Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 25, 2014 | Jun. 30, 2013 |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'SGY | ' | ' |
Entity Registrant Name | 'STONE ENERGY CORP | ' | ' |
Entity Central Index Key | '0000904080 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 49,790,620 | ' |
Entity Public Float | ' | ' | $961.60 |
CONSOLIDATED_BALANCE_SHEET
CONSOLIDATED BALANCE SHEET (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Current assets: | ' | ' | ||
Cash and cash equivalents | $331,224 | $279,526 | ||
Accounts receivable | 171,971 | 167,288 | ||
Fair value of hedging contracts | 4,549 | 39,655 | ||
Current income tax receivable | 7,366 | 10,027 | ||
Deferred taxes | 31,710 | [1] | 15,514 | [1] |
Inventory | 3,723 | 4,207 | ||
Other current assets | 1,874 | 3,626 | ||
Total current assets | 552,417 | 519,843 | ||
Oil and gas properties, full cost method of accounting: | ' | ' | ||
Proved | 7,804,117 | 7,244,466 | ||
Less: accumulated depreciation, depletion and amortization | -5,908,760 | -5,510,166 | ||
Net proved oil and gas properties | 1,895,357 | 1,734,300 | ||
Unevaluated | 724,339 | 447,795 | ||
Other property and equipment, net of accumulated depreciation of $21,748 and $26,429, respectively | 26,178 | 22,115 | ||
Fair value of hedging contracts | 1,378 | 9,199 | ||
Other assets, net of accumulated depreciation and amortization of $5,768 and $6,438, respectively | 48,887 | 43,179 | ||
Total assets | 3,248,556 | 2,776,431 | ||
Current liabilities: | ' | ' | ||
Accounts payable to vendors | 195,677 | 94,361 | ||
Undistributed oil and gas proceeds | 37,029 | 23,414 | ||
Accrued interest | 9,022 | 18,546 | ||
Fair value of hedging contracts | 7,753 | 149 | ||
Asset retirement obligations | 67,161 | 66,260 | ||
Other current liabilities | 54,520 | 16,765 | ||
Total current liabilities | 371,162 | 219,495 | ||
Long-term debt | 1,027,084 | 914,126 | ||
Deferred taxes | 390,693 | [1] | 310,830 | [1] |
Asset retirement obligations | 435,352 | 422,042 | ||
Fair value of hedging contracts | 470 | 1,530 | ||
Other long-term liabilities | 53,509 | 36,275 | ||
Total liabilities | 2,278,270 | 1,904,298 | ||
Commitments and contingencies | ' | ' | ||
Stockholders' equity: | ' | ' | ||
Common stock, $.01 par value; authorized 100,000,000 shares; issued 48,750,533 and 48,392,552 shares, respectively | 488 | 484 | ||
Treasury stock (16,582 shares, at cost) | -860 | -860 | ||
Additional paid-in capital | 1,397,885 | 1,386,475 | ||
Accumulated deficit | -425,165 | -542,799 | ||
Accumulated other comprehensive income (loss) | -2,062 | 28,833 | ||
Total stockholders' equity | 970,286 | 872,133 | ||
Total liabilities and stockholders' equity | $3,248,556 | $2,776,431 | ||
[1] | Deferred income taxes have been allocated to Guarantor Subsidiary where related oil and gas properties reside. |
CONSOLIDATED_BALANCE_SHEET_Par
CONSOLIDATED BALANCE SHEET (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Other property and equipment, accumulated depreciation | $21,748 | $26,429 |
Other assets, accumulated depreciation and amortization | $5,768 | $6,438 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 48,750,533 | 48,392,552 |
Treasury stock, shares | 16,582 | 16,582 |
CONSOLIDATED_STATEMENT_OF_INCO
CONSOLIDATED STATEMENT OF INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating revenue: | ' | ' | ' |
Oil production | $715,104 | $761,304 | $663,958 |
Gas production | 190,580 | 134,739 | 170,611 |
Natural gas liquids production | 60,687 | 48,498 | 29,996 |
Other operational income | 7,808 | 3,520 | 3,938 |
Derivative income, net | ' | 3,428 | 1,418 |
Total operating revenue | 974,179 | 951,489 | 869,921 |
Operating expenses: | ' | ' | ' |
Lease operating expenses | 201,153 | 215,003 | 175,881 |
Transportation, processing and gathering expenses | 42,172 | 21,782 | 8,958 |
Production taxes | 15,029 | 10,015 | 9,380 |
Depreciation, depletion and amortization | 350,574 | 344,365 | 280,020 |
Accretion expense | 33,575 | 33,331 | 30,764 |
Salaries, general and administrative expenses | 59,524 | 54,648 | 40,169 |
Franchise tax settlement | 12,590 | ' | ' |
Incentive compensation expense | 15,340 | 8,113 | 11,600 |
Other operational expenses | 151 | 267 | 2,149 |
Derivative expense, net | 2,090 | ' | ' |
Total operating expenses | 732,198 | 687,524 | 558,921 |
Income from operations | 241,981 | 263,965 | 311,000 |
Other (income) expenses: | ' | ' | ' |
Interest expense | 32,837 | 30,375 | 9,289 |
Interest income | -1,695 | -600 | -420 |
Other income | -2,799 | -1,805 | -1,942 |
Loss on early extinguishment of debt | 27,279 | 1,972 | 607 |
Total other (income) expenses | 55,622 | 29,942 | 7,534 |
Income before income taxes | 186,359 | 234,023 | 303,466 |
Provision (benefit) for income taxes: | ' | ' | ' |
Current | -10,904 | 15,022 | -20,386 |
Deferred | 79,629 | 69,575 | 129,520 |
Total income taxes | 68,725 | 84,597 | 109,134 |
Net income | $117,634 | $149,426 | $194,332 |
Basic earnings per share | $2.36 | $3.03 | $3.97 |
Diluted earnings per share | $2.36 | $3.03 | $3.97 |
Average shares outstanding | 48,693 | 48,319 | 47,988 |
Average shares outstanding assuming dilution | 48,735 | 48,361 | 48,030 |
CONSOLIDATED_STATEMENT_OF_COMP
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income | $1,752 | [1],[2] | $36,102 | $39,022 | $40,758 | $44,246 | $23,659 | $30,547 | $50,974 | $117,634 | $149,426 | $194,332 |
Other comprehensive income (loss) net of tax effect: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Derivatives | ' | ' | ' | ' | ' | ' | ' | ' | -30,228 | 6,965 | 36,072 | |
Foreign currency translation | ' | ' | ' | ' | ' | ' | ' | ' | -667 | ' | ' | |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | $86,739 | $156,391 | $230,404 | |
[1] | Includes franchise tax settlement of $12,590 before income tax effect ($8,058, net of income tax effect). | |||||||||||
[2] | Includes loss on early extinguishment of debt of $27,279 before income tax effect ($17,459 net of income tax effect). |
CONSOLIDATED_STATEMENT_OF_CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $117,634 | $149,426 | $194,332 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation, depletion and amortization | 350,574 | 344,365 | 280,020 |
Accretion expense | 33,575 | 33,331 | 30,764 |
Deferred income tax provision | 79,629 | 69,575 | 129,520 |
Settlement of asset retirement obligations | -83,854 | -65,567 | -63,391 |
Non-cash stock compensation expense | 10,347 | 8,699 | 5,905 |
Excess tax benefits | -156 | -949 | -1,493 |
Non-cash derivative expense (income) | 2,239 | -509 | -2,216 |
Loss on early extinguishment of debt | 27,279 | 1,972 | 607 |
Non-cash interest expense | 16,219 | 13,085 | 1,908 |
Other non-cash income | ' | ' | -1,602 |
Change in current income taxes | 2,767 | 10,618 | -19,451 |
Increase in accounts receivable | -4,683 | -55,871 | -19,600 |
(Increase) decrease in other current assets | 1,752 | -2,836 | -66 |
Decrease in inventory | 583 | 436 | 1,619 |
Increase in accounts payable | 402 | 5,101 | 6,039 |
Increase (decrease) in other current liabilities | 42,451 | -10,426 | 29,583 |
Other | -2,553 | 9,299 | -1,628 |
Net cash provided by (used in) operating activities | 594,205 | 509,749 | 570,850 |
Cash flows from investing activities: | ' | ' | ' |
Investment in oil and gas properties | -663,299 | -555,855 | -764,933 |
Proceeds from sale of oil and gas properties, net of expenses | 48,821 | 403 | 87,930 |
Sale of fixed assets | ' | 134 | ' |
Investment in fixed and other assets | -6,816 | -13,370 | -2,247 |
Change in restricted funds | -1,742 | ' | ' |
Net cash used in investing activities | -623,036 | -568,688 | -679,250 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from bank borrowings | ' | 25,000 | 75,000 |
Repayments of bank borrowings | ' | -70,000 | -30,000 |
Proceeds from issuance of senior convertible notes | ' | 300,000 | ' |
Deferred financing costs of senior convertible notes | ' | -8,855 | ' |
Proceeds from sold warrants | ' | 40,170 | ' |
Payments for purchased call options | ' | -70,830 | ' |
Proceeds from issuance of senior notes | 489,250 | 300,000 | ' |
Deferred financing costs | -9,065 | -11,966 | -4,017 |
Redemption of senior notes | -396,014 | ' | ' |
Redemption of senior subordinated notes | ' | -200,681 | ' |
Excess tax benefits | 156 | 949 | 1,493 |
Net payments for share-based compensation | -3,733 | -3,773 | -2,581 |
Net cash provided by financing activities | 80,594 | 300,014 | 39,895 |
Effect of exchange rate changes on cash | -65 | ' | ' |
Net change in cash and cash equivalents | 51,698 | 241,075 | -68,505 |
Cash and cash equivalents, beginning of period | 279,526 | 38,451 | 106,956 |
Cash and cash equivalents, end of period | 331,224 | 279,526 | 38,451 |
Supplemental cash flow information: | ' | ' | ' |
Interest, net of amount capitalized | -29,883 | -20,150 | -9,808 |
Income taxes | $13,670 | ($4,405) | $935 |
CONSOLIDATED_STATEMENT_OF_CHAN
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock | Treasury Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) |
In Thousands | ||||||
Beginning Balance at Dec. 31, 2010 | $430,357 | $478 | ($860) | $1,331,500 | ($886,557) | ($14,204) |
Net income | 194,332 | ' | ' | ' | 194,332 | ' |
Adjustment for fair value accounting of derivatives, net of tax | 36,072 | ' | ' | ' | ' | 36,072 |
Exercise of stock options and vesting of restricted stock | -2,581 | 3 | ' | -2,584 | ' | ' |
Amortization of stock compensation expense | 8,914 | ' | ' | 8,914 | ' | ' |
Net tax impact from stock option exercises and restricted stock vesting | 735 | ' | ' | 735 | ' | ' |
Ending Balance at Dec. 31, 2011 | 667,829 | 481 | -860 | 1,338,565 | -692,225 | 21,868 |
Net income | 149,426 | ' | ' | ' | 149,426 | ' |
Adjustment for fair value accounting of derivatives, net of tax | 6,965 | ' | ' | ' | ' | 6,965 |
Exercise of stock options and vesting of restricted stock | -3,773 | 3 | ' | -3,776 | ' | ' |
Amortization of stock compensation expense | 12,792 | ' | ' | 12,792 | ' | ' |
Net tax impact from stock option exercises and restricted stock vesting | 814 | ' | ' | 814 | ' | ' |
Convertible notes offering | 38,080 | ' | ' | 38,080 | ' | ' |
Ending Balance at Dec. 31, 2012 | 872,133 | 484 | -860 | 1,386,475 | -542,799 | 28,833 |
Net income | 117,634 | ' | ' | ' | 117,634 | ' |
Adjustment for fair value accounting of derivatives, net of tax | -30,228 | ' | ' | ' | ' | -30,228 |
Adjustment for foreign currency translation, net of tax | -667 | ' | ' | ' | ' | -667 |
Exercise of stock options and vesting of restricted stock | -3,126 | 4 | ' | -3,130 | ' | ' |
Amortization of stock compensation expense | 15,424 | ' | ' | 15,424 | ' | ' |
Net tax impact from stock option exercises and restricted stock vesting | -884 | ' | ' | -884 | ' | ' |
Ending Balance at Dec. 31, 2013 | $970,286 | $488 | ($860) | $1,397,885 | ($425,165) | ($2,062) |
ORGANIZATION_AND_SUMMARY_OF_SI
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
NOTE 1 — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: | |
Stone Energy Corporation (“Stone”) is an independent oil and natural gas company engaged in the acquisition, exploration, exploitation, development and operation of oil and gas properties. We have been operating in the Gulf Coast Basin since our incorporation in 1993 and have established a technical and operational expertise in this area. We have expanded our reserve base outside of the conventional shelf of the Gulf of Mexico (the “GOM”) and into the more prolific reserve basins of the GOM deep water and GOM deep gas, as well as onshore oil and gas shale opportunities, including the Marcellus Shale in Appalachia. We were incorporated in 1993 as a Delaware corporation. Our corporate headquarters are located at 625 E. Kaliste Saloom Road, Lafayette, Louisiana 70508. We have additional offices in New Orleans, Louisiana, Houston, Texas and Morgantown, West Virginia. | |
A summary of significant accounting policies followed in the preparation of the accompanying consolidated financial statements is set forth below. | |
Basis of Presentation: | |
The financial statements include our accounts and the accounts of our wholly owned subsidiaries, Stone Energy Offshore, L.L.C. (“Stone Offshore”), Stone Energy Holding, L.L.C., Stone Energy Canada, U.L.C. and Caillou Boca Gathering, LLC (“Caillou Boca”). On September 6, 2012, Caillou Boca was merged into Stone Offshore. All intercompany balances have been eliminated. | |
Use of Estimates: | |
The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates are used primarily when accounting for depreciation, depletion and amortization (“DD&A”) expense, unevaluated property costs, estimated future net cash flows from proved reserves, costs to abandon oil and gas properties, taxes, accruals of capitalized costs, operating costs and production revenue, capitalized general and administrative costs and interest, insurance recoveries, effectiveness and estimated fair value of derivative positions, the purchase price allocation on properties acquired, estimates of fair value in business combinations and contingencies. | |
Fair Value Measurements: | |
U.S. GAAP establishes a framework for measuring fair value and requires certain disclosures about fair value measurements. As of December 31, 2013 and 2012, we held certain financial assets and liabilities that are required to be measured at fair value on a recurring basis, including our commodity derivative instruments and our investments in marketable securities. Additionally, fair value concepts were applied in recording the acquisition of various deep water assets in June 2012 and the acquisition of an office building in December 2012. | |
Hybrid Debt Instruments: | |
In 2012, we issued $300,000 in aggregate principal amount of 1 3⁄4% Senior Convertible Notes due 2017 (the “2017 Convertible Notes”). See Note 11 – Long-Term Debt. On that same day we entered into convertible note hedging transactions which are expected to reduce the potential dilution to our common stock upon conversion of the notes. In accordance with Accounting Standards Codification (“ASC”) 480-20 and ASC 470, we accounted for the debt and equity portions of the notes in a manner that will reflect our nonconvertible borrowing rate when interest is recognized in subsequent periods. This results in the separation of the debt component, classification of the remaining component in stockholders’ equity, and accretion of the resulting discount as part of interest expense. Additionally, the hedging transactions meet the criteria for classification as equity transactions and were recorded as such. | |
ASC 260 provides that for contracts that may be settled in common stock or in cash at the election of the entity or the holder, the determination of whether the contract shall be reflected in the computation of diluted earnings per share should be made based on the facts available each period. It is presumed that the contract will be settled in common stock and therefore potential dilution be determined using the if-converted method. However, this presumption may be overcome if past experience or a stated policy provides a reasonable basis to believe that the contract will be settled partially or wholly in cash. Because it is management’s stated intent to redeem the principal amount of the notes in cash, we have used the treasury stock method for determining potential dilution of the notes in our diluted earnings per share computation in accordance with ASC 260. | |
Business Combinations: | |
Our acquisition in 2012 of various deep water assets was accounted for according to the guidance provided in ASC 805, Business Combinations, which requires application of the acquisition method. This methodology requires the recordation of net assets acquired and consideration transferred at fair value. Differences between the net fair value of net assets acquired and consideration transferred are recorded as goodwill or a bargain purchase gain. | |
Cash and Cash Equivalents: | |
We consider all money market funds and highly liquid investments in overnight securities through our commercial bank accounts, which result in available funds on the next business day, to be cash and cash equivalents. | |
Oil and Gas Properties: | |
We follow the full cost method of accounting for oil and gas properties. Under this method, all acquisition, exploration, development and estimated abandonment costs, including certain related employee and general and administrative costs (less any reimbursements for such costs) and interest incurred for the purpose of finding oil and gas are capitalized. Such amounts include the cost of drilling and equipping productive wells, dry hole costs, lease acquisition costs, delay rentals and other costs related to such activities. Employee, general and administrative costs that are capitalized include salaries and all related fringe benefits paid to employees directly engaged in the acquisition, exploration and development of oil and gas properties, as well as all other directly identifiable general and administrative costs associated with such activities, such as rentals, utilities and insurance. We capitalize a portion of the interest costs incurred on our debt based upon the balance of our unevaluated property costs and our weighted-average borrowing rate. Employee, general and administrative costs associated with production operations and general corporate activities are expensed in the period incurred. Additionally, workover and maintenance costs incurred solely to maintain or increase levels of production from an existing completion interval are charged to lease operating expense in the period incurred. | |
U.S. GAAP allows the option of two acceptable methods for accounting for oil and gas properties. The successful efforts method is the allowable alternative to the full cost method. The primary differences between the two methods are in the treatment of exploration costs and in the computation of DD&A expense. Under the full cost method, all exploratory costs are capitalized while under the successful efforts method exploratory costs associated with unsuccessful exploratory wells and all geological and geophysical costs are expensed. Under the full cost method, DD&A expense is computed on cost centers represented by entire countries while under the successful efforts method cost centers are represented by properties, or some reasonable aggregation of properties with common geological structural features or stratigraphic condition, such as fields or reservoirs. | |
We amortize our investment in oil and gas properties through DD&A expense using the units of production (the “UOP”) method. Under the UOP method, the quarterly provision for DD&A expense is computed by dividing production volumes for the period by the total proved reserves as of the beginning of the period (beginning of the period reserves being determined by adding back production to end of the period reserves), and applying the respective rate to the net cost of proved oil and gas properties, including future development costs. | |
Under the full cost method, we compare, at the end of each financial reporting period, the present value of estimated future net cash flows from proved reserves (excluding cash flows related to estimated abandonment costs), to the net capitalized costs of proved oil and gas properties net of related deferred taxes. We refer to this comparison as a “ceiling test.” If the net capitalized costs of proved oil and gas properties exceed the estimated discounted future net cash flows from proved reserves, we are required to write-down the value of our oil and gas properties to the value of the discounted cash flows. | |
Sales of oil and gas properties are accounted for as adjustments to the net full cost pool with no gain or loss recognized, unless the adjustment would significantly alter the relationship between capitalized costs and proved reserves. | |
Asset Retirement Obligations: | |
U.S. GAAP requires us to record our estimate of the fair value of liabilities related to future asset retirement obligations in the period the obligation is incurred. Asset retirement obligations relate to the removal of facilities and tangible equipment at the end of an oil and gas property’s useful life. The application of this rule requires the use of management’s estimates with respect to future abandonment costs, inflation, market risk premiums, useful life and cost of capital. U.S. GAAP requires that our estimate of our asset retirement obligations does not give consideration to the value the related assets could have to other parties. | |
Other Property and Equipment: | |
Our office buildings in Lafayette, Louisiana are being depreciated on the straight-line method over their estimated useful life of 39 years. | |
Inventory: | |
We maintain an inventory of tubular goods. Items remain in inventory until dedicated to specific projects, at which time they are transferred to oil and gas properties. Items are carried at the lower of cost or market based on the specific identification method. | |
Earnings Per Common Share: | |
Under U.S. GAAP, certain instruments granted in share-based payment transactions are participating securities prior to vesting and are therefore required to be included in the earnings allocation in calculating earnings per share under the two-class method. Companies are required to treat unvested share-based payment awards with a right to receive non-forfeitable dividends as a separate class of securities in calculating earnings per share. | |
Production Revenue: | |
We recognize production revenue under the entitlement method of accounting. Under this method, revenue is deferred for deliveries in excess of our net revenue interest, while revenue is accrued for undelivered volumes. Production imbalances are generally recorded at the estimated sales price in effect at the time of production. | |
Income Taxes: | |
Provisions for income taxes include deferred taxes resulting primarily from temporary differences due to different reporting methods for oil and gas properties for financial reporting purposes and income tax purposes. For financial reporting purposes, all exploratory and development expenditures, including future abandonment costs, related to evaluated projects are capitalized and depreciated, depleted and amortized on the UOP method. For income tax purposes, only the equipment and leasehold costs relative to successful wells are capitalized and recovered through depreciation or depletion, although for 2011, 2012 and 2013, special provisions allowed for current deductions for the cost of certain equipment. Generally, most other exploratory and development costs are charged to expense as incurred; however, we follow certain provisions of the Internal Revenue Code that allow capitalization of intangible drilling costs where management deems appropriate. Other financial and income tax reporting differences occur as a result of statutory depletion, different reporting methods for sales of oil and gas reserves in place, different reporting methods used in the capitalization of employee, general and administrative and interest expense, and different reporting methods for employee compensation. | |
Derivative Instruments and Hedging Activities: | |
The nature of a derivative instrument must be evaluated to determine if it qualifies for hedge accounting treatment. Instruments that qualify for cash flow hedge accounting treatment with contemporaneous documentation are recorded as either an asset or liability measured at fair value and subsequent changes in the derivative’s fair value are recognized in stockholders’ equity through other comprehensive income (loss), net of related taxes, to the extent the hedge is considered effective. Additionally, monthly settlements of effective hedges are reflected in revenue from oil and gas production and cash flows from operations. Instruments not qualifying for hedge accounting treatment are recorded in our balance sheet at fair value, and changes in fair value are recognized in earnings through derivative expense (income). | |
Share-Based Compensation: | |
We record share-based compensation based on the grant date fair value of issued stock options and restricted stock over the vesting period of the instrument. We utilize the Black-Scholes option pricing model to measure the fair value of stock options. The fair value of restricted shares is typically determined based on the average of our high and low stock prices on the grant date. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
EARNINGS PER SHARE | ' | ||||||||||||
NOTE 2 — EARNINGS PER SHARE: | |||||||||||||
