,668 | ||||||||||||||||||||||||
Net changes in income taxes | (295,226 | ) | (30,239 | ) | 25,585 | ||||||||||||||||||||||
Change in production rates and other | 683,237 | 186,473 | 58,165 | ||||||||||||||||||||||||
Total change in standardized measure of discounted future net cash flows | $ | 848,701 | $ | 229,825 | $ | (28,040 | ) | ||||||||||||||||||||
Equity investment in Diamondback Energy, Inc. Changes in standardized measure of discounted cash flows | |||||||||||||||||||||||||||
Change in ownership interest in Diamondback | $ | — | $ | (52,145 | ) | $ | — | ||||||||||||||||||||
Sales and transfers of oil and gas produced, net of production costs | — | (12,524 | ) | (11,601 | ) | ||||||||||||||||||||||
Net changes in prices, production costs, and development costs | — | 3,312 | (14,596 | ) | |||||||||||||||||||||||
Acquisition of oil and gas reserves in place | — | 21,968 | 23,090 | ||||||||||||||||||||||||
Extensions and discoveries | — | 39,776 | 16,969 | ||||||||||||||||||||||||
Previously estimated development costs incurred during the period | — | 5,517 | 19,014 | ||||||||||||||||||||||||
Revisions of previous quantity estimates, less related production costs | — | (9,143 | ) | (4,897 | ) | ||||||||||||||||||||||
Accretion of discount | — | 4,175 | 7,803 | ||||||||||||||||||||||||
Net changes in income taxes | — | (12,137 | ) | (26,866 | ) | ||||||||||||||||||||||
Change in production rates and other | — | 2,862 | (8,358 | ) | |||||||||||||||||||||||
Total change in standardized measure of discounted future net cash flows | $ | — | $ | (8,339 | ) | $ | 558 | ||||||||||||||||||||
Equity investment in Grizzly Oil Sands ULC Changes in standardized measure of discounted cash flows | |||||||||||||||||||||||||||
Sales and transfers of oil and gas produced, net of production costs | $ | 4,664 | $ | — | $ | — | |||||||||||||||||||||
Net changes in prices, production costs, and development costs | (76,518 | ) | — | — | |||||||||||||||||||||||
Acquisition of oil and gas reserves in place | — | — | — | ||||||||||||||||||||||||
Extensions and discoveries | 7,107 | — | — | ||||||||||||||||||||||||
Previously estimated development costs incurred during the period | — | — | — | ||||||||||||||||||||||||
Revisions of previous quantity estimates, less related production costs | 10,659 | — | — | ||||||||||||||||||||||||
Accretion of discount | 14,946 | — | — | ||||||||||||||||||||||||
Net changes in income taxes | 9,162 | — | — | ||||||||||||||||||||||||
Change in production rates and other | (25,738 | ) | — | — | |||||||||||||||||||||||
Total change in standardized measure of discounted future net cash flows | $ | (55,718 | ) | $ | — | $ | — | ||||||||||||||||||||
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Selected Quarterly Financial Data (Unaudited) | SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | ||||||||||||||||
The following table summarizes quarterly financial data for the years ended December 31, 2014 and 2013: | |||||||||||||||||
2014 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
(In thousands) | |||||||||||||||||
Revenues | $ | 118,029 | $ | 114,736 | $ | 170,804 | $ | 267,697 | |||||||||
Income from operations | 25,109 | 18,110 | 53,454 | 129,458 | |||||||||||||
Income tax expense | 49,247 | 31,461 | 4,876 | 67,757 | |||||||||||||
Net income | 82,558 | 47,852 | 6,920 | 110,073 | |||||||||||||
Income per share: | |||||||||||||||||
Basic | $ | 0.97 | $ | 0.56 | $ | 0.08 | $ | 1.29 | |||||||||
Diluted | $ | 0.96 | $ | 0.56 | $ | 0.08 | $ | 1.28 | |||||||||
2013 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
(In thousands) | |||||||||||||||||
Revenues | $ | 55,000 | $ | 70,434 | $ | 69,252 | $ | 68,067 | |||||||||
Income from operations | 14,944 | 22,456 | 15,137 | 2,926 | |||||||||||||
Income tax expense | 28,195 | 25,514 | 23,400 | 21,027 | |||||||||||||
Net income | 44,559 | 43,828 | 40,527 | 24,278 | |||||||||||||
Income per share: | |||||||||||||||||
Basic | $ | 0.61 | $ | 0.57 | $ | 0.52 | $ | 0.3 | |||||||||
Diluted | $ | 0.61 | $ | 0.56 | $ | 0.52 | $ | 0.3 | |||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS |
In January and February of 2015, the Company entered into fixed price swaps for 1,000 barrels of oil per day at a weighted average price of $62.25 per barrel. For the period of September 2015 through December 2015, the Company entered into fixed price swaps for 30,000 MMBtu of natural gas per day at a weighted average price of $3.40 per MMBtu. For the period from January 2016 through December 2017, the Company entered into fixed price swaps for 80,000 MMBtu of natural gas per day at a weighted average price of $3.45 per MMBtu. For the period from January 2018 through December 2018, the Company entered into fixed price swaps for 30,000 MMBtu of natural gas per day at a weighted average price of $3.40 per MMBtu. The Company's fixed price swap contracts are tied to the commodity prices on NYMEX. The Company will receive the fixed price amount stated in the contract and pay to its counterparty the current market price as listed on NYMEX for natural gas. | |
In February 2015, the Company entered into natural gas basis swap positions, which settle on the pricing index to basis differential of MichCon to the NYMEX Henry Hub natural gas price for 30,000 MMBtu per day at a hedge differential of $.02 for the period from March 2015 through December 2016 and for 10,000 MMBtu per day at a hedge differential of $.01 for the period from March 2015 through December 2016. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents for purposes of the statement of cash flows. | |
Principles of Consolidation | Principles of Consolidation |
The consolidated financial statements include the Company and its wholly owned subsidiaries, Grizzly Holdings Inc., Jaguar Resources LLC, Gator Marine, Inc., Gator Marine Ivanhoe, Inc., Westhawk Minerals LLC and Puma Resources, Inc. All intercompany balances and transactions are eliminated in consolidation. | |
Accounts Receivable | Accounts Receivable |
The Company’s accounts receivable—oil and gas primarily are from companies in the oil and gas industry. The majority of its receivables are from three purchasers of the Company’s oil and gas and receivables from joint interest owners on properties the Company operates. Credit is extended based on evaluation of a customer’s payment history and, generally, collateral is not required. Accounts receivable are due within 30 days and are stated at amounts due from customers, net of an allowance for doubtful accounts when the Company believes collection is doubtful. Accounts outstanding longer than the contractual payment terms are considered past due. The Company determines its allowance by considering a number of factors, including the length of time accounts receivable are past due, the Company’s previous loss history, the customer’s current ability to pay its obligation to the Company, amounts which may be obtained by an offset against production proceeds due the customer and the condition of the general economy and the industry as a whole. The Company writes off specific accounts receivable when they become uncollectible, and payments subsequently received on such receivables are credited to the allowance for doubtful accounts. No allowance was deemed necessary at December 31, 2014 and December 31, 2013. | |
Oil and Gas Properties | Oil and Gas Properties |
The Company uses the full cost method of accounting for oil and gas operations. Accordingly, all costs, including nonproductive costs and certain general and administrative costs directly associated with acquisition, exploration and development of oil and gas properties, are capitalized. Under the full cost method of accounting, the Company is required to perform a ceiling test each quarter. The test determines a limit, or ceiling, on the book value of the oil and gas properties. Net capitalized costs are limited to the lower of unamortized cost net of deferred income taxes or the cost center ceiling. The cost center ceiling is defined as the sum of (a) estimated future net revenues, discounted at 10% per annum, from proved reserves, based on the 12-month unweighted average of the first-day-of-the-month price for 2014, 2013 and 2012, adjusted for any contract provisions or financial derivatives, if any, that hedge the Company’s oil and natural gas revenue, and excluding the estimated abandonment costs for properties with asset retirement obligations recorded on the balance sheet, (b) the cost of properties not being amortized, if any, and (c) the lower of cost or market value of unproved properties included in the cost being amortized, including related deferred taxes for differences between the book and tax basis of the oil and natural gas properties. If the net book value, including related deferred taxes, exceeds the ceiling, an impairment or noncash writedown is required. | |
Such capitalized costs, including the estimated future development costs and site remediation costs of proved undeveloped properties are depleted by an equivalent units-of-production method, converting barrels to gas at the ratio of one barrel of oil to six Mcf of gas. No gain or loss is recognized upon the disposal of oil and gas properties, unless such dispositions significantly alter the relationship between capitalized costs and proven oil and gas reserves. Oil and gas properties not subject to amortization consist of the cost of unproved leaseholds and totaled $1.5 billion and $1.0 billion at December 31, 2014 and December 31, 2013, respectively. These costs are reviewed quarterly by management for impairment. If impairment has occurred, the portion of cost in excess of the current value is transferred to the cost of oil and gas properties subject to amortization. Factors considered by management in its impairment assessment include drilling results by Gulfport and other operators, the terms of oil and gas leases not held by production, and available funds for exploration and development. | |
The Company accounts for its abandonment and restoration liabilities under FASB ASC Topic 410, “Asset Retirement and Environmental Obligations” (“FASB ASC 410”), which requires the Company to record a liability equal to the fair value of the estimated cost to retire an asset. The asset retirement liability is recorded in the period in which the obligation meets the definition of a liability, which is generally when the asset is placed into service. When the liability is initially recorded, the Company increases the carrying amount of oil and natural gas properties by an amount equal to the original liability. The liability is accreted to its present value each period, and the capitalized cost is included in capitalized costs and depreciated consistent with depletion of reserves. Upon settlement of the liability or the sale of the well, the liability is reversed. These liability amounts may change because of changes in asset lives, estimated costs of abandonment or legal or statutory remediation requirements. | |
Other Property and Equipment | Other Property and Equipment |
Depreciation of other property and equipment is provided on a straight-line basis over the estimated useful lives of the related assets, which range from 3 to 30 years. | |
Foreign Currency | Foreign Currency |
The U.S. dollar is the functional currency for Gulfport’s consolidated operations. However, the Company has an equity investment in a Canadian entity whose functional currency is the Canadian dollar. The assets and liabilities of the Canadian investment are translated into U.S. dollars based on the current exchange rate in effect at the balance sheet dates. Canadian income and expenses are translated at average rates for the periods presented and equity contributions are translated at the current exchange rate in effect at the date of the contribution. Translation adjustments have no effect on net income and are included in accumulated other comprehensive income in stockholders’ equity. The following table presents the balances of the Company’s cumulative translation adjustments included in accumulated other comprehensive income (loss). | |
Net Income per Common Share | Net Income per Common Share |
Basic net income per common share is computed by dividing income attributable to common stock by the weighted average number of common shares outstanding for the period. Diluted net income per common share reflects the potential dilution that could occur if options or other contracts to issue common stock were exercised or converted into common stock. Potential common shares are not included if their effect would be anti-dilutive. Calculations of basic and diluted net income per common share are illustrated in Note 12. | |
Income Tax | Income Taxes |
Gulfport uses the asset and liability method of accounting for income taxes, under which deferred tax assets and liabilities are recognized for the future tax consequences of (1) temporary differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities and (2) operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are based on enacted tax rates applicable to the future period when those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income during the period the rate change is enacted. Deferred tax assets are recognized as income in the year in which realization becomes determinable. A valuation allowance is provided for deferred tax assets when it is more likely than not the deferred tax assets will not be realized. | |
The Company is subject to U.S. federal income tax as well as income tax of multiple jurisdictions. The Company’s 1999 – 2014 U.S. federal and state income tax returns remain open to examination by tax authorities, due to net operating losses. As of December 31, 2014, the Company has no unrecognized tax benefits that would have a material impact on the effective rate. The Company recognizes interest and penalties related to income tax matters as interest expense and general and administrative expenses, respectively. For the year ended December 31, 2014, there is no interest or penalties associated with uncertain tax positions in the Company’s consolidated financial statements. | |
Revenue Recognition | Revenue Recognition |
Natural gas revenues are recorded in the month produced and delivered to the purchaser using the entitlement method, whereby any production volumes received in excess of the Company’s ownership percentage in the property are recorded as a liability. If less than Gulfport’s entitlement is received, the underproduction is recorded as a receivable. At December 31, 2014 and 2013, the Company had no gas imbalance liability. Oil revenues are recognized when ownership transfers, which occurs in the month produced. | |
Investments - Equity Method | Investments—Equity Method |
Investments in entities in which the Company owns an equity interest greater than 20% and less than 50% and/or investments in which it has significant influence are accounted for under the equity method. Under the equity method, the Company’s share of investees’ earnings or loss is recognized in the statement of operations. In accordance with FASB ASC 825, "Financial Instruments," the Company has elected the fair value option of accounting for its equity method investment in the common stock of Diamondback Energy Inc. ("Diamondback"). At the end of each reporting period, the quoted closing market price of Diamondback's common stock is multiplied by the total shares owned by the Company and the resulting gain or loss is recognized in income from equity method investments in the consolidated statements of operations. As of December 31, 2014, the Company did not own any shares of Diamondback's common stock. | |
The Company reviews its investments annually to determine if a loss in value which is other than a temporary decline has occurred. If such loss has occurred, the Company recognizes an impairment provision. There was no impairment of equity method investments at December 31, 2013. At December 31, 2014, the Company recognized an impairment of $12.1 million related to its investment in Tatex Thailand III, LLC | |
Accounting for Stock-Based Compensation | Accounting for Stock-Based Compensation |
The Company accounts for stock-based compensation in accordance with the provisions of FASB ASC Topic 718, “Compensation—Stock Compensation” (“FASB ASC 718”). FASB ASC 718 requires share-based payments to employees, including grants of employee stock options and restricted stock, to be recognized as equity or liabilities at the fair value on the date of grant and to be expensed over the applicable vesting period. The vesting periods for the options range between three to five years and have a maximum contractual term of ten years. The vesting periods for restricted shares range between one to five years with either quarterly or annual vesting installments. | |
Accounting for Derivative Instruments and Hedging Activities | Accounting for Derivative Instruments and Hedging Activities |
The Company may seek to reduce its exposure to unfavorable changes in oil and natural gas prices by utilizing energy swaps and collars. The Company follows the provisions of FASB ASC 815, “Derivatives and Hedging” (“FASB ASC 815”) as amended. It requires that all derivative instruments be recognized as assets or liabilities in the balance sheet, measured at fair value. | |
The Company estimates the fair value of all derivative instruments using established index prices and other sources. These values are based upon, among other things, futures prices, correlation between index prices and the Company’s realized prices, time to maturity and credit risk. The values reported in the consolidated financial statements change as these estimates are revised to reflect actual results, changes in market conditions or other factors. | |
The accounting for changes in the fair value of a derivative depends on the intended use of the derivative and the resulting designation. Designation is established at the inception of a derivative, but re-designation is permitted. For derivatives designated as cash flow hedges and meeting the effectiveness guidelines of FASB ASC 815, changes in fair value are recognized in accumulated other comprehensive income until the hedged item is recognized in earnings. Hedge effectiveness is measured at least quarterly based on the relative changes in fair value between the derivative contract and the hedged item over time. Any change in fair value resulting from ineffectiveness is recognized immediately in earnings. | |
Use of Estimates | Use of Estimates |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and revenues and expenses during the reporting period. Actual results could differ materially from those estimates. Significant estimates with regard to these financial statements include the estimate of proved oil and gas reserve quantities and the related present value of estimated future net cash flows there from, the amount and timing of asset retirement obligations, the realization of deferred tax assets and the realization of future net operating loss carryforwards available as reductions of income tax expense. The estimate of the Company’s oil and gas reserves is used to compute depletion, depreciation, amortization and impairment of oil and gas properties. | |
Reclassification | Reclassification |
Certain reclassifications have been made to prior period financial statements to conform to current period presentation. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360) - Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU 2014-08 changes the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other material disposal transactions that do not meet the revised definition of a discontinued operation. Under the updated standard, a disposal of a component or group of components of an entity is required to be reported as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the component or group of components of the entity (1) has been disposed of by a sale, (2) has been disposed of other than by sale or (3) is classified as held for sale. The ASU is effective for annual and interim periods beginning after December 15, 2014, however, early adoption is permitted. The Company early adopted this ASU on a prospective basis beginning with the second quarter of 2014. The adoption did not have a material impact on the Company’s consolidated financial statements. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. The core principle of the new standard is for the recognition of revenue to depict the transfer of goods or services to customers in amounts that reflect the payment to which the company expects to be entitled in exchange for those goods or services. The new standard will also result in enhanced revenue disclosures, provide guidance for transactions that were not previously addressed comprehensively and improve guidance for multiple-element arrangements. The ASU is effective for annual periods beginning after December 15, 2016, and interim periods within those years, using either a full or a modified retrospective application approach. The Company is in the process of evaluating the impact on its consolidated financial statements. | |
In August 2014, the FASB issued ASU No. 2014-15, "Presentation of Financial Statements - Going Concern (Subtopic 205-40)." The new guidance addresses management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and in certain circumstances to provide related footnote disclosures. The standard is effective for the annual period ending after December 15, 2016 and for annual and interim periods thereafter. Early adoption is permitted. The Company does not believe that the adoption of this guidance will have a material impact on its consolidated financial statements. | |
In February 2013, the FASB issued ASU No. 2013-02, "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income," which requires additional information about amounts reclassified out of accumulated other comprehensive income by component. This ASU requires the presentation, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, a cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. The requirements of this ASU are effective prospectively for reporting periods beginning after December 15, 2012 with early adoption permitted. Adoption of the provisions of this ASU did not have a material effect on the Company's consolidated financial statements. | |
In May 2011, the FASB issued ASU No. 2011-04, “Fair Value Measurement: Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS,” which provides amendments to FASB ASC Topic 820, “Fair Value Measurements and Disclosure” (“FASB ASC 820”). The purpose of the amendments in this update is to create common fair value measurement and disclosure requirements between GAAP and IFRS. The amendments change certain fair value measurement principles and enhance the disclosure requirements. The amendments to FASB ASC 820 were effective for interim and annual periods beginning after December 15, 2011. Adoption of this ASU had no impact on the Company's financial position or results of operations. | |
In June 2011, the FASB issued ASU 2011-05, “Comprehensive Income: Presentation of Comprehensive Income,” which provides amendments to FASB ASC Topic 220, “Comprehensive Income” (“FASB ASC 220”). The purpose of the amendments in this update is to provide a more consistent method of presenting non-owner transactions that affect an entity’s equity. The amendments eliminate the option to report other comprehensive income and its components in the statement of changes in stockholders’ equity and require an entity to present the total of comprehensive income, the components of net income and the components of other comprehensive income either in a single continuous statement or in two separate but consecutive statements. The amendments to FASB ASC 220 were effective for interim and annual periods beginning after December 15, 2011 and should be applied retrospectively. The Company adopted this ASU for reporting periods in 2012 and reports the components of net income and the components of other comprehensive income in two separate but consecutive statements. Adoption of this ASU had no impact on the Company's financial position or results of operations. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Accounting Policies [Abstract] | ||||