The following table sets forth the calculation of basic and diluted weighted average shares outstanding and earnings per share for the indicated periods: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income (numerator): | |||||||||||||
Basic: | |||||||||||||
Net income | $ | 117,634 | $ | 149,426 | $ | 194,332 | |||||||
Net income attributable to participating securities | (2,817 | ) | (2,984 | ) | (3,670 | ) | |||||||
Net income attributable to common stock—basic | $ | 114,817 | $ | 146,422 | $ | 190,662 | |||||||
Diluted: | |||||||||||||
Net income | $ | 117,634 | $ | 149,426 | $ | 194,332 | |||||||
Net income attributable to participating securities | (2,815 | ) | (2,982 | ) | (3,667 | ) | |||||||
Net income attributable to common stock—diluted | $ | 114,819 | $ | 146,444 | $ | 190,665 | |||||||
Weighted average shares (denominator): | |||||||||||||
Weighted average shares—basic | 48,693 | 48,319 | 47,988 | ||||||||||
Dilutive effect of stock options | 42 | 42 | 42 | ||||||||||
Weighted average shares—diluted | 48,735 | 48,361 | 48,030 | ||||||||||
Basic earnings per share | $ | 2.36 | $ | 3.03 | $ | 3.97 | |||||||
Diluted earnings per share | $ | 2.36 | $ | 3.03 | $ | 3.97 | |||||||
Stock options that were considered antidilutive because the exercise price of the options exceeded the average price of our common stock for the applicable period totaled approximately 242,000, 347,000 and 374,000 shares during the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
During the years ended December 31, 2013, 2012 and 2011, approximately 358,000, 316,000 and 312,000 shares of our common stock, respectively, were issued from authorized shares upon the vesting (lapse of forfeiture restrictions) of restricted stock by employees and nonemployee directors. | |||||||||||||
Because it is management’s stated intention to redeem the principal amount of our 2017 Convertible Notes (see Note 11 – Long-Term Debt) in cash, we have used the treasury method for determining potential dilution in the diluted earnings per share computation. Since the average price of our common stock was less than the effective conversion price for such notes during the years ended December 31, 2013 and 2012, the 2017 Convertible Notes were not dilutive for such periods. Additionally, since the average price of our common stock was less than the strike price of the Sold Warrants (as defined in Note 11 – Long-Term Debt) for the years ended December 31, 2013 and 2012, such warrants were also not dilutive for such periods. |
ACCOUNTS_RECEIVABLE
ACCOUNTS RECEIVABLE | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Receivables [Abstract] | ' | ||||||||
ACCOUNTS RECEIVABLE | ' | ||||||||
NOTE 3 — ACCOUNTS RECEIVABLE: | |||||||||
In our capacity as operator for our co-venturers, we incur drilling and other costs that we bill to the respective parties based on their working interests. We also receive payments for these billings and, in some cases, for billings in advance of incurring costs. Our accounts receivable are comprised of the following amounts: | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
Other co-venturers | $ | 13,904 | $ | 16,735 | |||||
Trade | 134,622 | 130,448 | |||||||
Unbilled accounts receivable | 22,001 | 20,053 | |||||||
Other | 1,444 | 52 | |||||||
Total accounts receivable | $ | 171,971 | $ | 167,288 | |||||
CONCENTRATIONS
CONCENTRATIONS | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Risks And Uncertainties [Abstract] | ' | ||||||||||||
CONCENTRATIONS | ' | ||||||||||||
NOTE 4 — CONCENTRATIONS: | |||||||||||||
Sales to Major Customers | |||||||||||||
Our production is sold on month-to-month contracts at prevailing prices. We obtain credit protections such as parental guarantees from certain of our purchasers. The following table identifies customers from whom we derived 10% or more of our total oil and gas revenue during the years ended: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Conoco, Inc. | (a | ) | 13 | % | 28 | % | |||||||
Phillips 66 Company | 35 | % | 18 | % | (a | ) | |||||||
Shell Trading (US) Company | 33 | % | 41 | % | 46 | % | |||||||
(a) | Less than 10 percent. | ||||||||||||
The maximum amount of credit risk exposure at December 31, 2013 relating to these customers amounted to $74,273. | |||||||||||||
We believe that the loss of any of these purchasers would not result in a material adverse effect on our ability to market future oil and gas production. | |||||||||||||
Production and Reserve Volumes- Unaudited | |||||||||||||
Approximately 16% of our estimated proved reserves at December 31, 2013 and 49% of our production during 2013 were associated with our Gulf Coast Basin conventional shelf and deep gas properties. Approximately 29% of our estimated proved reserves at December 31, 2013 and 25% of our production during 2013 were associated with our deep water properties. Approximately 55% of our estimated proved reserves at December 31, 2013 and 26% of our production during 2013 were associated with our Appalachian properties. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
A substantial portion of our cash balances are not federally insured. |
ACQUISITIONS_AND_DIVESTITURES
ACQUISITIONS AND DIVESTITURES | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
ACQUISITIONS AND DIVESTITURES | ' | ||||
NOTE 5 — ACQUISITIONS AND DIVESTITURES: | |||||
Acquisitions | |||||
In December 2012, we closed on the acquisition of an office building. The acquisition was accounted for according to the guidance provided in ASC 805, Business Combinations, which requires application of the acquisition method. This methodology requires the recordation of net assets acquired and consideration transferred at fair value. Differences between the net fair value of net assets acquired and consideration transferred are recorded as goodwill or a bargain purchase gain. The building and land were recorded at fair value of $8,539. Consideration transferred in the transaction was $8,539 in cash, resulting in no goodwill or bargain purchase gain. | |||||
On June 18, 2012, we completed the acquisition of a 25% working interest in the five block deep water Pompano field in Mississippi Canyon, an approximate 14% working interest in Mississippi Canyon Block 29 and a 10% working interest in certain aliquots of Mississippi Canyon Block 72. The acquisition was also accounted for according to the guidance provided in ASC 805, Business Combinations. Consideration transferred in the transaction was $26,398 in cash, resulting in no goodwill or bargain purchase gain. The following represents the allocation of the recorded value of net assets acquired in the transaction: | |||||
Proved oil and gas properties | $ | 39,221 | |||
Unevaluated oil and gas properties | 1,637 | ||||
Asset retirement obligations | (14,460 | ) | |||
Total fair value of net assets | $ | 26,398 | |||
Divestitures | |||||
In October 2013, we completed the sale of our interest in the Weeks Island field for cash consideration of approximately $42,957 and the assumption of the associated asset retirement obligation of approximately $9,245. The sale was accounted for as an adjustment to the full cost pool with no gain or loss recognized. |
INVESTMENT_IN_OIL_AND_GAS_PROP
INVESTMENT IN OIL AND GAS PROPERTIES - UNAUDITED | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Extractive Industries [Abstract] | ' | ||||||||||||||||||||
INVESTMENT IN OIL AND GAS PROPERTIES - UNAUDITED | ' | ||||||||||||||||||||
NOTE 6 — INVESTMENT IN OIL AND GAS PROPERTIES — UNAUDITED: | |||||||||||||||||||||
The following table discloses certain financial data relative to our oil and gas producing activities located onshore and offshore in the continental United States: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Oil and gas properties – United States, proved and unevaluated: | |||||||||||||||||||||
Balance, beginning of year | $ | 7,692,261 | $ | 7,049,777 | $ | 6,202,758 | |||||||||||||||
Costs incurred during the year (capitalized): | |||||||||||||||||||||
Acquisition costs, net of sales of unevaluated properties | 70,903 | 102,807 | 270,354 | ||||||||||||||||||
Exploratory costs | 297,113 | 81,458 | 84,199 | ||||||||||||||||||
Development costs (1) | 378,242 | 395,555 | 426,355 | ||||||||||||||||||
Salaries, general and administrative costs | 32,815 | 25,318 | 24,430 | ||||||||||||||||||
Interest | 46,860 | 37,656 | 42,033 | ||||||||||||||||||
Less: overhead reimbursements | (321 | ) | (310 | ) | (352 | ) | |||||||||||||||
Total costs incurred during the year, net of divestitures | 825,612 | 642,484 | 847,019 | ||||||||||||||||||
Balance, end of year | $ | 8,517,873 | $ | 7,692,261 | $ | 7,049,777 | |||||||||||||||
Accumulated DD&A: | |||||||||||||||||||||
Balance, beginning of year | ($ | 5,510,166 | ) | ($ | 5,174,729 | ) | ($ | 4,804,949 | ) | ||||||||||||
Provision for DD&A | (346,827 | ) | (341,096 | ) | (276,480 | ) | |||||||||||||||
Sale of proved properties | (51,767 | ) | 5,659 | (93,300 | ) | ||||||||||||||||
Balance, end of year | ($ | 5,908,760 | ) | ($ | 5,510,166 | ) | ($ | 5,174,729 | ) | ||||||||||||
Net capitalized costs – United States, proved and unevaluated | $ | 2,609,113 | $ | 2,182,095 | $ | 1,875,048 | |||||||||||||||
DD&A per Mcfe | $ | 3.43 | $ | 3.69 | $ | 3.45 | |||||||||||||||
-1 | Includes capitalized asset retirement costs of $54,737, $95,293 and $96,386, respectively. | ||||||||||||||||||||
Costs incurred during the year (expensed): | |||||||||||||||||||||
Lease operating expenses | $ | 201,153 | $ | 215,003 | $ | 175,881 | |||||||||||||||
Transportation, processing and gathering expenses | 42,172 | 21,782 | 8,958 | ||||||||||||||||||
Production taxes | 15,029 | 10,015 | 9,380 | ||||||||||||||||||
Accretion expense | 33,575 | 33,331 | 30,764 | ||||||||||||||||||
Expensed costs – United States | $ | 291,929 | $ | 280,131 | $ | 224,983 | |||||||||||||||
The following table discloses net costs incurred (evaluated) on our unevaluated properties located in the United States for the years indicated: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Unevaluated oil and gas properties – United States: | |||||||||||||||||||||
Net costs incurred (evaluated) during year: | |||||||||||||||||||||
Acquisition costs | $ | 30,271 | $ | 9,739 | ($2,397 | ) | |||||||||||||||
Exploration costs | 188,830 | (1,209 | ) | (51,207 | ) | ||||||||||||||||
Capitalized interest | 46,860 | 37,656 | 42,033 | ||||||||||||||||||
$ | 265,961 | $ | 46,186 | ($11,571 | ) | ||||||||||||||||
During 2013, we entered into an agreement to participate in the drilling of exploratory wells in Canada. The following table discloses certain financial data relative to our oil and gas producing activities located in Canada: | |||||||||||||||||||||
Year Ended | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | |||||||||||||||||||||
Oil and gas properties – Canada, unevaluated: | |||||||||||||||||||||
Balance, beginning of year | $ | — | |||||||||||||||||||
Costs incurred during the year (capitalized): | |||||||||||||||||||||
Acquisition costs | 8,764 | ||||||||||||||||||||
Exploratory costs | 1,819 | ||||||||||||||||||||
Total costs incurred during the year | 10,583 | ||||||||||||||||||||
Balance, end of year, unevaluated | $ | 10,583 | |||||||||||||||||||
The following table discloses financial data associated with unevaluated costs (United States and Canada) at December 31, 2013: | |||||||||||||||||||||
Balance as of | Net Costs Incurred During the | ||||||||||||||||||||
December 31, | Year Ended December 31, | ||||||||||||||||||||
2013 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||
and prior | |||||||||||||||||||||
Acquisition costs | $ | 306,793 | $ | 78,555 | $ | 29,959 | $ | 41,442 | $ | 156,837 | |||||||||||
Exploration costs | 305,422 | 248,846 | 56,033 | 499 | 44 | ||||||||||||||||
Capitalized interest | 112,124 | 39,846 | 32,755 | 20,501 | 19,022 | ||||||||||||||||
Total unevaluated costs | $ | 724,339 | $ | 367,247 | $ | 118,747 | $ | 62,442 | $ | 175,903 | |||||||||||
Approximately 140 specifically identified drilling projects are included in unevaluated costs at December 31, 2013 and are expected to be evaluated in the next four years. The excluded costs will be included in the amortization base as the properties are evaluated and proved reserves are established or impairment is determined. Interest costs capitalized on unevaluated properties during the years ended December 31, 2013, 2012 and 2011 totaled $46,860, $37,656 and $42,033, respectively. |
DERIVATIVE_INSTRUMENTS_AND_HED
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | ' | ||||||||||||||||
NOTE 7 — DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES: | |||||||||||||||||
Our hedging strategy is designed to protect our near and intermediate term cash flows from future declines in oil and natural gas prices. This protection is essential to capital budget planning, which is sensitive to expenditures that must be committed to in advance, such as rig contracts and the purchase of tubular goods. We enter into hedging transactions to secure a commodity price for a portion of future production that is acceptable at the time of the transaction. These hedges are designated as cash flow hedges upon entering into the contract. We do not enter into hedging transactions for trading purposes. We have no fair value hedges. | |||||||||||||||||
The nature of a derivative instrument must be evaluated to determine if it qualifies for hedge accounting treatment. If the instrument qualifies for hedge accounting treatment, it is recorded as either an asset or liability measured at fair value and subsequent changes in the derivative’s fair value are recognized in stockholders’ equity through other comprehensive income (loss), net of related taxes, to the extent the hedge is considered effective. Additionally, monthly settlements of effective hedges are reflected in revenue from oil and gas production and cash flows from operations. Instruments not qualifying for hedge accounting treatment are recorded in our balance sheet at fair value, and changes in fair value are recognized in earnings through derivative expense (income). Monthly settlements of ineffective hedges are recognized in earnings through derivative expense (income) and cash flows from operations. Typically, a small portion of our derivative contracts are determined to be ineffective. This is because oil and natural gas price changes in the markets in which we sell our products are not 100% correlative to changes in the underlying price basis indicative in the derivative contract. | |||||||||||||||||
We have entered into fixed-price swaps with various counterparties for a portion of our expected 2014, 2015 and 2016 oil and natural gas production from the Gulf Coast Basin. Some of our fixed-price oil swap settlements are based on an average of the New York Mercantile Exchange (“NYMEX”) closing price for West Texas Intermediate crude oil during the entire calendar month, and some are based on the average of the Intercontinental Exchange closing price for Brent crude oil during the entire calendar month. Our fixed-price gas swap settlements are based on the NYMEX price for the last day of a respective contract month. Swaps typically provide for monthly payments by us if prices rise above the swap price or monthly payments to us if prices fall below the swap price. Our fixed-price swap contracts are with The Toronto-Dominion Bank, Barclays Bank PLC, BNP Paribas, The Bank of Nova Scotia, Bank of America, Natixis and Regions Bank. | |||||||||||||||||
All of our derivative instruments at December 31, 2013, 2012 and 2011 were designated as effective cash flow hedges. However, during the years ended December 31, 2013, 2012 and 2011, certain of our derivative contracts were determined to be partially ineffective. The following tables disclose the location and fair value amounts of derivative instruments reported in our balance sheet at December 31, 2013 and December 31, 2012. | |||||||||||||||||
Fair Value of Derivative Instruments at December 31, 2013 | |||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
Description | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||||||
Commodity contracts | Current assets: Fair value of hedging contracts | $ | 4,549 | Current liabilities: Fair value of hedging contracts | $ | 7,753 | |||||||||||
Long-term assets: Fair value of hedging contracts | 1,378 | Long-term liabilities: Fair value of hedging contracts | 470 | ||||||||||||||
$ | 5,927 | $ | 8,223 | ||||||||||||||
Fair Value of Derivative Instruments at December 31, 2012 | |||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
Description | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||||||
Commodity contracts | Current assets: Fair value of hedging contracts | $ | 39,655 | Current liabilities: Fair value of hedging contracts | $ | 149 | |||||||||||
Long-term assets: Fair value of hedging contracts | 9,199 | Long-term liabilities: Fair value of hedging contracts | 1,530 | ||||||||||||||
$ | 48,854 | $ | 1,679 | ||||||||||||||
The following table discloses the before tax effect of derivative instruments in the statement of income for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||
Effect of Derivative Instruments on the Statement of Income for the Years Ended December 31, 2013, 2012 and 2011 | |||||||||||||||||
Derivatives in Cash | Amount of Gain | Gain (Loss) Reclassified from | Gain (Loss) Recognized in Income | ||||||||||||||
Flow Hedging | (Loss) Recognized | Accumulated Other Comprehensive Income | on Derivatives | ||||||||||||||
Relationships | in Other | into Income | (Ineffective Portion) | ||||||||||||||
Comprehensive | (Effective Portion) (a) | ||||||||||||||||
Income on | |||||||||||||||||
Derivatives | |||||||||||||||||
Location | Location | ||||||||||||||||
2013 | 2013 | 2013 | |||||||||||||||
Commodity contracts | ($26,945 | ) | Operating revenue—oil/gas production | $ | 20,289 | Derivative expense, net | ($2,090 | ) | |||||||||
Total | ($26,945 | ) | $ | 20,289 | ($2,090 | ) | |||||||||||
2012 | 2012 | 2012 | |||||||||||||||
Commodity contracts | $ | 41,209 | Operating revenue—oil/gas production | $ | 30,326 | Derivative income, net | $ | 3,428 | |||||||||
Total | $ | 41,209 | $ | 30,326 | $ | 3,428 | |||||||||||
2011 | 2011 | 2011 | |||||||||||||||
Commodity contracts | $ | 43,089 | Operating revenue—oil/gas production | ($13,274 | ) | Derivative income, net | $ | 1,418 | |||||||||
Total | $ | 43,089 | ($13,274 | ) | $ | 1,418 | |||||||||||
(a) | For the year ended December 31, 2013, effective hedging contracts increased oil revenue by $3,520 and increased gas revenue by $16,769. For the year ended December 31, 2012, effective hedging contracts increased oil revenue by $8,546 and increased gas revenue by $21,780. For the year ended December 31, 2011, effective hedging contracts decreased oil revenue by $32,706 and increased gas revenue by $19,432. | ||||||||||||||||
At December 31, 2013, we had an accumulated other comprehensive loss of $1,395, net of tax, which related to the fair value of our swap contracts that were outstanding as of December 31, 2013, the majority of which will be reclassified into earnings in the next 12 months. | |||||||||||||||||
Our derivative contracts are subject to netting arrangements. It is our policy not to offset our derivative contracts in presenting the fair value of these contracts as assets and liabilities in our balance sheet. The following presents the potential impact of the rights of offset associated with our recognized assets and liabilities at December 31, 2013: | |||||||||||||||||
As Presented | Effects of | With Effects | |||||||||||||||
Without | Netting | of Netting | |||||||||||||||
Netting | |||||||||||||||||
Current assets: Fair value of hedging contracts | $ | 4,549 | ($ | 4,043 | ) | $ | 506 | ||||||||||
Long-term assets: Fair value of hedging contracts | 1,378 | (274 | ) | 1,104 | |||||||||||||
Current liabilities: Fair value of hedging contracts | (7,753 | ) | 4,043 | (3,710 | ) | ||||||||||||
Long-term liabilities: Fair value of hedging contracts | (470 | ) | 274 | (196 | ) | ||||||||||||
The following table illustrates our hedging positions for calendar years 2014, 2015 and 2016 as of February 25, 2014: | |||||||||||||||||
Fixed-Price Swaps | |||||||||||||||||
NYMEX (except where noted) | |||||||||||||||||
Natural Gas | Oil | ||||||||||||||||
Daily Volume | Swap | Daily Volume | Swap | ||||||||||||||
(MMBtus/d) | Price ($) | (Bbls/d) | Price ($) | ||||||||||||||
2014 | 10,000 | 4 | 1,000 | 90.06 | |||||||||||||
2014 | 10,000 | 4.04 | 1,000 | 92.25 | |||||||||||||
2014 | 10,000 | 4.105 | 1,000 | 93.55 | |||||||||||||
2014 | 10,000 | 4.19 | 1,000 | 94 | |||||||||||||
2014 | 10,000 | (a) | 4.25 | 1,000 | 98 | ||||||||||||
2014 | 10,000 | 4.25 | 1,000 | 98.3 | |||||||||||||
2014 | 10,000 | 4.35 | 2,000 | (b) | 98.85 | ||||||||||||
2014 | 1,000 | 99.65 | |||||||||||||||
2014 | 1,000 | (c) | 103.3 | ||||||||||||||
2015 | 10,000 | 4.005 | 1,000 | 89 | |||||||||||||
2015 | 10,000 | 4.12 | 1,000 | 90 | |||||||||||||
2015 | 10,000 | 4.15 | |||||||||||||||
2015 | 10,000 | 4.165 | |||||||||||||||
2015 | 10,000 | 4.22 | |||||||||||||||
2015 | 10,000 | 4.255 | |||||||||||||||
2016 | 10,000 | 4.11 | |||||||||||||||
2016 | 10,000 | 4.12 | |||||||||||||||
(a) | February through December | ||||||||||||||||
(b) | January through June | ||||||||||||||||
(c) | Brent crude oil contract |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | ||||||||||||||||
NOTE 8 – FAIR VALUE MEASUREMENTS: | |||||||||||||||||
U.S. GAAP establishes a fair value hierarchy that has three levels based on the reliability of the inputs used to determine the fair value. These levels include: Level 1, defined as inputs such as unadjusted quoted prices in active markets for identical assets or liabilities; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs for use when little or no market data exists, therefore requiring an entity to develop its own assumptions. | |||||||||||||||||
As of December 31, 2013 and December 31, 2012, we held certain financial assets and liabilities that are required to be measured at fair value on a recurring basis, including our commodity derivative instruments and our investments in marketable securities. We utilize the services of an independent third party to assist us in valuing our derivative instruments. We used the income approach in determining the fair value of our derivative instruments utilizing a proprietary pricing model. The model accounts for our credit risk and the credit risk of our counterparties in the discount rate applied to estimated future cash inflows and outflows. Our swap contracts are included within the Level 2 fair value hierarchy. For a more detailed description of our derivative instruments, see Note 7 - Derivative Instruments and Hedging Activities. We used the market approach in determining the fair value of our investments in marketable securities, which are included within the Level 1 fair value hierarchy. | |||||||||||||||||
The following tables present our assets and liabilities that are measured at fair value on a recurring basis at December 31, 2013: | |||||||||||||||||
Fair Value Measurements at December 31, 2013 | |||||||||||||||||
Assets | Total | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Marketable securities | $ | 8,248 | $ | 8,248 | $ | — | $ | — | |||||||||
Hedging contracts | 5,927 | — | 5,927 | — | |||||||||||||
Total | $ | 14,175 | $ | 8,248 | $ | 5,927 | $ | — | |||||||||
Fair Value Measurements at December 31, 2013 | |||||||||||||||||
Liabilities | Total | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||
Identical Liabilities | Inputs | Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Hedging contracts | $ | 8,223 | $ | — | $ | 8,223 | $ | — | |||||||||
Total | $ | 8,223 | $ | — | $ | 8,223 | $ | — | |||||||||
The following tables present our assets and liabilities that are measured at fair value on a recurring basis at December 31, 2012: | |||||||||||||||||
Fair Value Measurements at December 31, 2012 | |||||||||||||||||
Assets | Total | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Marketable securities | $ | 13,492 | $ | 13,492 | $ | — | $ | — | |||||||||
Hedging contracts | 48,854 | — | 48,854 | — | |||||||||||||
Total | $ | 62,346 | $ | 13,492 | $ | 48,854 | $ | — | |||||||||
Fair Value Measurements at December 31, 2012 | |||||||||||||||||
Liabilities | Total | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||
Identical Liabilities | Inputs | Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Hedging contracts | $ | 1,679 | $ | — | $ | 1,679 | $ | — | |||||||||
Total | $ | 1,679 | $ | — | $ | 1,679 | $ | — | |||||||||
The fair value of cash and cash equivalents and our variable-rate bank debt approximated book value at December 31, 2013 and 2012. As of December 31, 2012, the fair value of the 8 5⁄8% Senior Notes due 2017 (the “2017 Notes”) was approximately $401,250. On December 13, 2013, our 2017 Notes were fully redeemed. As of December 31, 2013 and 2012, the fair value of the liability component of the 2017 Convertible Notes was approximately $260,377 and $249,601, respectively. On November 27, 2013, we completed the public offering of $475,000 aggregate principal amount of additional 7 1⁄2% Senior Notes due 2022 (the “2022 Notes”). See Note 11 – Long-Term Debt. As of December 31, 2013 and 2012, the fair value of the 2022 Notes was approximately $814,719 and $314,250, respectively. | |||||||||||||||||
The fair value of the 2017 Notes and the fair value of the 2022 Notes were determined based upon quotes obtained from brokers, which represent Level 1 inputs. We applied fair value concepts in determining the liability component of the 2017 Convertible Notes (see Note 11 – Long-Term Debt) at inception, at December 31, 2013 and at December 31, 2012. The fair value of the liability was estimated using an income approach. The significant inputs in these determinations were market interest rates based on quotes obtained from brokers and represent Level 2 inputs. |
ASSET_RETIREMENT_OBLIGATIONS
ASSET RETIREMENT OBLIGATIONS | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||||||||||
ASSET RETIREMENT OBLIGATIONS | ' | ||||||||||||
NOTE 9 — ASSET RETIREMENT OBLIGATIONS: | |||||||||||||
The change in our asset retirement obligations during the years ended December 31, 2013, 2012 and 2011 is set forth below: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Asset retirement obligations as of the beginning of the year, including current portion | $ | 488,302 | $ | 425,779 | $ | 373,920 | |||||||
Liabilities incurred | 19,043 | 3,869 | 7,993 | ||||||||||
Liabilities settled | (79,695 | ) | (67,641 | ) | (63,226 | ) | |||||||
Liabilities assumed | — | 15,263 | 59,441 | ||||||||||
Divestment of properties | (9,245 | ) | (7,563 | ) | (10,900 | ) | |||||||
Accretion expense | 33,575 | 33,331 | 30,764 | ||||||||||
Revision of estimates | 50,533 | 85,264 | 27,787 | ||||||||||
Asset retirement obligations as of the end of the year, including current portion | $ | 502,513 | $ | 488,302 | $ | 425,779 | |||||||
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
INCOME TAXES | ' | ||||||||||||
NOTE 10 — INCOME TAXES: | |||||||||||||
An analysis of our deferred taxes follows: | |||||||||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Tax effect of temporary differences: | |||||||||||||
Net operating loss carryforwards | $ | 24,437 | $ | — | |||||||||
Oil and gas properties – full cost | (576,393 | ) | (465,862 | ) | |||||||||
Asset retirement obligations | 180,905 | 175,788 | |||||||||||
Stock compensation | 5,537 | 5,588 | |||||||||||
Hedges | 826 | (16,983 | ) | ||||||||||
Accrued incentive compensation | 9,189 | 4,762 | |||||||||||
Other | (3,484 | ) | 1,391 | ||||||||||
($358,983 | ) | ($295,316 | ) | ||||||||||
We estimate that we have approximately ($10,904), $15,022 and ($20,386) of current federal income tax expense (benefit) for the years ended December 31, 2013, 2012 and 2011, respectively. We have a $7,366 and $10,027 current income tax receivable at December 31, 2013 and 2012, respectively. | |||||||||||||
For tax reporting purposes, operating loss carryforwards totaled approximately $67,882 at December 31, 2013. If not utilized, such carryforwards would completely expire by the year 2033. In addition, we had approximately $1,453 in statutory depletion deductions available for tax reporting purposes that may be carried forward indefinitely. Recognition of a deferred tax asset associated with these carryforwards is dependent upon our evaluation that it is more likely than not that the asset will ultimately be realized. | |||||||||||||
A reconciliation between the statutory federal income tax rate and our effective income tax rate as a percentage of income before income taxes follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income tax expense computed at the statutory federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
State taxes | 1 | 1 | 1 | ||||||||||
IRC Sec. 162(m) limitation | 0.8 | 0.6 | 0.3 | ||||||||||
Other | 0.1 | (0.5 | ) | (0.3 | ) | ||||||||
Effective income tax rate | 36.9 | % | 36.1 | % | 36 | % | |||||||
Income taxes allocated to accumulated other comprehensive income related to oil and gas hedges amounted to ($17,003), $3,918 and $20,290 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
As of December 31, 2013 and 2012, we had unrecognized tax benefits of $0 and $385, respectively. A reconciliation of the total amounts of unrecognized tax benefits follows: | |||||||||||||
Total unrecognized tax benefits as of December 31, 2012 | $ | 385 | |||||||||||
Increases (decreases) in unrecognized tax benefits as a result of: | — | ||||||||||||
Tax positions taken during a prior period | — | ||||||||||||
Tax positions taken during the current period | — | ||||||||||||
Settlements with taxing authorities | (385 | ) | |||||||||||
Lapse of applicable statute of limitations | — | ||||||||||||
Total unrecognized tax benefits as of December 31, 2013 | $ | — | |||||||||||
Our unrecognized tax benefits pertained to proposed state income tax audit adjustments which were settled during 2013. See Note 15 – Commitments and Contingencies for additional information. It is our policy to classify interest and penalties associated with underpayment of income taxes as interest expense and general and administrative expenses, respectively. The liabilities for unrecognized tax benefits and accrued interest payable are components of other current liabilities on our balance sheet. | |||||||||||||
The tax years 2010 through 2012 remain subject to examination by major tax jurisdictions. |
LONGTERM_DEBT
LONG-TERM DEBT | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
LONG-TERM DEBT | ' | ||||||||
NOTE 11 — LONG-TERM DEBT: | |||||||||
Long-term debt consisted of the following: | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
8 5⁄8% Senior Notes due 2017 | $ | — | $ | 375,000 | |||||
1 3⁄4% Senior Convertible Notes due 2017 | 252,084 | 239,126 | |||||||
7 1⁄2% Senior Notes due 2022 | 775,000 | 300,000 | |||||||
Bank debt | — | — | |||||||
Total long-term debt | $ | 1,027,084 | $ | 914,126 | |||||
Bank Debt | |||||||||
On April 26, 2011, we entered into an amended and restated revolving credit facility with commitments totaling $700,000 (subject to borrowing base limitations) through a syndicated bank group, replacing our previous facility. Our bank credit facility matures on April 26, 2015. On December 18, 2013, our borrowing base was reaffirmed at $400,000. As of December 31, 2013 and February 25, 2014, we had no outstanding borrowings under our bank credit facility and letters of credit totaling $21,406 had been issued pursuant to our bank credit facility, leaving $378,594 of availability under our bank credit facility. | |||||||||
The borrowing base under our bank credit facility is redetermined semi-annually, in May and November, by the lenders, taking into consideration the estimated value of our oil and gas properties and those of our direct and indirect material subsidiaries in accordance with the lenders’ customary practices for oil and gas loans. In addition, we and the lenders each have discretion at any time, but not more than two additional times in any calendar year, to have the borrowing base redetermined. If a reduction in our borrowing base were to fall below any outstanding balances under the bank credit facility plus any outstanding letters of credit, our agreement with the banks allows us one or more of three options to cure the borrowing base deficiency: (1) repay amounts outstanding sufficient to cure the deficiency within 10 days after our written election to do so; (2) add additional oil and gas properties acceptable to the banks to the borrowing base and take such actions necessary to grant the banks a mortgage in the properties within 30 days after our written election to do so or (3) arrange to pay the deficiency in five equal monthly installments. | |||||||||
Our bank credit facility is guaranteed by our only significant subsidiary, Stone Offshore. Our bank credit facility is collateralized by substantially all of Stone’s and Stone Offshore’s assets. Stone and Stone Offshore are required to mortgage, and grant a security interest in, their oil and natural gas reserves representing at least 80% of the discounted present value of the future net cash flows from their oil and natural gas reserves reviewed in determining the borrowing base. At Stone’s option, loans under our bank credit facility will bear interest at a rate based on the adjusted London Interbank Offering (“Libor”) Rate plus an applicable margin, or a rate based on the prime rate or federal funds rate plus an applicable margin. | |||||||||
Under the financial covenants of our bank credit facility, we must (1) maintain a ratio of consolidated debt to consolidated EBITDA, as defined in the credit agreement, for the preceding four quarterly periods of not greater than 3.25 to 1 and (2) maintain a ratio of consolidated EBITDA to consolidated Net Interest Expense, as defined in the credit agreement, for the preceding four quarterly periods of not less than 3.0 to 1. As of December 31, 2013, our debt to EBITDA ratio was 1.73 to 1 and our EBITDA to consolidated Net Interest Expense ratio was approximately 18.40 to 1. In addition, our bank credit facility includes certain customary restrictions or requirements with respect to disposition of properties, incurrence of additional debt, change of ownership and reporting responsibilities. These covenants may limit or prohibit us from paying cash dividends but do allow for limited stock repurchases. These covenants also restrict our ability to prepay other indebtedness under certain circumstances. We were in compliance with all covenants as of December 31, 2013. | |||||||||
2017 Convertible Notes | |||||||||
On March 6, 2012, we issued in a private offering $300,000 in aggregate principal amount of the 2017 Convertible Notes to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The 2017 Convertible Notes are convertible into cash, shares of our common stock or a combination of cash and shares of our common stock, at our election, based on an initial conversion rate of 23.4449 shares of our common stock per $1 principal amount of 2017 Convertible Notes, which corresponds to an initial conversion price of approximately $42.65 per share of our common stock. On December 31, 2013, our closing share price was $34.59. The conversion rate, and thus the conversion price, may be adjusted under certain circumstances as described in the indenture related to the 2017 Convertible Notes. | |||||||||
The 2017 Convertible Notes may be converted by the holder, in multiples of $1 principal amount, only under the following circumstances: | |||||||||
• | prior to December 1, 2016, on any date during any calendar quarter beginning after June 30, 2012 (and only during such calendar quarter) if the closing sale price of our common stock was more than 130% of the then current conversion price for at least 20 trading days in the period of the 30 consecutive trading days ending on the last trading day of the previous calendar quarter; | ||||||||
• | prior to December 1, 2016, if we distribute to all or substantially all holders of our common stock rights, options or warrants entitling them to purchase, for a period of 45 calendar days or less from the declaration date for such distribution, shares of our common stock at a price per share less than the average closing sale price of our common stock for the 10 consecutive trading days immediately preceding, but excluding, the declaration date for such distribution; | ||||||||
• | prior to December 1, 2016, if we distribute to all or substantially all holders of our common stock cash, other assets, securities or rights to purchase our securities, which distribution has a per share value exceeding 10% of the closing sale price of our common stock on the trading day immediately preceding the declaration date for such distribution, or if we engage in certain corporate transactions described in the indenture related to the 2017 Convertible Notes; | ||||||||
• | prior to December 1, 2016, during the five consecutive business-day period following any five consecutive trading-day period in which the trading price per $1 principal amount of 2017 Convertible Notes for each trading day during such five trading-day period was less than 98% of the closing sale price of our common stock for each trading day during such five trading-day period multiplied by the then current conversion rate; or | ||||||||
• | on or after December 1, 2016, and prior to the close of business on the second scheduled trading day immediately preceding the maturity date of the 2017 Convertible Notes, which is March 1, 2017, without regard to the foregoing conditions. | ||||||||
Upon conversion, we will be obligated to pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of our common stock, at our election. If we satisfy our conversion obligation solely in cash or through payment and delivery, as the case may be, of a combination of cash and shares of our common stock, the amount of cash and shares of common stock, if any, due upon conversion will be based on a daily conversion value (as described in the indenture related to the 2017 Convertible Notes) calculated on a proportionate basis for each trading day in a 25 consecutive trading-day conversion period (as described in the indenture related to the 2017 Convertible Notes). Upon any conversion, subject to certain exceptions, holders of the 2017 Convertible Notes will not receive any cash payment representing accrued and unpaid interest. Instead, interest will be deemed to be paid by the cash, shares of our common stock or a combination of cash and shares of our common stock paid or delivered, as the case may be, upon conversion of a 2017 Convertible Note. | |||||||||
In connection with the offering, we entered into convertible note hedge transactions with respect to our common stock (the “Purchased Call Options”) with Barclays Capital Inc., acting as agent for Barclays Bank PLC and Bank of America, N.A. (the “Dealers”). We paid an aggregate amount of approximately $70,830 to the Dealers for the Purchased Call Options. The Purchased Call Options cover, subject to customary antidilution adjustments, approximately 7,033,470 shares of our common stock at a strike price that corresponds to the initial conversion price of the 2017 Convertible Notes, also subject to adjustment, and are exercisable upon conversion of the 2017 Convertible Notes. | |||||||||
We also entered into separate warrant transactions whereby, in reliance upon the exemption from registration provided by Section 4(2) of the Securities Act, we sold to the Dealers warrants to acquire, subject to customary antidilution adjustments, approximately 7,033,470 shares of our common stock (the “Sold Warrants”) at a strike price of $55.91 per share of our common stock. We received aggregate proceeds of approximately $40,170 from the sale of the Sold Warrants to the Dealers. If, upon expiration of the Sold Warrants, the price per share of our common stock, as measured under the Sold Warrants, is greater than the strike price of the Sold Warrants, we will be required to issue, without further consideration, under each Sold Warrant a number of shares of our common stock with a value equal to the amount of such difference. | |||||||||
As of December 31, 2013, the carrying amount of the liability component of the 2017 Convertible Notes was $252,084 and $1,750 had been accrued in connection with the March 1, 2014 interest payment. During the year ended December 31, 2013, we recognized $12,959 of interest expense for the amortization of the discount and $1,238 of interest expense for the amortization of deferred financing costs related to the 2017 Convertible Notes. During the year ended December 31, 2012, we recognized $9,956 of interest expense for the amortization of the discount and $951 of interest expense for the amortization of deferred financing costs related to the 2017 Convertible Notes. During the years ended December 31, 2013 and 2012, we recognized $5,250 and $4,302, respectively, of interest expense related to the contractual interest coupon on the 2017 Convertible Notes. | |||||||||
2022 Notes | |||||||||
On November 8, 2012, we completed the public offering of $300,000 aggregate principal amount of our 2022 Notes, which are fully and unconditionally guaranteed on a senior unsecured basis by Stone Offshore and by certain future restricted subsidiaries of Stone. The net proceeds from the offering after deducting underwriting discounts, commissions, fees and expenses totaled $293,203. On November 27, 2013, we completed the public offering of an additional $475,000 aggregate principal amount of our 2022 Notes at a 3% premium. The net proceeds from this offering after deducting underwriting discounts, commissions, fees and expenses totaled $480,195. The 2022 Notes rank equally in right of payment with all of our existing and future senior debt, and rank senior in right of payment to all of our existing and future subordinated debt. The 2022 Notes mature on November 15, 2022, and interest is payable on the 2022 Notes on each May 15 and November 15. We may redeem some or all of the 2022 Notes at any time on or after November 15, 2017 at the redemption prices specified in the indenture, and we may redeem some or all of the 2022 Notes prior to November 15, 2017 at a make-whole redemption price as specified in the indenture. We also may redeem up to 35% of the 2022 Notes prior to November 15, 2015 with cash proceeds from certain equity offerings at a redemption price of 107.500% of the principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date. If we sell certain assets and do not reinvest the proceeds or repay senior indebtedness, or we experience certain changes of control, each as described in the indenture, we must offer to repurchase the 2022 Notes. The 2022 Notes provide for certain covenants, which include, without limitation, restrictions on liens, indebtedness, asset sales, dividend payments and other restricted payments. The violation of any of these covenants could give rise to a default, which if not cured could give the holder of the 2022 Notes a right to accelerate payment. At December 31, 2013, $7,266 had been accrued in connection with the May 15, 2014 interest payment. | |||||||||
2017 Notes | |||||||||
On January 26, 2010, we issued $275,000 aggregate principal amount of our 2017 Notes. On November 17, 2010, we completed a public offering of an additional $100,000 aggregate principal amount of our 2017 Notes. In November 2013, we used proceeds from the 2022 Notes offering to purchase a portion of our 2017 Notes pursuant to a tender offer and consent solicitation. In December 2013, the remaining 2017 Notes were redeemed in full. The total cost of the redemption was $406,967, which included $396,014 to redeem the notes plus accrued and unpaid interest of $10,953. The transaction resulted in a charge to earnings of $27,279 in the fourth quarter of 2013, which represented the premium paid for the repurchase and redemption of $21,014 and the write off of the remaining deferred financing costs related to the 2017 Notes of $6,265. | |||||||||
Deferred Financing Cost and Interest Cost | |||||||||
Other assets at December 31, 2013 and 2012 included approximately $11,754 and $27,753, respectively, of deferred financing costs, net of accumulated amortization. These costs related primarily to the issuance of the 2017 Convertible Notes, the 2022 Notes and our bank credit facility. The costs associated with the 2017 Convertible Notes are being amortized over the life of the notes using a method that applies an effective interest rate of 7.51%. The costs associated with the November 2012 issuance and November 2013 issuance of the 2022 Notes are being amortized over the life of the notes using a method that applies effective interest rates of 7.75% and 7.04%, respectively. The costs associated with our bank credit facility are being amortized over the term of our bank credit facility. | |||||||||
Total interest cost incurred, before capitalization, on all obligations for the years ended December 31, 2013, 2012 and 2011 was $79,697, $68,031 and $51,322 respectively. |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ' | ||||||||||||
NOTE 12 — ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS): | |||||||||||||
Changes in accumulated other comprehensive income (loss) by component for the year ended December 31, 2013 were as follows: | |||||||||||||
Cash | Foreign | Total | |||||||||||
Flow | Currency | ||||||||||||
Hedges | Items | ||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||
Beginning balance, net of tax | $ | 28,833 | $ | — | $ | 28,833 | |||||||
Other comprehensive income (loss) before reclassifications: | |||||||||||||
Change in fair value of derivatives | (26,945 | ) | — | (26,945 | ) | ||||||||
Foreign currency translations | — | (667 | ) | (667 | ) | ||||||||
Income tax effect | 9,701 | — | 9,701 | ||||||||||
Net of tax | (17,244 | ) | (667 | ) | (17,911 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income: | |||||||||||||
Operating revenue: oil/gas production | 20,289 | — | 20,289 | ||||||||||
Income tax effect | (7,305 | ) | — | (7,305 | ) | ||||||||
Net of tax | 12,984 | — | 12,984 | ||||||||||
Other comprehensive income (loss), net of tax | (30,228 | ) | (667 | ) | (30,895 | ) | |||||||
Ending balance, net of tax | ($1,395 | ) | ($667 | ) | ($2,062 | ) | |||||||
In 2012 and 2011, the only component of accumulated other comprehensive income (loss) related to our cash flow hedges. Changes in accumulated other comprehensive income (loss) for the years ended December 31, 2012 and 2011 were as follows: | |||||||||||||
Cash Flow | |||||||||||||
Hedges | |||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||
Beginning balance, net of tax | $ | 21,868 | |||||||||||
Other comprehensive income (loss) before reclassifications: | |||||||||||||
Change in fair value of derivatives | 41,209 | ||||||||||||
Income tax effect | (14,836 | ) | |||||||||||
Net of tax | 26,373 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income: | |||||||||||||
Operating revenue: oil/gas production | 30,326 | ||||||||||||
Income tax effect | (10,918 | ) | |||||||||||
Net of tax | 19,408 | ||||||||||||
Other comprehensive income, net of tax | 6,965 | ||||||||||||
Ending balance, net of tax | $ | 28,833 | |||||||||||
Cash Flow | |||||||||||||
Hedges | |||||||||||||
For the Year Ended December 31, 2011 | |||||||||||||
Beginning balance, net of tax | ($14,204 | ) | |||||||||||
Other comprehensive income (loss) before reclassifications: | |||||||||||||
Change in fair value of derivatives | 43,089 | ||||||||||||
Income tax effect | (15,512 | ) | |||||||||||
Net of tax | 27,577 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income: | |||||||||||||
Operating revenue: oil/gas production | (13,274 | ) | |||||||||||
Income tax effect | 4,779 | ||||||||||||
Net of tax | (8,495 | ) | |||||||||||
Other comprehensive income, net of tax | 36,072 | ||||||||||||
Ending balance, net of tax | $ | 21,868 | |||||||||||
SHAREBASED_COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||||||
SHARE-BASED COMPENSATION | ' | ||||||||||||||||||||||||
NOTE 13 — SHARE-BASED COMPENSATION: | |||||||||||||||||||||||||
Under the Stone Energy Corporation 2009 Amended and Restated Stock Incentive Plan (the “2009 Plan”), we may grant both incentive stock options qualifying under Section 422 of the Internal Revenue Code and options that are not qualified as incentive stock options to all employees and directors. All such options must have an exercise price of not less than the fair market value of our common stock on the date of grant and may not be re-priced without stockholder approval. Stock options to all employees vest ratably over a five-year service-vesting period and expire 10 years subsequent to award. Stock options issued to non-employee directors vest ratably over a three-year service-vesting period and expire 10 years subsequent to award. In addition, the 2009 Plan provides that shares available under the 2009 Plan may be granted as restricted stock. Restricted stock typically vests over a one- to three-year period. | |||||||||||||||||||||||||