Cumulative Translation Adjustments Included In Accumulated Other Comprehensive Income | The following table presents the balances of the Company’s cumulative translation adjustments included in accumulated other comprehensive income (loss). | |||
(In thousands) | ||||
December 31, 2011 | $ | 1,087 | ||
December 31, 2012 | $ | 2,442 | ||
December 31, 2013 | $ | (9,781 | ) | |
31-Dec-14 | $ | (26,675 | ) |
Acquisitions_Acquisitions_Tabl
Acquisitions Acquisitions (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Business Combinations [Abstract] | |||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | |||||
(in thousands) | |||||
Consideration paid | |||||
Cash, net of purchase price adjustments | $ | 179,527 | |||
Fair value of identifiable assets acquired | |||||
Oil and natural gas properties | |||||
Proved | $ | 31,961 | |||
Unproved | 6,263 | ||||
Unevaluated | 141,303 | ||||
Fair value of net identifiable assets acquired | $ | 179,527 | |||
Property_And_Equipment_Tables
Property And Equipment (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||||||||||
Schedule Of Property And Equipment | The major categories of property and equipment and related accumulated depletion, depreciation, amortization and impairment as of December 31, 2014 and 2013 are as follows: | |||||||||||||||||||
December 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Oil and natural gas properties | $ | 3,923,154 | $ | 2,477,178 | ||||||||||||||||
Office furniture and fixtures | 10,752 | 6,093 | ||||||||||||||||||
Building | 5,398 | 4,626 | ||||||||||||||||||
Land | 2,194 | 412 | ||||||||||||||||||
Total property and equipment | 3,941,498 | 2,488,309 | ||||||||||||||||||
Accumulated depletion, depreciation, amortization and impairment | (1,050,879 | ) | (784,717 | ) | ||||||||||||||||
Property and equipment, net | $ | 2,890,619 | $ | 1,703,592 | ||||||||||||||||
Summary Of Oil And Gas Properties Not Subject To Amortization | The following table summarizes the Company’s non-producing properties excluded from amortization by area at December 31, 2014: | |||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Colorado | $ | 5,127 | ||||||||||||||||||
Bakken | 96 | |||||||||||||||||||
Southern Louisiana | 145 | |||||||||||||||||||
Ohio | 1,460,125 | |||||||||||||||||||
Other | 45 | |||||||||||||||||||
$ | 1,465,538 | |||||||||||||||||||
The following is a summary of Gulfport’s oil and gas properties not subject to amortization as of December 31, 2014: | ||||||||||||||||||||
Costs Incurred in | ||||||||||||||||||||
2014 | 2013 | 2012 | Prior to 2012 | Total | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Acquisition costs | $ | 405,226 | $ | 323,515 | $ | 459,151 | $ | 93,864 | $ | 1,281,756 | ||||||||||
Exploration costs | — | — | — | — | — | |||||||||||||||
Development costs | 173,693 | 1,801 | 506 | — | 176,000 | |||||||||||||||
Capitalized interest | 5,204 | 2,578 | — | — | 7,782 | |||||||||||||||
Total oil and gas properties not subject to amortization | $ | 584,123 | $ | 327,894 | $ | 459,657 | $ | 93,864 | $ | 1,465,538 | ||||||||||
Schedule Of Asset Retirement Obligation | A reconciliation of the Company's asset retirement obligation for the years ended December 31, 2014 and 2013 is as follows: | |||||||||||||||||||
December 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Asset retirement obligation, beginning of period | $ | 15,083 | $ | 13,275 | ||||||||||||||||
Liabilities incurred | 9,295 | 3,556 | ||||||||||||||||||
Liabilities settled | (7,201 | ) | (2,465 | ) | ||||||||||||||||
Accretion expense | 761 | 717 | ||||||||||||||||||
Asset retirement obligation as of end of period | 17,938 | 15,083 | ||||||||||||||||||
Less current portion | 75 | 795 | ||||||||||||||||||
Asset retirement obligation, long-term | $ | 17,863 | $ | 14,288 | ||||||||||||||||
Equity_Investments_Tables
Equity Investments (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||
Investments Accounted For By The Equity Method | Investments accounted for by the equity method consist of the following as of December 31, 2014 and 2013: | ||||||||||||||||||||
Carrying Value | (Income) loss from equity method investments | ||||||||||||||||||||
Approximate Ownership % | December 31, | For the Year Ended December 31, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2012 | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Investment in Tatex Thailand II, LLC | 23.5 | % | $ | — | $ | — | $ | (475 | ) | $ | (343 | ) | $ | 7 | |||||||
Investment in Tatex Thailand III, LLC | 17.9 | % | — | 10,774 | 12,408 | 254 | 251 | ||||||||||||||
Investment in Grizzly Oil Sands ULC | 24.9999 | % | 180,218 | 191,473 | 13,159 | 2,999 | 1,512 | ||||||||||||||
Investment in Bison Drilling and Field Services LLC | — | % | — | 12,318 | 213 | 3,533 | 373 | ||||||||||||||
Investment in Muskie Proppant LLC | — | % | — | 7,544 | 371 | 1,975 | 1,031 | ||||||||||||||
Investment in Timber Wolf Terminals LLC | 50 | % | 1,013 | 1,001 | 9 | (6 | ) | 122 | |||||||||||||
Investment in Windsor Midstream LLC | 22.5 | % | 13,505 | 10,632 | (477 | ) | (1,125 | ) | (663 | ) | |||||||||||
Investment in Stingray Pressure Pumping LLC | — | % | — | 19,624 | 2,027 | (818 | ) | 1,235 | |||||||||||||
Investment in Stingray Cementing LLC | 50 | % | 2,647 | 3,291 | 344 | 93 | 159 | ||||||||||||||
Investment in Blackhawk Midstream LLC | — | % | — | — | (84,787 | ) | 673 | 436 | |||||||||||||
Investment in Stingray Logistics LLC | 50 | % | — | 903 | (464 | ) | 51 | 36 | |||||||||||||
Investment in Diamondback Energy, Inc. | — | % | — | 178,708 | (79,654 | ) | (220,129 | ) | (12,821 | ) | |||||||||||
Investment in Stingray Energy Services LLC | 50 | % | 5,718 | 3,800 | (88 | ) | (215 | ) | — | ||||||||||||
Investment in Sturgeon Acquisitions LLC | 25 | % | 22,507 | — | (1,819 | ) | — | — | |||||||||||||
Investment in Mammoth Energy Partners LP | 30.5 | % | 143,973 | — | (201 | ) | — | — | |||||||||||||
$ | 369,581 | $ | 440,068 | $ | (139,434 | ) | $ | (213,058 | ) | $ | (8,322 | ) | |||||||||
Equity Method Investment Balance Sheet Summary | Summarized balance sheet information: | ||||||||||||||||||||
December 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Current assets | $ | 181,060 | $ | 84,107 | |||||||||||||||||
Noncurrent assets | $ | 1,306,891 | $ | 1,107,579 | |||||||||||||||||
Current liabilities | $ | 114,506 | $ | 112,406 | |||||||||||||||||
Noncurrent liabilities | $ | 230,062 | $ | 110,095 | |||||||||||||||||
Equity Method Investment Income Statement Summary | Summarized results of operations: | ||||||||||||||||||||
December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Gross revenue | $ | 390,620 | $ | 162,401 | $ | 39,918 | |||||||||||||||
Net loss | $ | 140,796 | $ | 17,350 | $ | 1,943 | |||||||||||||||
Other_Assets_Tables
Other Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Other Assets, Noncurrent Disclosure [Abstract] | ||||||||
Schedule Of Other Assets | Other assets consist of the following as of December 31, 2014 and 2013: | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Plugging and abandonment escrow account on the WCBB properties (Note 16) | $ | 3,097 | $ | 3,105 | ||||
Certificates of Deposit securing letter of credit | 275 | 275 | ||||||
Prepaid drilling costs | 483 | 526 | ||||||
Loan commitment fees | 15,390 | 9,341 | ||||||
Derivative receivable | — | 4,493 | ||||||
Deposits | 34 | 34 | ||||||
Other | 117 | 77 | ||||||
$ | 19,396 | $ | 17,851 | |||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Long-term Debt, Unclassified [Abstract] | ||||||||||||
Break-Down of Long-Term Debt | Long-term debt consisted of the following items as of December 31, 2014 and 2013: | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(In thousands) | ||||||||||||
Revolving credit agreement (1) | $ | 100,000 | $ | — | ||||||||
Building loans (2) | 1,826 | 1,995 | ||||||||||
7.75% senior unsecured notes due 2020 (3) | 600,000 | 300,000 | ||||||||||
Unamortized original issue premium (discount), net (4) | 14,658 | (2,808 | ) | |||||||||
Less: current maturities of long term debt | (168 | ) | (159 | ) | ||||||||
Debt reflected as long term | $ | 716,316 | $ | 299,028 | ||||||||
Maturities of Long-term Debt | Maturities of long-term debt (excluding premiums and discounts) as of December 31, 2014 are as follows: | |||||||||||
(In thousands) | ||||||||||||
2015 | $ | 168 | ||||||||||
2016 | 1,658 | |||||||||||
2017 | — | |||||||||||
2018 | 100,000 | |||||||||||
2019 | — | |||||||||||
Thereafter | 600,000 | |||||||||||
Total | $ | 701,826 | ||||||||||
Schedule of Interest | The following schedule shows the components of interest expense at December 31, 2014, 2013 and 2012: | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Cash paid for interest | $ | 28,646 | $ | 24,270 | $ | 1,404 | ||||||
Change in accrued interest | 3,875 | (969 | ) | 4,155 | ||||||||
Write-off of deferred loan costs | — | — | 1,143 | |||||||||
Capitalized interest | (9,687 | ) | (7,132 | ) | — | |||||||
Amortization of loan costs | 1,685 | 1,012 | 640 | |||||||||
Amortization of note discount and premium | (533 | ) | 298 | 59 | ||||||||
Other | — | 11 | 57 | |||||||||
Total interest expense | $ | 23,986 | $ | 17,490 | $ | 7,458 | ||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Share-based Compensation [Abstract] | |||||||||||||
Summary Of Stock Option Activity | A summary of the status of stock options and related activity for the years ended December 31, 2014, 2013 and 2012 is presented below: | ||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||
Average | Average | Intrinsic | |||||||||||
Exercise Price | Remaining | Value (In thousands) | |||||||||||
per Share | Contractual Term | ||||||||||||
Options outstanding at December 31, 2011 | 356,241 | $ | 6.51 | 3.41 | $ | 8,172 | |||||||
Granted | — | — | |||||||||||
Exercised | (21,000 | ) | 8.8 | 628 | |||||||||
Forfeited/expired | — | — | |||||||||||
Options outstanding at December 31, 2012 | 335,241 | 6.37 | 2.39 | $ | 10,678 | ||||||||
Granted | — | — | |||||||||||
Exercised | (125,000 | ) | 11.2 | 4,797 | |||||||||
Forfeited/expired | — | — | |||||||||||
Options outstanding at December 31, 2013 | 210,241 | 3.5 | 1.07 | $ | 12,538 | ||||||||
Granted | — | — | |||||||||||
Exercised | (205,241 | ) | 3.36 | 12,822 | |||||||||
Forfeited/expired | — | — | |||||||||||
Options outstanding at December 31, 2014 | 5,000 | $ | 9.07 | 0.69 | $ | 163 | |||||||
Options exercisable at December 31, 2014 | 5,000 | $ | 9.07 | 0.69 | $ | 163 | |||||||
Summary Of Stock Option Plans By Exercise Price | The following table summarizes information about the stock options outstanding at December 31, 2014: | ||||||||||||
Exercise | Number | Weighted Average | Number | ||||||||||
Price | Outstanding | Remaining Life | Exercisable | ||||||||||
(in years) | |||||||||||||
$ | 9.07 | 5,000 | 0.69 | 5,000 | |||||||||
5,000 | 5,000 | ||||||||||||
Summary Of Restricted Stock Award And Unit Activity | The following table summarizes restricted stock activity for the twelve months ended December 31, 2014, 2013 and 2012: | ||||||||||||
Number of | Weighted | ||||||||||||
Unvested | Average | ||||||||||||
Restricted Shares | Grant Date | ||||||||||||
Fair Value | |||||||||||||
Unvested shares as of December 31, 2011 | 203,348 | $ | 26.02 | ||||||||||
Granted | 196,832 | 35.87 | |||||||||||
Vested | (135,015 | ) | 29.59 | ||||||||||
Forfeited | (19,334 | ) | 26.81 | ||||||||||
Unvested shares as of December 31, 2012 | 245,831 | $ | 31.88 | ||||||||||
Granted | 463,952 | $ | 50 | ||||||||||
Vested | (237,646 | ) | 41.79 | ||||||||||
Forfeited | (8,500 | ) | 38.54 | ||||||||||
Unvested shares as of December 31, 2013 | 463,637 | $ | 44.8 | ||||||||||
Granted | 246,409 | $ | 65.07 | ||||||||||
Vested | (272,665 | ) | 45.76 | ||||||||||
Forfeited | (50,136 | ) | 53.72 | ||||||||||
Unvested shares as of December 31, 2014 | 387,245 | $ | 55.87 | ||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | The income tax provision for continuing operations consists of the following: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Current: | ||||||||||||
State | $ | 14,384 | $ | 6,860 | $ | 84 | ||||||
Federal | 16,039 | 6,325 | 646 | |||||||||
Deferred: | ||||||||||||
State | 4,314 | 7,385 | 2,214 | |||||||||
Federal | 118,604 | 77,566 | 23,419 | |||||||||
Total income tax expense provision from continuing operations | $ | 153,341 | $ | 98,136 | $ | 26,363 | ||||||
Reconciliation of Statutory Federal Income Tax Amount | A reconciliation of the statutory federal income tax amount to the recorded expense follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Income from continuing operations before federal income taxes | $ | 400,744 | $ | 251,328 | $ | 98,199 | ||||||
Expected income tax at statutory rate | 140,259 | 87,965 | 34,370 | |||||||||
State income taxes | 11,570 | 9,297 | 1,493 | |||||||||
Other differences | 1,512 | 874 | 292 | |||||||||
Changes in valuation allowance | — | — | (9,792 | ) | ||||||||
Income tax expense recorded for continuing operations | $ | 153,341 | $ | 98,136 | $ | 26,363 | ||||||
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences and net operating loss carryforwards, which give rise to deferred tax assets and liabilities at December 31, 2014, 2013 and 2012 are estimated as follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Deferred tax assets: | ||||||||||||
Net operating loss carryforward | $ | 1,091 | $ | 1,462 | $ | 1,513 | ||||||
FASB ASC 718 compensation expense | 1,562 | 634 | 762 | |||||||||
AMT credit | 24,053 | 7,968 | 1,643 | |||||||||
Charitable contributions carryover | 150 | 25 | 5 | |||||||||
Unrealized loss on hedging activities | — | 8,540 | 3,836 | |||||||||
Foreign tax credit carryforwards | 2,074 | 2,074 | 2,074 | |||||||||
Accrued liabilities | 1,260 | — | — | |||||||||
State net operating loss carryover | 2,627 | 4,408 | 4,315 | |||||||||
Total deferred tax assets | 32,817 | 25,111 | 14,148 | |||||||||
Valuation allowance for deferred tax assets | (3,145 | ) | (4,743 | ) | (4,629 | ) | ||||||
Deferred tax assets, net of valuation allowance | 29,672 | 20,368 | 9,519 | |||||||||
Deferred tax liabilities: | ||||||||||||
Oil and gas property basis difference | 183,767 | 72,173 | 15,049 | |||||||||
Investment in pass through entities | 38,315 | 8,799 | 3,618 | |||||||||
Non-oil and gas property basis difference | 849 | 249 | 227 | |||||||||
Investment in nonconsolidated affiliates | — | 46,495 | 9,232 | |||||||||
Unrealized gain on hedging activities | 37,006 | — | — | |||||||||
Total deferred tax liabilities | 259,937 | 127,716 | 28,126 | |||||||||
Net deferred tax liability | $ | (230,265 | ) | $ | (107,348 | ) | $ | (18,607 | ) |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share Reconciliation | Reconciliations of the components of basic and diluted net income per common share are presented in the tables below: | ||||||||||||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Income | Shares | Per | Income | Shares | Per | Income | Shares | Per Share | |||||||||||||||||||||||||
Share | Share | ||||||||||||||||||||||||||||||||
(In thousands, except share data) | |||||||||||||||||||||||||||||||||
Basic: | |||||||||||||||||||||||||||||||||
Net income | $ | 247,403 | 85,445,963 | $ | 2.9 | $ | 153,192 | 77,375,683 | $ | 1.98 | $ | 68,371 | 55,933,354 | $ | 1.22 | ||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||||||||||||
Stock options and awards | — | 367,219 | — | 485,963 | — | 484,134 | |||||||||||||||||||||||||||
Diluted: | |||||||||||||||||||||||||||||||||
Net income | $ | 247,403 | 85,813,182 | $ | 2.88 | $ | 153,192 | 77,861,646 | $ | 1.97 | $ | 68,371 | 56,417,488 | $ | 1.21 | ||||||||||||||||||
Hedging_Activities_Tables
Hedging Activities (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | ||||||||||||
Schedule Of Derivative Instruments | At December 31, 2014, the Company had the following fixed price swaps in place: | |||||||||||
Daily Volume (MMBtu/day) | Weighted | |||||||||||
Average Price | ||||||||||||
January 2015 - March 2015 | 190,625 | $ | 4.12 | |||||||||
Apr-15 | 191,250 | $ | 4.05 | |||||||||
May 2015 - June 2015 | 201,250 | $ | 4.05 | |||||||||
July 2015 - September 2015 | 216,875 | $ | 4.04 | |||||||||
October 2015 - December 2015 | 232,500 | $ | 4.04 | |||||||||
January 2016 - March 2016 | 172,500 | $ | 3.99 | |||||||||
Apr-16 | 162,500 | $ | 3.99 | |||||||||
May 2016 - December 2016 | 92,500 | $ | 3.97 | |||||||||
January 2017 - June 2017 | 62,500 | $ | 3.96 | |||||||||
Schedule Of Derivative Instruments In Statement Of Financial Position | At December 31, 2014 the fair value of derivative assets and liabilities related to the fixed price swaps was as follows: | |||||||||||
(In thousands) | ||||||||||||
Short-term derivative instruments - asset | $ | 78,391 | ||||||||||
Long-term derivative instruments - asset | $ | 24,448 | ||||||||||
At December 31, 2013 the fair value of derivative assets and liabilities related to the fixed price swaps and swaptions was as follows: | ||||||||||||
(In thousands) | ||||||||||||
Short-term derivative instruments - asset | $ | 324 | ||||||||||
Long-term derivative instruments - asset | $ | 521 | ||||||||||
Short-term derivative instruments - liability | $ | 12,280 | ||||||||||
Long-term derivative instruments - liability | $ | 11,366 | ||||||||||
Schedule Of Cash Flow Hedges | Amounts reclassified out of accumulated other comprehensive income (loss) into earnings as a component of oil and condensate sales for the years ended December 31, 2014, 2013 and 2012 are presented below. | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Reduction to oil and condensate sales | $ | — | $ | (9,779 | ) | $ | (1,517 | ) | ||||
Schedule of Cumulative Hedging Activities Included in Accumulated Other Comprehensive Income | The following table presents the balances of the Company’s cumulative hedging activities included in other comprehensive loss. | |||||||||||
(In thousands) | ||||||||||||
December 31, 2011 | $ | 1,576 | ||||||||||
December 31, 2012 | $ | (9,660 | ) | |||||||||
December 31, 2013 | $ | — | ||||||||||
December 31, 2014 | $ | — | ||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||
Fair Value Measurements | The following tables summarize the Company’s financial and non-financial liabilities by FASB ASC 820 valuation level as of December 31, 2014 and 2013: | |||||||||||
December 31, 2014 | ||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||
(In thousands) | ||||||||||||
Assets: | ||||||||||||
Fixed price swaps | $ | — | $ | 102,839 | $ | — | ||||||
December 31, 2013 | ||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||
(In thousands) | ||||||||||||
Assets: | ||||||||||||
Fixed price swaps | $ | — | $ | 845 | $ | — | ||||||
Equity investment in Diamondback | 178,708 | — | — | |||||||||
Liabilities: | ||||||||||||
Fixed price swaps | $ | — | $ | 23,646 | $ | — | ||||||
Commitments_Tables
Commitments (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Commitments [Abstract] | ||||||||||||
Schedule of Rent Expense | The following table presents rent expense for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||
For the years ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands) | ||||||||||||
Minimum rentals | $ | 733 | $ | 258 | $ | 139 | ||||||
Less: Sublease rentals | 15 | 45 | 7 | |||||||||
$ | 718 | $ | 213 | $ | 132 | |||||||
Schedule of Future Minimum Lease Commitments | Future minimum lease commitments under these leases at December 31, 2014 are as follows: | |||||||||||
(In thousands) | ||||||||||||
2015 | $ | 615 | ||||||||||
2016 | 524 | |||||||||||
2017 | 451 | |||||||||||
2018 | 20 | |||||||||||
Total | $ | 1,610 | ||||||||||
Schedule of Future Commitment Payments | Future minimum commitments under these agreements at December 31, 2014 are as follows: | |||||||||||
(In thousands) | ||||||||||||
2015 | $ | 52,440 | ||||||||||
2016 | 52,440 | |||||||||||
2017 | 52,440 | |||||||||||
2018 | 39,330 | |||||||||||
Total | $ | 196,650 | ||||||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||||||||||
Condensed Consolidating Balance Sheets | CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Assets | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 141,535 | $ | 804 | $ | 1 | $ | — | $ | 142,340 | ||||||||||
Accounts receivable - oil and gas | 103,762 | 96 | — | — | 103,858 | |||||||||||||||
Accounts receivable - related parties | 46 | — | — | — | 46 | |||||||||||||||
Accounts receivable - intercompany | 45,222 | 27 | — | (45,249 | ) | — | ||||||||||||||
Prepaid expenses and other current assets | 3,714 | — | — | — | 3,714 | |||||||||||||||
Short-term derivative instruments | 78,391 | — | — | — | 78,391 | |||||||||||||||
Total current assets | 372,670 | 927 | 1 | (45,249 | ) | 328,349 | ||||||||||||||
Property and equipment: | ||||||||||||||||||||
Oil and natural gas properties, full-cost accounting | 3,887,874 | 35,990 | — | (710 | ) | 3,923,154 | ||||||||||||||
Other property and equipment | 18,301 | 43 | — | — | 18,344 | |||||||||||||||
Accumulated depletion, depreciation, amortization and impairment | (1,050,855 | ) | (24 | ) | — | — | (1,050,879 | ) | ||||||||||||
Property and equipment, net | 2,855,320 | 36,009 | — | (710 | ) | 2,890,619 | ||||||||||||||
Other assets: | ||||||||||||||||||||
Equity investments and investments in subsidiaries | 360,238 | — | 180,217 | (170,874 | ) | 369,581 | ||||||||||||||
Derivative instruments | 24,448 | — | — | — | 24,448 | |||||||||||||||
Other assets | 19,396 | — | — | — | 19,396 | |||||||||||||||
Total other assets | 404,082 | — | 180,217 | (170,874 | ) | 413,425 | ||||||||||||||
Total assets | $ | 3,632,072 | $ | 36,936 | $ | 180,218 | $ | (216,833 | ) | $ | 3,632,393 | |||||||||
Liabilities and Stockholders' Equity | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 371,089 | $ | 321 | $ | — | $ | — | $ | 371,410 | ||||||||||
Accounts payable - intercompany | — | 45,143 | 106 | (45,249 | ) | — | ||||||||||||||
Asset retirement obligation - current | 75 | — | — | — | 75 | |||||||||||||||
Deferred tax liability | 27,070 | — | — | — | 27,070 | |||||||||||||||
Current maturities of long-term debt | 168 | — | — | — | 168 | |||||||||||||||
Total current liabilities | 398,402 | 45,464 | 106 | (45,249 | ) | 398,723 | ||||||||||||||
Asset retirement obligation - long-term | 17,863 | — | — | — | 17,863 | |||||||||||||||
Deferred tax liability | 203,195 | — | — | — | 203,195 | |||||||||||||||
Long-term debt, net of current maturities | 716,316 | — | — | — | 716,316 | |||||||||||||||
Total liabilities | 1,335,776 | 45,464 | 106 | (45,249 | ) | 1,336,097 | ||||||||||||||
Stockholders' equity: | ||||||||||||||||||||
Common stock | 856 | — | — | — | 856 | |||||||||||||||
Paid-in capital | 1,828,602 | 322 | 227,079 | (227,401 | ) | 1,828,602 | ||||||||||||||
Accumulated other comprehensive income (loss) | (26,675 | ) | — | (26,675 | ) | 26,675 | (26,675 | ) | ||||||||||||
Retained earnings (accumulated deficit) | 493,513 | (8,850 | ) | (20,292 | ) | 29,142 | 493,513 | |||||||||||||
Total stockholders' equity | 2,296,296 | (8,528 | ) | 180,112 | (171,584 | ) | 2,296,296 | |||||||||||||
Total liabilities and stockholders' equity | $ | 3,632,072 | $ | 36,936 | $ | 180,218 | $ | (216,833 | ) | $ | 3,632,393 | |||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Assets | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 451,431 | $ | 7,525 | $ | — | $ | — | $ | 458,956 | ||||||||||
Accounts receivable - oil and gas | 58,662 | 162 | — | — | 58,824 | |||||||||||||||
Accounts receivable - related parties | 2,617 | — | — | — | 2,617 | |||||||||||||||
Accounts receivable - intercompany | 21,379 | 27 | — | (21,406 | ) | — | ||||||||||||||
Prepaid expenses and other current assets | 2,581 | — | — | — | 2,581 | |||||||||||||||
Deferred tax asset | 6,927 | — | — | — | 6,927 | |||||||||||||||
Short-term derivative instruments | 324 | — | — | — | 324 | |||||||||||||||
Note receivable - related party | 875 | — | — | — | 875 | |||||||||||||||
Total current assets | 544,796 | 7,714 | — | (21,406 | ) | 531,104 | ||||||||||||||
Property and equipment: | ||||||||||||||||||||
Oil and natural gas properties, full-cost accounting, | 2,470,411 | 7,340 | — | (573 | ) | 2,477,178 | ||||||||||||||
Other property and equipment | 11,102 | 29 | — | — | 11,131 | |||||||||||||||
Accumulated depletion, depreciation, amortization and impairment | (784,695 | ) | (22 | ) | — | — | (784,717 | ) | ||||||||||||
Property and equipment, net | 1,696,818 | 7,347 | — | (573 | ) | 1,703,592 | ||||||||||||||
Other assets: | ||||||||||||||||||||
Equity investments and investments in subsidiaries | 432,727 | — | 191,473 | (184,132 | ) | 440,068 | ||||||||||||||
Derivative instruments | 521 | — | — | — | 521 | |||||||||||||||
Other assets | 17,851 | — | — | — | 17,851 | |||||||||||||||
Total other assets | 451,099 | — | 191,473 | (184,132 | ) | 458,440 | ||||||||||||||
Total assets | $ | 2,692,713 | $ | 15,061 | $ | 191,473 | $ | (206,111 | ) | $ | 2,693,136 | |||||||||
Liabilities and Stockholders' Equity | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 190,284 | $ | 423 | $ | — | $ | — | $ | 190,707 | ||||||||||
Accounts payable - intercompany | — | 21,296 | 110 | (21,406 | ) | — | ||||||||||||||
Asset retirement obligation - current | 795 | — | — | — | 795 | |||||||||||||||
Short-term derivative instruments | 12,280 | — | — | — | 12,280 | |||||||||||||||
Current maturities of long-term debt | 159 | — | — | — | 159 | |||||||||||||||
Total current liabilities | 203,518 | 21,719 | 110 | (21,406 | ) | 203,941 | ||||||||||||||
Long-term derivative instruments | 11,366 | — | — | — | 11,366 | |||||||||||||||
Asset retirement obligation - long-term | 14,288 | — | — | — | 14,288 | |||||||||||||||
Deferred tax liability | 114,275 | — | — | — | 114,275 | |||||||||||||||
Long-term debt, net of current maturities | 299,028 | — | — | — | 299,028 | |||||||||||||||
Total liabilities | 642,475 | 21,719 | 110 | (21,406 | ) | 642,898 | ||||||||||||||
Stockholders' equity: | ||||||||||||||||||||
Common stock | 851 | — | — | — | 851 | |||||||||||||||
Paid-in capital | 1,813,058 | 322 | 208,277 | (208,599 | ) | 1,813,058 | ||||||||||||||
Accumulated other comprehensive income (loss) | (9,781 | ) | — | (9,781 | ) | 9,781 | (9,781 | ) | ||||||||||||
Retained earnings (accumulated deficit) | 246,110 | (6,980 | ) | (7,133 | ) | 14,113 | 246,110 | |||||||||||||
Total stockholders' equity | 2,050,238 | (6,658 | ) | 191,363 | (184,705 | ) | 2,050,238 | |||||||||||||
Total liabilities and stockholders' equity | $ | 2,692,713 | $ | 15,061 | $ | 191,473 | $ | (206,111 | ) | $ | 2,693,136 | |||||||||
Condensed Consolidating Statements of Operations | CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Total revenues | $ | 669,067 | $ | 2,199 | $ | — | $ | — | $ | 671,266 | ||||||||||
Costs and expenses: | ||||||||||||||||||||
Lease operating expenses | 51,238 | 953 | — | — | 52,191 | |||||||||||||||
Production taxes | 23,803 | 203 | — | — | 24,006 | |||||||||||||||
Midstream gathering and processing | 64,402 | 65 | — | — | 64,467 | |||||||||||||||
Depreciation, depletion and amortization | 265,428 | 3 | — | — | 265,431 | |||||||||||||||
General and administrative | 37,846 | 446 | (2 | ) | — | 38,290 | ||||||||||||||
Accretion expense | 761 | — | — | — | 761 | |||||||||||||||
Gain on sale of assets | (11 | ) | — | — | — | (11 | ) | |||||||||||||
443,467 | 1,670 | (2 | ) | — | 445,135 | |||||||||||||||
INCOME FROM OPERATIONS | 225,600 | 529 | 2 | — | 226,131 | |||||||||||||||
OTHER (INCOME) EXPENSE: | ||||||||||||||||||||
Interest expense | 23,986 | — | — | — | 23,986 | |||||||||||||||
Interest income | (195 | ) | — | — | — | (195 | ) | |||||||||||||
Litigation settlement | 25,500 | — | — | — | 25,500 | |||||||||||||||
Gain on contribution of investments | (84,470 | ) | — | — | — | (84,470 | ) | |||||||||||||
(Income) loss from equity method investments and investments in subsidiaries | (139,965 | ) | — | 13,159 | (12,628 | ) | (139,434 | ) | ||||||||||||
(175,144 | ) | — | 13,159 | (12,628 | ) | (174,613 | ) | |||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 400,744 | 529 | (13,157 | ) | 12,628 | 400,744 | ||||||||||||||
INCOME TAX EXPENSE | 153,341 | — | — | — | 153,341 | |||||||||||||||
NET INCOME (LOSS) | $ | 247,403 | $ | 529 | $ | (13,157 | ) | $ | 12,628 | $ | 247,403 | |||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Total revenues | $ | 261,809 | $ | 1,517 | $ | — | $ | (573 | ) | $ | 262,753 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Lease operating expenses | 25,971 | 732 | — | — | 26,703 | |||||||||||||||
Production taxes | 26,848 | 85 | — | — | 26,933 | |||||||||||||||
Midstream gathering and processing | 10,999 | 31 | — | — | 11,030 | |||||||||||||||
Depreciation, depletion and amortization | 118,878 | 2 | — | — | 118,880 | |||||||||||||||
General and administrative | 22,359 | 159 | 1 | — | 22,519 | |||||||||||||||
Accretion expense | 717 | — | — | — | 717 | |||||||||||||||
Loss on sale of assets | 508 | — | — | — | 508 | |||||||||||||||
206,280 | 1,009 | 1 | — | 207,290 | ||||||||||||||||
INCOME (LOSS) FROM OPERATIONS | 55,529 | 508 | (1 | ) | (573 | ) | 55,463 | |||||||||||||
OTHER (INCOME) EXPENSE: | ||||||||||||||||||||
Interest expense | 17,490 | — | — | — | 17,490 | |||||||||||||||
Interest income | (297 | ) | — | — | — | (297 | ) | |||||||||||||
(Income) loss from equity method investments and investments in subsidiaries | (212,992 | ) | — | 2,999 | (3,065 | ) | (213,058 | ) | ||||||||||||
(195,799 | ) | — | 2,999 | (3,065 | ) | (195,865 | ) | |||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 251,328 | 508 | (3,000 | ) | 2,492 | 251,328 | ||||||||||||||
INCOME TAX EXPENSE | 98,136 | — | — | — | 98,136 | |||||||||||||||
NET INCOME (LOSS) | $ | 153,192 | $ | 508 | $ | (3,000 | ) | $ | 2,492 | $ | 153,192 | |||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Total revenues | $ | 247,637 | $ | 1,289 | $ | — | $ | — | $ | 248,926 | ||||||||||
Costs and expenses: | ||||||||||||||||||||
Lease operating expenses | 23,644 | 664 | — | — | 24,308 | |||||||||||||||
Production taxes | 28,874 | 83 | — | — | 28,957 | |||||||||||||||
Midstream gathering and processing | 432 | 11 | — | — | 443 | |||||||||||||||
Depreciation, depletion and amortization | 90,749 | — | — | — | 90,749 | |||||||||||||||
General and administrative | 13,602 | 132 | 74 | — | 13,808 | |||||||||||||||
Accretion expense | 698 | — | — | — | 698 | |||||||||||||||
Gain on sale of assets | (7,300 | ) | — | — | — | (7,300 | ) | |||||||||||||
150,699 | 890 | 74 | — | 151,663 | ||||||||||||||||
INCOME (LOSS) FROM OPERATIONS | 96,938 | 399 | (74 | ) | — | 97,263 | ||||||||||||||
OTHER (INCOME) EXPENSE: | ||||||||||||||||||||
Interest expense | 7,458 | — | — | — | 7,458 | |||||||||||||||
Interest income | (72 | ) | — | — | — | (72 | ) | |||||||||||||
(Income) loss from equity method investments and investments in subsidiaries | (5,182 | ) | — | 1,512 | (4,652 | ) | (8,322 | ) | ||||||||||||
2,204 | — | 1,512 | (4,652 | ) | (936 | ) | ||||||||||||||
INCOME (LOSS) FROM COTINUING OPERATIONS BEFORE INCOME TAXES | 94,734 | 399 | (1,586 | ) | 4,652 | 98,199 | ||||||||||||||
INCOME TAX EXPENSE | 26,363 | — | — | — | 26,363 | |||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | 68,371 | 399 | (1,586 | ) | 4,652 | 71,836 | ||||||||||||||
DISCONTINUED OPERATIONS | ||||||||||||||||||||
Loss on disposal of Belize properties, net of tax | — | 3,465 | — | — | 3,465 | |||||||||||||||
NET INCOME (LOSS) | $ | 68,371 | $ | (3,066 | ) | $ | (1,586 | ) | $ | 4,652 | $ | 68,371 | ||||||||
Condensed Consolidating Statements of Comprehensive Income (Loss) | ||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Net income (loss) | $ | 247,403 | $ | 529 | $ | (13,157 | ) | $ | 12,628 | $ | 247,403 | |||||||||
Foreign currency translation adjustment | (16,894 | ) | — | (16,894 | ) | 16,894 | (16,894 | ) | ||||||||||||
Other comprehensive income (loss) | (16,894 | ) | — | (16,894 | ) | 16,894 | (16,894 | ) | ||||||||||||
Comprehensive income | $ | 230,509 | $ | 529 | $ | (30,051 | ) | $ | 29,522 | $ | 230,509 | |||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Net income (loss) | $ | 153,192 | $ | 508 | $ | (3,000 | ) | $ | 2,492 | $ | 153,192 | |||||||||
Foreign currency translation adjustment | (12,223 | ) | — | (12,223 | ) | 12,223 | (12,223 | ) | ||||||||||||
Change in fair value of derivative instruments, net of taxes | (4,419 | ) | — | — | — | (4,419 | ) | |||||||||||||
Reclassification of settled contracts, net of taxes | 10,290 | — | — | — | 10,290 | |||||||||||||||
Other comprehensive income (loss) | (6,352 | ) | — | (12,223 | ) | 12,223 | (6,352 | ) | ||||||||||||
Comprehensive income | $ | 146,840 | $ | 508 | $ | (15,223 | ) | $ | 14,715 | $ | 146,840 | |||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Net income (loss) | $ | 68,371 | $ | (3,066 | ) | $ | (1,586 | ) | $ | 4,652 | $ | 68,371 | ||||||||
Foreign currency translation adjustment | 1,355 | — | 1,355 | (1,355 | ) | 1,355 | ||||||||||||||
Change in fair value of derivative instruments, net of taxes | (8,452 | ) | — | — | — | (8,452 | ) | |||||||||||||
Reclassification of settled contracts, net of taxes | 1,005 | — | — | — | 1,005 | |||||||||||||||
Other comprehensive income (loss) | (6,092 | ) | — | 1,355 | (1,355 | ) | (6,092 | ) | ||||||||||||
Comprehensive income | $ | 62,279 | $ | (3,066 | ) | $ | (231 | ) | $ | 3,297 | $ | 62,279 | ||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Net cash provided by (used in) operating activities | $ | 388,177 | $ | 21,698 | $ | (2 | ) | $ | — | $ | 409,873 | |||||||||
Net cash provided by (used in) investing activities | (1,108,241 | ) | (28,419 | ) | (18,799 | ) | 18,802 | (1,136,657 | ) | |||||||||||
Net cash provided by (used in) financing activities | 410,168 | — | 18,802 | (18,802 | ) | 410,168 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | (309,896 | ) | (6,721 | ) | 1 | — | (316,616 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 451,431 | 7,525 | — | — | 458,956 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 141,535 | $ | 804 | $ | 1 | $ | — | $ | 142,340 | ||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Net cash provided by operating activities | $ | 182,961 | $ | 8,104 | $ | — | $ | — | $ | 191,065 | ||||||||||
Net cash provided by (used in) investing activities | (661,886 | ) | (2,374 | ) | (33,929 | ) | 33,929 | (664,260 | ) | |||||||||||
Net cash provided by (used in) financing activities | 765,063 | — | 33,929 | (33,929 | ) | 765,063 | ||||||||||||||
Net increase in cash and cash equivalents | 286,138 | 5,730 | — | — | 291,868 | |||||||||||||||
Cash and cash equivalents at beginning of period | 165,293 | 1,795 | — | — | 167,088 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 451,431 | $ | 7,525 | $ | — | $ | — | $ | 458,956 | ||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Parent | Guarantors | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Net cash provided by (used in) operating activities | $ | 195,734 | $ | 3,425 | $ | (1 | ) | $ | — | $ | 199,158 | |||||||||
Net cash provided by (used in) investing activities | (838,177 | ) | (2,402 | ) | (103,915 | ) | 103,915 | (840,579 | ) | |||||||||||
Net cash provided by (used in) financing activities | 714,612 | — | 103,915 | (103,915 | ) | 714,612 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 72,169 | 1,023 | (1 | ) | — | 73,191 | ||||||||||||||
Cash and cash equivalents at beginning of period | 93,124 | 772 | 1 | — | 93,897 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 165,293 | $ | 1,795 | $ | — | $ | — | $ | 167,088 | ||||||||||
Supplemental_Information_On_Oi1
Supplemental Information On Oil And Gas Exploration And Production Activities (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
Extractive Industries [Abstract] | |||||||||||||||||||||||||||
Capitalized Costs Relating to Oil and Gas Producing Activities | Capitalized Costs Related to Oil and Gas Producing Activities | ||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Proven properties | $ | 2,457,616 | $ | 1,526,588 | |||||||||||||||||||||||
Unproven properties | 1,465,538 | 950,590 | |||||||||||||||||||||||||
3,923,154 | 2,477,178 | ||||||||||||||||||||||||||
Accumulated depreciation, depletion, amortization and impairment reserve | (1,044,273 | ) | (779,561 | ) | |||||||||||||||||||||||
Net capitalized costs | $ | 2,878,881 | $ | 1,697,617 | |||||||||||||||||||||||
Equity investment in Diamondback Energy, Inc. | |||||||||||||||||||||||||||
Proven properties | $ | — | $ | 92,074 | |||||||||||||||||||||||
Unproven properties | — | 26,608 | |||||||||||||||||||||||||
— | 118,682 | ||||||||||||||||||||||||||
Accumulated depreciation, depletion, amortization and impairment reserve | — | (15,180 | ) | ||||||||||||||||||||||||
Net capitalized costs | $ | — | $ | 103,502 | |||||||||||||||||||||||
Equity investment in Grizzly Oil Sand ULC | |||||||||||||||||||||||||||
Proven properties | $ | 96,859 | $ | — | |||||||||||||||||||||||
Unproven properties | 103,160 | — | |||||||||||||||||||||||||
200,019 | — | ||||||||||||||||||||||||||
Accumulated depreciation, depletion, amortization and impairment reserve | (1,248 | ) | — | ||||||||||||||||||||||||
Net capitalized costs | $ | 198,771 | $ | — | |||||||||||||||||||||||
Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities | Costs Incurred in Oil and Gas Property Acquisition and Development Activities | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Acquisition | $ | 440,288 | $ | 338,153 | $ | 513,904 | |||||||||||||||||||||
Development of proved undeveloped properties | 864,511 | 408,121 | 121,787 | ||||||||||||||||||||||||
Exploratory | 2,249 | 26,174 | 93,397 | ||||||||||||||||||||||||
Recompletions | 45,658 | 44,633 | 24,643 | ||||||||||||||||||||||||
Capitalized asset retirement obligation | 2,095 | 3,556 | 2,195 | ||||||||||||||||||||||||
Total | $ | 1,354,801 | $ | 820,637 | $ | 755,926 | |||||||||||||||||||||
Equity investment in Diamondback Energy, Inc. | |||||||||||||||||||||||||||
Acquisition | $ | — | $ | 44,534 | $ | 49,895 | |||||||||||||||||||||
Development of proved undeveloped properties | — | 6,369 | 22,740 | ||||||||||||||||||||||||
Exploratory | — | 17,491 | 3,755 | ||||||||||||||||||||||||
Capitalized asset retirement obligation | — | 50 | 203 | ||||||||||||||||||||||||
Total | $ | — | $ | 68,444 | $ | 76,593 | |||||||||||||||||||||
Equity investment in Grizzly Oil Sands ULC | |||||||||||||||||||||||||||
Acquisition | $ | 1,230 | $ | — | $ | — | |||||||||||||||||||||
Development of proved undeveloped properties | 7,107 | — | — | ||||||||||||||||||||||||
Exploratory | — | — | — | ||||||||||||||||||||||||
Capitalized asset retirement obligation | 1,055 | — | — | ||||||||||||||||||||||||
Total | $ | 9,392 | $ | — | $ | — | |||||||||||||||||||||
Results of Operations for Producing Activities | The results of operations exclude general office overhead and interest expense attributable to oil and gas production. | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Revenues | $ | 670,762 | $ | 262,225 | $ | 248,601 | |||||||||||||||||||||
Production costs | (140,664 | ) | (64,666 | ) | (53,708 | ) | |||||||||||||||||||||
Depletion | (263,946 | ) | (118,118 | ) | (90,230 | ) | |||||||||||||||||||||
266,152 | 79,441 | 104,663 | |||||||||||||||||||||||||
Income tax expense (benefit) | |||||||||||||||||||||||||||
Current | — | — | 730 | ||||||||||||||||||||||||
Deferred | 96,061 | 49,447 | 25,633 | ||||||||||||||||||||||||
96,061 | 49,447 | 26,363 | |||||||||||||||||||||||||
Results of operations from producing activities | $ | 170,091 | $ | 29,994 | $ | 78,300 | |||||||||||||||||||||
Depletion per Mcf of gas equivalent (Mcfe) | $ | 3.01 | $ | 4.78 | $ | 5.85 | |||||||||||||||||||||
Results of Operations from equity method investment in Diamondback Energy, Inc. | |||||||||||||||||||||||||||
Revenues | $ | — | $ | 14,976 | $ | 16,042 | |||||||||||||||||||||
Production costs | — | (2,518 | ) | (4,474 | ) | ||||||||||||||||||||||
Depletion | — | (4,754 | ) | (5,515 | ) | ||||||||||||||||||||||
— | 7,704 | 6,053 | |||||||||||||||||||||||||
Income tax expense | — | 2,286 | 2,158 | ||||||||||||||||||||||||
Results of operations from producing activities | $ | — | $ | 5,418 | $ | 3,895 | |||||||||||||||||||||
Results of Operations from equity method investment in Grizzly Oil Sands ULC | |||||||||||||||||||||||||||
Revenues | $ | 5,449 | $ | — | $ | — | |||||||||||||||||||||
Production costs | (10,113 | ) | — | — | |||||||||||||||||||||||
Depletion | (1,195 | ) | — | — | |||||||||||||||||||||||
(5,859 | ) | — | — | ||||||||||||||||||||||||
Income tax expense | — | — | — | ||||||||||||||||||||||||
Results of operations from producing activities | $ | (5,859 | ) | $ | — | $ | — | ||||||||||||||||||||
Oil And Gas Reserves | These estimates are reviewed annually and revised, either upward or downward, as warranted by additional performance data. | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||
Oil | Gas | NGL | Oil | Gas | NGL | Oil | Gas | NGL | |||||||||||||||||||
(MBbls) | (MMcf) | (MBbls) | (MBbls) | (MMcf) | (MBbls) | (MBbls) | (MMcf) | (MBbls) | |||||||||||||||||||
Proved Reserves | |||||||||||||||||||||||||||
Beginning of the period | 8,346 | 146,446 | 5,675 | 8,106 | 33,771 | 145 | 13,954 | 15,728 | 2,791 | ||||||||||||||||||
Purchases in oil and gas reserves in place | 173 | 8,863 | 353 | — | — | — | — | — | — | ||||||||||||||||||
Extensions and discoveries | 4,975 | 629,151 | 22,594 | 2,765 | 123,597 | 5,850 | 4,732 | 31,265 | 148 | ||||||||||||||||||
Sales of oil and gas reserves in place | — | — | — | — | — | — | (7,875 | ) | (11,757 | ) | (2,729 | ) | |||||||||||||||
Revisions of prior reserve estimates | (1,313 | ) | (6,136 | ) | (304 | ) | (208 | ) | (2,031 | ) | — | (382 | ) | (357 | ) | — | |||||||||||
Current production | (2,684 | ) | (59,318 | ) | (2,050 | ) | (2,317 | ) | (8,891 | ) | (320 | ) | (2,323 | ) | (1,108 | ) | (65 | ) | |||||||||
End of period | 9,497 | 719,006 | 26,268 | 8,346 | 146,446 | 5,675 | 8,106 | 33,771 | 145 | ||||||||||||||||||
Proved developed reserves | 5,719 | 345,166 | 12,379 | 5,609 | 94,552 | 3,527 | 5,175 | 18,482 | 44 | ||||||||||||||||||
Proved undeveloped reserves | 3,778 | 373,840 | 13,889 | 2,737 | 51,894 | 2,148 | 2,931 | 15,289 | 101 | ||||||||||||||||||
Equity investment in Diamondback Energy, Inc. | |||||||||||||||||||||||||||
Proved Reserves | |||||||||||||||||||||||||||
Beginning of the period | — | — | — | 5,606 | 7,398 | 1,766 | 3,874 | 4,398 | 1,080 | ||||||||||||||||||
Change in ownership interest in Diamondback | — | — | — | (3,720 | ) | (4,909 | ) | (1,171 | ) | — | — | — | |||||||||||||||
Purchases in oil and gas reserves in place | — | — | — | 528 | 752 | 120 | 1,543 | 2,292 | 540 | ||||||||||||||||||
Extensions and discoveries | — | — | — | 1,227 | 1,741 | 331 | 665 | 804 | 186 | ||||||||||||||||||
Revisions of prior reserve estimates | — | — | — | (428 | ) | (417 | ) | (249 | ) | (314 | ) | 82 | (1 | ) | |||||||||||||
Current production | — | — | — | (146 | ) | (124 | ) | (26 | ) | (162 | ) | (178 | ) | (39 | ) | ||||||||||||
End of period | — | — | — | 3,067 | 4,441 | 771 | 5,606 | 7,398 | 1,766 | ||||||||||||||||||
Proved developed reserves | — | — | — | 1,425 | 2,263 | 358 | 1,539 | 2,753 | 641 | ||||||||||||||||||
Proved undeveloped reserves | — | — | — | 1,642 | 2,178 | 413 | 4,068 | 4,645 | 1,124 | ||||||||||||||||||
Equity investment in Grizzly Oil Sands ULC | |||||||||||||||||||||||||||
Beginning of the period | 13,637 | — | — | — | — | — | — | — | — | ||||||||||||||||||
Purchases in oil and gas reserves in place | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Extensions and discoveries | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Revisions of prior reserve estimates | 990 | — | — | — | — | — | — | — | — | ||||||||||||||||||
Current production | (69 | ) | — | — | — | — | — | — | — | — | |||||||||||||||||
End of period | 14,558 | — | — | — | — | — | — | — | — | ||||||||||||||||||
Proved developed reserves | 1,632 | — | — | — | — | — | — | — | — | ||||||||||||||||||
Proved undeveloped reserves | 12,926 | — | — | — | — | — | — | — | — | ||||||||||||||||||
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves (Unaudited) | Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves | ||||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Future cash flows | $ | 4,667,678 | $ | 1,657,708 | $ | 954,833 | |||||||||||||||||||||
Future development and abandonment costs | (719,898 | ) | (272,500 | ) | (159,113 | ) | |||||||||||||||||||||
Future production costs | (880,427 | ) | (274,428 | ) | (147,024 | ) | |||||||||||||||||||||
Future production taxes | (71,229 | ) | (78,647 | ) | (89,175 | ) | |||||||||||||||||||||
Future income taxes | (693,154 | ) | (172,691 | ) | (114,867 | ) | |||||||||||||||||||||
Future net cash flows | 2,302,970 | 859,442 | 444,654 | ||||||||||||||||||||||||
10% discount to reflect timing of cash flows | (875,803 | ) | (280,976 | ) | (96,013 | ) | |||||||||||||||||||||
Standardized measure of discounted future net cash flows | $ | 1,427,167 | $ | 578,466 | $ | 348,641 | |||||||||||||||||||||
Equity investment in Diamondback Energy, Inc. Standardized measure of discounted cash flows | |||||||||||||||||||||||||||
Future cash flows | $ | — | $ | 331,505 | $ | 592,669 | |||||||||||||||||||||
Future development and abandonment costs | — | (37,229 | ) | (115,869 | ) | ||||||||||||||||||||||
Future production costs | — | (58,096 | ) | (165,553 | ) | ||||||||||||||||||||||
Future production taxes | — | (22,925 | ) | (30,122 | ) | ||||||||||||||||||||||
Future income taxes | — | (48,547 | ) | (71,669 | ) | ||||||||||||||||||||||
Future net cash flows | — | 164,708 | 209,456 | ||||||||||||||||||||||||
10% discount to reflect timing of cash flows | — | (94,462 | ) | (130,871 | ) | ||||||||||||||||||||||
Standardized measure of discounted future net cash flows | $ | — | $ | 70,246 | $ | 78,585 | |||||||||||||||||||||
Equity investment in Grizzly Oil Sands ULC Standardized measure of discounted cash flows | |||||||||||||||||||||||||||
Future cash flows | $ | 754,720 | $ | — | $ | — | |||||||||||||||||||||
Future development and abandonment costs | (205,242 | ) | — | — | |||||||||||||||||||||||
Future production costs | (291,988 | ) | — | — | |||||||||||||||||||||||
Future production taxes | — | — | — | ||||||||||||||||||||||||
Future income taxes | (11,250 | ) | — | — | |||||||||||||||||||||||
Future net cash flows | 246,240 | — | — | ||||||||||||||||||||||||
10% discount to reflect timing of cash flows | (152,494 | ) | — | — | |||||||||||||||||||||||
Standardized measure of discounted future net cash flows | $ | 93,746 | $ | — | $ | — | |||||||||||||||||||||
Changes In Standardized Measure Of Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves | Changes in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves | ||||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Sales and transfers of oil and gas produced, net of production costs | $ | (530,098 | ) | $ | (197,559 | ) | $ | (194,893 | ) | ||||||||||||||||||
Net changes in prices, production costs, and development costs | 97,716 | 65,573 | 108,941 | ||||||||||||||||||||||||
Acquisition of oil and gas reserves in place | 14,266 | — | — | ||||||||||||||||||||||||
Extensions and discoveries | 790,533 | 130,826 | 151,654 | ||||||||||||||||||||||||