We record share-based compensation expense under U.S. GAAP for equity-based compensation awards based on the fair value on the date of grant. Compensation expense for equity-based compensation awards is recognized in our financial statements over the vesting period of the award. | |||||||||||||||||||||||||
For the year ended December 31, 2013, we incurred $15,425 of share-based compensation, of which $15,405 related to restricted stock issuances and $20 related to stock option grants, and of which a total of approximately $5,078 was capitalized into oil and gas properties. For the year ended December 31, 2012, we incurred $13,399 of share-based compensation, of which $13,308 related to restricted stock issuances and $91 related to stock option grants, and of which a total of approximately $4,288 was capitalized into oil and gas properties. For the year ended December 31, 2011, we incurred $8,914 of share-based compensation, of which $8,796 related to restricted stock issuances and $118 related to stock option grants, and of which a total of approximately $3,010 was capitalized into oil and gas properties. Because of the non-cash nature of share-based compensation, the expensed portion of share-based compensation is added back to net income in arriving at net cash provided by operating activities in our statement of cash flows. The capitalized portion is not included in net cash used in investing activities. | |||||||||||||||||||||||||
Stock Options. There were no stock option grants during the years ended December 31, 2013, 2012 or 2011. | |||||||||||||||||||||||||
A summary of stock option activity under the 2009 Plan during the year ended December 31, 2013 is as follows (amounts in table represent actual values except where indicated otherwise): | |||||||||||||||||||||||||
Number | Wgtd. | Wgtd. | Aggregate | ||||||||||||||||||||||
of | Avg. | Avg. | Intrinsic | ||||||||||||||||||||||
Options | Exercise | Term | Value | ||||||||||||||||||||||
Price | (in thousands) | ||||||||||||||||||||||||
Options outstanding, beginning of period | 411,794 | $ | 39.04 | ||||||||||||||||||||||
Granted | — | — | |||||||||||||||||||||||
Exercised | — | — | |||||||||||||||||||||||
Forfeited | (15,250 | ) | 42.45 | ||||||||||||||||||||||
Expired | (65,370 | ) | 36.56 | ||||||||||||||||||||||
Options outstanding, end of period | 331,174 | 39.37 | 2.2 years | $ | 1,708 | ||||||||||||||||||||
Options exercisable, end of period | 318,279 | 40.62 | 2.1 years | 1,373 | |||||||||||||||||||||
Options unvested, end of period | 12,895 | 8.64 | 5.0 years | 335 | |||||||||||||||||||||
Exercise prices for stock options outstanding at December 31, 2013 range from $6.97 to $53.20. | |||||||||||||||||||||||||
A summary of stock option activity under the 2009 Plan during the year ended December 31, 2012 is as follows (amounts in table represent actual values except where indicated otherwise): | |||||||||||||||||||||||||
Number | Wgtd. | Wgtd. | Aggregate | ||||||||||||||||||||||
of | Avg. | Avg. | Intrinsic | ||||||||||||||||||||||
Options | Exercise | Term | Value | ||||||||||||||||||||||
Price | (in thousands) | ||||||||||||||||||||||||
Options outstanding, beginning of period | 438,394 | $ | 38.76 | ||||||||||||||||||||||
Granted | — | — | |||||||||||||||||||||||
Exercised | — | — | |||||||||||||||||||||||
Forfeited | (4,200 | ) | 35.54 | ||||||||||||||||||||||
Expired | (22,400 | ) | 34.25 | ||||||||||||||||||||||
Options outstanding, end of period | 411,794 | 39.04 | 2.8 years | $ | 766 | ||||||||||||||||||||
Options exercisable, end of period | 378,004 | 41 | 2.5 years | 459 | |||||||||||||||||||||
Options unvested, end of period | 33,790 | 17.17 | 5.4 years | 307 | |||||||||||||||||||||
A summary of stock option activity under the 2009 Plan during the year ended December 31, 2011 is as follows (amounts in table represent actual values except where indicated otherwise): | |||||||||||||||||||||||||
Number | Wgtd. | Wgtd. | Aggregate | ||||||||||||||||||||||
of | Avg. | Avg. | Intrinsic | ||||||||||||||||||||||
Options | Exercise | Term | Value | ||||||||||||||||||||||
Price | (in thousands) | ||||||||||||||||||||||||
Options outstanding, beginning of period | 484,694 | $ | 39.43 | ||||||||||||||||||||||
Granted | — | — | |||||||||||||||||||||||
Exercised | — | — | |||||||||||||||||||||||
Forfeited | (13,300 | ) | 37.98 | ||||||||||||||||||||||
Expired | (33,000 | ) | 48.85 | ||||||||||||||||||||||
Options outstanding, end of period | 438,394 | 38.76 | 3.6 years | $ | 1,143 | ||||||||||||||||||||
Options exercisable, end of period | 378,710 | 41.66 | 3.1 years | 457 | |||||||||||||||||||||
Options unvested, end of period | 59,684 | 20.36 | 6.1 years | 686 | |||||||||||||||||||||
Restricted Stock. The fair value of restricted shares is typically determined based on the average of our high and low stock prices on the grant date. During the year ended December 31, 2013, we issued 848,498 shares of restricted stock valued at $17,487. During the year ended December 31, 2012, we issued 670,818 shares of restricted stock valued at $21,085. During the year ended December 31, 2011, we issued 597,062 shares of restricted stock valued at $14,100. | |||||||||||||||||||||||||
A summary of the restricted stock activity under the 2009 Plan for the years ended December 31, 2013, 2012 and 2011 is as follows (amounts in table represent actual values): | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Number of | Wgtd. | Number of | Wgtd. | Number | Wgtd. | ||||||||||||||||||||
Restricted | Avg. | Restricted | Avg. | of | Avg. | ||||||||||||||||||||
Shares | Fair Value | Shares | Fair Value | Restricted | Fair Value | ||||||||||||||||||||
Per Share | Per Share | Shares | Per Share | ||||||||||||||||||||||
Restricted stock outstanding, beginning of period | 1,108,874 | $ | 27.56 | 923,740 | $ | 20.08 | 783,606 | $ | 17.24 | ||||||||||||||||
Issuances | 848,498 | 20.61 | 670,818 | 31.43 | 597,062 | 23.62 | |||||||||||||||||||
Lapse of restrictions | (534,041 | ) | 25.45 | (462,141 | ) | 18.29 | (419,543 | ) | 19.91 | ||||||||||||||||
Forfeitures | (165,278 | ) | 26.43 | (23,543 | ) | 26.1 | (37,385 | ) | 18.92 | ||||||||||||||||
Restricted stock outstanding, end of period | 1,258,053 | $ | 23.92 | 1,108,874 | $ | 27.56 | 923,740 | $ | 20.08 | ||||||||||||||||
As of December 31, 2013, there was $17,004 of unrecognized compensation cost related to all non-vested share-based compensation arrangements under the 2009 Plan. That cost is being amortized on a straight-line basis over the vesting period and is expected to be recognized over a weighted-average period of 1.7 years. | |||||||||||||||||||||||||
Under U.S. GAAP, if tax deductions exceed book compensation expense, then excess tax benefits are credited to additional paid-in capital to the extent realized. If book compensation expense exceeds tax deductions, the tax deficit results in either a reduction in additional paid-in capital or an increase in income tax expense depending on the pool of available excess tax benefits to offset such deficit. Adjustments to additional paid-in capital related to the net tax effect of stock option exercises and restricted stock vesting were ($884), $814 and $735 in 2013, 2012 and 2011, respectively. |
SHARE_REPURCHASE_PROGRAM
SHARE REPURCHASE PROGRAM | 12 Months Ended |
Dec. 31, 2013 | |
Equity [Abstract] | ' |
SHARE REPURCHASE PROGRAM | ' |
NOTE 14 — SHARE REPURCHASE PROGRAM: | |
On September 24, 2007, our board of directors authorized a share repurchase program for an aggregate amount of up to $100,000. The shares may be repurchased from time to time in the open market or through privately negotiated transactions. The repurchase program is subject to business and market conditions and may be suspended or discontinued at any time. Through December 31, 2013, 300,000 shares had been repurchased under this program at a total cost of $7,071, or an average price of $23.57 per share. No shares were repurchased during the years ended December 31, 2013, 2012 and 2011. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
COMMITMENTS AND CONTINGENCIES | ' | ||||
NOTE 15 — COMMITMENTS AND CONTINGENCIES: | |||||
Leases | |||||
We lease office facilities in Lafayette and New Orleans, Louisiana, Houston, Texas and Morgantown, West Virginia under the terms of long-term, non-cancelable leases expiring on various dates through 2018. We also lease certain equipment on our oil and gas properties typically on a month-to-month basis. The minimum net annual commitments under all leases, subleases and contracts with non-cancelable terms in excess of 12 months at December 31, 2013 were as follows: | |||||
2014 | $ | 736 | |||
2015 | 637 | ||||
2016 | 358 | ||||
2017 | 301 | ||||
2018 | 147 | ||||
Payments related to our lease obligations for the years ended December 31, 2013, 2012 and 2011 were approximately $597, $894 and $446, respectively. | |||||
Other Commitments | |||||
We are contingently liable to surety insurance companies in the amount of $81,878 relative to bonds issued on our behalf to the Bureau of Ocean Energy Management (the “BOEM”), federal and state agencies and certain third parties from which we purchased oil and gas working interests. The bonds represent guarantees by the surety insurance companies that we will operate in accordance with applicable rules and regulations and perform certain plugging and abandonment obligations as specified by applicable working interest purchase and sale agreements. | |||||
In connection with our exploration and development efforts, we are contractually committed to the use of drilling rigs and the acquisition of seismic data in the aggregate amount of $216,726 to be incurred over the next four years. We have placed $22,350 on deposit to guarantee these obligations. | |||||
The Oil Pollution Act (the “OPA”) imposes ongoing requirements on a responsible party, including the preparation of oil spill response plans and proof of financial responsibility to cover environmental cleanup and restoration costs that could be incurred in connection with an oil spill. Under the OPA and a final rule adopted by the BOEM in August 1998, responsible parties of covered offshore facilities that have a worst case oil spill of more than 1,000 barrels must demonstrate financial responsibility in amounts ranging from at least $10,000 in specified state waters to at least $35,000 in Outer Continental Shelf (the “OCS”) waters, with higher amounts of up to $150,000 in certain limited circumstances where the BOEM believes such a level is justified by the risks posed by the operations, or if the worst case oil-spill discharge volume possible at the facility may exceed the applicable threshold volumes specified under the BOEM’s final rule. We do not anticipate that we will experience any difficulty in continuing to satisfy the BOEM’s requirements for demonstrating financial responsibility under the OPA and the BOEM’s regulations. | |||||
Litigation | |||||
We are named as a defendant in certain lawsuits and are a party to certain regulatory proceedings arising in the ordinary course of business. We do not expect that these matters, individually or in the aggregate, will have a material adverse effect on our financial condition. | |||||
Since 2003, we have been involved in disputes with the Louisiana Department of Revenue (the “LDR”), which resulted in several petitions being filed by the LDR in Louisiana state court, claiming additional franchise taxes due. In addition, we received preliminary assessments from the LDR of additional franchise and income taxes resulting from audits of Stone and its subsidiaries. These petitions and assessments primarily related to the LDR’s assertion that sales of crude oil and natural gas from properties located on the OCS that are transported through the state should be sourced to the state for purposes of computing the Louisiana franchise tax and income tax apportionment ratios. By agreement dated November 22, 2013, Stone executed a settlement with the state in the amount of $13,000, resolving all claims asserted in litigation, as well as assessments proposed by the LDR for franchise and income taxes alleged to be due by Stone for the tax years 1999 through 2009, including claims for interest thereon. The agreement was reached under an amnesty program pursuant to Act 421 of the 2013 Regular Session of the Louisiana Legislature. The settlement amount, less income tax and interest amounts previously accrued, has been recorded as an expense in the accompanying consolidated statement of income. The tax years 2011 through 2013 remain subject to examination but the exposure to additional assessments is immaterial. |
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2013 | |
Postemployment Benefits [Abstract] | ' |
EMPLOYEE BENEFIT PLANS | ' |
NOTE 16 — EMPLOYEE BENEFIT PLANS: | |
We have entered into deferred compensation and disability agreements with certain of our officers and former officers. The benefits under the deferred compensation agreements vest after certain periods of employment, and at December 31, 2013, the liability for such vested benefits was approximately $1,062 and is recorded in current and other long-term liabilities. | |
The following is a brief description of each incentive compensation plan applicable to our employees: | |
Annual Cash Incentive Compensation Plan | |
The Amended and Restated Revised Annual Incentive Compensation Plan, which was adopted in November 2007, provides for annual cash incentive bonuses that are tied to the achievement of certain strategic objectives as defined by our board of directors on an annual basis. Stone incurred expenses of $15,340, $8,113, and $11,600, net of amounts capitalized, for each of the years ended December 31, 2013, 2012 and 2011, respectively, related to incentive compensation bonuses to be paid under the revised plan. | |
Stock Incentive Plans | |
At the 2011 Annual Meeting of Stockholders, the stockholders approved the First Amendment (the “First Amendment”) to the 2009 Plan. The First Amendment increases the number of shares of our common stock that Stone may issue under the 2009 Plan, and the number of shares of our common stock that may be issued under the 2009 Plan through incentive stock options by 2,800,000 shares, effective May 20, 2011. The 2009 Plan is an amendment and restatement of the company’s 2004 Amended and Restated Stock Incentive Plan (the “2004 Plan”), and it supersedes and replaces in its entirety the 2004 Plan. The 2009 Plan provides for the granting of incentive stock options and restricted stock awards or any combination as is best suited to the circumstances of the particular employee or nonemployee director. The 2009 Plan eliminates the automatic grant of stock options or restricted stock awards to nonemployee directors that was provided for in the 2004 Plan so that awards under the 2009 Plan are entirely at the discretion of our board of directors. Under the 2009 Plan, we may grant both incentive stock options qualifying under Section 422 of the Internal Revenue Code and options that are not qualified as incentive stock options to all employees and directors. All such options must have an exercise price of not less than the fair market value of our common stock on the date of grant and may not be re-priced without stockholder approval. Stock options to all employees vest ratably over a five-year service-vesting period and expire 10 years subsequent to award. Stock options issued to non-employee directors vest ratably over a three-year service-vesting period and expire 10 years subsequent to award. In addition, the 2009 Plan provides that shares available under the 2009 Plan may be granted as restricted stock. Restricted stock grants typically vest in one to three years at the discretion of the Compensation Committee of our board of directors. At December 31, 2013, we had approximately 2,081,866 additional shares available for issuance pursuant to the Plan. | |
401(k) and Deferred Compensation Plans | |
The Stone Energy 401(k) Profit Sharing Plan provides eligible employees with the option to defer receipt of a portion of their compensation and we may, at our discretion, match a portion or all of the employee’s deferral. The amounts held under the plan are invested in various investment funds maintained by a third party in accordance with the directions of each employee. An employee is 20% vested in matching contributions (if any) for each year of service and is fully vested upon five years of service. For the years ended December 31, 2013, 2012 and 2011, Stone contributed $1,793, $1,759 and $1,435, respectively, to the plan. | |
The Stone Energy Corporation Deferred Compensation Plan provides eligible executives and employees with the option to defer up to 100% of their compensation for a calendar year and we may, at our discretion, match a portion or all of the participant’s deferral based upon a percentage determined by our board of directors. To date there have been no matching contributions made by Stone. The amounts held under the plan are invested in various investment funds maintained by a third party in accordance with the direction of each participant. At December 31, 2013 and 2012, plan assets of $8,248 and $7,498, respectively, were included in other assets. An equal amount of plan liabilities were included in other long-term liabilities. | |
Change of Control and Severance Plans | |
On April 7, 2009, we amended and restated our Executive Change of Control and Severance Plan effective as of December 31, 2008 (as so amended and restated, the “Executive Plan”). The Executive Plan also replaced and superseded our Executive Change in Control and Severance Policy that was maintained for certain designated executives (specifically, the CEO and CFO). The Executive Plan will provide the company’s officers that are terminated in the event of a change of control and upon certain other terminations of employment with change of control and severance benefits as defined in the Executive Plan. Executives who are terminated within the scope of the Executive Plan will be entitled to certain payments and benefits including the following: a base salary up to the date of termination; in the case of the CEO and CFO, a lump sum severance payment of 2.99 times the sum of his annual pay and any target bonus at the one hundred percent level; a lump sum amount representing a pro rata share of the bonus opportunity up to the date of termination at the then projected rate of payout; in the case of officers other than the CEO and CFO and an involuntary termination occurring outside a change of control period, a lump sum severance payment in an amount equal to the executive’s annual base salary; in the case of officers other than the CEO and CFO and an involuntary termination occurring during a change of control period, a lump sum severance payment in an amount equal to 2.99 times the executive’s annual base salary; continued health plan coverage for six months and outplacement services. In the case of the CEO and CFO, if the payments would be “excess parachute payments,” they will be reduced as necessary to avoid the 20% excise tax under Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), but only if the executive is in a better net after-tax position after such reduction. Also, if a payment would be to a “key employee” for purposes of Section 409A of the Code, payment will be delayed until six months after his termination if required to comply with Section 409A. Benefits paid upon a change of control, without regard to whether there is a termination of employment, include the following: lapse of restrictions on restricted stock, accelerated vesting and cash-out of all in-the-money stock options, a 401(k) plan employer matching contribution at the rate of 50%, and a pro-rated portion of the projected bonus, if any, for the year of change of control. | |
On December 7, 2007, our board of directors approved and adopted the Stone Energy Corporation Employee Change of Control Severance Plan (“Employee Severance Plan”), as amended and restated to comply with the final regulations under Section 409A of the Internal Revenue Code and to provide that said plan will remain in force and effect unless and until terminated by our board of directors. The Employee Severance Plan amended and restated the company’s previous Employee Change of Control Severance Plan dated November 16, 2006. The Employee Severance Plan covers all full-time employees other than officers. Severance is triggered by an involuntary termination of employment on and during the six-month period following a change of control, including a resignation by the employee relating to a change in duties. Employees who are terminated within the scope of the Employee Severance Plan will be entitled to certain payments and benefits including the following: a lump sum equal to (1) weekly pay times full years of service, plus (2) one week’s pay for each full $10,000 of annual pay, but the sum of (1) and (2) cannot be less than 12 weeks of pay or greater than 52 weeks of pay; continued health plan coverage for six months; and a pro-rated portion of the employee’s targeted bonus for the year. Benefits paid upon a change of control, without regard to whether there is a termination of employment, include the following: lapse of restrictions on restricted stock, accelerated vesting and cash-out of all in-the-money stock options, a 401(k) plan employer matching contribution at the rate of 50%, and a lump sum cash payment equal to the product of (i) the number of “restricted shares” of company stock that the employee would have received under the company’s stock plan but did not receive for the time-vested portion of his long-term stock incentive award, if any, for the calendar year in which the change of control occurs times (ii) the price per share of the company’s common stock utilized in effecting the change of control, provided that such amount shall be pro-rated by multiplying such amount by the number of full months that have elapsed from January 1 of that calendar year to the effective date of the change of control and then dividing the result by 12. | |
OIL_AND_GAS_RESERVE_INFORMATIO
OIL AND GAS RESERVE INFORMATION - UNAUDITED | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Extractive Industries [Abstract] | ' | ||||||||||||||||
OIL AND GAS RESERVE INFORMATION - UNAUDITED | ' | ||||||||||||||||
NOTE 17 — OIL AND GAS RESERVE INFORMATION – UNAUDITED: | |||||||||||||||||
Our estimated net proved oil and natural gas reserves at December 31, 2013 have been prepared in accordance with guidelines established by the Securities and Exchange Commission (“SEC”). Accordingly, the following reserve estimates are based upon existing economic and operating conditions at the respective dates. There are numerous uncertainties inherent in estimating quantities of proved reserves and in providing the future rates of production and timing of development expenditures. The following reserve data represents estimates only and should not be construed as being exact. In addition, the present values should not be construed as the market value of the oil and gas properties or the cost that would be incurred to obtain equivalent reserves. | |||||||||||||||||
The following table sets forth an analysis of the estimated quantities of net proved and proved developed oil (including condensate), natural gas and natural gas liquids (“NGL”) reserves, all of which are located onshore and offshore the continental United States. Estimated proved oil, natural gas and NGL reserves at December 31, 2013, 2012 and 2011 are prepared in accordance with the SEC’s rule, “Modernization of Oil and Gas Reporting,” using a historical 12-month average pricing assumption. In the first quarter of 2012, we began reporting NGL volumes and revenues separately from gas volumes. Historically, we reported “wet” gas volumes, which included entrained liquids. We now report NGLs and “dry” gas (shrunk for removal of liquids) volumes. Reserve volumes for the year ended December 31, 2011 have been reclassified to conform to the current presentation. Reserve volumes for the year ended December 31, 2010 have not been reclassified to conform to the current presentation given the immateriality of NGL volumes in such period. | |||||||||||||||||
Oil | NGLs | Natural | Oil, | ||||||||||||||
(MBbls) | (MBbls) | Gas | Natural | ||||||||||||||
(MMcf) | Gas and | ||||||||||||||||
NGLs | |||||||||||||||||
(MMcfe) | |||||||||||||||||
Estimated proved reserves as of December 31, 2010 | 33,203 | — | 274,705 | 473,923 | |||||||||||||
Revisions of previous estimates | 2,889 | 4,911 | (26,725 | ) | 20,075 | ||||||||||||
Extensions, discoveries and other additions | 3,544 | — | 93,520 | 114,784 | |||||||||||||
Purchase of producing properties | 14,396 | — | 24,595 | 110,971 | |||||||||||||
Sale of reserves | (1,950 | ) | — | (2,150 | ) | (13,850 | ) | ||||||||||
Production | (6,427 | ) | (506 | ) | (38,466 | ) | (80,064 | ) | |||||||||
Estimated proved reserves as of December 31, 2011 | 45,655 | 4,405 | 325,479 | 625,839 | |||||||||||||
Revisions of previous estimates | (1,559 | ) | 9,349 | (26,694 | ) | 20,050 | |||||||||||
Extensions, discoveries and other additions | 3,681 | 4,856 | 131,408 | 182,633 | |||||||||||||
Purchase of producing properties | 4,336 | 619 | 8,168 | 37,895 | |||||||||||||
Sale of reserves | (60 | ) | — | (418 | ) | (775 | ) | ||||||||||
Production | (7,135 | ) | (1,163 | ) | (42,569 | ) | (92,357 | ) | |||||||||
Estimated proved reserves as of December 31, 2012 | 44,918 | 18,066 | 395,374 | 773,285 | |||||||||||||
Revisions of previous estimates | 3,606 | 2,439 | 36,006 | 72,275 | |||||||||||||
Extensions, discoveries and other additions | 2,367 | 4,395 | 79,729 | 120,299 | |||||||||||||
Sale of reserves | (170 | ) | — | (214 | ) | (1,235 | ) | ||||||||||
Production | (6,894 | ) | (1,603 | ) | (50,129 | ) | (101,111 | ) | |||||||||
Estimated proved reserves as of December 31, 2013 | 43,827 | 23,297 | 460,766 | 863,513 | |||||||||||||
Estimated proved developed reserves: | |||||||||||||||||
as of December 31, 2011 | 30,914 | 3,195 | 171,871 | 376,528 | |||||||||||||
as of December 31, 2012 | 29,005 | 8,593 | 210,956 | 436,540 | |||||||||||||
as of December 31, 2013 | 27,920 | 11,569 | 246,946 | 483,885 | |||||||||||||
The following narrative provides the reasons for the significant changes in the quantities of our estimated proved reserves by year. | |||||||||||||||||
Year Ended December 31, 2013. Extensions, discoveries and other additions were primarily the result of our Appalachia drilling program (117 Bcfe). Revisions of previous estimates were primarily the result of positive reserve report pricing changes extending the economic limits of reservoirs (17.8 Bcfe) and well performance (54.5 Bcfe). | |||||||||||||||||
Year Ended December 31, 2012. Extensions, discoveries and other additions were primarily the result of our Appalachia drilling program (162 Bcfe) and our deep gas development project at LaCantera (17 Bcfe). Purchase of producing properties relates to our acquisition of an additional interest in the Pompano field. | |||||||||||||||||
Year Ended December 31, 2011. Extensions, discoveries and other additions were primarily the result of our Appalachia drilling program (94 Bcfe), our deep gas development project at LaPosada (11 Bcfe) and our GOM drilling program at Mississippi Canyon Block 109 (6 Bcfe). Purchase of producing properties primarily relates to our acquisition of the Pompano and Mica fields (102 Bcfe) and our acquisition of an additional 15% working interest in the Pyrenees project (6 Bcfe). Sale of reserves primarily relates to the sale of our non-operated interest in the Main Pass Block 296 and 311 fields (13 Bcfe). | |||||||||||||||||
The following tables present the standardized measure of discounted future net cash flows related to estimated proved oil, natural gas and NGL reserves together with changes therein, including a reduction for estimated plugging and abandonment costs that are also reflected as a liability on the balance sheet at December 31, 2013. You should not assume that the future net cash flows or the discounted future net cash flows, referred to in the tables below, represent the fair value of our estimated oil, natural gas and NGL reserves. Prices are based on either the historical 12-month average price based on closing prices on the first day of each month, or prices defined by existing contractual arrangements. The 2013 average historical 12-month oil and gas prices, net of applicable differentials, were $102.21 per Bbl of oil, $37.59 per Bbl of NGLs and $3.66 per Mcf of gas. The 2012 average 12-month oil and gas prices, net of applicable differentials, were $101.20 per Bbl of oil, $38.23 per Bbl of NGLs and $2.68 per Mcf of gas. The 2011 average 12-month oil and gas prices, net of applicable differentials, were $100.97 per Bbl of oil, $58.26 per Bbl of NGLs and $4.74 per Mcf of gas. Future production and development costs are based on current costs with no escalations. Estimated future cash flows net of future income taxes have been discounted to their present values based on a 10% annual discount rate. | |||||||||||||||||
Standardized Measure Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Future cash inflows | $ | 7,040,928 | $ | 6,295,455 | $ | 6,171,279 | |||||||||||
Future production costs | (2,062,657 | ) | (1,946,426 | ) | (1,747,806 | ) | |||||||||||
Future development costs | (1,431,101 | ) | (1,241,531 | ) | (1,219,214 | ) | |||||||||||
Future income taxes | (884,637 | ) | (799,007 | ) | (852,364 | ) | |||||||||||
Future net cash flows | 2,662,533 | 2,308,491 | 2,351,895 | ||||||||||||||
10% annual discount | (977,531 | ) | (794,632 | ) | (808,933 | ) | |||||||||||
Standardized measure of discounted future net cash flows | $ | 1,685,002 | $ | 1,513,859 | $ | 1,542,962 | |||||||||||
Changes in Standardized Measure | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Standardized measure at beginning of year | $ | 1,513,859 | $ | 1,542,962 | $ | 957,629 | |||||||||||
Sales and transfers of oil, gas and NGLs produced, net of production costs | (708,017 | ) | (697,741 | ) | (670,347 | ) | |||||||||||
Changes in price, net of future production costs | 229,425 | (380,841 | ) | 502,324 | |||||||||||||
Extensions and discoveries, net of future production and development costs | 155,592 | 178,272 | 293,168 | ||||||||||||||
Changes in estimated future development costs, net of development costs incurred during the period | 28,684 | 212,329 | 97,852 | ||||||||||||||
Revisions of quantity estimates | 281,558 | 76,450 | (27,854 | ) | |||||||||||||
Accretion of discount | 202,087 | 207,292 | 118,722 | ||||||||||||||
Net change in income taxes | (28,084 | ) | 22,947 | (300,363 | ) | ||||||||||||
Purchases of reserves in-place | — | 276,389 | 567,286 | ||||||||||||||
Sales of reserves in-place | 15,531 | 2,480 | (36,278 | ) | |||||||||||||
Changes in production rates due to timing and other | (5,633 | ) | 73,320 | 40,823 | |||||||||||||
Net increase (decrease) in standardized measure | 171,143 | (29,103 | ) | 585,333 | |||||||||||||
Standardized measure at end of year | $ | 1,685,002 | $ | 1,513,859 | $ | 1,542,962 | |||||||||||
SUMMARIZED_QUARTERLY_FINANCIAL
SUMMARIZED QUARTERLY FINANCIAL INFORMATION - UNAUDITED | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
SUMMARIZED QUARTERLY FINANCIAL INFORMATION - UNAUDITED | ' | ||||||||||||||||
NOTE 18 — SUMMARIZED QUARTERLY FINANCIAL INFORMATION – UNAUDITED: | |||||||||||||||||
The results of operations by quarter are as follows: | |||||||||||||||||
2013 Quarter Ended | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
Operating revenue | $ | 233,732 | $ | 245,877 | $ | 256,685 | $ | 239,253 | |||||||||
Income from operations | 72,828 | 69,525 | 62,422 | 37,206 | (a) | ||||||||||||
Net income | 40,758 | 39,022 | 36,102 | 1,752 | (a) (b) | ||||||||||||
Basic earnings per share | $ | 0.82 | $ | 0.78 | $ | 0.72 | $ | 0.04 | |||||||||
Diluted earnings per share | $ | 0.82 | $ | 0.78 | $ | 0.72 | $ | 0.04 | |||||||||
2012 Quarter Ended | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
Operating revenue | $ | 244,957 | $ | 226,561 | $ | 227,397 | $ | 254,871 | |||||||||
Income from operations | 84,927 | 56,156 | 44,485 | 78,397 | |||||||||||||
Net income | 50,974 | 30,547 | 23,659 | 44,246 | |||||||||||||
Basic earnings per share | $ | 1.04 | $ | 0.62 | $ | 0.48 | $ | 0.89 | |||||||||
Diluted earnings per share | $ | 1.04 | $ | 0.62 | $ | 0.48 | $ | 0.89 | |||||||||
(a) | Includes franchise tax settlement of $12,590 before income tax effect ($8,058 net of income tax effect). | ||||||||||||||||
(b) | Includes loss on early extinguishment of debt of $27,279 before income tax effect ($17,459 net of income tax effect). |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
NOTE 19 — SUBSEQUENT EVENTS: | |
On January 16, 2014, we completed the sale of our interests in the Cut Off and Clovelly fields for cash consideration of approximately $41,575. On January 31, 2014, we completed the sale of our interest in the Hatch Point field for cash consideration of approximately $9,720. These sales will be accounted for as an adjustment to capitalized costs with no gain or loss recognized. |
GUARANTOR_FINANCIAL_STATEMENTS
GUARANTOR FINANCIAL STATEMENTS | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||
GUARANTOR FINANCIAL STATEMENTS | ' | ||||||||||||||||||||
NOTE 20 – GUARANTOR FINANCIAL STATEMENTS: | |||||||||||||||||||||
Stone Offshore is an unconditional guarantor (the “Guarantor Subsidiary”) of the 2017 Convertible Notes and 2022 Notes. Our other subsidiaries (the “Non-Guarantor Subsidiaries”) have not provided guarantees. The following presents consolidating financial information as of December 31, 2013 and 2012 and for the years ended December 31, 2013, 2012 and 2011 on an issuer (parent company), Guarantor Subsidiary, Non-Guarantor Subsidiaries, and consolidated basis. Elimination entries presented are necessary to combine the entities. | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiary | Subsidiaries | ||||||||||||||||||||
Assets | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 246,294 | $ | 84,290 | $ | 640 | $ | — | $ | 331,224 | |||||||||||
Accounts receivable | 74,887 | 97,128 | — | (44 | ) | 171,971 | |||||||||||||||
Fair value of hedging contracts | — | 4,549 | — | — | 4,549 | ||||||||||||||||
Current income tax receivable | 7,366 | — | — | — | 7,366 | ||||||||||||||||
Deferred taxes * | 8,659 | 23,051 | — | — | 31,710 | ||||||||||||||||
Inventory | 3,440 | 283 | — | — | 3,723 | ||||||||||||||||
Other current assets | 1,874 | — | — | — | 1,874 | ||||||||||||||||
Total current assets | 342,520 | 209,301 | 640 | (44 | ) | 552,417 | |||||||||||||||
Oil and gas properties, full cost method: | |||||||||||||||||||||
Proved | 1,309,527 | 6,494,590 | — | — | 7,804,117 | ||||||||||||||||
Less: accumulated DD&A | (459,932 | ) | (5,448,828 | ) | — | — | (5,908,760 | ) | |||||||||||||
Net proved oil and gas properties | 849,595 | 1,045,762 | — | — | 1,895,357 | ||||||||||||||||
Unevaluated | 325,113 | 388,643 | 10,583 | — | 724,339 | ||||||||||||||||
Other property and equipment, net | 26,178 | — | — | — | 26,178 | ||||||||||||||||
Fair value of hedging contracts | — | 1,378 | — | — | 1,378 | ||||||||||||||||
Other assets, net | 45,410 | 1,349 | 2,128 | — | 48,887 | ||||||||||||||||
Investment in subsidiary | 747,472 | — | 12,711 | (760,183 | ) | — | |||||||||||||||
Total assets | $ | 2,336,288 | $ | 1,646,433 | $ | 26,062 | ($760,227 | ) | $ | 3,248,556 | |||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable to vendors | $ | 173,147 | $ | 22,530 | $ | 44 | ($44 | ) | $ | 195,677 | |||||||||||
Undistributed oil and gas proceeds | 34,386 | 2,643 | — | — | 37,029 | ||||||||||||||||
Accrued interest | 9,022 | — | — | — | 9,022 | ||||||||||||||||
Fair value of hedging contracts | — | 7,753 | — | — | 7,753 | ||||||||||||||||
Asset retirement obligations | — | 67,161 | — | — | 67,161 | ||||||||||||||||
Other current liabilities | 53,682 | 838 | — | — | 54,520 | ||||||||||||||||
Total current liabilities | 270,237 | 100,925 | 44 | (44 | ) | 371,162 | |||||||||||||||
Long-term debt | 1,027,084 | — | — | — | 1,027,084 | ||||||||||||||||
Deferred taxes * | 10,227 | 380,466 | — | — | 390,693 | ||||||||||||||||
Asset retirement obligations | 4,945 | 430,407 | — | — | 435,352 | ||||||||||||||||
Fair value of hedging contracts | — | 470 | — | — | 470 | ||||||||||||||||
Other long-term liabilities | 53,509 | — | — | — | 53,509 | ||||||||||||||||
Total liabilities | 1,366,002 | 912,268 | 44 | (44 | ) | 2,278,270 | |||||||||||||||
Commitments and contingencies Stockholders’ equity: | |||||||||||||||||||||
Common stock | 488 | — | — | — | 488 | ||||||||||||||||
Treasury stock | (860 | ) | — | — | — | (860 | ) | ||||||||||||||
Additional paid-in capital | 1,397,885 | 1,309,563 | 27,403 | (1,336,966 | ) | 1,397,885 | |||||||||||||||
Accumulated deficit | (425,165 | ) | (574,003 | ) | (52 | ) | 574,055 | (425,165 | ) | ||||||||||||
Accumulated other comprehensive loss | (2,062 | ) | (1,395 | ) | (1,333 | ) | 2,728 | (2,062 | ) | ||||||||||||
Total stockholders’ equity | 970,286 | 734,165 | 26,018 | (760,183 | ) | 970,286 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,336,288 | $ | 1,646,433 | $ | 26,062 | ($760,227 | ) | $ | 3,248,556 | |||||||||||
* | Deferred income taxes have been allocated to Guarantor Subsidiary where related oil and gas properties reside. | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiary | Subsidiaries | ||||||||||||||||||||
Assets | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 228,398 | $ | 51,128 | $ | — | $ | — | $ | 279,526 | |||||||||||
Accounts receivable | 59,213 | 108,075 | — | — | 167,288 | ||||||||||||||||
Fair value of hedging contracts | — | 39,655 | — | — | 39,655 | ||||||||||||||||
Current income tax receivable | 10,027 | — | — | — | 10,027 | ||||||||||||||||
Deferred taxes * | 5,947 | 9,567 | — | — | 15,514 | ||||||||||||||||
Inventory | 3,924 | 283 | — | — | 4,207 | ||||||||||||||||
Other current assets | 3,626 | — | — | — | 3,626 | ||||||||||||||||
Total current assets | 311,135 | 208,708 | — | — | 519,843 | ||||||||||||||||
Oil and gas properties, full cost method: | |||||||||||||||||||||
Proved | 1,004,808 | 6,239,658 | — | — | 7,244,466 | ||||||||||||||||
Less: accumulated DD&A | (370,111 | ) | (5,140,055 | ) | — | — | (5,510,166 | ) | |||||||||||||
Net proved oil and gas properties | 634,697 | 1,099,603 | — | — | 1,734,300 | ||||||||||||||||
Unevaluated | 254,757 | 193,038 | — | — | 447,795 | ||||||||||||||||
Other property and equipment, net | 22,115 | — | — | — | 22,115 | ||||||||||||||||
Fair value of hedging contracts | — | 9,199 | — | — | 9,199 | ||||||||||||||||
Other assets, net | 41,679 | 1,500 | — | — | 43,179 | ||||||||||||||||
Investment in subsidiary | 736,331 | — | — | (736,331 | ) | — | |||||||||||||||
Total assets | $ | 2,000,714 | $ | 1,512,048 | $ | — | ($736,331 | ) | $ | 2,776,431 | |||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable to vendors | $ | 74,503 | $ | 19,858 | $ | — | $ | — | $ | 94,361 | |||||||||||
Undistributed oil and gas proceeds | 21,841 | 1,573 | — | — | 23,414 | ||||||||||||||||
Accrued interest | 18,546 | — | — | — | 18,546 | ||||||||||||||||
Fair value of hedging contracts | — | 149 | — | — | 149 | ||||||||||||||||
Asset retirement obligations | — | 66,260 | — | — | 66,260 | ||||||||||||||||
Other current liabilities | 16,765 | — | — | — | 16,765 | ||||||||||||||||
Total current liabilities | 131,655 | 87,840 | — | — | 219,495 | ||||||||||||||||
Long-term debt | 914,126 | — | — | — | 914,126 | ||||||||||||||||
Deferred taxes * | 47,758 | 263,072 | — | — | 310,830 | ||||||||||||||||
Asset retirement obligations | 5,479 | 416,563 | — | — | 422,042 | ||||||||||||||||
Fair value of hedging contracts | — | 1,530 | — | — | 1,530 | ||||||||||||||||
Other long-term liabilities | 29,563 | 6,712 | — | — | 36,275 | ||||||||||||||||
Total liabilities | 1,128,581 | 775,717 | — | — | 1,904,298 | ||||||||||||||||
Commitments and contingencies Stockholders’ equity: | |||||||||||||||||||||
Common stock | 484 | — | — | — | 484 | ||||||||||||||||
Treasury stock | (860 | ) | — | — | — | (860 | ) | ||||||||||||||
Additional paid-in capital | 1,386,475 | 1,496,510 | — | (1,496,510 | ) | 1,386,475 | |||||||||||||||
Accumulated deficit | (542,799 | ) | (789,012 | ) | — | 789,012 | (542,799 | ) | |||||||||||||
Accumulated other comprehensive income | 28,833 | 28,833 | — | (28,833 | ) | 28,833 | |||||||||||||||
Total stockholders’ equity | 872,133 | 736,331 | — | (736,331 | ) | 872,133 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,000,714 | $ | 1,512,048 | $ | — | ($736,331 | ) | $ | 2,776,431 | |||||||||||
* | Deferred income taxes have been allocated to Guarantor Subsidiary where related oil and gas properties reside. | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | |||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||
Subsidiary | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Operating revenue: | |||||||||||||||||||||
Oil production | $ | 30,475 | $ | 684,629 | $ | — | $ | — | $ | 715,104 | |||||||||||
Gas production | 68,895 | 121,685 | — | — | 190,580 | ||||||||||||||||
Natural gas liquids production | 32,293 | 28,394 | — | — | 60,687 | ||||||||||||||||
Other operational income | 7,163 | 645 | — | — | 7,808 | ||||||||||||||||
Total operating revenue | 138,826 | 835,353 | — | — | 974,179 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||
Lease operating expenses | 14,680 | 186,473 | — | — | 201,153 | ||||||||||||||||
Transportation, processing, and gathering expenses | 28,322 | 13,850 | — | — | 42,172 | ||||||||||||||||
Production taxes | 6,229 | 8,800 | — | — | 15,029 | ||||||||||||||||
Depreciation, depletion, amortization | 93,579 | 256,995 | — | — | 350,574 | ||||||||||||||||
Accretion expense | 372 | 33,203 | — | — | 33,575 | ||||||||||||||||
Salaries, general and administrative | 59,473 | 5 | 46 | — | 59,524 | ||||||||||||||||
Franchise tax settlement | 12,590 | — | — | — | 12,590 | ||||||||||||||||
Incentive compensation expense | 15,340 | — | — | — | 15,340 | ||||||||||||||||
Other operational expenses | 38 | 113 | — | — | 151 | ||||||||||||||||
Derivative expense, net | — | 2,090 | — | — | 2,090 | ||||||||||||||||
Total operating expenses | 230,623 | 501,529 | 46 | — | 732,198 | ||||||||||||||||
Income (loss) from operations | (91,797 | ) | 333,824 | (46 | ) | — | 241,981 | ||||||||||||||
Other (income) expenses: | |||||||||||||||||||||
Interest expense | 32,816 | 21 | — | — | 32,837 | ||||||||||||||||
Interest income | (1,480 | ) | (195 | ) | (20 | ) | — | (1,695 | ) | ||||||||||||
Other income | (875 | ) | (1,924 | ) | — | — | (2,799 | ) | |||||||||||||
Loss on early extinguishment of debt | 27,279 | — | — | — | 27,279 | ||||||||||||||||
(Income) loss from investment in subsidiaries | (214,983 | ) | — | 26 | 214,957 | — | |||||||||||||||
Total other (income) expenses | (157,243 | ) | (2,098 | ) | 6 | 214,957 | 55,622 | ||||||||||||||
Income (loss) before taxes | 65,446 | 335,922 | (52 | ) | (214,957 | ) | 186,359 | ||||||||||||||
Provision (benefit) for income taxes: | |||||||||||||||||||||
Current | (10,904 | ) | — | — | — | (10,904 | ) | ||||||||||||||
Deferred | (41,284 | ) | 120,913 | — | — | 79,629 | |||||||||||||||
Total income taxes | (52,188 | ) | 120,913 | — | — | 68,725 | |||||||||||||||
Net income (loss) | $ | 117,634 | $ | 215,009 | ($52 | ) | ($214,957 | ) | $ | 117,634 | |||||||||||
Comprehensive income (loss) | $ | 86,739 | $ | 215,009 | ($52 | ) | ($214,957 | ) | $ | 86,739 | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | |||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||
Subsidiary | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Operating revenue: | |||||||||||||||||||||
Oil production | $ | 26,149 | $ | 735,155 | $ | — | $ | — | $ | 761,304 | |||||||||||
Gas production | 34,331 | 100,408 | — | — | 134,739 | ||||||||||||||||
Natural gas liquids production | 15,264 | 33,234 | — | — | 48,498 | ||||||||||||||||
Other operational income | 2,766 | 397 | 357 | — | 3,520 | ||||||||||||||||
Derivative income, net | — | 3,428 | — | — | 3,428 | ||||||||||||||||
Total operating revenue | 78,510 | 872,622 | 357 | — | 951,489 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||
Lease operating expenses | 19,914 | 195,105 | (16 | ) | — | 215,003 | |||||||||||||||
Transportation, processing and gathering expenses | 12,049 | 9,733 | — | — | 21,782 | ||||||||||||||||
Production taxes | 3,330 | 6,685 | — | — | 10,015 | ||||||||||||||||
Depreciation, depletion, amortization | 63,022 | 281,152 | 191 | — | 344,365 | ||||||||||||||||
Accretion expense | 561 | 32,513 | 257 | — | 33,331 | ||||||||||||||||
Salaries, general and administrative | 54,641 | 7 | — | — | 54,648 | ||||||||||||||||
Incentive compensation expense | 8,113 | — | — | — | 8,113 | ||||||||||||||||
Other operational expenses | 173 | 94 | — | — | 267 | ||||||||||||||||
Total operating expenses | 161,803 | 525,289 | 432 | — | 687,524 | ||||||||||||||||
Income (loss) from operations | (83,293 | ) | 347,333 | (75 | ) | — | 263,965 | ||||||||||||||
Other (income) expenses: | |||||||||||||||||||||
Interest expense | 30,446 | (71 | ) | — | — | 30,375 | |||||||||||||||
Interest income | (285 | ) | (315 | ) | — | — | (600 | ) | |||||||||||||
Other income | (144 | ) | (1,661 | ) | — | — | (1,805 | ) | |||||||||||||
Loss on early extinguishment of debt | 1,972 | — | — | — | 1,972 | ||||||||||||||||
(Income) loss from investment in subsidiaries | (223,555 | ) | 75 | — | 223,480 | — | |||||||||||||||
Total other (income) expenses | (191,566 | ) | (1,972 | ) | — | 223,480 | 29,942 | ||||||||||||||
Income (loss) before taxes | 108,273 | 349,305 | (75 | ) | (223,480 | ) | 234,023 | ||||||||||||||
Provision (benefit) for income taxes: | |||||||||||||||||||||
Current | 15,022 | — | — | — | 15,022 | ||||||||||||||||
Deferred | (56,175 | ) | 125,750 | — | — | 69,575 | |||||||||||||||
Total income taxes | (41,153 | ) | 125,750 | — | — | 84,597 | |||||||||||||||
Net income (loss) | $ | 149,426 | $ | 223,555 | ($75 | ) | ($223,480 | ) | $ | 149,426 | |||||||||||
Comprehensive income (loss) | $ | 156,391 | $ | 223,555 | ($75 | ) | ($223,480 | ) | $ | 156,391 | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | |||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2011 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiary | Subsidiaries | ||||||||||||||||||||
Operating revenue: | |||||||||||||||||||||
Oil production | $ | 5,675 | $ | 658,283 | $ | — | $ | — | $ | 663,958 | |||||||||||
Gas production | 19,470 | 151,141 | — | — | 170,611 | ||||||||||||||||
Natural gas liquids production | — | 29,996 | — | — | 29,996 | ||||||||||||||||
Other operational income | 3,085 | 249 | 604 | — | 3,938 | ||||||||||||||||
Derivative income, net | — | 1,418 | — | — | 1,418 | ||||||||||||||||
Total operating revenue | 28,230 | 841,087 | 604 | — | 869,921 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||
Lease operating expenses | 6,632 | 169,018 | 231 | — | 175,881 | ||||||||||||||||
Transportation, processing and gathering expenses | — | 8,958 | — | — | 8,958 | ||||||||||||||||
Production taxes | 1,434 | 7,946 | — | — | 9,380 | ||||||||||||||||
Depreciation, depletion, amortization | 17,860 | 261,326 | 834 | — | 280,020 | ||||||||||||||||
Accretion expense | 15 | 30,385 | 364 | — | 30,764 | ||||||||||||||||
Salaries, general and administrative | 40,073 | 94 | 2 | — | 40,169 | ||||||||||||||||
Incentive compensation expense | 11,600 | — | — | — | 11,600 | ||||||||||||||||
Other operational expenses | 1,404 | 745 | — | — | 2,149 | ||||||||||||||||
Total operating expenses | 79,018 | 478,472 | 1,431 | — | 558,921 | ||||||||||||||||
Income (loss) from operations | (50,788 | ) | 362,615 | (827 | ) | — | 311,000 | ||||||||||||||
Other (income) expenses: | |||||||||||||||||||||
Interest expense | 9,043 | 246 | — | — | 9,289 | ||||||||||||||||
Interest income | (178 | ) | (242 | ) | — | — | (420 | ) | |||||||||||||
Other income | (52 | ) | (1,890 | ) | — | — | (1,942 | ) | |||||||||||||
Loss on early extinguishment of debt | 607 | — | — | — | 607 | ||||||||||||||||
(Income) loss from investment in subsidiary | (232,751 | ) | 827 | — | 231,924 | — | |||||||||||||||
Total other (income) expenses | (223,331 | ) | (1,059 | ) | — | 231,924 | 7,534 | ||||||||||||||
Income (loss) before taxes | 172,543 | 363,674 | (827 | ) | (231,924 | ) | 303,466 | ||||||||||||||
Provision (benefit) for income taxes: | |||||||||||||||||||||
Current | (20,386 | ) | — | — | — | (20,386 | ) | ||||||||||||||
Deferred | (1,403 | ) | 130,923 | — | — | 129,520 | |||||||||||||||
Total income taxes | (21,789 | ) | 130,923 | — | — | 109,134 | |||||||||||||||
Net income (loss) | $ | 194,332 | $ | 232,751 | ($827 | ) | ($231,924 | ) | $ | 194,332 | |||||||||||
Comprehensive income (loss) | $ | 230,404 | $ | 232,751 | ($827 | ) | ($231,924 | ) | $ | 230,404 | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiary | Subsidiaries | ||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||