Previously estimated development costs incurred during the period | 68,227 | 43,478 | 10,211 | ||||||||||||||||||||||||
Revisions of previous quantity estimates, less related production costs | (37,801 | ) | (3,591 | ) | (10,504 | ) | |||||||||||||||||||||
Sales of reserves in place | — | — | (214,867 | ) | |||||||||||||||||||||||
Accretion of discount | 57,847 | 34,864 | 37,668 | ||||||||||||||||||||||||
Net changes in income taxes | (295,226 | ) | (30,239 | ) | 25,585 | ||||||||||||||||||||||
Change in production rates and other | 683,237 | 186,473 | 58,165 | ||||||||||||||||||||||||
Total change in standardized measure of discounted future net cash flows | $ | 848,701 | $ | 229,825 | $ | (28,040 | ) | ||||||||||||||||||||
Equity investment in Diamondback Energy, Inc. Changes in standardized measure of discounted cash flows | |||||||||||||||||||||||||||
Change in ownership interest in Diamondback | $ | — | $ | (52,145 | ) | $ | — | ||||||||||||||||||||
Sales and transfers of oil and gas produced, net of production costs | — | (12,524 | ) | (11,601 | ) | ||||||||||||||||||||||
Net changes in prices, production costs, and development costs | — | 3,312 | (14,596 | ) | |||||||||||||||||||||||
Acquisition of oil and gas reserves in place | — | 21,968 | 23,090 | ||||||||||||||||||||||||
Extensions and discoveries | — | 39,776 | 16,969 | ||||||||||||||||||||||||
Previously estimated development costs incurred during the period | — | 5,517 | 19,014 | ||||||||||||||||||||||||
Revisions of previous quantity estimates, less related production costs | — | (9,143 | ) | (4,897 | ) | ||||||||||||||||||||||
Accretion of discount | — | 4,175 | 7,803 | ||||||||||||||||||||||||
Net changes in income taxes | — | (12,137 | ) | (26,866 | ) | ||||||||||||||||||||||
Change in production rates and other | — | 2,862 | (8,358 | ) | |||||||||||||||||||||||
Total change in standardized measure of discounted future net cash flows | $ | — | $ | (8,339 | ) | $ | 558 | ||||||||||||||||||||
Equity investment in Grizzly Oil Sands ULC Changes in standardized measure of discounted cash flows | |||||||||||||||||||||||||||
Sales and transfers of oil and gas produced, net of production costs | $ | 4,664 | $ | — | $ | — | |||||||||||||||||||||
Net changes in prices, production costs, and development costs | (76,518 | ) | — | — | |||||||||||||||||||||||
Acquisition of oil and gas reserves in place | — | — | — | ||||||||||||||||||||||||
Extensions and discoveries | 7,107 | — | — | ||||||||||||||||||||||||
Previously estimated development costs incurred during the period | — | — | — | ||||||||||||||||||||||||
Revisions of previous quantity estimates, less related production costs | 10,659 | — | — | ||||||||||||||||||||||||
Accretion of discount | 14,946 | — | — | ||||||||||||||||||||||||
Net changes in income taxes | 9,162 | — | — | ||||||||||||||||||||||||
Change in production rates and other | (25,738 | ) | — | — | |||||||||||||||||||||||
Total change in standardized measure of discounted future net cash flows | $ | (55,718 | ) | $ | — | $ | — | ||||||||||||||||||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Selected Quarterly Financial Data | The following table summarizes quarterly financial data for the years ended December 31, 2014 and 2013: | ||||||||||||||||
2014 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
(In thousands) | |||||||||||||||||
Revenues | $ | 118,029 | $ | 114,736 | $ | 170,804 | $ | 267,697 | |||||||||
Income from operations | 25,109 | 18,110 | 53,454 | 129,458 | |||||||||||||
Income tax expense | 49,247 | 31,461 | 4,876 | 67,757 | |||||||||||||
Net income | 82,558 | 47,852 | 6,920 | 110,073 | |||||||||||||
Income per share: | |||||||||||||||||
Basic | $ | 0.97 | $ | 0.56 | $ | 0.08 | $ | 1.29 | |||||||||
Diluted | $ | 0.96 | $ | 0.56 | $ | 0.08 | $ | 1.28 | |||||||||
2013 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
(In thousands) | |||||||||||||||||
Revenues | $ | 55,000 | $ | 70,434 | $ | 69,252 | $ | 68,067 | |||||||||
Income from operations | 14,944 | 22,456 | 15,137 | 2,926 | |||||||||||||
Income tax expense | 28,195 | 25,514 | 23,400 | 21,027 | |||||||||||||
Net income | 44,559 | 43,828 | 40,527 | 24,278 | |||||||||||||
Income per share: | |||||||||||||||||
Basic | $ | 0.61 | $ | 0.57 | $ | 0.52 | $ | 0.3 | |||||||||
Diluted | $ | 0.61 | $ | 0.56 | $ | 0.52 | $ | 0.3 | |||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Narrative (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Accounts receivable, collection period | 30 days | |||
Conversion ratio, gas to barrels of oil | 6 | |||
Capitalized costs of oil and natural gas properties excluded from amortization | $1,465,538,000 | $1,020,835,000 | ||
Cumulative translation adjustment | -26,675,000 | -9,781,000 | 2,442,000 | 1,087,000 |
Minimum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Useful life | 3 years | |||
Maximum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Vesting period | 5 years | |||
Useful life | 30 years | |||
Tatex Thailand III LLC [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Equity Method Investment, Other than Temporary Impairment | $12,100,000 | $0 | ||
Restricted Stock [Member] | Minimum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Vesting period | 1 year | |||
Restricted Stock [Member] | Maximum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Vesting period | 5 years | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Concentration Risk, Number of Purchasers | 3 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Accounting for Stock-Based Compensation (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expiration period | 10 years |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 5 years |
Stock Options [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 3 years |
Restricted Stock [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 1 year |
Restricted Stock [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 5 years |
Acquisitions_Details
Acquisitions (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | ||||||||||||||||||||
Feb. 28, 2011 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 13, 2013 | Feb. 15, 2013 | Jan. 07, 2013 | Dec. 24, 2012 | Mar. 20, 2014 | Dec. 21, 2012 | Dec. 18, 2012 | Dec. 19, 2012 | Dec. 24, 2012 | Dec. 31, 2014 | 31-May-13 | Feb. 28, 2014 | Dec. 17, 2012 | |
acre | acre | acre | acre | ||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Period allowed for refusal | 6 months | ||||||||||||||||||||||||
Affiliates participation ratio | 50.00% | ||||||||||||||||||||||||
Amount put in escrow | $10,000,000 | ||||||||||||||||||||||||
Proceeds from issuance of common stock, net of offering costs | 689,000 | 766,495,000 | 427,091,000 | ||||||||||||||||||||||
Net revenues | 267,697,000 | 170,804,000 | 114,736,000 | 118,029,000 | 68,067,000 | 69,252,000 | 70,434,000 | 55,000,000 | 671,266,000 | 262,753,000 | 248,926,000 | ||||||||||||||
Lease operating expenses | 52,191,000 | 26,703,000 | 24,308,000 | ||||||||||||||||||||||
Common Stock [Member] | Public Offering [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Stock option, portion attributable to underwriters (shares) | 900,000 | 750,000 | |||||||||||||||||||||||
Proceeds from issuance of common stock, net of offering costs | 408,000,000 | 325,800,000 | 460,700,000 | ||||||||||||||||||||||
Utica Shale [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Gas and oil acreage, undeveloped, net | 22,000 | 37,000 | 7,000 | 37,000 | 8,000 | 30,000 | |||||||||||||||||||
Cash price of ownership interest | 220,000,000 | 70,000,000 | 302,000,000 | 372,000,000 | |||||||||||||||||||||
Amount put in escrow | 33,600,000 | 53,900,000 | 53,900,000 | ||||||||||||||||||||||
Proceeds from issuance of common stock, net of offering costs | 325,800,000 | 460,700,000 | |||||||||||||||||||||||
Existing wells excluded | 14 | ||||||||||||||||||||||||
Future wells excluded | 16 | ||||||||||||||||||||||||
Purchase price | 182,000,000 | ||||||||||||||||||||||||
Cash, net of purchase price adjustments | 179,500,000 | 179,527,000 | |||||||||||||||||||||||
Net revenues | 6,400,000 | ||||||||||||||||||||||||
Lease operating expenses | $1,000,000 |
Acquisitions_Fair_Value_of_Ass
Acquisitions - Fair Value of Assets Acquired (Details) (Utica Shale [Member], USD $) | 0 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 20, 2014 | Dec. 31, 2014 | Mar. 20, 2014 |
Business Acquisition [Line Items] | |||
Cash, net of purchase price adjustments | $179,527 | $179,500 | |
Fair value of net identifiable assets acquired | 179,527 | 179,527 | |
Proved Properties [Member] | |||
Business Acquisition [Line Items] | |||
Fair value of net identifiable assets acquired | 31,961 | 31,961 | |
Unproved Properties [Member] | |||
Business Acquisition [Line Items] | |||
Fair value of net identifiable assets acquired | 6,263 | 6,263 | |
Unevaluated Properties [Member] | |||
Business Acquisition [Line Items] | |||
Fair value of net identifiable assets acquired | $141,303 | $141,303 |
Accounts_ReceivableRelated_Par
Accounts Receivable-Related Parties (Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Related Party Transaction [Line Items] | ||
Accounts receivable-related parties | $46 | $2,617 |
Property_And_Equipment_Schedul
Property And Equipment (Schedule Of Property And Equipment) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ||
Oil and natural gas properties | $3,923,154 | $2,477,178 |
Office furniture and fixtures | 10,752 | 6,093 |
Building | 5,398 | 4,626 |
Land | 2,194 | 412 |
Total property and equipment | 3,941,498 | 2,488,309 |
Accumulated depletion, depreciation, amortization and impairment | -1,050,879 | -784,717 |
Property and equipment, net | $2,890,619 | $1,703,592 |
Property_And_Equipment_Summary
Property And Equipment (Summary Of Oil And Gas Properties Not Subject To Amortization) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||||
Acquisition costs | $405,226 | $323,515 | $459,151 | $93,864 |
Acquisition costs, total | 1,281,756 | |||
Exploration costs | 0 | 0 | 0 | 0 |
Exploration costs, total | 0 | |||
Development costs | 173,693 | 1,801 | 506 | 0 |
Development costs, total | 176,000 | |||
Capitalized interest | 5,204 | 2,578 | 0 | 0 |
Capitalized interest, total | 7,782 | |||
Total oil and gas properties not subject to amortization | 584,123 | 327,894 | 459,657 | 93,864 |
Total oil and gas properties not subject to amortization, total | 1,465,538 | 1,020,835 | ||
Colorado Properties [Member] | ||||
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||||
Total oil and gas properties not subject to amortization, total | 5,127 | |||
Bakken Properties [Member] | ||||
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||||
Total oil and gas properties not subject to amortization, total | 96 | |||
Southern Louisiana Properties [Member] | ||||
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||||
Total oil and gas properties not subject to amortization, total | 145 | |||
Ohio Properties [Member] | ||||
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||||
Total oil and gas properties not subject to amortization, total | 1,460,125 | |||
Other Properties [Member] | ||||
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||||
Total oil and gas properties not subject to amortization, total | $45 |
Property_And_Equipment_Schedul1
Property And Equipment (Schedule Of Asset Retirement Obligation) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Asset retirement obligation, beginning of period | $15,083 | $13,275 | |
Liabilities incurred | 9,295 | 3,556 | 2,195 |
Liabilities settled | -7,201 | -2,465 | |
Accretion expense | 761 | 717 | 698 |
Asset retirement obligation as of end of period | 17,938 | 15,083 | 13,275 |
Less current portion | 75 | 795 | |
Asset retirement obligation, long-term | $17,863 | $14,288 |
Property_And_Equipment_Narrati
Property And Equipment (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2013 | Oct. 31, 2012 | Oct. 11, 2012 | 7-May-12 | |
Property, Plant and Equipment [Line Items] | |||||||
Cumulative capitalization of general and administrative costs incurred and capitalized to the full cost pool | $72,700,000 | $47,500,000 | |||||
Capitalized general and administrative costs | 25,200,000 | 14,900,000 | 9,100,000 | ||||
Capitalized costs of oil and natural gas properties excluded from amortization | 1,465,538,000 | 1,020,835,000 | |||||
Loss on disposal of Belize properties, net of tax | 0 | 0 | -3,465,000 | ||||
Payment received from Diamondback | 45,034,000 | 33,209,000 | -2,404,000 | ||||
Gain on sale of oil and gas property | 11,000 | -508,000 | 7,300,000 | ||||
Oil and gas property, decrease related to contribution | 213,000,000 | ||||||
Diamondback [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Investment (shares) | 7,914,036 | ||||||
Promissory note receivable | 63,600,000 | ||||||
Ownership requirement to meet agreement | 10.00% | ||||||
Number of directors allowed to serve on Board | 1 | ||||||
Number of advisors allowed to serve on Board | 1 | ||||||
Ownership interest | 21.40% | 35.00% | |||||
Diamondback [Member] | Accounts Receivable - Related Party [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Payment received from Diamondback | $18,600,000 | ||||||
Minimum [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Expected number of years amortization will commence | 3 years | ||||||
Maximum [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Expected number of years amortization will commence | 5 years |
Equity_Investments_Investments
Equity Investments (Investments Accounted For By The Equity Method) (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 17, 2012 | Sep. 30, 2014 |
Schedule of Equity Method Investments [Line Items] | ||||||
Equity investments | $369,581 | $440,068 | $369,581 | |||
(Income) loss from equity method investments | -139,434 | -213,058 | -8,322 | |||
Tatex Thailand II, LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Approximate Ownership percentage | 23.50% | 23.50% | ||||
(Income) loss from equity method investments | -475 | -343 | 7 | |||
Tatex Thailand III LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Approximate Ownership percentage | 17.90% | 17.90% | ||||
Equity investments | 0 | 10,774 | 0 | |||
(Income) loss from equity method investments | 12,408 | 254 | 251 | |||
Grizzly Oil Sands ULC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Approximate Ownership percentage | 25.00% | 25.00% | ||||
Equity investments | 180,218 | 191,473 | 180,218 | |||
(Income) loss from equity method investments | 13,159 | 2,999 | 1,512 | |||
Bison Drilling And Field Services LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Approximate Ownership percentage | 0.00% | 0.00% | ||||
Equity investments | 12,318 | |||||
(Income) loss from equity method investments | 213 | 3,533 | 373 | |||
Muskie Holdings LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Approximate Ownership percentage | 0.00% | 0.00% | ||||
Equity investments | 7,544 | |||||
(Income) loss from equity method investments | 371 | 1,975 | 1,031 | |||
Timber Wolf Terminals LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Approximate Ownership percentage | 50.00% | 50.00% | ||||
Equity investments | 1,013 | 1,001 | 1,013 | |||
(Income) loss from equity method investments | 9 | -6 | 122 | |||
Windsor Midstream LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Approximate Ownership percentage | 22.50% | 22.50% | ||||
Equity investments | 13,505 | 10,632 | 13,505 | |||
(Income) loss from equity method investments | -477 | -1,125 | -663 | |||
Stingray Pressure Pumping LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Approximate Ownership percentage | 0.00% | 0.00% | ||||
Equity investments | 19,624 | |||||
(Income) loss from equity method investments | 2,027 | -818 | 1,235 | |||
Stingray Cementing LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Approximate Ownership percentage | 50.00% | 50.00% | ||||
Equity investments | 2,647 | 3,291 | 2,647 | |||
(Income) loss from equity method investments | 344 | 93 | 159 | |||
Blackhawk Midstream LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Approximate Ownership percentage | 0.00% | 0.00% | ||||
Equity investments | 0 | 0 | 0 | |||
(Income) loss from equity method investments | -84,787 | 673 | 436 | |||
Stingray Logistics LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Approximate Ownership percentage | 50.00% | 50.00% | ||||
Equity investments | 0 | 903 | 0 | |||
(Income) loss from equity method investments | -464 | 51 | 36 | |||
Diamondback Energy, Inc [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Approximate Ownership percentage | 0.00% | 7.20% | 21.40% | 0.00% | ||
Diamondback Energy LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity investments | 0 | 178,708 | 0 | 138,500 | ||
(Income) loss from equity method investments | -79,654 | -220,129 | -12,821 | |||
Stingray Energy Services LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Approximate Ownership percentage | 50.00% | 50.00% | ||||
Equity investments | 5,718 | 3,800 | 5,718 | |||
(Income) loss from equity method investments | -88 | -215 | 0 | |||
Sturgeon Acquisitions LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Approximate Ownership percentage | 25.00% | 25.00% | 25.00% | |||
Equity investments | 22,507 | 0 | 22,507 | |||
(Income) loss from equity method investments | -1,819 | 0 | 0 | |||
Mammoth Energy Partners LP [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Approximate Ownership percentage | 30.50% | 30.50% | ||||
Equity investments | 143,973 | 0 | 143,973 | |||
(Income) loss from equity method investments | ($201) | $0 | $0 | ($84,500) |
Equity_Investments_Equity_Inve
Equity Investments (Equity Investments Balance Sheet Disclosure) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Equity Method Investments [Line Items] | ||
Current assets | $181,060 | $84,107 |
Noncurrent assets | 1,306,891 | 1,107,579 |
Current liabilities | 114,506 | 112,406 |
Noncurrent liabilities | $230,062 | $110,095 |
Equity_Investments_Equity_Inve1
Equity Investments (Equity Investment Income Statement Disclosure) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Equity Method Investments [Line Items] | |||
Gross revenue | $390,620 | $162,401 | $39,918 |
Net income (loss) | $140,796 | $17,350 | $1,943 |
Equity_Investments_Narrative_D
Equity Investments (Narrative) (Details) (USD $) | 12 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | ||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jan. 28, 2014 | Nov. 12, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Nov. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2014 | Feb. 26, 2015 | 31-May-13 | Dec. 31, 2011 | Jan. 01, 2008 | 15-May-12 | Jul. 02, 2013 | Dec. 17, 2012 | Oct. 11, 2012 | |
acre | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Gas and oil area, reserve (acres) | 243,000 | |||||||||||||||||||
(Income) loss from equity method investments | $139,434,000 | $213,058,000 | $8,322,000 | |||||||||||||||||
Amount put in escrow | 10,000,000 | |||||||||||||||||||
Equity investments | 369,581,000 | 440,068,000 | 369,581,000 | |||||||||||||||||
Distributions received | 0 | 1,276,000 | 820,000 | |||||||||||||||||
Advances on note receivable to related party | -875,000 | 875,000 | 0 | |||||||||||||||||
Interest income | 195,000 | 297,000 | 72,000 | |||||||||||||||||
Cumulative translation adjustment | -26,675,000 | -9,781,000 | 2,442,000 | -26,675,000 | 1,087,000 | |||||||||||||||
Payments for equity method investments | 63,999,000 | 47,014,000 | 147,307,000 | |||||||||||||||||
Coronado Midstream LLC [Member] | Windsor Midstream LLC [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Ownership interest | 28.40% | 28.40% | ||||||||||||||||||
Tatex Thailand II, LLC [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
(Income) loss from equity method investments | 475,000 | 343,000 | -7,000 | |||||||||||||||||
Ownership interest | 23.50% | 23.50% | ||||||||||||||||||
Apico Llc [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Equity shares owned by affiliate (shares) | 85,122 | |||||||||||||||||||
Total shares owned of subaffiliate (shares) | 1,000,000 | |||||||||||||||||||
Tatex Thailand III LLC [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Gas and oil area, reserve (acres) | 245,000 | |||||||||||||||||||
(Income) loss from equity method investments | -12,408,000 | -254,000 | -251,000 | |||||||||||||||||
Cash calls paid | -1,600,000 | -2,400,000 | ||||||||||||||||||
Ownership interest | 17.90% | 17.90% | ||||||||||||||||||
Equity investments | 0 | 10,774,000 | 0 | |||||||||||||||||
Grizzly Oil Sands ULC [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Gas and oil area, reserve (acres) | 830,000 | |||||||||||||||||||
(Income) loss from equity method investments | -13,159,000 | -2,999,000 | -1,512,000 | |||||||||||||||||
Cash calls paid | -18,800,000 | -33,900,000 | ||||||||||||||||||
Ownership interest | 25.00% | 25.00% | ||||||||||||||||||
Equity investments | 180,218,000 | 191,473,000 | 180,218,000 | |||||||||||||||||
Increase (decrease) due to foreign currency translation adjustment | 16,900,000 | 12,200,000 | -1,400,000 | |||||||||||||||||
Loans receivable, basis spread on variable rate | 4.00% | |||||||||||||||||||
Bison Drilling And Field Services LLC [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
(Income) loss from equity method investments | -213,000 | -3,533,000 | -373,000 | |||||||||||||||||
Cash calls paid | -17,000,000 | -2,300,000 | ||||||||||||||||||
Ownership interest | 0.00% | 0.00% | ||||||||||||||||||
Equity investments | 12,318,000 | |||||||||||||||||||
Loans receivable, description of variable rate basis | LIBOR | |||||||||||||||||||
Amount loaned during period | 1,600,000 | |||||||||||||||||||
Bison Drilling And Field Services LLC [Member] | Maximum [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Loans receivable, maximum rate | 8.00% | |||||||||||||||||||
Muskie Holdings LLC [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
(Income) loss from equity method investments | -371,000 | -1,975,000 | -1,031,000 | |||||||||||||||||
Cash calls paid | -1,000,000 | -2,200,000 | ||||||||||||||||||
Ownership interest | 0.00% | 0.00% | ||||||||||||||||||
Equity investments | 7,544,000 | |||||||||||||||||||
Loan receivable | 900,000 | |||||||||||||||||||
Timber Wolf Terminals LLC [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
(Income) loss from equity method investments | -9,000 | 6,000 | -122,000 | |||||||||||||||||
Cash calls paid | -100,000 | |||||||||||||||||||
Ownership interest | 50.00% | 50.00% | ||||||||||||||||||
Equity investments | 1,013,000 | 1,001,000 | 1,013,000 | |||||||||||||||||
Payments for equity method investments | 1,000,000 | |||||||||||||||||||
Windsor Midstream LLC [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
(Income) loss from equity method investments | 477,000 | 1,125,000 | 663,000 | |||||||||||||||||
Cash calls paid | -2,400,000 | |||||||||||||||||||
Ownership interest | 22.50% | 22.50% | ||||||||||||||||||
Equity investments | 13,505,000 | 10,632,000 | 13,505,000 | |||||||||||||||||
Stingray Pressure Pumping LLC [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
(Income) loss from equity method investments | -2,027,000 | 818,000 | -1,235,000 | |||||||||||||||||
Cash calls paid | -2,500,000 | -1,800,000 | ||||||||||||||||||
Ownership interest | 0.00% | 0.00% | ||||||||||||||||||
Equity investments | 19,624,000 | |||||||||||||||||||
Blackhawk Midstream LLC [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
(Income) loss from equity method investments | 84,787,000 | -673,000 | -436,000 | |||||||||||||||||
Cash calls paid | -700,000 | |||||||||||||||||||
Ownership interest | 0.00% | 0.00% | ||||||||||||||||||
Equity investments | 0 | 0 | 0 | |||||||||||||||||
Net proceeds received from release of escrow | 7,200,000 | |||||||||||||||||||
Blackhawk Midstream LLC [Member] | Ohio Gathering Company, LLC and Ohio Condensate Company, LLC [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Purchase price | 190,000,000 | |||||||||||||||||||
Amount put in escrow | 14,300,000 | |||||||||||||||||||
Distributions received | 84,800,000 | |||||||||||||||||||
Diamondback Energy LLC [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
(Income) loss from equity method investments | 79,654,000 | 220,129,000 | 12,821,000 | |||||||||||||||||
Equity investments | 0 | 178,708,000 | 0 | 138,500,000 | ||||||||||||||||
Diamondback Energy, Inc [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Ownership interest | 0.00% | 7.20% | 21.40% | 0.00% | ||||||||||||||||
Investment (shares) | 7,914,036 | |||||||||||||||||||
Sale of stock, Number of shares issued in transaction | 942,000 | 1,437,500 | 1,000,000 | 2,300,000 | 2,234,536 | |||||||||||||||
Sale of stock, consideration received | 60,800,000 | 197,600,000 | 192,700,000 | |||||||||||||||||
Stingray Energy Services LLC [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
(Income) loss from equity method investments | 88,000 | 215,000 | 0 | |||||||||||||||||
Ownership interest | 50.00% | 50.00% | ||||||||||||||||||
Equity investments | 5,718,000 | 3,800,000 | 5,718,000 | |||||||||||||||||
Sturgeon Acquisitions LLC [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
(Income) loss from equity method investments | 1,819,000 | 0 | 0 | |||||||||||||||||
Ownership interest | 25.00% | 25.00% | 25.00% | 25.00% | ||||||||||||||||
Equity investments | 22,507,000 | 0 | 22,507,000 | |||||||||||||||||
Payments for equity method investments | 20,700,000 | |||||||||||||||||||
Mammoth Energy Partners LP [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
(Income) loss from equity method investments | 201,000 | 0 | 0 | 84,500,000 | ||||||||||||||||
Ownership interest | 30.50% | 30.50% | ||||||||||||||||||
Equity Method Investments, Fair Value Disclosure | 143,500,000 | 143,500,000 | ||||||||||||||||||
Equity investments | 143,973,000 | 0 | 143,973,000 | |||||||||||||||||
LIBOR [Member] | Bison Drilling And Field Services LLC [Member] | Minimum [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Loans receivable, basis spread on variable rate | 0.28% | |||||||||||||||||||
Prime Rate [Member] | Muskie Holdings LLC [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Loans receivable, basis spread on variable rate | 2.50% | |||||||||||||||||||
Subsequent Event [Member] | Coronado Midstream LLC [Member] | Windsor Midstream LLC [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Property, Plant and Equipment, Estimated Sale Price | 600,000,000 | |||||||||||||||||||
Income From Equity Method Investments [Member] | Tatex Thailand III LLC [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
(Income) loss from equity method investments | ($12,100,000) |
Other_Assets_Schedule_Of_Other
Other Assets (Schedule Of Other Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Assets, Noncurrent Disclosure [Abstract] | ||
Plugging and abandonment escrow account on the WCBB properties (Note 16) | $3,097 | $3,105 |
Certificates of Deposit securing letter of credit | 275 | 275 |
Prepaid drilling costs | 483 | 526 |
Loan commitment fees | 15,390 | 9,341 |
Derivative receivable | 0 | 4,493 |
Deposits | 34 | 34 |
Other | 117 | 77 |
Other assets | $19,396 | $17,851 |
LongTerm_Debt_BreakDown_Of_Lon
Long-Term Debt (Break-Down Of Long-Term Debt) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2011 | Aug. 18, 2014 | |||
In Thousands, unless otherwise specified | |||||||
Debt Instrument [Line Items] | |||||||
Long-tern debt | $701,826 | ||||||
Unamortized original issue (discount) premium, net | 14,658 | [1] | -2,808 | [1] | |||
Current maturities of long-term debt | -168 | -159 | |||||
Long-term debt, net of current maturities | 716,316 | 299,028 | |||||
Line of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-tern debt | 100,000 | [2] | 0 | [2] | |||
Building loans [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-tern debt | 1,826 | [3] | 1,995 | [3] | 2,400 | ||
7.75% senior unsecured notes due 2020 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-tern debt | $600,000 | [4] | $300,000 | [4] | $600,000 | [4] | |
[1] | The October Notes were issued at a price of 98.534% resulting in a gross discount of $3.7 million and an effective rate of 8.000%. The December Notes were issued at a price of 101.000% resulting in a gross premium of $0.5 million and an effective rate of 7.531%. The August Notes were issued at a price of 106.000% resulting in a gross premium of $18.0 million and an effective rate of 6.561%. The premium and discount are being amortized using the effective interest method. | ||||||
[2] | On September 30, 2010, the Company entered into a senior secured revolving credit agreement with the Bank of Nova Scotia as the lead arranger and administrative agent and certain lenders from time to time party thereto. On December 27, 2013, the Company amended and restated its credit agreement in its entirety (the "Amended and Restated Credit Agreement"). The Amended and Restated Credit Agreement provided for an increase in the maximum facility amount from $350.0 million to $1.5 billion, with an increase in borrowing base availability as of December 27, 2013 from $50.0 million to $150.0 million. The credit agreement is secured by substantially all of the Company's assets. The Amended and Restated Credit Agreement matures on June 6, 2018. On April 23, 2014, the Company entered into a first amendment to the Amended and Restated Credit Agreement. The first amendment increased the letter of credit sublimit from $20.0 million to $70.0 million and provided for an increase in the borrowing base availability from $150.0 million to $275.0 million. The first amendment also made certain changes to the lenders and their respective lending commitments thereunder. On November 26, 2014, the Company entered into a second amendment to the Amended and Restated Credit Agreement. The second amendment changed the definition of EBITDAX to exclude proceeds from the disposition of equity method investments and changed the ratio of funded debt to EBITDAX to be the ratio of net funded debt to EBITDAX. Net funded debt is funded debt less the amount of cash and short-term investments the Company has at the end of the relevant fiscal quarter. The second amendment increases the ratio from 2.00 to 1.00 to 3.50 to 1.00 for the period December 31, 2014 through June 30, 2015 and then decreases the ratio to 3.25 to 1.00 for the periods thereafter. Further, the second amendment increased the letter of credit sublimit from $70.0 million to $125.0 million and provided for an increase in the borrowing base availability from $275.0 million to $450.0 million. As of December 31, 2014, $100.0 million was outstanding under the Amended and Restated Credit Agreement. At December 31, 2014, the total availability for future borrowings under Amended and Restated Credit Agreement, after giving effect to an aggregate of $43.6 million of letters of credit, was $306.4 million. The Company's wholly-owned subsidiaries have guaranteed the obligations of the Company under the Amended and Restated Credit Agreement.Advances under the Amended and Restated Credit Agreement may be in the form of either base rate loans or eurodollar loans. The interest rate for base rate loans is equal to (1) the applicable rate, which ranges from 0.50% to 1.50%, plus (2) the highest of: (a) the federal funds rate plus 0.50%, (b) the rate of interest in effect for such day as publicly announced from time to time by agent as its “prime rate,†and (c) the eurodollar rate for an interest period of one month plus 1.00%. The interest rate for eurodollar loans is equal to (1) the applicable rate, which ranges from 1.50% to 2.50%, plus (2) the London interbank offered rate that appears on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate for deposits in U.S. dollars, or, if such rate is not available, the rate as administered by ICE Benchmark Administration (or any other person that takes over administration of such rate) per annum equal to the offered rate on such other page or service that displays on average London interbank offered rate as determined by ICE Benchmark Administration (or any other person that takes over administration of such rate) for deposits in U.S. dollars, or, if such rate is not available, the average quotations for three major New York money center banks of whom the agent shall inquire as the “London Interbank Offered Rate†for deposits in U.S. dollars. At December 31, 2014, amounts borrowed under the Amended and Restated Credit Agreement bore interest at the Eurodollar rate (1.91%).The Amended and Restated Credit Agreement contains customary negative covenants including, but not limited to, restrictions on the Company’s and its subsidiaries’ ability to: •incur indebtedness; •grant liens; •pay dividends and make other restricted payments; •make investments; •make fundamental changes; •enter into swap contracts and forward sales contracts; •dispose of assets; •change the nature of their business; and •enter into transactions with affiliates. The negative covenants are subject to certain exceptions as specified in the Amended and Restated Credit Agreement. The Amended and Restated Credit Agreement also contains certain affirmative covenants, including, but not limited to the following financial covenants: (i) the ratio of net funded debt to EBITDAX (net income, excluding (i) any non-cash revenue or expense associated with swap contracts resulting from ASC 815 and (ii) any cash or noncash revenue or expense attributable to minority investments plus without duplication and, in the case of expenses, to the extent deducted from revenues in determining net income, the sum of (a) the aggregate amount of consolidated interest expense for such period, (b) the aggregate amount of income, franchise, capital or similar tax expense (other than ad valorem taxes) for such period, (c) all amounts attributable to depletion, depreciation, amortization and asset or goodwill impairment or writedown for such period, (d) all other non-cash charges, (e) exploration costs deducted in determining net income under successful efforts accounting, (f) actual cash distributions received from minority investments, (g) to the extent actually reimbursed by insurance, expenses with respect to liability on casualty events or business interruption, and (h) all reasonable transaction expenses related to dispositions and acquisitions of assets, investments and debt and equity offerings (provided that expenses related to any unsuccessful disposition will be limited to $3.0 million in the aggregate) for a twelve-month period may not be greater than 3.50 to 1.00 for the period December 31, 2014 through June 30, 2015 and 3.25 to 1.00 for the twelve-month period ending September 30, 2015 and periods thereafter; and (ii) the ratio of EBITDAX to interest expense for a twelve-month period may not be less than 3.00 to 1.00. The Company was in compliance with all covenants at December 31, 2014.The Bank of Nova Scotia, as sole lead arranger and administrative agent of the Company's revolving credit facility, as part of the regular spring 2015 borrowing base redetermination process, informed the Company that it will be recommending to the lending syndicate an increase in the Company's borrowing base under this facility from $450.0 million to $575.0 million. The Company expects final approval and implementation of the borrowing base increase to be completed within the next 30 to 45 days by the lending syndicate. | ||||||
[3] | In March 2011, the Company entered into a new building loan agreement for the office building it occupies in Oklahoma City, Oklahoma. The new loan agreement refinanced the $2.4Â million outstanding under the previous building loan agreement. The new agreement matures in February 2016 and bears interest at the rate of 5.82%Â per annum. The new building loan requires monthly interest and principal payments of approximately $22,000 and is collateralized by the Oklahoma City office building and associated land. | ||||||
[4] | On October 17, 2012, the Company issued $250.0 million in aggregate principal amount of October Notes to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in accordance with Regulation S under the Securities Act, (the "October Notes Offering") under an indenture among the Company, its subsidiary guarantors and Wells Fargo Bank, National Association, as the trustee, (the "senior note indenture"). On December 21, 2012, the Company issued an additional $50.0 million in aggregate principal amount of December Notes to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in accordance with Regulation S under the Securities Act ("the December Notes Offering"). The December Notes were issued as additional securities under the senior note indenture. The October Notes Offering and the December Notes Offering are collectively referred to as the "Notes Offerings". The Company used a portion of the net proceeds from the October Notes Offering to repay all amounts outstanding at such time under its revolving credit facility. The Company used the remaining net proceeds of October Notes Offering and the net proceeds of the December Notes Offering for general corporate purposes, which included funding a portion of its 2013 capital development plan. The October Notes and the December Notes were exchanged for substantially identical notes in the same aggregate principal amount that were registered under the Securities Act in October 2013 (the "Exchange Notes").On August 18, 2014, the Company issued an additional $300.0 million in aggregate principal amount of senior unsecured notes due 2020 (the "August Notes") to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in accordance with Regulation S under the Securities Act ("the August Notes Offering"). The August Notes were issued as additional securities under the senior note indenture. The Company used a portion of the net proceeds from the August Notes Offering to repay all amounts outstanding at such time under its revolving credit facility. The Company used the remaining net proceeds of the August Notes Offering for general corporate purposes, including funding a portion of its 2014 capital development plans. The October Notes Offering, December Notes Offering and the August Notes Offering are collectively referred to as the "Notes Offerings" and the Exchange Notes, and the August Notes are collectively referred to as the "Notes".In connection with the issuance of the August Notes, the Company and the subsidiary guarantors entered into a registration rights agreement with the initial purchasers on August 18, 2014, pursuant to which the Company and the subsidiary guarantors have agreed to file a registration statement with respect to an offer to exchange the August Notes for a new issue of substantially identical debt securities registered under the Securities Act. The registration statement relating to the exchange offer for the August Notes was filed on November 6, 2014, as amended on February 3, 2015, and declared effective by the SEC on February 4, 2015. The exchange offer for the August Note is expected to be completed on or about March 10, 2015.Under the senior note indenture, interest on the Notes accrues at a rate of 7.75% per annum on the outstanding principal amount from October 17, 2012, payable semi-annually on May 1 and November 1 of each year, commencing on May 1, 2013. The Notes are the Company's senior unsecured obligations and rank equally in the right of payment with all of the Company's other senior indebtedness and senior in right of payment to any future subordinated indebtedness. All of the Company's existing and future restricted subsidiaries that guarantee the Company's secured revolving credit facility or certain other debt guarantee the Notes; provided, however, that the Notes are not guaranteed by Grizzly Holdings, Inc. and will not be guaranteed by any of the Company's future unrestricted subsidiaries. The Company may redeem some or all of the Notes at any time on or after November 1, 2016, at the redemption prices listed in the senior note indenture. Prior to November 1, 2016, the Company may redeem the Notes at a price equal to 100% of the principal amount plus a “make-whole†premium. In addition, prior to November 1, 2015, the Company may redeem up to 35% of the aggregate principal amount of the Notes with the net proceeds of certain equity offerings, provided that at least 65% of the aggregate principal amount of the Notes initially issued remains outstanding immediately after such redemption. |
LongTerm_Debt_Maturities_of_Lo
Long-Term Debt (Maturities of Long-Term Debt) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | |
2015 | $168 |
2016 | 1,658 |
2017 | 0 |
2018 | 100,000 |
2019 | 0 |
Thereafter | 600,000 |
Total | $701,826 |
LongTerm_Debt_Total_Interest_E
Long-Term Debt (Total Interest Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Disclosure [Abstract] | |||
Cash paid for interest | $28,646 | $24,270 | $1,404 |
Change in accrued interest | 3,875 | -969 | 4,155 |
Write-off of deferred loan costs | 0 | 0 | 1,143 |
Capitalized interest | -9,687 | -7,132 | 0 |
Amortization of loan costs | 1,685 | 1,012 | 640 |
Amortization of note discount and premium | -533 | 298 | 59 |
Other | 0 | 11 | 57 |
Total interest expense | $23,986 | $17,490 | $7,458 |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | 12 Months Ended | 9 Months Ended | 0 Months Ended | ||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 27, 2013 | Aug. 18, 2014 | Dec. 21, 2012 | Oct. 17, 2012 | Oct. 09, 2012 | Mar. 31, 2011 | Apr. 23, 2014 | Apr. 22, 2014 | 3-May-11 | Sep. 30, 2010 | Nov. 25, 2014 | Feb. 26, 2015 | ||||
Debt Instrument [Line Items] | |||||||||||||||||||
Interest capitalized | $9,687,000 | $7,132,000 | $0 | ||||||||||||||||
Interest expense | 23,986,000 | 17,490,000 | 7,458,000 | ||||||||||||||||
Debt covenant ratio for EBITDAX | 3 | ||||||||||||||||||
Long-tern debt | 701,826,000 | ||||||||||||||||||
Unamortized discount | 2,800,000 | ||||||||||||||||||
Senior Notes [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Stated interest rate | 7.75% | 7.75% | |||||||||||||||||
Long-tern debt | 600,000,000 | [1] | 300,000,000 | [1] | 600,000,000 | [1] | |||||||||||||
Debt issued | 300,000,000 | 50,000,000 | 250,000,000 | ||||||||||||||||
Redemption of principal amount plus aggregate net proceeds | 100.00% | ||||||||||||||||||
Discount issue price, price | 106.00% | 98.53% | |||||||||||||||||
Premium issue price, percent | 101.00% | ||||||||||||||||||
Unamortized discount | 3,700,000 | ||||||||||||||||||
Effective interest rate | 6.56% | 7.53% | 8.00% | ||||||||||||||||
Unamortized premium | 18,000,000 | 500,000 | |||||||||||||||||
Building Loans [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Stated interest rate | 5.82% | ||||||||||||||||||
Long-tern debt | 1,826,000 | [2] | 1,995,000 | [2] | 2,400,000 | ||||||||||||||
Loan, periodic payment | 22,000 | ||||||||||||||||||
Minimum [Member] | Senior Notes [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Percentage of notes required to be outstanding for redemption | 65.00% | ||||||||||||||||||
Maximum [Member] | Senior Notes [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Redemption of principal amount plus aggregate net proceeds | 35.00% | ||||||||||||||||||
Nova Scotia, Amegy, KeyBank [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Revolving credit facility | 1,500,000,000 | 350,000,000 | |||||||||||||||||
Borrowing capacity | 150,000,000 | 275,000,000 | 150,000,000 | 50,000,000 | |||||||||||||||
Debt instrument, description of rate | LIBOR01 | ||||||||||||||||||
Nova Scotia, Amegy, KeyBank [Member] | Letter of Credit [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Borrowing capacity | 70,000,000 | 20,000,000 | |||||||||||||||||
Debt covenant ratio for EBITDAX | 2 | ||||||||||||||||||
Bank of Nova Scotia [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Borrowing capacity | 450,000,000 | ||||||||||||||||||
Base Rate Loans [Member] | Nova Scotia, Amegy, KeyBank [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Applicable rate, minimum | 0.50% | ||||||||||||||||||
Applicable rate, maximum | 1.50% | ||||||||||||||||||
Second Amendment of Restated Credit Agreement [Member] | Nova Scotia, Amegy, KeyBank [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Borrowing capacity | 450,000,000 | ||||||||||||||||||
Future borrowings available | 306,400,000 | ||||||||||||||||||
Second Amendment of Restated Credit Agreement [Member] | Nova Scotia, Amegy, KeyBank [Member] | Letter of Credit [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Borrowing capacity | 125,000,000 | ||||||||||||||||||
Debt covenant ratio for EBITDAX | 3.5 | ||||||||||||||||||
Debt covenant ratio for future EBITDAX | 3.25 | ||||||||||||||||||
Letters of Credit Outstanding, Amount | 43,600,000 | ||||||||||||||||||
Disposition costs, maximum expenses allowed | 3,000,000 | ||||||||||||||||||
Euro Dollar Loans [Member] | Nova Scotia, Amegy, KeyBank [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Applicable rate, minimum | 1.50% | ||||||||||||||||||
Applicable rate, maximum | 2.50% | ||||||||||||||||||
Effective interest rate | 1.91% | ||||||||||||||||||
Federal Funds Rate [Member] | Base Rate Loans [Member] | Nova Scotia, Amegy, KeyBank [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Basis spread | 0.50% | ||||||||||||||||||
Eurodollar [Member] | Base Rate Loans [Member] | Nova Scotia, Amegy, KeyBank [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Basis spread | 1.00% | ||||||||||||||||||
Subsequent Event [Member] | Bank of Nova Scotia [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Borrowing capacity | $575,000,000 | ||||||||||||||||||