Net income (loss) | $ | 117,634 | $ | 215,009 | ($52 | ) | ($214,957 | ) | $ | 117,634 | |||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||||||
Depreciation, depletion and amortization | 93,579 | 256,995 | — | — | 350,574 | ||||||||||||||||
Accretion expense | 372 | 33,203 | — | — | 33,575 | ||||||||||||||||
Deferred income tax provision (benefit) | (41,284 | ) | 120,913 | — | — | 79,629 | |||||||||||||||
Settlement of asset retirement obligations | — | (83,854 | ) | — | — | (83,854 | ) | ||||||||||||||
Non-cash stock compensation expense | 10,347 | — | — | — | 10,347 | ||||||||||||||||
Excess tax benefits | (156 | ) | — | — | — | (156 | ) | ||||||||||||||
Non-cash derivative expense | — | 2,239 | — | — | 2,239 | ||||||||||||||||
Loss on early extinguishment of debt | 27,279 | — | — | — | 27,279 | ||||||||||||||||
Non-cash interest expense | 16,219 | — | — | — | 16,219 | ||||||||||||||||
Non-cash (income) loss from investment in subsidiaries | (214,983 | ) | — | 26 | 214,957 | — | |||||||||||||||
Change in current income taxes | 2,767 | — | — | — | 2,767 | ||||||||||||||||
Change in intercompany receivables/payables | 186,903 | (186,947 | ) | 44 | — | — | |||||||||||||||
(Increase) decrease in accounts receivable | (15,630 | ) | 10,947 | — | — | (4,683 | ) | ||||||||||||||
Decrease in other current assets | 1,752 | — | — | — | 1,752 | ||||||||||||||||
Decrease in inventory | 583 | — | — | — | 583 | ||||||||||||||||
Increase (decrease) in accounts payable | (1,052 | ) | 1,454 | — | — | 402 | |||||||||||||||
Increase in other current liabilities | 40,543 | 1,908 | — | — | 42,451 | ||||||||||||||||
Other | 419 | (2,972 | ) | — | — | (2,553 | ) | ||||||||||||||
Net cash provided by operating activities | 225,292 | 368,895 | 18 | — | 594,205 | ||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Investment in oil and gas properties | (273,474 | ) | (378,254 | ) | (11,571 | ) | — | (663,299 | ) | ||||||||||||
Proceeds from sale of oil and gas properties, net of expenses | 6,300 | 42,521 | — | — | 48,821 | ||||||||||||||||
Investment in fixed and other assets | (6,816 | ) | — | — | — | (6,816 | ) | ||||||||||||||
Change in restricted funds | — | — | (1,742 | ) | — | (1,742 | ) | ||||||||||||||
Investment in subsidiaries | (14,000 | ) | — | (13,404 | ) | 27,404 | — | ||||||||||||||
Net cash used in investing activities | (287,990 | ) | (335,733 | ) | (26,717 | ) | 27,404 | (623,036 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Proceeds from issuance of senior notes | 489,250 | — | — | — | 489,250 | ||||||||||||||||
Deferred financing costs | (9,065 | ) | — | — | — | (9,065 | ) | ||||||||||||||
Redemption of senior notes | (396,014 | ) | — | — | — | (396,014 | ) | ||||||||||||||
Excess tax benefits | 156 | — | — | — | 156 | ||||||||||||||||
Equity proceeds from parent | — | — | 27,404 | (27,404 | ) | — | |||||||||||||||
Net payments for share-based compensation | (3,733 | ) | — | — | — | (3,733 | ) | ||||||||||||||
Net cash provided by financing activities | 80,594 | — | 27,404 | (27,404 | ) | 80,594 | |||||||||||||||
Effect of exchange rate changes on cash | — | — | (65 | ) | — | (65 | ) | ||||||||||||||
Net change in cash and cash equivalents | 17,896 | 33,162 | 640 | — | 51,698 | ||||||||||||||||
Cash and cash equivalents, beginning of period | 228,398 | 51,128 | — | — | 279,526 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 246,294 | $ | 84,290 | $ | 640 | $ | — | $ | 331,224 | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiary | Subsidiaries | ||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||
Net income (loss) | $ | 149,426 | $ | 223,555 | ($75 | ) | ($223,480 | ) | $ | 149,426 | |||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||||||
Depreciation, depletion and amortization | 63,022 | 281,152 | 191 | — | 344,365 | ||||||||||||||||
Accretion expense | 561 | 32,513 | 257 | — | 33,331 | ||||||||||||||||
Deferred income tax provision (benefit) | (56,175 | ) | 125,750 | — | — | 69,575 | |||||||||||||||
Settlement of asset retirement obligations | — | (65,567 | ) | — | — | (65,567 | ) | ||||||||||||||
Non-cash stock compensation expense | 8,699 | — | — | — | 8,699 | ||||||||||||||||
Excess tax benefits | (949 | ) | — | — | — | (949 | ) | ||||||||||||||
Non-cash derivative income | — | (509 | ) | — | — | (509 | ) | ||||||||||||||
Loss on early extinguishment of debt | 1,972 | — | — | — | 1,972 | ||||||||||||||||
Non-cash interest expense | 13,085 | — | — | — | 13,085 | ||||||||||||||||
Non-cash (income) loss from investment in subsidiaries | (223,555 | ) | 75 | — | 223,480 | — | |||||||||||||||
Change in current income taxes | 10,618 | — | — | — | 10,618 | ||||||||||||||||
Change in intercompany receivables/payables | 275,819 | (275,125 | ) | (694 | ) | — | — | ||||||||||||||
(Increase) decrease in accounts receivable | (22,750 | ) | (33,345 | ) | 224 | — | (55,871 | ) | |||||||||||||
Increase in other current assets | (2,836 | ) | — | — | — | (2,836 | ) | ||||||||||||||
Decrease in inventory | 436 | — | — | — | 436 | ||||||||||||||||
Increase (decrease) in accounts payable | 5,348 | (208 | ) | (39 | ) | — | 5,101 | ||||||||||||||
Decrease in other current liabilities | (5,311 | ) | (5,115 | ) | — | — | (10,426 | ) | |||||||||||||
Other | 10,960 | (1,661 | ) | — | — | 9,299 | |||||||||||||||
Net cash provided by (used in) operating activities | 228,370 | 281,515 | (136 | ) | — | 509,749 | |||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Investment in oil and gas properties | (324,542 | ) | (231,313 | ) | — | — | (555,855 | ) | |||||||||||||
Proceeds from sale of oil and gas properties, net of expenses | 403 | — | — | — | 403 | ||||||||||||||||
Sale of fixed assets | 134 | — | — | — | 134 | ||||||||||||||||
Investment in fixed and other assets | (13,370 | ) | — | — | — | (13,370 | ) | ||||||||||||||
Net cash used in investing activities | (337,375 | ) | (231,313 | ) | — | — | (568,688 | ) | |||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Proceeds from bank borrowings | 25,000 | — | — | — | 25,000 | ||||||||||||||||
Repayment of bank borrowings | (70,000 | ) | — | — | — | (70,000 | ) | ||||||||||||||
Proceeds from issuance of senior convertible notes | 300,000 | — | — | — | 300,000 | ||||||||||||||||
Deferred financing costs of senior convertible notes | (8,855 | ) | — | — | — | (8,855 | ) | ||||||||||||||
Proceeds from sold warrants | 40,170 | — | — | — | 40,170 | ||||||||||||||||
Payments for purchased call options | (70,830 | ) | — | — | — | (70,830 | ) | ||||||||||||||
Proceeds from issuance of senior notes | 300,000 | — | — | — | 300,000 | ||||||||||||||||
Deferred financing costs | (11,966 | ) | — | — | — | (11,966 | ) | ||||||||||||||
Redemption of senior subordinated notes | (200,681 | ) | — | — | — | (200,681 | ) | ||||||||||||||
Excess tax benefits | 949 | — | — | — | 949 | ||||||||||||||||
Net payments for share-based compensation | (3,773 | ) | — | — | — | (3,773 | ) | ||||||||||||||
Net cash provided by financing activities | 300,014 | — | — | — | 300,014 | ||||||||||||||||
Net change in cash and cash equivalents | 191,009 | 50,202 | (136 | ) | — | 241,075 | |||||||||||||||
Cash and cash equivalents, beginning of period | 37,389 | 926 | 136 | — | 38,451 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 228,398 | $ | 51,128 | $ | — | $ | — | $ | 279,526 | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2011 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiary | Subsidiaries | ||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||
Net income (loss) | $ | 194,332 | $ | 232,751 | ($827 | ) | ($231,924 | ) | $ | 194,332 | |||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||||||
Depreciation, depletion and amortization | 17,860 | 261,326 | 834 | — | 280,020 | ||||||||||||||||
Accretion expense | 15 | 30,385 | 364 | — | 30,764 | ||||||||||||||||
Deferred income tax provision (benefit) | (1,403 | ) | 130,923 | — | — | 129,520 | |||||||||||||||
Settlement of asset retirement obligations | — | (63,391 | ) | — | — | (63,391 | ) | ||||||||||||||
Non-cash stock compensation expense | 5,905 | — | — | — | 5,905 | ||||||||||||||||
Excess tax benefits | (1,493 | ) | — | — | — | (1,493 | ) | ||||||||||||||
Non-cash derivative income | — | (2,216 | ) | — | — | (2,216 | ) | ||||||||||||||
Loss on early extinguishment of debt | 607 | — | — | — | 607 | ||||||||||||||||
Non-cash interest expense | 1,908 | — | — | — | 1,908 | ||||||||||||||||
Other non-cash income | (1,602 | ) | — | — | — | (1,602 | ) | ||||||||||||||
Non-cash income from investment in subsidiaries | (230,861 | ) | (1,063 | ) | — | 231,924 | — | ||||||||||||||
Change in current income taxes | (19,451 | ) | — | — | — | (19,451 | ) | ||||||||||||||
Change in intercompany receivables/payables | 217,287 | (217,724 | ) | 437 | — | — | |||||||||||||||
Increase in accounts receivable | (11,022 | ) | (7,688 | ) | (890 | ) | — | (19,600 | ) | ||||||||||||
(Increase) decrease in other current assets | (80 | ) | 14 | — | — | (66 | ) | ||||||||||||||
Decrease in inventory | 1,605 | 14 | — | — | 1,619 | ||||||||||||||||
Increase in accounts payable | 2,658 | 3,341 | 40 | — | 6,039 | ||||||||||||||||
Increase in other current liabilities | 23,440 | 6,143 | — | — | 29,583 | ||||||||||||||||
Other | (1,628 | ) | — | — | — | (1,628 | ) | ||||||||||||||
Net cash provided by (used in) operating activities | 198,077 | 372,815 | (42 | ) | — | 570,850 | |||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Investment in oil and gas properties | (309,026 | ) | (455,903 | ) | (4 | ) | — | (764,933 | ) | ||||||||||||
Proceeds from sale of oil and gas properties, net of expenses | 5,575 | 82,355 | — | — | 87,930 | ||||||||||||||||
Investment in fixed and other assets | (2,247 | ) | — | — | — | (2,247 | ) | ||||||||||||||
Net cash used in investing activities | (305,698 | ) | (373,548 | ) | (4 | ) | — | (679,250 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Proceeds from bank borrowings | 75,000 | — | — | — | 75,000 | ||||||||||||||||
Repayment of bank borrowings | (30,000 | ) | — | — | — | (30,000 | ) | ||||||||||||||
Deferred financing costs | (4,017 | ) | — | — | — | (4,017 | ) | ||||||||||||||
Excess tax benefits | 1,493 | — | — | — | 1,493 | ||||||||||||||||
Net payments for share-based compensation | (2,581 | ) | — | — | — | (2,581 | ) | ||||||||||||||
Net cash provided by financing activities | 39,895 | — | — | — | 39,895 | ||||||||||||||||
Net change in cash and cash equivalents | (67,726 | ) | (733 | ) | (46 | ) | — | (68,505 | ) | ||||||||||||
Cash and cash equivalents, beginning of period | 105,115 | 1,659 | 182 | — | 106,956 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 37,389 | $ | 926 | $ | 136 | $ | — | $ | 38,451 | |||||||||||
ORGANIZATION_AND_SUMMARY_OF_SI1
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation: | |
The financial statements include our accounts and the accounts of our wholly owned subsidiaries, Stone Energy Offshore, L.L.C. (“Stone Offshore”), Stone Energy Holding, L.L.C., Stone Energy Canada, U.L.C. and Caillou Boca Gathering, LLC (“Caillou Boca”). On September 6, 2012, Caillou Boca was merged into Stone Offshore. All intercompany balances have been eliminated. | |
Use of Estimates | ' |
Use of Estimates: | |
The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates are used primarily when accounting for depreciation, depletion and amortization (“DD&A”) expense, unevaluated property costs, estimated future net cash flows from proved reserves, costs to abandon oil and gas properties, taxes, accruals of capitalized costs, operating costs and production revenue, capitalized general and administrative costs and interest, insurance recoveries, effectiveness and estimated fair value of derivative positions, the purchase price allocation on properties acquired, estimates of fair value in business combinations and contingencies. | |
Fair Value Measurements | ' |
Fair Value Measurements: | |
U.S. GAAP establishes a framework for measuring fair value and requires certain disclosures about fair value measurements. As of December 31, 2013 and 2012, we held certain financial assets and liabilities that are required to be measured at fair value on a recurring basis, including our commodity derivative instruments and our investments in marketable securities. Additionally, fair value concepts were applied in recording the acquisition of various deep water assets in June 2012 and the acquisition of an office building in December 2012. | |
Hybrid Debt Instruments | ' |
Hybrid Debt Instruments: | |
In 2012, we issued $300,000 in aggregate principal amount of 1 3⁄4% Senior Convertible Notes due 2017 (the “2017 Convertible Notes”). See Note 11 – Long-Term Debt. On that same day we entered into convertible note hedging transactions which are expected to reduce the potential dilution to our common stock upon conversion of the notes. In accordance with Accounting Standards Codification (“ASC”) 480-20 and ASC 470, we accounted for the debt and equity portions of the notes in a manner that will reflect our nonconvertible borrowing rate when interest is recognized in subsequent periods. This results in the separation of the debt component, classification of the remaining component in stockholders’ equity, and accretion of the resulting discount as part of interest expense. Additionally, the hedging transactions meet the criteria for classification as equity transactions and were recorded as such. | |
ASC 260 provides that for contracts that may be settled in common stock or in cash at the election of the entity or the holder, the determination of whether the contract shall be reflected in the computation of diluted earnings per share should be made based on the facts available each period. It is presumed that the contract will be settled in common stock and therefore potential dilution be determined using the if-converted method. However, this presumption may be overcome if past experience or a stated policy provides a reasonable basis to believe that the contract will be settled partially or wholly in cash. Because it is management’s stated intent to redeem the principal amount of the notes in cash, we have used the treasury stock method for determining potential dilution of the notes in our diluted earnings per share computation in accordance with ASC 260. | |
Business Combinations | ' |
Business Combinations: | |
Our acquisition in 2012 of various deep water assets was accounted for according to the guidance provided in ASC 805, Business Combinations, which requires application of the acquisition method. This methodology requires the recordation of net assets acquired and consideration transferred at fair value. Differences between the net fair value of net assets acquired and consideration transferred are recorded as goodwill or a bargain purchase gain. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents: | |
We consider all money market funds and highly liquid investments in overnight securities through our commercial bank accounts, which result in available funds on the next business day, to be cash and cash equivalents. | |
Oil and Gas Properties | ' |
Oil and Gas Properties: | |
We follow the full cost method of accounting for oil and gas properties. Under this method, all acquisition, exploration, development and estimated abandonment costs, including certain related employee and general and administrative costs (less any reimbursements for such costs) and interest incurred for the purpose of finding oil and gas are capitalized. Such amounts include the cost of drilling and equipping productive wells, dry hole costs, lease acquisition costs, delay rentals and other costs related to such activities. Employee, general and administrative costs that are capitalized include salaries and all related fringe benefits paid to employees directly engaged in the acquisition, exploration and development of oil and gas properties, as well as all other directly identifiable general and administrative costs associated with such activities, such as rentals, utilities and insurance. We capitalize a portion of the interest costs incurred on our debt based upon the balance of our unevaluated property costs and our weighted-average borrowing rate. Employee, general and administrative costs associated with production operations and general corporate activities are expensed in the period incurred. Additionally, workover and maintenance costs incurred solely to maintain or increase levels of production from an existing completion interval are charged to lease operating expense in the period incurred. | |
U.S. GAAP allows the option of two acceptable methods for accounting for oil and gas properties. The successful efforts method is the allowable alternative to the full cost method. The primary differences between the two methods are in the treatment of exploration costs and in the computation of DD&A expense. Under the full cost method, all exploratory costs are capitalized while under the successful efforts method exploratory costs associated with unsuccessful exploratory wells and all geological and geophysical costs are expensed. Under the full cost method, DD&A expense is computed on cost centers represented by entire countries while under the successful efforts method cost centers are represented by properties, or some reasonable aggregation of properties with common geological structural features or stratigraphic condition, such as fields or reservoirs. | |
We amortize our investment in oil and gas properties through DD&A expense using the units of production (the “UOP”) method. Under the UOP method, the quarterly provision for DD&A expense is computed by dividing production volumes for the period by the total proved reserves as of the beginning of the period (beginning of the period reserves being determined by adding back production to end of the period reserves), and applying the respective rate to the net cost of proved oil and gas properties, including future development costs. | |
Under the full cost method, we compare, at the end of each financial reporting period, the present value of estimated future net cash flows from proved reserves (excluding cash flows related to estimated abandonment costs), to the net capitalized costs of proved oil and gas properties net of related deferred taxes. We refer to this comparison as a “ceiling test.” If the net capitalized costs of proved oil and gas properties exceed the estimated discounted future net cash flows from proved reserves, we are required to write-down the value of our oil and gas properties to the value of the discounted cash flows. | |
Sales of oil and gas properties are accounted for as adjustments to the net full cost pool with no gain or loss recognized, unless the adjustment would significantly alter the relationship between capitalized costs and proved reserves. | |
Asset Retirement Obligations | ' |
Asset Retirement Obligations: | |
U.S. GAAP requires us to record our estimate of the fair value of liabilities related to future asset retirement obligations in the period the obligation is incurred. Asset retirement obligations relate to the removal of facilities and tangible equipment at the end of an oil and gas property’s useful life. The application of this rule requires the use of management’s estimates with respect to future abandonment costs, inflation, market risk premiums, useful life and cost of capital. U.S. GAAP requires that our estimate of our asset retirement obligations does not give consideration to the value the related assets could have to other parties. | |
Other Property and Equipment | ' |
Other Property and Equipment: | |
Our office buildings in Lafayette, Louisiana are being depreciated on the straight-line method over their estimated useful life of 39 years. | |
Inventory | ' |
Inventory: | |
We maintain an inventory of tubular goods. Items remain in inventory until dedicated to specific projects, at which time they are transferred to oil and gas properties. Items are carried at the lower of cost or market based on the specific identification method. | |
Earnings Per Common Share | ' |
Earnings Per Common Share: | |
Under U.S. GAAP, certain instruments granted in share-based payment transactions are participating securities prior to vesting and are therefore required to be included in the earnings allocation in calculating earnings per share under the two-class method. Companies are required to treat unvested share-based payment awards with a right to receive non-forfeitable dividends as a separate class of securities in calculating earnings per share. | |
Production Revenue | ' |
Production Revenue: | |
We recognize production revenue under the entitlement method of accounting. Under this method, revenue is deferred for deliveries in excess of our net revenue interest, while revenue is accrued for undelivered volumes. Production imbalances are generally recorded at the estimated sales price in effect at the time of production. | |
Income Taxes | ' |
Income Taxes: | |
Provisions for income taxes include deferred taxes resulting primarily from temporary differences due to different reporting methods for oil and gas properties for financial reporting purposes and income tax purposes. For financial reporting purposes, all exploratory and development expenditures, including future abandonment costs, related to evaluated projects are capitalized and depreciated, depleted and amortized on the UOP method. For income tax purposes, only the equipment and leasehold costs relative to successful wells are capitalized and recovered through depreciation or depletion, although for 2011, 2012 and 2013, special provisions allowed for current deductions for the cost of certain equipment. Generally, most other exploratory and development costs are charged to expense as incurred; however, we follow certain provisions of the Internal Revenue Code that allow capitalization of intangible drilling costs where management deems appropriate. Other financial and income tax reporting differences occur as a result of statutory depletion, different reporting methods for sales of oil and gas reserves in place, different reporting methods used in the capitalization of employee, general and administrative and interest expense, and different reporting methods for employee compensation. | |
Derivative Instruments and Hedging Activities | ' |
Derivative Instruments and Hedging Activities: | |
The nature of a derivative instrument must be evaluated to determine if it qualifies for hedge accounting treatment. Instruments that qualify for cash flow hedge accounting treatment with contemporaneous documentation are recorded as either an asset or liability measured at fair value and subsequent changes in the derivative’s fair value are recognized in stockholders’ equity through other comprehensive income (loss), net of related taxes, to the extent the hedge is considered effective. Additionally, monthly settlements of effective hedges are reflected in revenue from oil and gas production and cash flows from operations. Instruments not qualifying for hedge accounting treatment are recorded in our balance sheet at fair value, and changes in fair value are recognized in earnings through derivative expense (income). | |
Share-Based Compensation | ' |
Share-Based Compensation: | |
We record share-based compensation based on the grant date fair value of issued stock options and restricted stock over the vesting period of the instrument. We utilize the Black-Scholes option pricing model to measure the fair value of stock options. The fair value of restricted shares is typically determined based on the average of our high and low stock prices on the grant date. |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Calculation of Basic and Diluted Weighted Average Shares Outstanding Earnings Per Share | ' | ||||||||||||
The following table sets forth the calculation of basic and diluted weighted average shares outstanding and earnings per share for the indicated periods: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income (numerator): | |||||||||||||
Basic: | |||||||||||||
Net income | $ | 117,634 | $ | 149,426 | $ | 194,332 | |||||||
Net income attributable to participating securities | (2,817 | ) | (2,984 | ) | (3,670 | ) | |||||||
Net income attributable to common stock—basic | $ | 114,817 | $ | 146,422 | $ | 190,662 | |||||||
Diluted: | |||||||||||||
Net income | $ | 117,634 | $ | 149,426 | $ | 194,332 | |||||||
Net income attributable to participating securities | (2,815 | ) | (2,982 | ) | (3,667 | ) | |||||||
Net income attributable to common stock—diluted | $ | 114,819 | $ | 146,444 | $ | 190,665 | |||||||