[1] | On October 17, 2012, the Company issued $250.0 million in aggregate principal amount of October Notes to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in accordance with Regulation S under the Securities Act, (the "October Notes Offering") under an indenture among the Company, its subsidiary guarantors and Wells Fargo Bank, National Association, as the trustee, (the "senior note indenture"). On December 21, 2012, the Company issued an additional $50.0 million in aggregate principal amount of December Notes to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in accordance with Regulation S under the Securities Act ("the December Notes Offering"). The December Notes were issued as additional securities under the senior note indenture. The October Notes Offering and the December Notes Offering are collectively referred to as the "Notes Offerings". The Company used a portion of the net proceeds from the October Notes Offering to repay all amounts outstanding at such time under its revolving credit facility. The Company used the remaining net proceeds of October Notes Offering and the net proceeds of the December Notes Offering for general corporate purposes, which included funding a portion of its 2013 capital development plan. The October Notes and the December Notes were exchanged for substantially identical notes in the same aggregate principal amount that were registered under the Securities Act in October 2013 (the "Exchange Notes").On August 18, 2014, the Company issued an additional $300.0 million in aggregate principal amount of senior unsecured notes due 2020 (the "August Notes") to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in accordance with Regulation S under the Securities Act ("the August Notes Offering"). The August Notes were issued as additional securities under the senior note indenture. The Company used a portion of the net proceeds from the August Notes Offering to repay all amounts outstanding at such time under its revolving credit facility. The Company used the remaining net proceeds of the August Notes Offering for general corporate purposes, including funding a portion of its 2014 capital development plans. The October Notes Offering, December Notes Offering and the August Notes Offering are collectively referred to as the "Notes Offerings" and the Exchange Notes, and the August Notes are collectively referred to as the "Notes".In connection with the issuance of the August Notes, the Company and the subsidiary guarantors entered into a registration rights agreement with the initial purchasers on August 18, 2014, pursuant to which the Company and the subsidiary guarantors have agreed to file a registration statement with respect to an offer to exchange the August Notes for a new issue of substantially identical debt securities registered under the Securities Act. The registration statement relating to the exchange offer for the August Notes was filed on November 6, 2014, as amended on February 3, 2015, and declared effective by the SEC on February 4, 2015. The exchange offer for the August Note is expected to be completed on or about March 10, 2015.Under the senior note indenture, interest on the Notes accrues at a rate of 7.75% per annum on the outstanding principal amount from October 17, 2012, payable semi-annually on May 1 and November 1 of each year, commencing on May 1, 2013. The Notes are the Company's senior unsecured obligations and rank equally in the right of payment with all of the Company's other senior indebtedness and senior in right of payment to any future subordinated indebtedness. All of the Company's existing and future restricted subsidiaries that guarantee the Company's secured revolving credit facility or certain other debt guarantee the Notes; provided, however, that the Notes are not guaranteed by Grizzly Holdings, Inc. and will not be guaranteed by any of the Company's future unrestricted subsidiaries. The Company may redeem some or all of the Notes at any time on or after November 1, 2016, at the redemption prices listed in the senior note indenture. Prior to November 1, 2016, the Company may redeem the Notes at a price equal to 100% of the principal amount plus a “make-whole†premium. In addition, prior to November 1, 2015, the Company may redeem up to 35% of the aggregate principal amount of the Notes with the net proceeds of certain equity offerings, provided that at least 65% of the aggregate principal amount of the Notes initially issued remains outstanding immediately after such redemption. | ||||||||||||||||||
[2] | In March 2011, the Company entered into a new building loan agreement for the office building it occupies in Oklahoma City, Oklahoma. The new loan agreement refinanced the $2.4Â million outstanding under the previous building loan agreement. The new agreement matures in February 2016 and bears interest at the rate of 5.82%Â per annum. The new building loan requires monthly interest and principal payments of approximately $22,000 and is collateralized by the Oklahoma City office building and associated land. |
Common_Stock_Options_Warrants_1
Common Stock Options, Warrants And Changes In Capitalization (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 15, 2013 | Dec. 24, 2012 | Mar. 31, 2002 | Nov. 13, 2013 | Jan. 07, 2013 | Dec. 24, 2012 | Mar. 31, 2012 | Feb. 28, 2014 | Dec. 19, 2012 | Dec. 17, 2012 | Apr. 19, 2013 | Apr. 20, 2006 | Apr. 19, 2006 |
acre | acre | acre | acre | |||||||||||||
Common Stock Options, Restricted Stock, Warrants And Changes In Capitalization [Line Items] | ||||||||||||||||
Proceeds from issuance of common stock, net of offering costs | $689 | $766,495 | $427,091 | |||||||||||||
Common stock, par value (usd per share) | $0.01 | $0.01 | ||||||||||||||
Preferred stock dividend rate | 12.00% | 12.00% | ||||||||||||||
Warrants, expired | 8,875 | |||||||||||||||
Utica Shale [Member] | ||||||||||||||||
Common Stock Options, Restricted Stock, Warrants And Changes In Capitalization [Line Items] | ||||||||||||||||
Proceeds from issuance of common stock, net of offering costs | 325,800 | 460,700 | ||||||||||||||
Gas and oil acreage, undeveloped, net | 22,000 | 37,000 | 37,000 | 8,000 | 7,000 | 30,000 | ||||||||||
Private Placement [Member] | ||||||||||||||||
Common Stock Options, Restricted Stock, Warrants And Changes In Capitalization [Line Items] | ||||||||||||||||
Private placement offering (in units) | 10,000 | |||||||||||||||
Number of securities called by each warrant (shares) | 250 | |||||||||||||||
Common stock, par value (usd per share) | $0.01 | |||||||||||||||
Preferred stock dividend rate | 15.00% | |||||||||||||||
Preferred stock, dividend rate, percentage | 12.00% | |||||||||||||||
Warrants outstanding | 2,322,962 | |||||||||||||||
Term Of warrants expiration | 10 years | |||||||||||||||
Warrant, exercise price (usd per share) | 1.19 | |||||||||||||||
Common Stock [Member] | Public Offering [Member] | ||||||||||||||||
Common Stock Options, Restricted Stock, Warrants And Changes In Capitalization [Line Items] | ||||||||||||||||
Issuance of common stock in public offering (shares) | 8,912,500 | 7,475,000 | 11,750,000 | |||||||||||||
Stock option, portion available to underwriters (shares) | 1,650,000 | |||||||||||||||
Stock option, portion attributable to underwriters (shares) | 900,000 | 750,000 | ||||||||||||||
Share price (usd per share) | $38 | $38 | $56.75 | $38 | ||||||||||||
Proceeds from issuance of common stock, net of offering costs | $325,800 | $408,000 | $460,700 | |||||||||||||
1999 Stock Option Plan [Member] | Common Stock [Member] | ||||||||||||||||
Common Stock Options, Restricted Stock, Warrants And Changes In Capitalization [Line Items] | ||||||||||||||||
Granted to employees under previous plan (shares) | 627,337 | 627,337 | ||||||||||||||
2005 Stock Incentive Plan [Member] | Common Stock [Member] | ||||||||||||||||
Common Stock Options, Restricted Stock, Warrants And Changes In Capitalization [Line Items] | ||||||||||||||||
Available for grant (shares) | 258,361 | 3,000,000 | 1,904,606 | |||||||||||||
Granted for purchase of previous Plan's common stock (shares) | 997,269 | |||||||||||||||
2013 Restated Stock Incentive Plan [Member] | Common Stock [Member] | ||||||||||||||||
Common Stock Options, Restricted Stock, Warrants And Changes In Capitalization [Line Items] | ||||||||||||||||
Available for grant (shares) | 7,500,000 | 3,000,000 | ||||||||||||||
Restricted Stock [Member] | 2005 Stock Incentive Plan [Member] | ||||||||||||||||
Common Stock Options, Restricted Stock, Warrants And Changes In Capitalization [Line Items] | ||||||||||||||||
Granted for purchase of previous Plan's common stock (shares) | 1,143,217 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation [Abstract] | |||
Stock-based compensation expense | $14,900,000 | $10,500,000 | $4,700,000 |
Capitalized stock-based compensation | 5,944,000 | 4,198,000 | 1,875,000 |
Unrecognized compensation expense | $17,900,000 | ||
Weighted average period | 1 year 5 months 26 days |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary Of Stock Option Activity) (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Options outstanding at beginning of period, Shares | 210,241 | 335,241 | 356,241 | |
Granted, Shares | 0 | 0 | 0 | |
Exercised, Shares | -205,241 | -125,000 | -21,000 | |
Forfeited/expired, Shares | 0 | 0 | 0 | |
Options Outstanding end of period, Shares | 5,000 | 210,241 | 335,241 | 356,241 |
Options exercisable at end of period, Shares | 5,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||||
Options outstanding at beginning of period, Weighted Average Exercise Price per Share (usd per share) | $3.50 | $6.37 | $6.51 | |
Granted, Weighted Average Exercise Price (usd per share) | $0 | $0 | $0 | |
Exercised, Weighted Average Exercise Price per Share (usd per share) | $3.36 | $11.20 | $8.80 | |
Forfeited/expired, Weighted Average Exercise Price per Share (usd per share) | $0 | $0 | $0 | |
Options outstanding end of period, Weighted Average Exercise Price per Share (usd per share) | $9.07 | $3.50 | $6.37 | $6.51 |
Options exercisable at end of period, Weighted Average Exercise Price per Share (usd per share) | $9.07 | |||
Options outstanding, Weighted Average Remaining Contractual Term at beginning of period | 0 years 8 months 8 days | 1 year 0 months 25 days | 2 years 4 months 20 days | 3 years 4 months 28 days |
Options outstanding, Weighted Average Remaining Contractual Term at end of period | 0 years 8 months 8 days | 1 year 0 months 25 days | 2 years 4 months 20 days | 3 years 4 months 28 days |
Options exercisable at end of period, Weighted Average Remaining Contractual Term | 0 years 8 months 8 days | |||
Options outstanding, Aggregate Intrinsic Value at beginning of period | $12,538 | $10,678 | $8,172 | |
Exercised, Aggregate Intrinsic Value | 12,822 | 4,797 | 628 | |
Options outstanding, Aggregate Intrinsic Value at end of period | 163 | 12,538 | 10,678 | 8,172 |
Options exercisable at end of period, Aggregate Intrinsic Value | $163 |
StockBased_Compensation_Summar1
Stock-Based Compensation (Summary Of Stock Option Plans By Exercise Price) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number Outstanding (shares) | 5,000 |
Number Exercisable (shares) | 5,000 |
Exercise Price $9.07 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Price (usd per share) | $9.07 |
Number Outstanding (shares) | 5,000 |
Weighted Average Remaining Life (in years) | 0 years 8 months 8 days |
Number Exercisable (shares) | 5,000 |
StockBased_Compensation_Summar2
Stock-Based Compensation (Summary Of Restricted Stock Award And Unit Activity) (Details) (Restricted Stock [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Number of Unvested Restricted Shares, beginning of period (shares) | 463,637 | 245,831 | 203,348 |
Granted, Number of Unvested Restricted Shares (shares) | 246,409 | 463,952 | 196,832 |
Vested, Number of Unvested Restricted Shares (shares) | -272,665 | -237,646 | -135,015 |
Forfeited, Number of Unvested Restricted Shares (shares) | -50,136 | -8,500 | -19,334 |
Number of Unvested Restricted Shares, end of period (shares) | 387,245 | 463,637 | 245,831 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Unvested Restricted Shares, Weighted Average Grant Date Fair Value, beginning of period (usd per share) | $44.80 | $31.88 | $26.02 |
Granted, Weighted Average Grant Date Fair Value (usd per share) | $65.07 | $50 | $35.87 |
Vested, Weighted Average Grant Date Fair Value (usd per share) | $45.76 | $41.79 | $29.59 |
Forfeited, Weighted Average Grant Date Fair Value (usd per share) | $53.72 | $38.54 | $26.81 |
Unvested Restricted stock, Weighted Average Grant Date Fair Value, end of period (usd per share) | $55.87 | $44.80 | $31.88 |
Recovered_Sheet1
Fair Value of Financial Instruments (Details) (USD $) | Dec. 31, 2014 | Aug. 18, 2014 | Dec. 21, 2012 | Oct. 17, 2012 |
Debt Instrument [Line Items] | ||||
Unamortized discount | $2,800,000 | |||
Fair value of notes | 587,600,000 | |||
Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Carrying value of debt | 614,700,000 | |||
Unamortized discount | 3,700,000 | |||
Unamortized premium | 18,000,000 | 500,000 | ||
December Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Unamortized premium | 400,000 | |||
August Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Unamortized premium | 17,100,000 | |||
Mammoth Energy Partners LP [Member] | ||||
Debt Instrument [Line Items] | ||||
Equity Method Investments, Fair Value Disclosure | $143,500,000 |
Income_Taxes_Income_Taxes_Sche
Income Taxes Income Taxes (Schedule of Components of Income Tax Expense (Benefit)) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||||||||||
Current, State | $14,384 | $6,860 | $84 | ||||||||
Current, Federal | 16,039 | 6,325 | 646 | ||||||||
Deferred, State | 4,314 | 7,385 | 2,214 | ||||||||
Deferred, Federal | 118,604 | 77,566 | 23,419 | ||||||||
Income tax expense recorded for continuing operations | $67,757 | $4,876 | $31,461 | $49,247 | $21,027 | $23,400 | $25,514 | $28,195 | $153,341 | $98,136 | $26,363 |
Income_Taxes_Income_Taxes_Reco
Income Taxes Income Taxes (Reconciliation of Statutory Federal Income Tax Amount) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||||||||||
Income from continuing operations before federal income taxes | $400,744 | $251,328 | $98,199 | ||||||||
Expected income tax at statutory rate | 140,259 | 87,965 | 34,370 | ||||||||
State income taxes | 11,570 | 9,297 | 1,493 | ||||||||
Other differences | 1,512 | 874 | 292 | ||||||||
Changes in valuation allowance | 0 | -9,792 | |||||||||
Income tax expense recorded for continuing operations | $67,757 | $4,876 | $31,461 | $49,247 | $21,027 | $23,400 | $25,514 | $28,195 | $153,341 | $98,136 | $26,363 |
Income_Taxes_Income_Taxes_Sche1
Income Taxes Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Income Tax Disclosure [Abstract] | |||
Net operating loss carryforward | $1,091 | $1,462 | $1,513 |
FASB ASC 718 compensation expense | 1,562 | 634 | 762 |
AMT credit | 24,053 | 7,968 | 1,643 |
Charitable contributions carryover | 150 | 25 | 5 |
Unrealized loss on hedging activities | 0 | 8,540 | 3,836 |
Foreign tax credit carryforwards | 2,074 | 2,074 | 2,074 |
Accrued liabilities | 1,260 | 0 | 0 |
State net operating loss carryover | 2,627 | 4,408 | 4,315 |
Total deferred tax assets | 32,817 | 25,111 | 14,148 |
Valuation allowance for deferred tax assets | -3,145 | -4,743 | -4,629 |
Deferred tax assets, net of valuation allowance | 29,672 | 20,368 | 9,519 |
Oil and gas property basis difference | 183,767 | 72,173 | 15,049 |
Investment in pass through entities | 38,315 | 8,799 | 3,618 |
Non-oil and gas property basis difference | 849 | 249 | 227 |
Investment in nonconsolidated affiliates | 0 | 46,495 | 9,232 |
Unrealized gain on hedging activities | 37,006 | 0 | 0 |
Total deferred tax liabilities | 259,937 | 127,716 | 28,126 |
Net deferred tax liability | ($230,265) | ($107,348) | ($18,607) |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Operating Loss Carryforwards [Line Items] | |||
Alternative minimum tax credits | $24,053,000 | $7,968,000 | $1,643,000 |
Foreign tax credit carryforwards | 2,074,000 | 2,074,000 | 2,074,000 |
Valuation allowance of deferred tax assets | 3,145,000 | 4,743,000 | 4,629,000 |
Change in deferred tax asset valuation | 0 | -9,792,000 | |
Federal and state income taxes payable | 17,700,000 | 11,000,000 | |
Diamondback [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Taxable gain on contribution | 203,300,000 | 61,900,000 | |
Change in deferred tax asset valuation | 79,400,000 | 0 | |
Deferred tax expense | 35,700,000 | 9,800,000 | |
Deferred Other Tax Expense (Benefit) | 25,600,000 | ||
Gain from sale of equity investment | 120,000,000 | ||
Current tax expense | 13,200,000 | ||
Federal [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforward | 3,100,000 | ||
Louisiana [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforward | 50,500,000 | ||
Blackhawk Midstream LLC [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Change in deferred tax asset valuation | 32,300,000 | ||
Gain from sale of equity investment | $83,700,000 |
Earnings_Per_Share_Schedule_Of
Earnings Per Share (Schedule Of Earnings Per Share Reconciliation) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||||||||||
Basic, Net income | $247,403 | $153,192 | $68,371 | ||||||||
Effect of dilutive securities, Stock options and awards | 0 | 0 | 0 | ||||||||
Diluted, Net income | $247,403 | $153,192 | $68,371 | ||||||||
Weighted average common shares outstanding - Basic (shares) | 85,445,963 | 77,375,683 | 55,933,354 | ||||||||
Basic net income from continuing operations per share (usd per share) | $2.90 | $1.98 | $1.28 | ||||||||
Basic net income from continuing operations per share (usd per share) | $1.29 | $0.08 | $0.56 | $0.97 | $0.30 | $0.52 | $0.57 | $0.61 | $2.90 | $1.98 | $1.22 |
Effect of dilutive securities, Stock options and awards (shares) | 367,219 | 485,963 | 484,134 | ||||||||
Weighted average common shares outstanding-Diluted (shares) | 85,813,182 | 77,861,646 | 56,417,488 | ||||||||
Diluted net income from continuing operations per share (usd per share) | $2.88 | $1.97 | $1.27 | ||||||||
Diluted net income from continuing operations per share (usd per share) | $1.28 | $0.08 | $0.56 | $0.96 | $0.30 | $0.52 | $0.56 | $0.61 | $2.88 | $1.97 | $1.21 |
Hedging_Activities_Narrative_D
Hedging Activities (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
financial_institution | financial_institution | ||
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |||
Number of financial institutions | 4 | 4 | |
Gain on fair value hedge ineffectiveness, net | $121.10 | ($18.20) | ($0.10) |
Gain on fair value hedge ineffectiveness | -9.1 | ||
Loss related to amortization of OCI from hedging activity | ($9.10) | ||
Production delivered under fixed price swaps, percentage | 62.00% |
Hedging_Activities_Schedule_Of
Hedging Activities (Schedule Of Derivative Instruments) (Details) | Dec. 31, 2014 |
Fixed Price Swap, January 2014 [Member] | |
Derivative [Line Items] | |
Daily Volume | 190,625 |
Weighted Average Price | 4.12 |
Fixed Price Swap, February Though December 2014 [Member] | |
Derivative [Line Items] | |
Daily Volume | 191,250 |
Weighted Average Price | 4.05 |
Fixed Price Swap, May 2015 through June 2015 [Member] | |
Derivative [Line Items] | |
Daily Volume | 201,250 |
Weighted Average Price | 4.05 |
Fixed Price Swap, July 2015 through September 2015 [Member] | |
Derivative [Line Items] | |
Daily Volume | 216,875 |
Weighted Average Price | 4.04 |
Fixed Price Swap, January through December 2015 [Member] | |
Derivative [Line Items] | |
Daily Volume | 232,500 |
Weighted Average Price | 4.04 |
Fixed Price Swap, Period of January through March 2016 [Member] | |
Derivative [Line Items] | |
Daily Volume | 172,500 |
Weighted Average Price | 3.99 |
Fixed Price Swap, April 2016 [Member] | |
Derivative [Line Items] | |
Daily Volume | 162,500 |
Weighted Average Price | 3.99 |
Fixed Price Swap, May 2016 through December 2016 [Member] | |
Derivative [Line Items] | |
Daily Volume | 92,500 |
Weighted Average Price | 3.97 |
Fixed Price Swap, January 2017 through June 2017 [Member] | |
Derivative [Line Items] | |
Daily Volume | 62,500 |
Weighted Average Price | 3.96 |
Hedging_Activities_Schedule_Of1
Hedging Activities (Schedule Of Derivative Instruments In Statement Of Financial Position) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | ||
Short-term derivative instruments | $78,391 | $324 |
Long-term derivative instruments - asset | 24,448 | 521 |
Short-term derivative instruments - liabilities | 0 | 12,280 |
Long-term derivative instruments - liability | $0 | $11,366 |
Hedging_Activities_Schedule_Of2
Hedging Activities (Schedule Of Cash Flow Hedges) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |||
Reduction to oil and condensate sales | $0 | ($9,779) | ($1,517) |
Recovered_Sheet2
Hedging Activities (Schedule of Derivative Instrument Hedging Activities Cumulative Other Comprehensive Income) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | ||||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | $0 | $0 | ($9,660) | $1,576 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | $78,391 | $324 | |
Asset retirement obligation capitalized | 9,295 | 3,556 | 2,195 |
Level 1 [Member] | Diamondback Energy LLC [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity investment in Diamondback | 178,708 | ||
Level 1 [Member] | Fixed Price Swaps [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 0 | 0 | |
Liabilities | 0 | ||
Level 2 [Member] | Diamondback Energy LLC [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity investment in Diamondback | 0 | ||
Level 2 [Member] | Fixed Price Swaps [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 102,839 | 845 | |
Liabilities | 23,646 | ||
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset retirement obligation capitalized | 9,300 | ||
Level 3 [Member] | Diamondback Energy LLC [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity investment in Diamondback | 0 | ||
Level 3 [Member] | Fixed Price Swaps [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 0 | 0 | |
Liabilities | $0 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 28, 2012 | |
Related Party Transaction [Line Items] | ||||
Lease operating expenses | $52,191,000 | $26,703,000 | $24,308,000 | |
General and administrative | 38,290,000 | 22,519,000 | 13,808,000 | |
Ownership percentage by noncontrolling owners | 10.00% | |||
Windsor Niobrara LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenue from related parties | 900,000 | |||
Windsor Ohio LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Due from (to) related party | -1,600,000 | |||
Revenue from related parties | 73,400,000 | |||
Stingray Pressure Pumping LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Due from (to) related party | 8,300,000 | |||
Oil and natural gas properties | 78,300,000 | 58,300,000 | ||
Ownership interest | 50.00% | |||
Stingray Cementing LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Due from (to) related party | 800,000 | 1,500,000 | ||
Oil and natural gas properties | 6,000,000 | 4,000,000 | ||
Ownership interest | 50.00% | |||
Stingray Energy Services LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Due from (to) related party | 6,000,000 | 4,100,000 | ||
Oil and natural gas properties | 24,800,000 | 5,100,000 | ||
Ownership interest | 50.00% | |||
Athena Construction Llc [Member] | ||||
Related Party Transaction [Line Items] | ||||
Due from (to) related party | 1,000,000 | |||
Lease operating expenses | 600,000 | |||
Oil and natural gas properties | 4,100,000 | |||
Panther Drilling Systems, LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Due from (to) related party | 2,400,000 | 1,800,000 | ||
Oil and natural gas properties | 7,600,000 | 12,600,000 | ||
Ownership interest | 30.50% | |||
Redback Directional Services, LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Due from (to) related party | -400,000 | 0 | ||
Oil and natural gas properties | 1,000,000 | 100,000 | ||
Ownership interest | 30.50% | |||
Muskie Holdings LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Due from (to) related party | 28,400,000 | |||
Oil and natural gas properties | 11,100,000 | |||
Ownership interest | 30.50% | |||
Caliber Development Company, LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
General and administrative | 200,000 | |||
Executive Officer [Member] | Windsor Niobrara LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Ownership percentage by noncontrolling owners | 10.00% | |||
Executive Officer [Member] | Windsor Ohio LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Ownership percentage by noncontrolling owners | 10.00% | |||
Executive Officer [Member] | Athena Construction Llc [Member] | ||||
Related Party Transaction [Line Items] | ||||
Ownership percentage by noncontrolling owners | 10.00% | |||
Executive Officer [Member] | Black Fin P Llc [Member] | ||||
Related Party Transaction [Line Items] | ||||
Ownership percentage by noncontrolling owners | 10.00% | |||
Executive Officer [Member] | Panther Drilling Systems, LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Ownership percentage by noncontrolling owners | 10.00% | |||
Executive Officer [Member] | Redback Directional Services, LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Ownership percentage by noncontrolling owners | 10.00% | |||
Executive Officer [Member] | Caliber Development Company, LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Ownership percentage by noncontrolling owners | 10.00% | |||
Mammoth Energy Partners LP [Member] | ||||
Related Party Transaction [Line Items] | ||||
Ownership interest | 30.50% | |||
Lease Operating Expense [Member] | Stingray Energy Services LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Due from (to) related party | $1,300,000 | $1,300,000 | ||
Mammoth Energy Partners LP [Member] | Wexford [Member] | ||||
Related Party Transaction [Line Items] | ||||
Other Ownership Interest, Percentage | 69.50% |
Commitments_Details
Commitments (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||
Nov. 02, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 11, 1997 | |
wells | |||||
Commitments [Line Items] | |||||
Plugging And Abandonment Escrow Account | $3,097,000 | $3,105,000 | |||
Maximum annual contributions per employee (401K Plan) | 100.00% | ||||
Cost recognized on defined contribution plan | 800,000 | 600,000 | 400,000 | ||
Employment Agreement, Term | 3 years | ||||
Employment Agreement, Subsequent Extension | 1 year | ||||
Employment Agreement, Notice Period Allowed For Termination | 90 days | ||||
Other Commitment | 196,650,000 | ||||
Sales Commitment, Volume | 218,000 | ||||
Expiration Year One [Member] | |||||
Commitments [Line Items] | |||||
Sales Commitment, Volume | 33,000 | ||||
Expiration Year Two [Member] | |||||
Commitments [Line Items] | |||||
Sales Commitment, Volume | 5,000 | ||||
Expiration Year Three [Member] | |||||
Commitments [Line Items] | |||||
Sales Commitment, Volume | 30,000 | ||||
Expiration Year Four [Member] | |||||
Commitments [Line Items] | |||||
Sales Commitment, Volume | 50,000 | ||||
Expiration Year Five [Member] | |||||
Commitments [Line Items] | |||||
Sales Commitment, Volume | 50,000 | ||||
Expiration Year Eight [Member] | |||||
Commitments [Line Items] | |||||
Sales Commitment, Volume | 50,000 | ||||
Chief Executive Officer [Member] | |||||
Commitments [Line Items] | |||||
Other Commitment | 600,000 | ||||
Executive Officer [Member] | |||||
Commitments [Line Items] | |||||
Other Commitment | 900,000 | ||||
Minimum [Member] | |||||
Commitments [Line Items] | |||||
Minimum matching employer contribution for 401K | 3.00% | ||||
WCBB [Member] | |||||
Commitments [Line Items] | |||||
Purchasing Remaining Percent Interest In Oil And Gas Property | 50.00% | ||||
Payments Held For Restricted Cash | 18,000 | ||||
Significant Plugging Commitment Minimum Number Of Wells To Be Plugged | 20 | ||||
Tenure Of Minimum Wells To Be Plugged | 20 years | ||||
Number Of Wells Plugged | 450 | ||||
Muskie Proppant LLC [Member] | |||||
Commitments [Line Items] | |||||
Accrued damages for non-utilization of supply contract obligations | $300,000 |
Commitments_Future_Minimum_Lea
Commitments (Future Minimum Lease Commitments) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments [Abstract] | |
2015 | $615 |
2016 | 524 |
2017 | 451 |
2018 | 20 |
Total | $1,610 |
Commitments_Rental_Expense_Det
Commitments (Rental Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments [Abstract] | |||
Minimum rentals | $733 | $258 | $139 |
Less: Sublease rentals | 15 | 45 | 7 |
Rent expense, net | $718 | $213 | $132 |
Commitments_Other_Commitment_P
Commitments Other Commitment Payments (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
2015 | $52,440 |
2016 | 52,440 |
2017 | 52,440 |
2018 | 39,330 |
Other Commitment | $196,650 |
Contingencies_Details
Contingencies (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Loss Contingencies [Line Items] | ||||
Cash, Uninsured Amount | 140,900,000 | |||
Maximum [Member] | ||||
Loss Contingencies [Line Items] | ||||
Cash, FDIC Insured Amount | 250,000 | |||
Shell Trading Company [Member] | Oil [Member] | ||||
Loss Contingencies [Line Items] | ||||
Percentage Of Production Sold | 99.00% | 99.00% | 92.00% | |
Markwest Utica [Member] | Natural Gas Liquids [Member] | ||||
Loss Contingencies [Line Items] | ||||
Percentage Of Production Sold | 100.00% | 100.00% | ||
Sequent [Member] | Natural Gas, Per Thousand Cubic Feet [Member] | ||||
Loss Contingencies [Line Items] | ||||
Percentage Of Production Sold | 32.00% | |||
Diamondback [Member] | Oil [Member] | ||||
Loss Contingencies [Line Items] | ||||
Percentage Of Production Sold | 8.00% | |||
Diamondback [Member] | Natural Gas Liquids [Member] | ||||
Loss Contingencies [Line Items] | ||||
Percentage Of Production Sold | 91.00% | |||
Noble Americas Gas [Member] | Natural Gas, Per Thousand Cubic Feet [Member] | ||||
Loss Contingencies [Line Items] | ||||
Percentage Of Production Sold | 41.00% | |||
North American Gas [Member] | Natural Gas, Per Thousand Cubic Feet [Member] | ||||
Loss Contingencies [Line Items] | ||||
Percentage Of Production Sold | 32.00% | |||
Hess [Member] | Natural Gas, Per Thousand Cubic Feet [Member] | ||||
Loss Contingencies [Line Items] | ||||
Percentage Of Production Sold | 19.00% | 31.00% | 18.00% | |
Interstate Gas [Member] | Natural Gas, Per Thousand Cubic Feet [Member] | ||||
Loss Contingencies [Line Items] | ||||
Percentage Of Production Sold | 40.00% | 17.00% | ||
Chevron [Member] | Natural Gas, Per Thousand Cubic Feet [Member] | ||||
Loss Contingencies [Line Items] | ||||
Percentage Of Production Sold | 16.00% |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information - (Details) (USD $) | Dec. 31, 2014 | Aug. 18, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | |||
In Thousands, unless otherwise specified | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Long-tern debt | $701,826 | ||||||
Senior Notes [Member] | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Long-tern debt | $600,000 | [1] | $600,000 | [1] | $300,000 | [1] | |
Stated interest rate | 7.75% | 7.75% | |||||
[1] | On October 17, 2012, the Company issued $250.0 million in aggregate principal amount of October Notes to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in accordance with Regulation S under the Securities Act, (the "October Notes Offering") under an indenture among the Company, its subsidiary guarantors and Wells Fargo Bank, National Association, as the trustee, (the "senior note indenture"). On December 21, 2012, the Company issued an additional $50.0 million in aggregate principal amount of December Notes to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in accordance with Regulation S under the Securities Act ("the December Notes Offering"). The December Notes were issued as additional securities under the senior note indenture. The October Notes Offering and the December Notes Offering are collectively referred to as the "Notes Offerings". The Company used a portion of the net proceeds from the October Notes Offering to repay all amounts outstanding at such time under its revolving credit facility. The Company used the remaining net proceeds of October Notes Offering and the net proceeds of the December Notes Offering for general corporate purposes, which included funding a portion of its 2013 capital development plan. The October Notes and the December Notes were exchanged for substantially identical notes in the same aggregate principal amount that were registered under the Securities Act in October 2013 (the "Exchange Notes").On August 18, 2014, the Company issued an additional $300.0 million in aggregate principal amount of senior unsecured notes due 2020 (the "August Notes") to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in accordance with Regulation S under the Securities Act ("the August Notes Offering"). The August Notes were issued as additional securities under the senior note indenture. The Company used a portion of the net proceeds from the August Notes Offering to repay all amounts outstanding at such time under its revolving credit facility. The Company used the remaining net proceeds of the August Notes Offering for general corporate purposes, including funding a portion of its 2014 capital development plans. The October Notes Offering, December Notes Offering and the August Notes Offering are collectively referred to as the "Notes Offerings" and the Exchange Notes, and the August Notes are collectively referred to as the "Notes".In connection with the issuance of the August Notes, the Company and the subsidiary guarantors entered into a registration rights agreement with the initial purchasers on August 18, 2014, pursuant to which the Company and the subsidiary guarantors have agreed to file a registration statement with respect to an offer to exchange the August Notes for a new issue of substantially identical debt securities registered under the Securities Act. The registration statement relating to the exchange offer for the August Notes was filed on November 6, 2014, as amended on February 3, 2015, and declared effective by the SEC on February 4, 2015. The exchange offer for the August Note is expected to be completed on or about March 10, 2015.Under the senior note indenture, interest on the Notes accrues at a rate of 7.75% per annum on the outstanding principal amount from October 17, 2012, payable semi-annually on May 1 and November 1 of each year, commencing on May 1, 2013. The Notes are the Company's senior unsecured obligations and rank equally in the right of payment with all of the Company's other senior indebtedness and senior in right of payment to any future subordinated indebtedness. All of the Company's existing and future restricted subsidiaries that guarantee the Company's secured revolving credit facility or certain other debt guarantee the Notes; provided, however, that the Notes are not guaranteed by Grizzly Holdings, Inc. and will not be guaranteed by any of the Company's future unrestricted subsidiaries. The Company may redeem some or all of the Notes at any time on or after November 1, 2016, at the redemption prices listed in the senior note indenture. Prior to November 1, 2016, the Company may redeem the Notes at a price equal to 100% of the principal amount plus a “make-whole†premium. In addition, prior to November 1, 2015, the Company may redeem up to 35% of the aggregate principal amount of the Notes with the net proceeds of certain equity offerings, provided that at least 65% of the aggregate principal amount of the Notes initially issued remains outstanding immediately after such redemption. |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Current assets: | ||||
Cash and cash equivalents | $142,340 | $458,956 | $167,088 | $93,897 |
Accounts receivable—oil and gas | 103,858 | 58,824 | ||
Accounts receivable-related parties | 46 | 2,617 | ||
Accounts receivable - intercompany | 0 | |||
Prepaid expenses and other current assets | 3,714 | 2,581 | ||
Deferred tax asset | 0 | 6,927 | ||
Short-term derivative instruments | 78,391 | 324 | ||
Note receivable - related party | 0 | 875 | ||
Total current assets | 328,349 | 531,104 | ||
Property and equipment: | ||||
Oil and natural gas properties | 3,923,154 | 2,477,178 | ||
Other property and equipment | 18,344 | 11,131 | ||
Accumulated depletion, depreciation, amortization and impairment | -1,050,879 | -784,717 | ||
Property and equipment, net | 2,890,619 | 1,703,592 | ||
Other assets: | ||||
Equity investments | 369,581 | 440,068 | ||
Derivative instruments | 24,448 | 521 | ||
Other assets | 19,396 | 17,851 | ||
Total other assets | 413,425 | 458,440 | ||
Total assets | 3,632,393 | 2,693,136 | ||
Current liabilities: | ||||
Accounts payable and accrued liabilities | 371,410 | 190,707 | ||
Accounts payable - intercompany | 0 | 0 | ||
Asset retirement obligation—current | 75 | 795 | ||
Short-term derivative instruments | 0 | 12,280 | ||
Deferred tax liability | 27,070 | 0 | ||
Current maturities of long-term debt | 168 | 159 | ||
Total current liabilities | 398,723 | 203,941 | ||
Long-term derivative instrument | 0 | 11,366 | ||
Asset retirement obligation—long-term | 17,863 | 14,288 | ||
Deferred tax liability | 203,195 | 114,275 | ||
Long-term debt, net of current maturities | 716,316 | 299,028 | ||
Total liabilities | 1,336,097 | 642,898 | ||
Stockholders’ equity: | ||||
Common stock | 856 | 851 | ||
Paid-in capital | 1,828,602 | 1,813,058 | ||
Accumulated other comprehensive loss | -26,675 | -9,781 | ||
Retained earnings (accumulated deficit) | 493,513 | 246,110 | ||
Total stockholders’ equity | 2,296,296 | 2,050,238 | 1,126,408 | 632,350 |
Total liabilities and stockholders’ equity | 3,632,393 | 2,693,136 | ||
Parent [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 141,535 | 451,431 | 165,293 | 93,124 |
Accounts receivable—oil and gas | 103,762 | 58,662 | ||
Accounts receivable-related parties | 46 | 2,617 | ||
Accounts receivable - intercompany | 45,222 | 21,379 | ||
Prepaid expenses and other current assets | 3,714 | 2,581 | ||
Deferred tax asset | 6,927 | |||
Short-term derivative instruments | 78,391 | 324 | ||
Note receivable - related party | 875 | |||
Total current assets | 372,670 | 544,796 | ||
Property and equipment: | ||||
Oil and natural gas properties | 3,887,874 | 2,470,411 | ||
Other property and equipment | 18,301 | 11,102 | ||
Accumulated depletion, depreciation, amortization and impairment | -1,050,855 | -784,695 | ||
Property and equipment, net | 2,855,320 | 1,696,818 | ||
Other assets: | ||||
Equity investments | 360,238 | 432,727 | ||
Derivative instruments | 24,448 | 521 | ||
Other assets | 19,396 | 17,851 | ||
Total other assets | 404,082 | 451,099 | ||
Total assets | 3,632,072 | 2,692,713 | ||
Current liabilities: | ||||
Accounts payable and accrued liabilities | 371,089 | 190,284 | ||
Accounts payable - intercompany | 0 | 0 | ||
Asset retirement obligation—current | 75 | 795 | ||
Short-term derivative instruments | 12,280 | |||
Deferred tax liability | 27,070 | |||
Current maturities of long-term debt | 168 | 159 | ||
Total current liabilities | 398,402 | 203,518 | ||
Long-term derivative instrument | 11,366 | |||
Asset retirement obligation—long-term | 17,863 | 14,288 | ||
Deferred tax liability | 203,195 | 114,275 | ||
Long-term debt, net of current maturities | 716,316 | 299,028 | ||
Total liabilities | 1,335,776 | 642,475 | ||
Stockholders’ equity: | ||||
Common stock | 856 | 851 | ||
Paid-in capital | 1,828,602 | 1,813,058 | ||
Accumulated other comprehensive loss | -26,675 | -9,781 | ||
Retained earnings (accumulated deficit) | 493,513 | 246,110 | ||
Total stockholders’ equity | 2,296,296 | 2,050,238 | ||
Total liabilities and stockholders’ equity | 3,632,072 | 2,692,713 | ||
Guarantor [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 804 | 7,525 | 1,795 | 772 |
Accounts receivable—oil and gas | 96 | 162 | ||
Accounts receivable-related parties | 0 | 0 | ||
Accounts receivable - intercompany | 27 | 27 | ||
Prepaid expenses and other current assets | 0 | |||
Deferred tax asset | 0 | |||
Short-term derivative instruments | 0 | |||
Note receivable - related party | 0 | |||
Total current assets | 927 | 7,714 | ||
Property and equipment: | ||||
Oil and natural gas properties | 35,990 | 7,340 | ||
Other property and equipment | 43 | 29 | ||
Accumulated depletion, depreciation, amortization and impairment | -24 | -22 | ||
Property and equipment, net | 36,009 | 7,347 | ||
Other assets: | ||||
Equity investments | 0 | |||
Derivative instruments | 0 | 0 | ||
Other assets | 0 | |||
Total assets | 36,936 | 15,061 | ||
Current liabilities: | ||||
Accounts payable and accrued liabilities | 321 | 423 | ||
Accounts payable - intercompany | 45,143 | 21,296 | ||
Asset retirement obligation—current | 0 | |||
Short-term derivative instruments | 0 | |||
Current maturities of long-term debt | 0 | |||
Total current liabilities | 45,464 | 21,719 | ||
Long-term derivative instrument | 0 | |||
Asset retirement obligation—long-term | 0 | 0 | ||
Deferred tax liability | 0 | |||
Long-term debt, net of current maturities | 0 | 0 | ||
Total liabilities | 45,464 | 21,719 | ||
Stockholders’ equity: | ||||
Common stock | 0 | |||
Paid-in capital | 322 | 322 | ||
Accumulated other comprehensive loss | 0 | |||
Retained earnings (accumulated deficit) | -8,850 | -6,980 | ||
Total stockholders’ equity | -8,528 | -6,658 | ||
Total liabilities and stockholders’ equity | 36,936 | 15,061 | ||
Non-Guarantor [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 1 | 0 | 0 | 1 |
Accounts receivable—oil and gas | 0 | 0 | ||
Accounts receivable-related parties | 0 | 0 | ||
Accounts receivable - intercompany | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Deferred tax asset | 0 | |||
Short-term derivative instruments | 0 | 0 | ||
Note receivable - related party | 0 | |||
Total current assets | 1 | |||
Property and equipment: | ||||
Oil and natural gas properties | 0 | |||
Other property and equipment | 0 | |||
Accumulated depletion, depreciation, amortization and impairment | 0 | |||
Property and equipment, net | 0 | |||
Other assets: | ||||
Equity investments | 180,217 | 191,473 | ||
Derivative instruments | 0 | 0 | ||
Other assets | 0 | |||
Total other assets | 180,217 | 191,473 | ||
Total assets | 180,218 | 191,473 | ||
Current liabilities: | ||||
Accounts payable and accrued liabilities | 0 | |||
Accounts payable - intercompany | 106 | 110 | ||
Asset retirement obligation—current | 0 | |||
Short-term derivative instruments | 0 | |||
Current maturities of long-term debt | 0 | |||
Total current liabilities | 106 | 110 | ||
Long-term derivative instrument | 0 | |||
Asset retirement obligation—long-term | 0 | 0 | ||
Deferred tax liability | 0 | |||
Long-term debt, net of current maturities | 0 | 0 | ||
Total liabilities | 106 | 110 | ||
Stockholders’ equity: | ||||
Common stock | 0 | |||
Paid-in capital | 227,079 | 208,277 | ||
Accumulated other comprehensive loss | -26,675 | -9,781 | ||
Retained earnings (accumulated deficit) | -20,292 | -7,133 | ||
Total stockholders’ equity | 180,112 | 191,363 | ||
Total liabilities and stockholders’ equity | 180,218 | 191,473 | ||
Eliminations [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable—oil and gas | 0 | |||
Accounts receivable-related parties | 0 | 0 | ||
Accounts receivable - intercompany | -45,249 | -21,406 | ||
Prepaid expenses and other current assets | 0 | |||
Deferred tax asset | 0 | |||
Short-term derivative instruments | 0 | |||
Note receivable - related party | 0 | |||
Total current assets | -45,249 | -21,406 | ||
Property and equipment: | ||||
Oil and natural gas properties | -710 | -573 | ||
Other property and equipment | 0 | |||
Accumulated depletion, depreciation, amortization and impairment | 0 | |||
Property and equipment, net | -710 | -573 | ||
Other assets: | ||||
Equity investments | -170,874 | -184,132 | ||
Derivative instruments | 0 | 0 | ||
Other assets | 0 | |||
Total other assets | -170,874 | -184,132 | ||
Total assets | -216,833 | -206,111 | ||
Current liabilities: | ||||
Accounts payable and accrued liabilities | 0 | |||
Accounts payable - intercompany | -45,249 | -21,406 | ||
Asset retirement obligation—current | 0 | |||
Short-term derivative instruments | 0 | |||
Current maturities of long-term debt | 0 | |||
Total current liabilities | -45,249 | -21,406 | ||
Long-term derivative instrument | 0 | |||
Asset retirement obligation—long-term | 0 | 0 | ||
Deferred tax liability | 0 | |||
Long-term debt, net of current maturities | 0 | 0 | ||
Total liabilities | -45,249 | -21,406 | ||
Stockholders’ equity: | ||||
Common stock | 0 | |||
Paid-in capital | -227,401 | -208,599 | ||
Accumulated other comprehensive loss | 26,675 | 9,781 | ||
Retained earnings (accumulated deficit) | 29,142 | 14,113 | ||
Total stockholders’ equity | -171,584 | -184,705 | ||
Total liabilities and stockholders’ equity | ($216,833) | ($206,111) |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information - Condensed Consolidating Statement of Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues: | |||||||||||
Total revenues | $267,697 | $170,804 | $114,736 | $118,029 | $68,067 | $69,252 | $70,434 | $55,000 | $671,266 | $262,753 | $248,926 |
Costs and expenses: | |||||||||||
Lease operating expenses | 52,191 | 26,703 | 24,308 | ||||||||
Production taxes | 24,006 | 26,933 | 28,957 | ||||||||
Midstream gathering and processing | 64,467 | 11,030 | 443 | ||||||||
Depreciation, depletion and amortization | 265,431 | 118,880 | 90,749 | ||||||||
General and administrative | 38,290 | 22,519 | 13,808 | ||||||||
(Gain) loss on sale of assets | -11 | 508 | -7,300 | ||||||||
Accretion expense | 761 | 717 | 698 | ||||||||
Total costs and expenses | 445,135 | 207,290 | 151,663 | ||||||||
INCOME FROM OPERATIONS | 129,458 | 53,454 | 18,110 | 25,109 | 2,926 | 15,137 | 22,456 | 14,944 | 226,131 | 55,463 | 97,263 |
OTHER (INCOME) EXPENSE: | |||||||||||
Interest expense | 23,986 | 17,490 | 7,458 | ||||||||
Interest income | -195 | -297 | -72 | ||||||||
Litigation settlement | 25,500 | 0 | 0 | ||||||||
Gain on contribution of investments | -84,470 | 0 | 0 | ||||||||
Income from equity method investments | -139,434 | -213,058 | -8,322 | ||||||||
Total Other (Income) Expense | -174,613 | -195,865 | -936 | ||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 400,744 | 251,328 | 98,199 | ||||||||
INCOME TAX EXPENSE | 67,757 | 4,876 | 31,461 | 49,247 | 21,027 | 23,400 | 25,514 | 28,195 | 153,341 | 98,136 | 26,363 |
INCOME FROM CONTINUING OPERATIONS | 247,403 | 153,192 | 71,836 | ||||||||
Loss on disposal of Belize properties, net of tax | 0 | 0 | 3,465 | ||||||||
NET INCOME | 110,073 | 6,920 | 47,852 | 82,558 | 24,278 | 40,527 | 43,828 | 44,559 | 247,403 | 153,192 | 68,371 |
Parent [Member] | |||||||||||
Revenues: | |||||||||||
Total revenues | 669,067 | 261,809 | 247,637 | ||||||||
Costs and expenses: | |||||||||||
Lease operating expenses | 51,238 | 25,971 | 23,644 | ||||||||
Production taxes | 23,803 | 26,848 | 28,874 | ||||||||
Midstream gathering and processing | 64,402 | 10,999 | 432 | ||||||||
Depreciation, depletion and amortization | 265,428 | 118,878 | 90,749 | ||||||||
General and administrative | 37,846 | 22,359 | 13,602 | ||||||||
(Gain) loss on sale of assets | -11 | 508 | -7,300 | ||||||||
Accretion expense | 761 | 717 | 698 | ||||||||
Total costs and expenses | 443,467 | 206,280 | 150,699 | ||||||||
INCOME FROM OPERATIONS | 225,600 | 55,529 | 96,938 | ||||||||
OTHER (INCOME) EXPENSE: | |||||||||||
Interest expense | 23,986 | 17,490 | 7,458 | ||||||||
Interest income | -195 | -297 | -72 | ||||||||
Litigation settlement | 25,500 | ||||||||||
Gain on contribution of investments | -84,470 | ||||||||||
Income from equity method investments | -139,965 | -212,992 | -5,182 | ||||||||
Total Other (Income) Expense | -175,144 | -195,799 | 2,204 | ||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 400,744 | 251,328 | 94,734 | ||||||||
INCOME TAX EXPENSE | 153,341 | 98,136 | 26,363 | ||||||||
INCOME FROM CONTINUING OPERATIONS | 68,371 | ||||||||||
Loss on disposal of Belize properties, net of tax | 0 | ||||||||||
NET INCOME | 247,403 | 153,192 | 68,371 | ||||||||
Guarantor [Member] | |||||||||||
Revenues: | |||||||||||
Total revenues | 2,199 | 1,517 | 1,289 | ||||||||
Costs and expenses: | |||||||||||
Lease operating expenses | 953 | 732 | 664 | ||||||||
Production taxes | 203 | 85 | 83 | ||||||||
Midstream gathering and processing | 65 | 31 | 11 | ||||||||
Depreciation, depletion and amortization | 3 | 2 | 0 | ||||||||
General and administrative | 446 | 159 | 132 | ||||||||
(Gain) loss on sale of assets | 0 | 0 | 0 | ||||||||
Accretion expense | 0 | 0 | 0 | ||||||||
Total costs and expenses | 1,670 | 1,009 | 890 | ||||||||
INCOME FROM OPERATIONS | 529 | 508 | 399 | ||||||||
OTHER (INCOME) EXPENSE: | |||||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Interest income | 0 | 0 | 0 | ||||||||
Litigation settlement | 0 | ||||||||||
Gain on contribution of investments | 0 | ||||||||||
Income from equity method investments | 0 | 0 | 0 | ||||||||
Total Other (Income) Expense | 0 | 0 | 0 | ||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 529 | 508 | 399 | ||||||||
INCOME TAX EXPENSE | 0 | 0 | 0 | ||||||||
INCOME FROM CONTINUING OPERATIONS | 399 | ||||||||||
Loss on disposal of Belize properties, net of tax | 3,465 | ||||||||||
NET INCOME | 529 | 508 | -3,066 | ||||||||
Non-Guarantor [Member] | |||||||||||
Revenues: | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Costs and expenses: | |||||||||||
Lease operating expenses | 0 | 0 | 0 | ||||||||
Production taxes | 0 | 0 | 0 | ||||||||
Midstream gathering and processing | 0 | 0 | 0 | ||||||||
Depreciation, depletion and amortization | 0 | 0 | 0 | ||||||||
General and administrative | -2 | 1 | 74 | ||||||||