Weighted average shares (denominator): | |||||||||||||
Weighted average shares—basic | 48,693 | 48,319 | 47,988 | ||||||||||
Dilutive effect of stock options | 42 | 42 | 42 | ||||||||||
Weighted average shares—diluted | 48,735 | 48,361 | 48,030 | ||||||||||
Basic earnings per share | $ | 2.36 | $ | 3.03 | $ | 3.97 | |||||||
Diluted earnings per share | $ | 2.36 | $ | 3.03 | $ | 3.97 | |||||||
ACCOUNTS_RECEIVABLE_Tables
ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Receivables [Abstract] | ' | ||||||||
Components of Accounts Receivable | ' | ||||||||
Our accounts receivable are comprised of the following amounts: | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
Other co-venturers | $ | 13,904 | $ | 16,735 | |||||
Trade | 134,622 | 130,448 | |||||||
Unbilled accounts receivable | 22,001 | 20,053 | |||||||
Other | 1,444 | 52 | |||||||
Total accounts receivable | $ | 171,971 | $ | 167,288 | |||||
CONCENTRATIONS_Tables
CONCENTRATIONS (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Risks And Uncertainties [Abstract] | ' | ||||||||||||
Customers from Whom We Derived 10% or More of Total Oil and Gas Revenue | ' | ||||||||||||
The following table identifies customers from whom we derived 10% or more of our total oil and gas revenue during the years ended: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Conoco, Inc. | (a | ) | 13 | % | 28 | % | |||||||
Phillips 66 Company | 35 | % | 18 | % | (a | ) | |||||||
Shell Trading (US) Company | 33 | % | 41 | % | 46 | % | |||||||
(a) | Less than 10 percent. |
ACQUISITIONS_AND_DIVESTITURES_
ACQUISITIONS AND DIVESTITURES (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Allocation of Recorded Value of Net Assets Acquired in Transaction | ' | ||||
The following represents the allocation of the recorded value of net assets acquired in the transaction. | |||||
Proved oil and gas properties | $ | 39,221 | |||
Unevaluated oil and gas properties | 1,637 | ||||
Asset retirement obligations | (14,460 | ) | |||
Total fair value of net assets | $ | 26,398 | |||
INVESTMENT_IN_OIL_AND_GAS_PROP1
INVESTMENT IN OIL AND GAS PROPERTIES - UNAUDITED (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Net Costs Incurred on Unevaluated Properties | ' | ||||||||||||||||||||
The following table discloses net costs incurred (evaluated) on our unevaluated properties located in the United States for the years indicated: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Unevaluated oil and gas properties – United States: | |||||||||||||||||||||
Net costs incurred (evaluated) during year: | |||||||||||||||||||||
Acquisition costs | $ | 30,271 | $ | 9,739 | ($2,397 | ) | |||||||||||||||
Exploration costs | 188,830 | (1,209 | ) | (51,207 | ) | ||||||||||||||||
Capitalized interest | 46,860 | 37,656 | 42,033 | ||||||||||||||||||
$ | 265,961 | $ | 46,186 | ($11,571 | ) | ||||||||||||||||
Oil and Gas Related Operating Costs Incurred During and Expensed | ' | ||||||||||||||||||||
Costs incurred during the year (expensed): | |||||||||||||||||||||
Lease operating expenses | $ | 201,153 | $ | 215,003 | $ | 175,881 | |||||||||||||||
Transportation, processing and gathering expenses | 42,172 | 21,782 | 8,958 | ||||||||||||||||||
Production taxes | 15,029 | 10,015 | 9,380 | ||||||||||||||||||
Accretion expense | 33,575 | 33,331 | 30,764 | ||||||||||||||||||
Expensed costs – United States | $ | 291,929 | $ | 280,131 | $ | 224,983 | |||||||||||||||
Financial Data Associated with Unevaluated Costs | ' | ||||||||||||||||||||
The following table discloses financial data associated with unevaluated costs (United States and Canada) at December 31, 2013: | |||||||||||||||||||||
Balance as of | Net Costs Incurred During the | ||||||||||||||||||||
December 31, | Year Ended December 31, | ||||||||||||||||||||
2013 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||
and prior | |||||||||||||||||||||
Acquisition costs | $ | 306,793 | $ | 78,555 | $ | 29,959 | $ | 41,442 | $ | 156,837 | |||||||||||
Exploration costs | 305,422 | 248,846 | 56,033 | 499 | 44 | ||||||||||||||||
Capitalized interest | 112,124 | 39,846 | 32,755 | 20,501 | 19,022 | ||||||||||||||||
Total unevaluated costs | $ | 724,339 | $ | 367,247 | $ | 118,747 | $ | 62,442 | $ | 175,903 | |||||||||||
United States [Member] | ' | ||||||||||||||||||||
Financial Data Relative to Oil and Gas Producing Activities | ' | ||||||||||||||||||||
The following table discloses certain financial data relative to our oil and gas producing activities located onshore and offshore in the continental United States: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Oil and gas properties – United States, proved and unevaluated: | |||||||||||||||||||||
Balance, beginning of year | $ | 7,692,261 | $ | 7,049,777 | $ | 6,202,758 | |||||||||||||||
Costs incurred during the year (capitalized): | |||||||||||||||||||||
Acquisition costs, net of sales of unevaluated properties | 70,903 | 102,807 | 270,354 | ||||||||||||||||||
Exploratory costs | 297,113 | 81,458 | 84,199 | ||||||||||||||||||
Development costs (1) | 378,242 | 395,555 | 426,355 | ||||||||||||||||||
Salaries, general and administrative costs | 32,815 | 25,318 | 24,430 | ||||||||||||||||||
Interest | 46,860 | 37,656 | 42,033 | ||||||||||||||||||
Less: overhead reimbursements | (321 | ) | (310 | ) | (352 | ) | |||||||||||||||
Total costs incurred during the year, net of divestitures | 825,612 | 642,484 | 847,019 | ||||||||||||||||||
Balance, end of year | $ | 8,517,873 | $ | 7,692,261 | $ | 7,049,777 | |||||||||||||||
Accumulated DD&A: | |||||||||||||||||||||
Balance, beginning of year | ($ | 5,510,166 | ) | ($ | 5,174,729 | ) | ($ | 4,804,949 | ) | ||||||||||||
Provision for DD&A | (346,827 | ) | (341,096 | ) | (276,480 | ) | |||||||||||||||
Sale of proved properties | (51,767 | ) | 5,659 | (93,300 | ) | ||||||||||||||||
Balance, end of year | ($ | 5,908,760 | ) | ($ | 5,510,166 | ) | ($ | 5,174,729 | ) | ||||||||||||
Net capitalized costs – United States, proved and unevaluated | $ | 2,609,113 | $ | 2,182,095 | $ | 1,875,048 | |||||||||||||||
DD&A per Mcfe | $ | 3.43 | $ | 3.69 | $ | 3.45 | |||||||||||||||
-1 | Includes capitalized asset retirement costs of $54,737, $95,293 and $96,386, respectively. | ||||||||||||||||||||
Canada [Member] | ' | ||||||||||||||||||||
Financial Data Relative to Oil and Gas Producing Activities | ' | ||||||||||||||||||||
The following table discloses certain financial data relative to our oil and gas producing activities located in Canada: | |||||||||||||||||||||
Year Ended | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | |||||||||||||||||||||
Oil and gas properties – Canada, unevaluated: | |||||||||||||||||||||
Balance, beginning of year | $ | — | |||||||||||||||||||
Costs incurred during the year (capitalized): | |||||||||||||||||||||
Acquisition costs | 8,764 | ||||||||||||||||||||
Exploratory costs | 1,819 | ||||||||||||||||||||
Total costs incurred during the year | 10,583 | ||||||||||||||||||||
Balance, end of year, unevaluated | $ | 10,583 | |||||||||||||||||||
DERIVATIVE_INSTRUMENTS_AND_HED1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Location and Fair Value Amounts of Derivative Instruments Reported in Balance Sheet | ' | ||||||||||||||||
The following tables disclose the location and fair value amounts of derivative instruments reported in our balance sheet at December 31, 2013 and December 31, 2012. | |||||||||||||||||
Fair Value of Derivative Instruments at December 31, 2013 | |||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
Description | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||||||
Commodity contracts | Current assets: Fair value of hedging contracts | $ | 4,549 | Current liabilities: Fair value of hedging contracts | $ | 7,753 | |||||||||||
Long-term assets: Fair value of hedging contracts | 1,378 | Long-term liabilities: Fair value of hedging contracts | 470 | ||||||||||||||
$ | 5,927 | $ | 8,223 | ||||||||||||||
Fair Value of Derivative Instruments at December 31, 2012 | |||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
Description | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||||||
Commodity contracts | Current assets: Fair value of hedging contracts | $ | 39,655 | Current liabilities: Fair value of hedging contracts | $ | 149 | |||||||||||
Long-term assets: Fair value of hedging contracts | 9,199 | Long-term liabilities: Fair value of hedging contracts | 1,530 | ||||||||||||||
$ | 48,854 | $ | 1,679 | ||||||||||||||
Before Tax Effect of Derivative Instruments in Statement of Income | ' | ||||||||||||||||
The following table discloses the before tax effect of derivative instruments in the statement of income for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||
Effect of Derivative Instruments on the Statement of Income for the Years Ended December 31, 2013, 2012 and 2011 | |||||||||||||||||
Derivatives in Cash | Amount of Gain | Gain (Loss) Reclassified from | Gain (Loss) Recognized in Income | ||||||||||||||
Flow Hedging | (Loss) Recognized | Accumulated Other Comprehensive Income | on Derivatives | ||||||||||||||
Relationships | in Other | into Income | (Ineffective Portion) | ||||||||||||||
Comprehensive | (Effective Portion) (a) | ||||||||||||||||
Income on | |||||||||||||||||
Derivatives | |||||||||||||||||
Location | Location | ||||||||||||||||
2013 | 2013 | 2013 | |||||||||||||||
Commodity contracts | ($26,945 | ) | Operating revenue—oil/gas production | $ | 20,289 | Derivative expense, net | ($2,090 | ) | |||||||||
Total | ($26,945 | ) | $ | 20,289 | ($2,090 | ) | |||||||||||
2012 | 2012 | 2012 | |||||||||||||||
Commodity contracts | $ | 41,209 | Operating revenue—oil/gas production | $ | 30,326 | Derivative income, net | $ | 3,428 | |||||||||
Total | $ | 41,209 | $ | 30,326 | $ | 3,428 | |||||||||||
2011 | 2011 | 2011 | |||||||||||||||
Commodity contracts | $ | 43,089 | Operating revenue—oil/gas production | ($13,274 | ) | Derivative income, net | $ | 1,418 | |||||||||
Total | $ | 43,089 | ($13,274 | ) | $ | 1,418 | |||||||||||
(a) | For the year ended December 31, 2013, effective hedging contracts increased oil revenue by $3,520 and increased gas revenue by $16,769. For the year ended December 31, 2012, effective hedging contracts increased oil revenue by $8,546 and increased gas revenue by $21,780. For the year ended December 31, 2011, effective hedging contracts decreased oil revenue by $32,706 and increased gas revenue by $19,432. | ||||||||||||||||
Impact of Rights of Offset Associated with Recognized Assets and Liabilities | ' | ||||||||||||||||
The following presents the potential impact of the rights of offset associated with our recognized assets and liabilities at December 31, 2013: | |||||||||||||||||
As Presented | Effects of | With Effects | |||||||||||||||
Without | Netting | of Netting | |||||||||||||||
Netting | |||||||||||||||||
Current assets: Fair value of hedging contracts | $ | 4,549 | ($ | 4,043 | ) | $ | 506 | ||||||||||
Long-term assets: Fair value of hedging contracts | 1,378 | (274 | ) | 1,104 | |||||||||||||
Current liabilities: Fair value of hedging contracts | (7,753 | ) | 4,043 | (3,710 | ) | ||||||||||||
Long-term liabilities: Fair value of hedging contracts | (470 | ) | 274 | (196 | ) | ||||||||||||
Hedging Positions | ' | ||||||||||||||||
The following table illustrates our hedging positions for calendar years 2014, 2015 and 2016 as of February 25, 2014: | |||||||||||||||||
Fixed-Price Swaps | |||||||||||||||||
NYMEX (except where noted) | |||||||||||||||||
Natural Gas | Oil | ||||||||||||||||
Daily | Swap | Daily | Swap | ||||||||||||||
Volume | Price ($) | Volume | Price ($) | ||||||||||||||
(MMBtus/d) | (Bbls/d) | ||||||||||||||||
2014 | 10,000 | 4 | 1,000 | 90.06 | |||||||||||||
2014 | 10,000 | 4.04 | 1,000 | 92.25 | |||||||||||||
2014 | 10,000 | 4.105 | 1,000 | 93.55 | |||||||||||||
2014 | 10,000 | 4.19 | 1,000 | 94 | |||||||||||||
2014 | 10,000 | (a) | 4.25 | 1,000 | 98 | ||||||||||||
2014 | 10,000 | 4.25 | 1,000 | 98.3 | |||||||||||||
2014 | 10,000 | 4.35 | 2,000 | (b) | 98.85 | ||||||||||||
2014 | 1,000 | 99.65 | |||||||||||||||
2014 | 1,000 | (c) | 103.3 | ||||||||||||||
2015 | 10,000 | 4.005 | 1,000 | 90 | |||||||||||||
2015 | 10,000 | 4.12 | |||||||||||||||
2015 | 10,000 | 4.15 | |||||||||||||||
2015 | 10,000 | 4.165 | |||||||||||||||
2015 | 10,000 | 4.22 | |||||||||||||||
2015 | 10,000 | 4.255 | |||||||||||||||
2016 | 10,000 | 4.11 | |||||||||||||||
2016 | 10,000 | 4.12 | |||||||||||||||
(a) | February through December | ||||||||||||||||
(b) | January through June | ||||||||||||||||
(c) | Brent crude oil contract |
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of Assets And Liabilities Measured at Fair Value Recurring Basis | ' | ||||||||||||||||
The following tables present our assets and liabilities that are measured at fair value on a recurring basis at December 31, 2013: | |||||||||||||||||
Fair Value Measurements at December 31, 2013 | |||||||||||||||||
Assets | Total | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Marketable securities | $ | 8,248 | $ | 8,248 | $ | — | $ | — | |||||||||
Hedging contracts | 5,927 | — | 5,927 | — | |||||||||||||
Total | $ | 14,175 | $ | 8,248 | $ | 5,927 | $ | — | |||||||||
Fair Value Measurements at December 31, 2013 | |||||||||||||||||
Liabilities | Total | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||
Identical Liabilities | Inputs | Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Hedging contracts | $ | 8,223 | $ | — | $ | 8,223 | $ | — | |||||||||
Total | $ | 8,223 | $ | — | $ | 8,223 | $ | — | |||||||||
The following tables present our assets and liabilities that are measured at fair value on a recurring basis at December 31, 2012: | |||||||||||||||||
Fair Value Measurements at December 31, 2012 | |||||||||||||||||
Assets | Total | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Marketable securities | $ | 13,492 | $ | 13,492 | $ | — | $ | — | |||||||||
Hedging contracts | 48,854 | — | 48,854 | — | |||||||||||||
Total | $ | 62,346 | $ | 13,492 | $ | 48,854 | $ | — | |||||||||
Fair Value Measurements at December 31, 2012 | |||||||||||||||||
Liabilities | Total | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active Markets for | Observable | Unobservable | |||||||||||||||
Identical Liabilities | Inputs | Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Hedging contracts | $ | 1,679 | $ | — | $ | 1,679 | $ | — | |||||||||
Total | $ | 1,679 | $ | — | $ | 1,679 | $ | — | |||||||||
ASSET_RETIREMENT_OBLIGATIONS_T
ASSET RETIREMENT OBLIGATIONS (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||||||||||
Changes in Asset Retirement Obligations | ' | ||||||||||||
The change in our asset retirement obligations during the years ended December 31, 2013, 2012 and 2011 is set forth below: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Asset retirement obligations as of the beginning of the year, including current portion | $ | 488,302 | $ | 425,779 | $ | 373,920 | |||||||
Liabilities incurred | 19,043 | 3,869 | 7,993 | ||||||||||
Liabilities settled | (79,695 | ) | (67,641 | ) | (63,226 | ) | |||||||
Liabilities assumed | — | 15,263 | 59,441 | ||||||||||
Divestment of properties | (9,245 | ) | (7,563 | ) | (10,900 | ) | |||||||
Accretion expense | 33,575 | 33,331 | 30,764 | ||||||||||
Revision of estimates | 50,533 | 85,264 | 27,787 | ||||||||||
Asset retirement obligations as of the end of the year, including current portion | $ | 502,513 | $ | 488,302 | $ | 425,779 | |||||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Analysis of Deferred Taxes | ' | ||||||||||||
An analysis of our deferred taxes follows: | |||||||||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Tax effect of temporary differences: | |||||||||||||
Net operating loss carryforwards | $ | 24,437 | $ | — | |||||||||
Oil and gas properties – full cost | (576,393 | ) | (465,862 | ) | |||||||||
Asset retirement obligations | 180,905 | 175,788 | |||||||||||
Stock compensation | 5,537 | 5,588 | |||||||||||
Hedges | 826 | (16,983 | ) | ||||||||||
Accrued incentive compensation | 9,189 | 4,762 | |||||||||||
Other | (3,484 | ) | 1,391 | ||||||||||
($358,983 | ) | ($295,316 | ) | ||||||||||
Reconciliation Between Statutory Federal Income Tax Rate and Effective Income Tax Rate as a Percentage of Income Before Income Taxes | ' | ||||||||||||
A reconciliation between the statutory federal income tax rate and our effective income tax rate as a percentage of income before income taxes follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income tax expense computed at the statutory federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
State taxes | 1 | 1 | 1 | ||||||||||
IRC Sec. 162(m) limitation | 0.8 | 0.6 | 0.3 | ||||||||||
Other | 0.1 | (0.5 | ) | (0.3 | ) | ||||||||
Effective income tax rate | 36.9 | % | 36.1 | % | 36 | % | |||||||
Reconciliation Total Amount of Unrecognized Tax Benefits | ' | ||||||||||||
A reconciliation of the total amounts of unrecognized tax benefits follows: | |||||||||||||
Total unrecognized tax benefits as of December 31, 2012 | $ | 385 | |||||||||||
Increases (decreases) in unrecognized tax benefits as a result of: | — | ||||||||||||
Tax positions taken during a prior period | — | ||||||||||||
Tax positions taken during the current period | — | ||||||||||||
Settlements with taxing authorities | (385 | ) | |||||||||||
Lapse of applicable statute of limitations | — | ||||||||||||
Total unrecognized tax benefits as of December 31, 2013 | $ | — | |||||||||||
LONGTERM_DEBT_Tables
LONG-TERM DEBT (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
Long-term debt consisted of the following: | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
8 5⁄8% Senior Notes due 2017 | $ | — | $ | 375,000 | |||||
1 3⁄4% Senior Convertible Notes due 2017 | 252,084 | 239,126 | |||||||
7 1⁄2% Senior Notes due 2022 | 775,000 | 300,000 | |||||||
Bank debt | — | — | |||||||
Total long-term debt | $ | 1,027,084 | $ | 914,126 | |||||
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Schedule of Changes In Accumulated Other Comprehensive Income Loss | ' | ||||||||||||
Changes in accumulated other comprehensive income (loss) by component for the year ended December 31, 2013 were as follows: | |||||||||||||
Cash | Foreign | Total | |||||||||||
Flow | Currency | ||||||||||||
Hedges | Items | ||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||
Beginning balance, net of tax | $ | 28,833 | $ | — | $ | 28,833 | |||||||
Other comprehensive income (loss) before reclassifications: | |||||||||||||
Change in fair value of derivatives | (26,945 | ) | — | (26,945 | ) | ||||||||
Foreign currency translations | — | (667 | ) | (667 | ) | ||||||||
Income tax effect | 9,701 | — | 9,701 | ||||||||||
Net of tax | (17,244 | ) | (667 | ) | (17,911 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income: | |||||||||||||
Operating revenue: oil/gas production | 20,289 | — | 20,289 | ||||||||||
Income tax effect | (7,305 | ) | — | (7,305 | ) | ||||||||
Net of tax | 12,984 | — | 12,984 | ||||||||||
Other comprehensive income (loss), net of tax | (30,228 | ) | (667 | ) | (30,895 | ) | |||||||
Ending balance, net of tax | ($1,395 | ) | ($667 | ) | ($2,062 | ) | |||||||
In 2012 and 2011, the only component of accumulated other comprehensive income (loss) related to our cash flow hedges. Changes in accumulated other comprehensive income (loss) for the years ended December 31, 2012 and 2011 were as follows: | |||||||||||||
Cash Flow | |||||||||||||
Hedges | |||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||
Beginning balance, net of tax | $ | 21,868 | |||||||||||
Other comprehensive income (loss) before reclassifications: | |||||||||||||
Change in fair value of derivatives | 41,209 | ||||||||||||
Income tax effect | (14,836 | ) | |||||||||||
Net of tax | 26,373 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income: | |||||||||||||
Operating revenue: oil/gas production | 30,326 | ||||||||||||
Income tax effect | (10,918 | ) | |||||||||||
Net of tax | 19,408 | ||||||||||||
Other comprehensive income, net of tax | 6,965 | ||||||||||||
Ending balance, net of tax | $ | 28,833 | |||||||||||
Cash Flow | |||||||||||||
Hedges | |||||||||||||
For the Year Ended December 31, 2011 | |||||||||||||
Beginning balance, net of tax | ($14,204 | ) | |||||||||||
Other comprehensive income (loss) before reclassifications: | |||||||||||||
Change in fair value of derivatives | 43,089 | ||||||||||||
Income tax effect | (15,512 | ) | |||||||||||
Net of tax | 27,577 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income: | |||||||||||||
Operating revenue: oil/gas production | (13,274 | ) | |||||||||||
Income tax effect | 4,779 | ||||||||||||
Net of tax | (8,495 | ) | |||||||||||
Other comprehensive income, net of tax | 36,072 | ||||||||||||
Ending balance, net of tax | $ | 21,868 | |||||||||||
SHAREBASED_COMPENSATION_Tables
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||||||
Summary of Stock Option Activity under Plan | ' | ||||||||||||||||||||||||
A summary of stock option activity under the 2009 Plan during the year ended December 31, 2013 is as follows (amounts in table represent actual values except where indicated otherwise): | |||||||||||||||||||||||||
Number | Wgtd. | Wgtd. | Aggregate | ||||||||||||||||||||||
of | Avg. | Avg. | Intrinsic | ||||||||||||||||||||||
Options | Exercise | Term | Value | ||||||||||||||||||||||
Price | (in thousands) | ||||||||||||||||||||||||
Options outstanding, beginning of period | 411,794 | $ | 39.04 | ||||||||||||||||||||||
Granted | — | — | |||||||||||||||||||||||
Exercised | — | — | |||||||||||||||||||||||
Forfeited | (15,250 | ) | 42.45 | ||||||||||||||||||||||
Expired | (65,370 | ) | 36.56 | ||||||||||||||||||||||
Options outstanding, end of period | 331,174 | 39.37 | 2.2 years | $ | 1,708 | ||||||||||||||||||||
Options exercisable, end of period | 318,279 | 40.62 | 2.1 years | 1,373 | |||||||||||||||||||||
Options unvested, end of period | 12,895 | 8.64 | 5.0 years | 335 | |||||||||||||||||||||
Exercise prices for stock options outstanding at December 31, 2013 range from $6.97 to $53.20. | |||||||||||||||||||||||||
A summary of stock option activity under the 2009 Plan during the year ended December 31, 2012 is as follows (amounts in table represent actual values except where indicated otherwise): | |||||||||||||||||||||||||
Number | Wgtd. | Wgtd. | Aggregate | ||||||||||||||||||||||
of | Avg. | Avg. | Intrinsic | ||||||||||||||||||||||
Options | Exercise | Term | Value | ||||||||||||||||||||||
Price | (in thousands) | ||||||||||||||||||||||||
Options outstanding, beginning of period | 438,394 | $ | 38.76 | ||||||||||||||||||||||
Granted | — | — | |||||||||||||||||||||||
Exercised | — | — | |||||||||||||||||||||||
Forfeited | (4,200 | ) | 35.54 | ||||||||||||||||||||||
Expired | (22,400 | ) | 34.25 | ||||||||||||||||||||||
Options outstanding, end of period | 411,794 | 39.04 | 2.8 years | $ | 766 | ||||||||||||||||||||
Options exercisable, end of period | 378,004 | 41 | 2.5 years | 459 | |||||||||||||||||||||
Options unvested, end of period | 33,790 | 17.17 | 5.4 years | 307 | |||||||||||||||||||||
A summary of stock option activity under the 2009 Plan during the year ended December 31, 2011 is as follows (amounts in table represent actual values except where indicated otherwise): | |||||||||||||||||||||||||
Number | Wgtd. | Wgtd. | Aggregate | ||||||||||||||||||||||
of | Avg. | Avg. | Intrinsic | ||||||||||||||||||||||
Options | Exercise | Term | Value | ||||||||||||||||||||||
Price | (in thousands) | ||||||||||||||||||||||||
Options outstanding, beginning of period | 484,694 | $ | 39.43 | ||||||||||||||||||||||
Granted | — | — | |||||||||||||||||||||||
Exercised | — | — | |||||||||||||||||||||||
Forfeited | (13,300 | ) | 37.98 | ||||||||||||||||||||||
Expired | (33,000 | ) | 48.85 | ||||||||||||||||||||||
Options outstanding, end of period | 438,394 | 38.76 | 3.6 years | $ | 1,143 | ||||||||||||||||||||
Options exercisable, end of period | 378,710 | 41.66 | 3.1 years | 457 | |||||||||||||||||||||
Options unvested, end of period | 59,684 | 20.36 | 6.1 years | 686 | |||||||||||||||||||||
Summary of Restricted Stock Activity Under Plan | ' | ||||||||||||||||||||||||
A summary of the restricted stock activity under the 2009 Plan for the years ended December 31, 2013, 2012 and 2011 is as follows (amounts in table represent actual values): | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Number of | Wgtd. | Number of | Wgtd. | Number of | Wgtd. | ||||||||||||||||||||
Restricted | Avg. | Restricted | Avg. | Restricted | Avg. | ||||||||||||||||||||
Shares | Fair Value | Shares | Fair Value | Shares | Fair Value | ||||||||||||||||||||