(Gain) loss on sale of assets | 0 | 0 | 0 | ||||||||
Accretion expense | 0 | 0 | 0 | ||||||||
Total costs and expenses | -2 | 1 | 74 | ||||||||
INCOME FROM OPERATIONS | 2 | -1 | -74 | ||||||||
OTHER (INCOME) EXPENSE: | |||||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Interest income | 0 | 0 | 0 | ||||||||
Litigation settlement | 0 | ||||||||||
Gain on contribution of investments | 0 | ||||||||||
Income from equity method investments | 13,159 | 2,999 | 1,512 | ||||||||
Total Other (Income) Expense | 13,159 | 2,999 | 1,512 | ||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | -13,157 | -3,000 | -1,586 | ||||||||
INCOME TAX EXPENSE | 0 | 0 | 0 | ||||||||
INCOME FROM CONTINUING OPERATIONS | -1,586 | ||||||||||
Loss on disposal of Belize properties, net of tax | 0 | ||||||||||
NET INCOME | -13,157 | -3,000 | -1,586 | ||||||||
Eliminations [Member] | |||||||||||
Revenues: | |||||||||||
Total revenues | 0 | -573 | 0 | ||||||||
Costs and expenses: | |||||||||||
Lease operating expenses | 0 | 0 | 0 | ||||||||
Production taxes | 0 | 0 | 0 | ||||||||
Midstream gathering and processing | 0 | 0 | 0 | ||||||||
Depreciation, depletion and amortization | 0 | 0 | 0 | ||||||||
General and administrative | 0 | 0 | 0 | ||||||||
(Gain) loss on sale of assets | 0 | 0 | 0 | ||||||||
Accretion expense | 0 | 0 | 0 | ||||||||
Total costs and expenses | 0 | 0 | 0 | ||||||||
INCOME FROM OPERATIONS | 0 | -573 | 0 | ||||||||
OTHER (INCOME) EXPENSE: | |||||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Interest income | 0 | 0 | 0 | ||||||||
Litigation settlement | 0 | ||||||||||
Gain on contribution of investments | 0 | ||||||||||
Income from equity method investments | -12,628 | -3,065 | -4,652 | ||||||||
Total Other (Income) Expense | -12,628 | -3,065 | -4,652 | ||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 12,628 | 2,492 | 4,652 | ||||||||
INCOME TAX EXPENSE | 0 | 0 | 0 | ||||||||
INCOME FROM CONTINUING OPERATIONS | 4,652 | ||||||||||
Loss on disposal of Belize properties, net of tax | 0 | ||||||||||
NET INCOME | $12,628 | $2,492 | $4,652 |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Information - Condensed Consolidating Statements of Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Net income | $110,073 | $6,920 | $47,852 | $82,558 | $24,278 | $40,527 | $43,828 | $44,559 | $247,403 | $153,192 | $68,371 | |||
Foreign currency translation adjustment | -16,894 | -12,223 | 1,355 | |||||||||||
Change in fair value of derivative instruments, net of taxes | 0 | [1] | -4,419 | [1] | -8,452 | [1] | ||||||||
Reclassification of settled contracts, net of taxes | 0 | [2] | 10,290 | [2] | 1,005 | [2] | ||||||||
Other comprehensive loss | -16,894 | -6,352 | -6,092 | |||||||||||
Comprehensive income | 230,509 | 146,840 | 62,279 | |||||||||||
Parent [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Net income | 247,403 | 153,192 | 68,371 | |||||||||||
Foreign currency translation adjustment | -16,894 | -12,223 | 1,355 | |||||||||||
Change in fair value of derivative instruments, net of taxes | -4,419 | -8,452 | ||||||||||||
Reclassification of settled contracts, net of taxes | 10,290 | 1,005 | ||||||||||||
Other comprehensive loss | -16,894 | -6,352 | -6,092 | |||||||||||
Comprehensive income | 230,509 | 146,840 | 62,279 | |||||||||||
Guarantor [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Net income | 529 | 508 | -3,066 | |||||||||||
Foreign currency translation adjustment | 0 | 0 | 0 | |||||||||||
Change in fair value of derivative instruments, net of taxes | 0 | 0 | ||||||||||||
Reclassification of settled contracts, net of taxes | 0 | 0 | ||||||||||||
Other comprehensive loss | 0 | 0 | 0 | |||||||||||
Comprehensive income | 529 | 508 | -3,066 | |||||||||||
Non-Guarantor [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Net income | -13,157 | -3,000 | -1,586 | |||||||||||
Foreign currency translation adjustment | -16,894 | -12,223 | 1,355 | |||||||||||
Change in fair value of derivative instruments, net of taxes | 0 | 0 | ||||||||||||
Reclassification of settled contracts, net of taxes | 0 | 0 | ||||||||||||
Other comprehensive loss | -16,894 | -12,223 | 1,355 | |||||||||||
Comprehensive income | -30,051 | -15,223 | -231 | |||||||||||
Eliminations [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Net income | 12,628 | 2,492 | 4,652 | |||||||||||
Foreign currency translation adjustment | 16,894 | 12,223 | -1,355 | |||||||||||
Change in fair value of derivative instruments, net of taxes | 0 | 0 | ||||||||||||
Reclassification of settled contracts, net of taxes | 0 | 0 | ||||||||||||
Other comprehensive loss | 16,894 | 12,223 | -1,355 | |||||||||||
Comprehensive income | $29,522 | $14,715 | $3,297 | |||||||||||
[1] | Net of $4.3 million and $(4.3) million in taxes for the years ended December 31, 2013 and 2012, respectively. No taxes were recorded in the year ended 2014. | |||||||||||||
[2] | Net of $(0.5) million and $0.5 million in taxes for the years ended December 31, 2013 and 2012, respectively. No taxes were recorded in the year ended 2014. |
Condensed_Consolidating_Financ6
Condensed Consolidating Financial Information - Condensed Consolidating Statement of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | $409,873 | $191,065 | $199,158 |
Net cash provided by (used in) investing activities | -1,136,657 | -664,260 | -840,579 |
Net cash provided by (used in) financing activities | 410,168 | 765,063 | 714,612 |
Net (decrease) increase in cash and cash equivalents | -316,616 | 291,868 | 73,191 |
Cash and cash equivalents at beginning of period | 458,956 | 167,088 | 93,897 |
Cash and cash equivalents at end of period | 142,340 | 458,956 | 167,088 |
Parent [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | 388,177 | 182,961 | 195,734 |
Net cash provided by (used in) investing activities | -1,108,241 | -661,886 | -838,177 |
Net cash provided by (used in) financing activities | 410,168 | 765,063 | 714,612 |
Net (decrease) increase in cash and cash equivalents | -309,896 | 286,138 | 72,169 |
Cash and cash equivalents at beginning of period | 451,431 | 165,293 | 93,124 |
Cash and cash equivalents at end of period | 141,535 | 451,431 | 165,293 |
Guarantor [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | 21,698 | 8,104 | 3,425 |
Net cash provided by (used in) investing activities | -28,419 | -2,374 | -2,402 |
Net cash provided by (used in) financing activities | 0 | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | -6,721 | 5,730 | 1,023 |
Cash and cash equivalents at beginning of period | 7,525 | 1,795 | 772 |
Cash and cash equivalents at end of period | 804 | 7,525 | 1,795 |
Non-Guarantor [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | -2 | 0 | -1 |
Net cash provided by (used in) investing activities | -18,799 | -33,929 | -103,915 |
Net cash provided by (used in) financing activities | 18,802 | 33,929 | 103,915 |
Net (decrease) increase in cash and cash equivalents | 1 | 0 | -1 |
Cash and cash equivalents at beginning of period | 0 | 0 | 1 |
Cash and cash equivalents at end of period | 1 | 0 | 0 |
Eliminations [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | 0 | 0 | 0 |
Net cash provided by (used in) investing activities | 18,802 | 33,929 | 103,915 |
Net cash provided by (used in) financing activities | -18,802 | -33,929 | -103,915 |
Net (decrease) increase in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 | 0 |
Cash and cash equivalents at end of period | $0 | $0 | $0 |
Supplemental_Information_On_Oi2
Supplemental Information On Oil And Gas Exploration And Production Activities (Capitalized Costs Related to Oil and Gas Producing Activities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Reserve Quantities [Line Items] | ||
Proven properties | $2,457,616 | $1,526,588 |
Unproven properties | 1,465,538 | 950,590 |
Capitalized costs, gross | 3,923,154 | 2,477,178 |
Accumulated depreciation, depletion, amortization and impairment reserve | -1,044,273 | -779,561 |
Net capitalized costs | 2,878,881 | 1,697,617 |
Diamondback Energy, Inc [Member] | ||
Reserve Quantities [Line Items] | ||
Proven properties | 0 | 92,074 |
Unproven properties | 0 | 26,608 |
Capitalized costs, gross | 0 | 118,682 |
Accumulated depreciation, depletion, amortization and impairment reserve | 0 | -15,180 |
Net capitalized costs | 0 | 103,502 |
Grizzly Oil Sands ULC [Member] | ||
Reserve Quantities [Line Items] | ||
Proven properties | 96,859 | 0 |
Unproven properties | 103,160 | 0 |
Capitalized costs, gross | 200,019 | 0 |
Accumulated depreciation, depletion, amortization and impairment reserve | -1,248 | 0 |
Net capitalized costs | $198,771 | $0 |
Supplemental_Information_On_Oi3
Supplemental Information On Oil And Gas Exploration And Production Activities (Costs Incurred In Oil and Gas Property Acquisition and Development Activities) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | |||
Acquisition | $440,288 | $338,153 | $513,904 |
Development of proved undeveloped properties | 864,511 | 408,121 | 121,787 |
Exploratory | 2,249 | 26,174 | 93,397 |
Recompletions | 45,658 | 44,633 | 24,643 |
Capitalized asset retirement obligation | 2,095 | 3,556 | 2,195 |
Total | 1,354,801 | 820,637 | 755,926 |
Diamondback Energy, Inc [Member] | |||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | |||
Acquisition | 0 | 44,534 | 49,895 |
Development of proved undeveloped properties | 0 | 6,369 | 22,740 |
Exploratory | 0 | 17,491 | 3,755 |
Capitalized asset retirement obligation | 0 | 50 | 203 |
Total | 0 | 68,444 | 76,593 |
Grizzly Oil Sands ULC [Member] | |||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | |||
Acquisition | 1,230 | 0 | 0 |
Development of proved undeveloped properties | 7,107 | 0 | 0 |
Exploratory | 0 | 0 | 0 |
Capitalized asset retirement obligation | 1,055 | 0 | 0 |
Total | $9,392 | $0 | $0 |
Supplemental_Information_On_Oi4
Supplemental Information On Oil And Gas Exploration And Production Activities (Results of Operations for Producing Activities) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Results of Operations for Oil and Gas Producing Activities [Line Items] | |||
Revenues | $670,762,000 | $262,225,000 | $248,601,000 |
Production costs | -140,664,000 | -64,666,000 | -53,708,000 |
Depletion | -263,946,000 | -118,118,000 | -90,230,000 |
Results of operations, before income taxes | 266,152,000 | 79,441,000 | 104,663,000 |
Current | 0 | 0 | 730,000 |
Deferred | 96,061,000 | 49,447,000 | 25,633,000 |
Income tax expense | 96,061,000 | 49,447,000 | 26,363,000 |
Results of operations from producing activities | 170,091,000 | 29,994,000 | 78,300,000 |
Depletion per MCF of Gas Equivalent | 3.01 | 4.78 | 5.85 |
Diamondback Energy, Inc [Member] | |||
Results of Operations for Oil and Gas Producing Activities [Line Items] | |||
Revenues | 0 | 14,976,000 | 16,042,000 |
Production costs | 0 | -2,518,000 | -4,474,000 |
Depletion | 0 | -4,754,000 | -5,515,000 |
Results of operations, before income taxes | 0 | 7,704,000 | 6,053,000 |
Income tax expense | 0 | 2,286,000 | 2,158,000 |
Results of operations from producing activities | 0 | 5,418,000 | 3,895,000 |
Grizzly Oil Sands ULC [Member] | |||
Results of Operations for Oil and Gas Producing Activities [Line Items] | |||
Revenues | 5,449,000 | 0 | 0 |
Production costs | -10,113,000 | 0 | 0 |
Depletion | -1,195,000 | 0 | 0 |
Results of operations, before income taxes | -5,859,000 | 0 | 0 |
Income tax expense | 0 | 0 | 0 |
Results of operations from producing activities | ($5,859,000) | $0 | $0 |
Supplemental_Information_On_Oi5
Supplemental Information On Oil And Gas Exploration And Production Activities (Oil and Gas Reserves) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
MBbls | MBbls | MBbls | |
Oil [Member] | |||
Proved Developed and Undeveloped Reserves [Roll Forward] | |||
Beginning of the period | 8,346 | 8,106 | 13,954 |
Purchases in oil and gas reserves in place | 173 | 0 | 0 |
Extensions and discoveries | 4,975 | 2,765 | 4,732 |
Sales of oil and gas reserves in place | 0 | 0 | -7,875 |
Revisions of prior reserve estimates | -1,313 | -208 | -382 |
Current production | -2,684 | -2,317 | -2,323 |
End of period | 9,497 | 8,346 | 8,106 |
Proved developed reserves | 5,719 | 5,609 | 5,175 |
Proved undeveloped reserves | 3,778 | 2,737 | 2,931 |
Gas [Member] | |||
Proved Developed and Undeveloped Reserves [Roll Forward] | |||
Beginning of the period | 146,446 | 33,771 | 15,728 |
Purchases in oil and gas reserves in place | 8,863 | 0 | 0 |
Extensions and discoveries | 629,151 | 123,597 | 31,265 |
Sales of oil and gas reserves in place | 0 | 0 | -11,757 |
Revisions of prior reserve estimates | -6,136 | -2,031 | -357 |
Current production | -59,318 | -8,891 | -1,108 |
End of period | 719,006 | 146,446 | 33,771 |
Proved developed reserves | 345,166 | 94,552 | 18,482 |
Proved undeveloped reserves | 373,840 | 51,894 | 15,289 |
Natural Gas Liquids [Member] | |||
Proved Developed and Undeveloped Reserves [Roll Forward] | |||
Beginning of the period | 5,675 | 145 | 2,791 |
Purchases in oil and gas reserves in place | 353 | 0 | 0 |
Extensions and discoveries | 22,594 | 5,850 | 148 |
Sales of oil and gas reserves in place | 0 | 0 | -2,729 |
Revisions of prior reserve estimates | -304 | 0 | 0 |
Current production | -2,050 | -320 | -65 |
End of period | 26,268 | 5,675 | 145 |
Proved developed reserves | 12,379 | 3,527 | 44 |
Proved undeveloped reserves | 13,889 | 2,148 | 101 |
Diamondback Energy, Inc [Member] | Oil [Member] | |||
Proved Developed and Undeveloped Reserves [Roll Forward] | |||
Beginning of the period | 5,606 | 3,874 | |
Change in ownership interest in Diamondback | -3,720 | 0 | |
Purchases in oil and gas reserves in place | 528 | 1,543 | |
Extensions and discoveries | 1,227 | 665 | |
Revisions of prior reserve estimates | -428 | -314 | |
Current production | -146 | -162 | |
End of period | 3,067 | 5,606 | |
Proved developed reserves | 1,425 | 1,539 | |
Proved undeveloped reserves | 1,642 | 4,068 | |
Diamondback Energy, Inc [Member] | Gas [Member] | |||
Proved Developed and Undeveloped Reserves [Roll Forward] | |||
Beginning of the period | 7,398 | 4,398 | |
Change in ownership interest in Diamondback | -4,909 | 0 | |
Purchases in oil and gas reserves in place | 752 | 2,292 | |
Extensions and discoveries | 1,741 | 804 | |
Revisions of prior reserve estimates | -417 | 82 | |
Current production | -124 | -178 | |
End of period | 4,441 | 7,398 | |
Proved developed reserves | 2,263 | 2,753 | |
Proved undeveloped reserves | 2,178 | 4,645 | |
Diamondback Energy, Inc [Member] | Natural Gas Liquids [Member] | |||
Proved Developed and Undeveloped Reserves [Roll Forward] | |||
Beginning of the period | 1,766 | 1,080 | |
Change in ownership interest in Diamondback | -1,171 | 0 | |
Purchases in oil and gas reserves in place | 120 | 540 | |
Extensions and discoveries | 331 | 186 | |
Revisions of prior reserve estimates | -249 | -1 | |
Current production | -26 | -39 | |
End of period | 771 | 1,766 | |
Proved developed reserves | 358 | 641 | |
Proved undeveloped reserves | 413 | 1,124 | |
Grizzly Oil Sands ULC [Member] | Oil [Member] | |||
Proved Developed and Undeveloped Reserves [Roll Forward] | |||
Beginning of the period | 13,637,000 | ||
Change in ownership interest in Diamondback | 0 | ||
Extensions and discoveries | 0 | ||
Revisions of prior reserve estimates | 990,000 | ||
Current production | -69,000 | ||
End of period | 14,558,000 | ||
Proved developed reserves | 1,632,000 | ||
Proved undeveloped reserves | 12,926,000 |
Supplemental_Information_On_Oi6
Supplemental Information On Oil And Gas Exploration And Production Activities (Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | |||
Future cash flows | $4,667,678 | $1,657,708 | $954,833 |
Future development and abandonment costs | -719,898 | -272,500 | -159,113 |
Future production costs | -880,427 | -274,428 | -147,024 |
Future production taxes | -71,229 | -78,647 | -89,175 |
Future income taxes | -693,154 | -172,691 | -114,867 |
Future net cash flows | 2,302,970 | 859,442 | 444,654 |
10% discount to reflect timing of cash flows | -875,803 | -280,976 | -96,013 |
Standardized measure of discounted future net cash flows | 1,427,167 | 578,466 | 348,641 |
Diamondback Energy, Inc [Member] | |||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | |||
Future cash flows | 0 | 331,505 | 592,669 |
Future development and abandonment costs | 0 | -37,229 | -115,869 |
Future production costs | 0 | -58,096 | -165,553 |
Future production taxes | 0 | -22,925 | -30,122 |
Future income taxes | 0 | -48,547 | -71,669 |
Future net cash flows | 0 | 164,708 | 209,456 |
10% discount to reflect timing of cash flows | 0 | -94,462 | -130,871 |
Standardized measure of discounted future net cash flows | 0 | 70,246 | 78,585 |
Grizzly Oil Sands ULC [Member] | |||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | |||
Future cash flows | 754,720 | 0 | 0 |
Future development and abandonment costs | -205,242 | 0 | 0 |
Future production costs | -291,988 | 0 | 0 |
Future production taxes | 0 | 0 | 0 |
Future income taxes | -11,250 | 0 | 0 |
Future net cash flows | 246,240 | 0 | 0 |
10% discount to reflect timing of cash flows | -152,494 | 0 | 0 |
Standardized measure of discounted future net cash flows | $93,746 | $0 | $0 |
Supplemental_Information_On_Oi7
Supplemental Information On Oil And Gas Exploration And Production Activities (Changes in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Changes In Standardized Measure of Discontinued Future Net Cash Flows [Line Items] | |||
Sales and transfers of oil and gas produced, net of production costs | ($530,098) | ($197,559) | ($194,893) |
Net changes in prices, production costs, and development costs | 97,716 | 65,573 | 108,941 |
Acquisition of oil and gas reserves in place | 14,266 | 0 | 0 |
Extensions and discoveries | 790,533 | 130,826 | 151,654 |
Previously estimated development costs incurred during the period | 68,227 | 43,478 | 10,211 |
Revisions of previous quantity estimates, less related production costs | -37,801 | -3,591 | -10,504 |
Sales of reserves in place | 0 | 0 | -214,867 |
Accretion of discount | 57,847 | 34,864 | 37,668 |
Net changes in income taxes | -295,226 | -30,239 | 25,585 |
Change in production rates and other | 683,237 | 186,473 | 58,165 |
Total change in standardized measure of discounted future net cash flows | 848,701 | 229,825 | -28,040 |
Diamondback Energy, Inc [Member] | |||
Changes In Standardized Measure of Discontinued Future Net Cash Flows [Line Items] | |||
Sales and transfers of oil and gas produced, net of production costs | 0 | -12,524 | -11,601 |
Net changes in prices, production costs, and development costs | 0 | 3,312 | -14,596 |
Acquisition of oil and gas reserves in place | 0 | 21,968 | 23,090 |
Extensions and discoveries | 0 | 39,776 | 16,969 |
Previously estimated development costs incurred during the period | 0 | 5,517 | 19,014 |
Revisions of previous quantity estimates, less related production costs | 0 | -9,143 | -4,897 |
Accretion of discount | 0 | 4,175 | 7,803 |
Net changes in income taxes | 0 | -12,137 | -26,866 |
Change in production rates and other | 0 | 2,862 | -8,358 |
Total change in standardized measure of discounted future net cash flows | 0 | -8,339 | 558 |
Equity Method Investment, Change in Ownership | 0 | -52,145 | 0 |
Grizzly Oil Sands ULC [Member] | |||
Changes In Standardized Measure of Discontinued Future Net Cash Flows [Line Items] | |||
Sales and transfers of oil and gas produced, net of production costs | -4,664 | 0 | 0 |
Net changes in prices, production costs, and development costs | 76,518 | 0 | 0 |
Acquisition of oil and gas reserves in place | 0 | 0 | 0 |
Extensions and discoveries | 7,107 | 0 | 0 |
Previously estimated development costs incurred during the period | 0 | 0 | 0 |
Revisions of previous quantity estimates, less related production costs | -10,659 | 0 | 0 |
Accretion of discount | 14,946 | 0 | 0 |
Net changes in income taxes | 9,162 | 0 | 0 |
Change in production rates and other | -25,738 | 0 | 0 |
Total change in standardized measure of discounted future net cash flows | ($55,718) | $0 | $0 |
Supplemental_Information_On_Oi8
Supplemental Information On Oil And Gas Exploration And Production Activities (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reserve Quantities [Line Items] | |||
Price per unit (usd per MMbls or MMcf) | 4.35 | 3.67 | 2.76 |
Future development costs estimated to be spend in 2015 | $221 | ||
Future development costs estimated to be spend in 2016 | 93.1 | ||
Future development costs estimated to be spend in 2017 | $215.40 | ||
Diamondback Energy, Inc [Member] | |||
Reserve Quantities [Line Items] | |||
Ownership interest | 0.00% | 7.20% | 21.40% |
Increase (decrease) in reserve during the period | 75,384,000 | ||
Grizzly [Member] | |||
Reserve Quantities [Line Items] | |||
Ownership interest | 25.00% | ||
Utica Shale [Member] | |||
Reserve Quantities [Line Items] | |||
Increase (decrease) in reserve during the period | 786,347,000 | 166,832,000 | 40,049,000 |
Southern Louisiana and Utica Fields [Member] | |||
Reserve Quantities [Line Items] | |||
Decrease in reserves relating to change in estimates | 15,837,000 | ||
Rhino [Member] | |||
Reserve Quantities [Line Items] | |||
Increase (decrease) in reserve during the period | 12,019,000 | ||
Niobrara [Member] | |||
Reserve Quantities [Line Items] | |||
Increase (decrease) in reserve during the period | 1,748,000 | ||
Oil [Member] | |||
Reserve Quantities [Line Items] | |||
Price per unit (usd per MMbls or MMcf) | 94.99 | ||
Natural Gas Liquids [Member] | |||
Reserve Quantities [Line Items] | |||
Price per unit (usd per MMbls or MMcf) | 44.84 | 41.23 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net revenues | $267,697 | $170,804 | $114,736 | $118,029 | $68,067 | $69,252 | $70,434 | $55,000 | $671,266 | $262,753 | $248,926 |
Operating Income (Loss) | 129,458 | 53,454 | 18,110 | 25,109 | 2,926 | 15,137 | 22,456 | 14,944 | 226,131 | 55,463 | 97,263 |
Income tax expense recorded for continuing operations | 67,757 | 4,876 | 31,461 | 49,247 | 21,027 | 23,400 | 25,514 | 28,195 | 153,341 | 98,136 | 26,363 |
Net income | $110,073 | $6,920 | $47,852 | $82,558 | $24,278 | $40,527 | $43,828 | $44,559 | $247,403 | $153,192 | $68,371 |
Basic net income per share | $1.29 | $0.08 | $0.56 | $0.97 | $0.30 | $0.52 | $0.57 | $0.61 | $2.90 | $1.98 | $1.22 |
Diluted net income per share | $1.28 | $0.08 | $0.56 | $0.96 | $0.30 | $0.52 | $0.56 | $0.61 | $2.88 | $1.97 | $1.21 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 0 Months Ended | ||||
In Millions, unless otherwise specified | Feb. 15, 2013 | Dec. 21, 2012 | Dec. 18, 2012 | Dec. 19, 2012 | Feb. 26, 2015 |
Utica Shale [Member] | |||||
Derivative [Line Items] | |||||
Purchase price commitment | $220 | $70 | $302 | $372 | |
Subsequent Event [Member] | Swap [Member] | Oil [Member] | |||||
Derivative [Line Items] | |||||
Notional quantity | 1,000 | ||||
Average fixed price | 62.25 | ||||
Subsequent Event [Member] | Natural Gas Fixed Swap, January 2016 Through December 2017 [Member] | Swap [Member] | Gas [Member] | |||||
Derivative [Line Items] | |||||
Notional quantity | 30,000 | ||||
Average fixed price | 3.4 | ||||
Subsequent Event [Member] | Natural Gas Fixed Swap, Term Two [Member] | Swap [Member] | Gas [Member] | |||||
Derivative [Line Items] | |||||
Notional quantity | 80,000 | ||||
Average fixed price | 3.45 | ||||
Subsequent Event [Member] | Natural Gas Fixed Swap, Term Three [Member] | Swap [Member] | Gas [Member] | |||||
Derivative [Line Items] | |||||
Notional quantity | 30,000 | ||||
Average fixed price | 3.4 | ||||
Subsequent Event [Member] | Nature Gas Basis Swap, Term One [Member] | Swap [Member] | Gas [Member] | |||||
Derivative [Line Items] | |||||
Notional quantity | 30,000 | ||||
Hedge differential | 0.02 | ||||
Subsequent Event [Member] | Nature Gas Basis Swap, Term Two [Member] | Swap [Member] | Gas [Member] | |||||
Derivative [Line Items] | |||||
Notional quantity | 10,000 | ||||
Hedge differential | 0.01 |