Per Share | Per Share | Per Share | |||||||||||||||||||||||
Restricted stock outstanding, beginning of period | 1,108,874 | $ | 27.56 | 923,740 | $ | 20.08 | 783,606 | $ | 17.24 | ||||||||||||||||
Issuances | 848,498 | 20.61 | 670,818 | 31.43 | 597,062 | 23.62 | |||||||||||||||||||
Lapse of restrictions | (534,041 | ) | 25.45 | (462,141 | ) | 18.29 | (419,543 | ) | 19.91 | ||||||||||||||||
Forfeitures | (165,278 | ) | 26.43 | (23,543 | ) | 26.1 | (37,385 | ) | 18.92 | ||||||||||||||||
Restricted stock outstanding, end of period | 1,258,053 | $ | 23.92 | 1,108,874 | $ | 27.56 | 923,740 | $ | 20.08 | ||||||||||||||||
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Minimum Net Annual Commitments Under all Leases, Subleases and Contracts with Non-Cancelable Terms in Excess of 12 Months | ' | ||||
The minimum net annual commitments under all leases, subleases and contracts with non-cancelable terms in excess of 12 months at December 31, 2013 were as follows: | |||||
2014 | $ | 736 | |||
2015 | 637 | ||||
2016 | 358 | ||||
2017 | 301 | ||||
2018 | 147 |
OIL_AND_GAS_RESERVE_INFORMATIO1
OIL AND GAS RESERVE INFORMATION - UNAUDITED (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Extractive Industries [Abstract] | ' | ||||||||||||||||
Summary of Estimated Proved Oil and Natural Gas Reserve | ' | ||||||||||||||||
Reserve volumes for the year ended December 31, 2010 have not been reclassified to conform to the current presentation given the immateriality of NGL volumes in such period. | |||||||||||||||||
Oil | NGLs | Natural | Oil, | ||||||||||||||
(MBbls) | (MBbls) | Gas | Natural | ||||||||||||||
(MMcf) | Gas and | ||||||||||||||||
NGLs | |||||||||||||||||
(MMcfe) | |||||||||||||||||
Estimated proved reserves as of December 31, 2010 | 33,203 | — | 274,705 | 473,923 | |||||||||||||
Revisions of previous estimates | 2,889 | 4,911 | (26,725 | ) | 20,075 | ||||||||||||
Extensions, discoveries and other additions | 3,544 | — | 93,520 | 114,784 | |||||||||||||
Purchase of producing properties | 14,396 | — | 24,595 | 110,971 | |||||||||||||
Sale of reserves | (1,950 | ) | — | (2,150 | ) | (13,850 | ) | ||||||||||
Production | (6,427 | ) | (506 | ) | (38,466 | ) | (80,064 | ) | |||||||||
Estimated proved reserves as of December 31, 2011 | 45,655 | 4,405 | 325,479 | 625,839 | |||||||||||||
Revisions of previous estimates | (1,559 | ) | 9,349 | (26,694 | ) | 20,050 | |||||||||||
Extensions, discoveries and other additions | 3,681 | 4,856 | 131,408 | 182,633 | |||||||||||||
Purchase of producing properties | 4,336 | 619 | 8,168 | 37,895 | |||||||||||||
Sale of reserves | (60 | ) | — | (418 | ) | (775 | ) | ||||||||||
Production | (7,135 | ) | (1,163 | ) | (42,569 | ) | (92,357 | ) | |||||||||
Estimated proved reserves as of December 31, 2012 | 44,918 | 18,066 | 395,374 | 773,285 | |||||||||||||
Revisions of previous estimates | 3,606 | 2,439 | 36,006 | 72,275 | |||||||||||||
Extensions, discoveries and other additions | 2,367 | 4,395 | 79,729 | 120,299 | |||||||||||||
Sale of reserves | (170 | ) | — | (214 | ) | (1,235 | ) | ||||||||||
Production | (6,894 | ) | (1,603 | ) | (50,129 | ) | (101,111 | ) | |||||||||
Estimated proved reserves as of December 31, 2013 | 43,827 | 23,297 | 460,766 | 863,513 | |||||||||||||
Estimated proved developed reserves: | |||||||||||||||||
as of December 31, 2011 | 30,914 | 3,195 | 171,871 | 376,528 | |||||||||||||
as of December 31, 2012 | 29,005 | 8,593 | 210,956 | 436,540 | |||||||||||||
as of December 31, 2013 | 27,920 | 11,569 | 246,946 | 483,885 | |||||||||||||
Summary of Standardized Measure of Discounted Future Net Cash Flows | ' | ||||||||||||||||
Standardized Measure Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Future cash inflows | $ | 7,040,928 | $ | 6,295,455 | $ | 6,171,279 | |||||||||||
Future production costs | (2,062,657 | ) | (1,946,426 | ) | (1,747,806 | ) | |||||||||||
Future development costs | (1,431,101 | ) | (1,241,531 | ) | (1,219,214 | ) | |||||||||||
Future income taxes | (884,637 | ) | (799,007 | ) | (852,364 | ) | |||||||||||
Future net cash flows | 2,662,533 | 2,308,491 | 2,351,895 | ||||||||||||||
10% annual discount | (977,531 | ) | (794,632 | ) | (808,933 | ) | |||||||||||
Standardized measure of discounted future net cash flows | $ | 1,685,002 | $ | 1,513,859 | $ | 1,542,962 | |||||||||||
Changes in Standardized Measure | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Standardized measure at beginning of year | $ | 1,513,859 | $ | 1,542,962 | $ | 957,629 | |||||||||||
Sales and transfers of oil, gas and NGLs produced, net of production costs | (708,017 | ) | (697,741 | ) | (670,347 | ) | |||||||||||
Changes in price, net of future production costs | 229,425 | (380,841 | ) | 502,324 | |||||||||||||
Extensions and discoveries, net of future production and development costs | 155,592 | 178,272 | 293,168 | ||||||||||||||
Changes in estimated future development costs, net of development costs incurred during the period | 28,684 | 212,329 | 97,852 | ||||||||||||||
Revisions of quantity estimates | 281,558 | 76,450 | (27,854 | ) | |||||||||||||
Accretion of discount | 202,087 | 207,292 | 118,722 | ||||||||||||||
Net change in income taxes | (28,084 | ) | 22,947 | (300,363 | ) | ||||||||||||
Purchases of reserves in-place | — | 276,389 | 567,286 | ||||||||||||||
Sales of reserves in-place | 15,531 | 2,480 | (36,278 | ) | |||||||||||||
Changes in production rates due to timing and other | (5,633 | ) | 73,320 | 40,823 | |||||||||||||
Net increase (decrease) in standardized measure | 171,143 | (29,103 | ) | 585,333 | |||||||||||||
Standardized measure at end of year | $ | 1,685,002 | $ | 1,513,859 | $ | 1,542,962 | |||||||||||
SUMMARIZED_QUARTERLY_FINANCIAL1
SUMMARIZED QUARTERLY FINANCIAL INFORMATION - UNAUDITED (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Results of Operations by Quarter | ' | ||||||||||||||||
The results of operations by quarter are as follows: | |||||||||||||||||
2013 Quarter Ended | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
Operating revenue | $ | 233,732 | $ | 245,877 | $ | 256,685 | $ | 239,253 | |||||||||
Income from operations | 72,828 | 69,525 | 62,422 | 37,206 | (a) | ||||||||||||
Net income | 40,758 | 39,022 | 36,102 | 1,752 | (a) (b) | ||||||||||||
Basic earnings per share | $ | 0.82 | $ | 0.78 | $ | 0.72 | $ | 0.04 | |||||||||
Diluted earnings per share | $ | 0.82 | $ | 0.78 | $ | 0.72 | $ | 0.04 | |||||||||
2012 Quarter Ended | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
Operating revenue | $ | 244,957 | $ | 226,561 | $ | 227,397 | $ | 254,871 | |||||||||
Income from operations | 84,927 | 56,156 | 44,485 | 78,397 | |||||||||||||
Net income | 50,974 | 30,547 | 23,659 | 44,246 | |||||||||||||
Basic earnings per share | $ | 1.04 | $ | 0.62 | $ | 0.48 | $ | 0.89 | |||||||||
Diluted earnings per share | $ | 1.04 | $ | 0.62 | $ | 0.48 | $ | 0.89 | |||||||||
(a) | Includes franchise tax settlement of $12,590 before income tax effect ($8,058 net of income tax effect). | ||||||||||||||||
(b) | Includes loss on early extinguishment of debt of $27,279 before income tax effect ($17,459 net of income tax effect). |
GUARANTOR_FINANCIAL_STATEMENTS1
GUARANTOR FINANCIAL STATEMENTS (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | ' | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiary | Subsidiaries | ||||||||||||||||||||
Assets | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 246,294 | $ | 84,290 | $ | 640 | $ | — | $ | 331,224 | |||||||||||
Accounts receivable | 74,887 | 97,128 | — | (44 | ) | 171,971 | |||||||||||||||
Fair value of hedging contracts | — | 4,549 | — | — | 4,549 | ||||||||||||||||
Current income tax receivable | 7,366 | — | — | — | 7,366 | ||||||||||||||||
Deferred taxes * | 8,659 | 23,051 | — | — | 31,710 | ||||||||||||||||
Inventory | 3,440 | 283 | — | — | 3,723 | ||||||||||||||||
Other current assets | 1,874 | — | — | — | 1,874 | ||||||||||||||||
Total current assets | 342,520 | 209,301 | 640 | (44 | ) | 552,417 | |||||||||||||||
Oil and gas properties, full cost method: | |||||||||||||||||||||
Proved | 1,309,527 | 6,494,590 | — | — | 7,804,117 | ||||||||||||||||
Less: accumulated DD&A | (459,932 | ) | (5,448,828 | ) | — | — | (5,908,760 | ) | |||||||||||||
Net proved oil and gas properties | 849,595 | 1,045,762 | — | — | 1,895,357 | ||||||||||||||||
Unevaluated | 325,113 | 388,643 | 10,583 | — | 724,339 | ||||||||||||||||
Other property and equipment, net | 26,178 | — | — | — | 26,178 | ||||||||||||||||
Fair value of hedging contracts | — | 1,378 | — | — | 1,378 | ||||||||||||||||
Other assets, net | 45,410 | 1,349 | 2,128 | — | 48,887 | ||||||||||||||||
Investment in subsidiary | 747,472 | — | 12,711 | (760,183 | ) | — | |||||||||||||||
Total assets | $ | 2,336,288 | $ | 1,646,433 | $ | 26,062 | ($760,227 | ) | $ | 3,248,556 | |||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable to vendors | $ | 173,147 | $ | 22,530 | $ | 44 | ($44 | ) | $ | 195,677 | |||||||||||
Undistributed oil and gas proceeds | 34,386 | 2,643 | — | — | 37,029 | ||||||||||||||||
Accrued interest | 9,022 | — | — | — | 9,022 | ||||||||||||||||
Fair value of hedging contracts | — | 7,753 | — | — | 7,753 | ||||||||||||||||
Asset retirement obligations | — | 67,161 | — | — | 67,161 | ||||||||||||||||
Other current liabilities | 53,682 | 838 | — | — | 54,520 | ||||||||||||||||
Total current liabilities | 270,237 | 100,925 | 44 | (44 | ) | 371,162 | |||||||||||||||
Long-term debt | 1,027,084 | — | — | — | 1,027,084 | ||||||||||||||||
Deferred taxes * | 10,227 | 380,466 | — | — | 390,693 | ||||||||||||||||
Asset retirement obligations | 4,945 | 430,407 | — | — | 435,352 | ||||||||||||||||
Fair value of hedging contracts | — | 470 | — | — | 470 | ||||||||||||||||
Other long-term liabilities | 53,509 | — | — | — | 53,509 | ||||||||||||||||
Total liabilities | 1,366,002 | 912,268 | 44 | (44 | ) | 2,278,270 | |||||||||||||||
Commitments and contingencies Stockholders’ equity: | |||||||||||||||||||||
Common stock | 488 | — | — | — | 488 | ||||||||||||||||
Treasury stock | (860 | ) | — | — | — | (860 | ) | ||||||||||||||
Additional paid-in capital | 1,397,885 | 1,309,563 | 27,403 | (1,336,966 | ) | 1,397,885 | |||||||||||||||
Accumulated deficit | (425,165 | ) | (574,003 | ) | (52 | ) | 574,055 | (425,165 | ) | ||||||||||||
Accumulated other comprehensive loss | (2,062 | ) | (1,395 | ) | (1,333 | ) | 2,728 | (2,062 | ) | ||||||||||||
Total stockholders’ equity | 970,286 | 734,165 | 26,018 | (760,183 | ) | 970,286 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,336,288 | $ | 1,646,433 | $ | 26,062 | ($760,227 | ) | $ | 3,248,556 | |||||||||||
* | Deferred income taxes have been allocated to Guarantor Subsidiary where related oil and gas properties reside. | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiary | Subsidiaries | ||||||||||||||||||||
Assets | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 228,398 | $ | 51,128 | $ | — | $ | — | $ | 279,526 | |||||||||||
Accounts receivable | 59,213 | 108,075 | — | — | 167,288 | ||||||||||||||||
Fair value of hedging contracts | — | 39,655 | — | — | 39,655 | ||||||||||||||||
Current income tax receivable | 10,027 | — | — | — | 10,027 | ||||||||||||||||
Deferred taxes * | 5,947 | 9,567 | — | — | 15,514 | ||||||||||||||||
Inventory | 3,924 | 283 | — | — | 4,207 | ||||||||||||||||
Other current assets | 3,626 | — | — | — | 3,626 | ||||||||||||||||
Total current assets | 311,135 | 208,708 | — | — | 519,843 | ||||||||||||||||
Oil and gas properties, full cost method: | |||||||||||||||||||||
Proved | 1,004,808 | 6,239,658 | — | — | 7,244,466 | ||||||||||||||||
Less: accumulated DD&A | (370,111 | ) | (5,140,055 | ) | — | — | (5,510,166 | ) | |||||||||||||
Net proved oil and gas properties | 634,697 | 1,099,603 | — | — | 1,734,300 | ||||||||||||||||
Unevaluated | 254,757 | 193,038 | — | — | 447,795 | ||||||||||||||||
Other property and equipment, net | 22,115 | — | — | — | 22,115 | ||||||||||||||||
Fair value of hedging contracts | — | 9,199 | — | — | 9,199 | ||||||||||||||||
Other assets, net | 41,679 | 1,500 | — | — | 43,179 | ||||||||||||||||
Investment in subsidiary | 736,331 | — | — | (736,331 | ) | — | |||||||||||||||
Total assets | $ | 2,000,714 | $ | 1,512,048 | $ | — | ($736,331 | ) | $ | 2,776,431 | |||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable to vendors | $ | 74,503 | $ | 19,858 | $ | — | $ | — | $ | 94,361 | |||||||||||
Undistributed oil and gas proceeds | 21,841 | 1,573 | — | — | 23,414 | ||||||||||||||||
Accrued interest | 18,546 | — | — | — | 18,546 | ||||||||||||||||
Fair value of hedging contracts | — | 149 | — | — | 149 | ||||||||||||||||
Asset retirement obligations | — | 66,260 | — | — | 66,260 | ||||||||||||||||
Other current liabilities | 16,765 | — | — | — | 16,765 | ||||||||||||||||
Total current liabilities | 131,655 | 87,840 | — | — | 219,495 | ||||||||||||||||
Long-term debt | 914,126 | — | — | — | 914,126 | ||||||||||||||||
Deferred taxes * | 47,758 | 263,072 | — | — | 310,830 | ||||||||||||||||
Asset retirement obligations | 5,479 | 416,563 | — | — | 422,042 | ||||||||||||||||
Fair value of hedging contracts | — | 1,530 | — | — | 1,530 | ||||||||||||||||
Other long-term liabilities | 29,563 | 6,712 | — | — | 36,275 | ||||||||||||||||
Total liabilities | 1,128,581 | 775,717 | — | — | 1,904,298 | ||||||||||||||||
Commitments and contingencies Stockholders’ equity: | |||||||||||||||||||||
Common stock | 484 | — | — | — | 484 | ||||||||||||||||
Treasury stock | (860 | ) | — | — | — | (860 | ) | ||||||||||||||
Additional paid-in capital | 1,386,475 | 1,496,510 | — | (1,496,510 | ) | 1,386,475 | |||||||||||||||
Accumulated deficit | (542,799 | ) | (789,012 | ) | — | 789,012 | (542,799 | ) | |||||||||||||
Accumulated other comprehensive income | 28,833 | 28,833 | — | (28,833 | ) | 28,833 | |||||||||||||||
Total stockholders’ equity | 872,133 | 736,331 | — | (736,331 | ) | 872,133 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,000,714 | $ | 1,512,048 | $ | — | ($736,331 | ) | $ | 2,776,431 | |||||||||||
* | Deferred income taxes have been allocated to Guarantor Subsidiary where related oil and gas properties reside. | ||||||||||||||||||||
Condensed Consolidating Statement of Income | ' | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | |||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||
Subsidiary | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Operating revenue: | |||||||||||||||||||||
Oil production | $ | 30,475 | $ | 684,629 | $ | — | $ | — | $ | 715,104 | |||||||||||
Gas production | 68,895 | 121,685 | — | — | 190,580 | ||||||||||||||||
Natural gas liquids production | 32,293 | 28,394 | — | — | 60,687 | ||||||||||||||||
Other operational income | 7,163 | 645 | — | — | 7,808 | ||||||||||||||||
Total operating revenue | 138,826 | 835,353 | — | — | 974,179 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||
Lease operating expenses | 14,680 | 186,473 | — | — | 201,153 | ||||||||||||||||
Transportation, processing, and gathering expenses | 28,322 | 13,850 | — | — | 42,172 | ||||||||||||||||
Production taxes | 6,229 | 8,800 | — | — | 15,029 | ||||||||||||||||
Depreciation, depletion, amortization | 93,579 | 256,995 | — | — | 350,574 | ||||||||||||||||
Accretion expense | 372 | 33,203 | — | — | 33,575 | ||||||||||||||||
Salaries, general and administrative | 59,473 | 5 | 46 | — | 59,524 | ||||||||||||||||
Franchise tax settlement | 12,590 | — | — | — | 12,590 | ||||||||||||||||
Incentive compensation expense | 15,340 | — | — | — | 15,340 | ||||||||||||||||
Other operational expenses | 38 | 113 | — | — | 151 | ||||||||||||||||
Derivative expense, net | — | 2,090 | — | — | 2,090 | ||||||||||||||||
Total operating expenses | 230,623 | 501,529 | 46 | — | 732,198 | ||||||||||||||||
Income (loss) from operations | (91,797 | ) | 333,824 | (46 | ) | — | 241,981 | ||||||||||||||
Other (income) expenses: | |||||||||||||||||||||
Interest expense | 32,816 | 21 | — | — | 32,837 | ||||||||||||||||
Interest income | (1,480 | ) | (195 | ) | (20 | ) | — | (1,695 | ) | ||||||||||||
Other income | (875 | ) | (1,924 | ) | — | — | (2,799 | ) | |||||||||||||
Loss on early extinguishment of debt | 27,279 | — | — | — | 27,279 | ||||||||||||||||
(Income) loss from investment in subsidiaries | (214,983 | ) | — | 26 | 214,957 | — | |||||||||||||||
Total other (income) expenses | (157,243 | ) | (2,098 | ) | 6 | 214,957 | 55,622 | ||||||||||||||
Income (loss) before taxes | 65,446 | 335,922 | (52 | ) | (214,957 | ) | 186,359 | ||||||||||||||
Provision (benefit) for income taxes: | |||||||||||||||||||||
Current | (10,904 | ) | — | — | — | (10,904 | ) | ||||||||||||||
Deferred | (41,284 | ) | 120,913 | — | — | 79,629 | |||||||||||||||
Total income taxes | (52,188 | ) | 120,913 | — | — | 68,725 | |||||||||||||||
Net income (loss) | $ | 117,634 | $ | 215,009 | ($52 | ) | ($214,957 | ) | $ | 117,634 | |||||||||||
Comprehensive income (loss) | $ | 86,739 | $ | 215,009 | ($52 | ) | ($214,957 | ) | $ | 86,739 | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | |||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||
Subsidiary | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Operating revenue: | |||||||||||||||||||||
Oil production | $ | 26,149 | $ | 735,155 | $ | — | $ | — | $ | 761,304 | |||||||||||
Gas production | 34,331 | 100,408 | — | — | 134,739 | ||||||||||||||||
Natural gas liquids production | 15,264 | 33,234 | — | — | 48,498 | ||||||||||||||||
Other operational income | 2,766 | 397 | 357 | — | 3,520 | ||||||||||||||||
Derivative income, net | — | 3,428 | — | — | 3,428 | ||||||||||||||||
Total operating revenue | 78,510 | 872,622 | 357 | — | 951,489 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||
Lease operating expenses | 19,914 | 195,105 | (16 | ) | — | 215,003 | |||||||||||||||
Transportation, processing and gathering expenses | 12,049 | 9,733 | — | — | 21,782 | ||||||||||||||||
Production taxes | 3,330 | 6,685 | — | — | 10,015 | ||||||||||||||||
Depreciation, depletion, amortization | 63,022 | 281,152 | 191 | — | 344,365 | ||||||||||||||||
Accretion expense | 561 | 32,513 | 257 | — | 33,331 | ||||||||||||||||
Salaries, general and administrative | 54,641 | 7 | — | — | 54,648 | ||||||||||||||||
Incentive compensation expense | 8,113 | — | — | — | 8,113 | ||||||||||||||||
Other operational expenses | 173 | 94 | — | — | 267 | ||||||||||||||||
Total operating expenses | 161,803 | 525,289 | 432 | — | 687,524 | ||||||||||||||||
Income (loss) from operations | (83,293 | ) | 347,333 | (75 | ) | — | 263,965 | ||||||||||||||
Other (income) expenses: | |||||||||||||||||||||
Interest expense | 30,446 | (71 | ) | — | — | 30,375 | |||||||||||||||
Interest income | (285 | ) | (315 | ) | — | — | (600 | ) | |||||||||||||
Other income | (144 | ) | (1,661 | ) | — | — | (1,805 | ) | |||||||||||||
Loss on early extinguishment of debt | 1,972 | — | — | — | 1,972 | ||||||||||||||||
(Income) loss from investment in subsidiaries | (223,555 | ) | 75 | — | 223,480 | — | |||||||||||||||
Total other (income) expenses | (191,566 | ) | (1,972 | ) | — | 223,480 | 29,942 | ||||||||||||||
Income (loss) before taxes | 108,273 | 349,305 | (75 | ) | (223,480 | ) | 234,023 | ||||||||||||||
Provision (benefit) for income taxes: | |||||||||||||||||||||
Current | 15,022 | — | — | — | 15,022 | ||||||||||||||||
Deferred | (56,175 | ) | 125,750 | — | — | 69,575 | |||||||||||||||
Total income taxes | (41,153 | ) | 125,750 | — | — | 84,597 | |||||||||||||||
Net income (loss) | $ | 149,426 | $ | 223,555 | ($75 | ) | ($223,480 | ) | $ | 149,426 | |||||||||||
Comprehensive income (loss) | $ | 156,391 | $ | 223,555 | ($75 | ) | ($223,480 | ) | $ | 156,391 | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | |||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2011 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiary | Subsidiaries | ||||||||||||||||||||
Operating revenue: | |||||||||||||||||||||
Oil production | $ | 5,675 | $ | 658,283 | $ | — | $ | — | $ | 663,958 | |||||||||||
Gas production | 19,470 | 151,141 | — | — | 170,611 | ||||||||||||||||
Natural gas liquids production | — | 29,996 | — | — | 29,996 | ||||||||||||||||
Other operational income | 3,085 | 249 | 604 | — | 3,938 | ||||||||||||||||
Derivative income, net | — | 1,418 | — | — | 1,418 | ||||||||||||||||
Total operating revenue | 28,230 | 841,087 | 604 | — | 869,921 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||
Lease operating expenses | 6,632 | 169,018 | 231 | — | 175,881 | ||||||||||||||||
Transportation, processing and gathering expenses | — | 8,958 | — | — | 8,958 | ||||||||||||||||
Production taxes | 1,434 | 7,946 | — | — | 9,380 | ||||||||||||||||
Depreciation, depletion, amortization | 17,860 | 261,326 | 834 | — | 280,020 | ||||||||||||||||
Accretion expense | 15 | 30,385 | 364 | — | 30,764 | ||||||||||||||||
Salaries, general and administrative | 40,073 | 94 | 2 | — | 40,169 | ||||||||||||||||
Incentive compensation expense | 11,600 | — | — | — | 11,600 | ||||||||||||||||
Other operational expenses | 1,404 | 745 | — | — | 2,149 | ||||||||||||||||
Total operating expenses | 79,018 | 478,472 | 1,431 | — | 558,921 | ||||||||||||||||
Income (loss) from operations | (50,788 | ) | 362,615 | (827 | ) | — | 311,000 | ||||||||||||||
Other (income) expenses: | |||||||||||||||||||||
Interest expense | 9,043 | 246 | — | — | 9,289 | ||||||||||||||||
Interest income | (178 | ) | (242 | ) | — | — | (420 | ) | |||||||||||||
Other income | (52 | ) | (1,890 | ) | — | — | (1,942 | ) | |||||||||||||
Loss on early extinguishment of debt | 607 | — | — | — | 607 | ||||||||||||||||
(Income) loss from investment in subsidiary | (232,751 | ) | 827 | — | 231,924 | — | |||||||||||||||
Total other (income) expenses | (223,331 | ) | (1,059 | ) | — | 231,924 | 7,534 | ||||||||||||||
Income (loss) before taxes | 172,543 | 363,674 | (827 | ) | (231,924 | ) | 303,466 | ||||||||||||||
Provision (benefit) for income taxes: | |||||||||||||||||||||
Current | (20,386 | ) | — | — | — | (20,386 | ) | ||||||||||||||
Deferred | (1,403 | ) | 130,923 | — | — | 129,520 | |||||||||||||||
Total income taxes | (21,789 | ) | 130,923 | — | — | 109,134 | |||||||||||||||
Net income (loss) | $ | 194,332 | $ | 232,751 | ($827 | ) | ($231,924 | ) | $ | 194,332 | |||||||||||
Comprehensive income (loss) | $ | 230,404 | $ | 232,751 | ($827 | ) | ($231,924 | ) | $ | 230,404 | |||||||||||
Condensed Consolidating Statement of Cash Flows | ' | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiary | Subsidiaries | ||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||
Net income (loss) | $ | 117,634 | $ | 215,009 | ($52 | ) | ($214,957 | ) | $ | 117,634 | |||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||||||
Depreciation, depletion and amortization | 93,579 | 256,995 | — | — | 350,574 | ||||||||||||||||
Accretion expense | 372 | 33,203 | — | — | 33,575 | ||||||||||||||||
Deferred income tax provision (benefit) | (41,284 | ) | 120,913 | — | — | 79,629 | |||||||||||||||
Settlement of asset retirement obligations | — | (83,854 | ) | — | — | (83,854 | ) | ||||||||||||||
Non-cash stock compensation expense | 10,347 | — | — | — | 10,347 | ||||||||||||||||
Excess tax benefits | (156 | ) | — | — | — | (156 | ) | ||||||||||||||
Non-cash derivative expense | — | 2,239 | — | — | 2,239 | ||||||||||||||||
Loss on early extinguishment of debt | 27,279 | — | — | — | 27,279 | ||||||||||||||||
Non-cash interest expense | 16,219 | — | — | — | 16,219 | ||||||||||||||||
Non-cash (income) loss from investment in subsidiaries | (214,983 | ) | — | 26 | 214,957 | — | |||||||||||||||
Change in current income taxes | 2,767 | — | — | — | 2,767 | ||||||||||||||||
Change in intercompany receivables/payables | 186,903 | (186,947 | ) | 44 | — | — | |||||||||||||||
(Increase) decrease in accounts receivable | (15,630 | ) | 10,947 | — | — | (4,683 | ) | ||||||||||||||
Decrease in other current assets | 1,752 | — | — | — | 1,752 | ||||||||||||||||
Decrease in inventory | 583 | — | — | — | 583 | ||||||||||||||||
Increase (decrease) in accounts payable | (1,052 | ) | 1,454 | — | — | 402 | |||||||||||||||
Increase in other current liabilities | 40,543 | 1,908 | — | — | 42,451 | ||||||||||||||||
Other | 419 | (2,972 | ) | — | — | (2,553 | ) | ||||||||||||||
Net cash provided by operating activities | 225,292 | 368,895 | 18 | — | 594,205 | ||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Investment in oil and gas properties | (273,474 | ) | (378,254 | ) | (11,571 | ) | — | (663,299 | ) | ||||||||||||
Proceeds from sale of oil and gas properties, net of expenses | 6,300 | 42,521 | — | — | 48,821 | ||||||||||||||||
Investment in fixed and other assets | (6,816 | ) | — | — | — | (6,816 | ) | ||||||||||||||
Change in restricted funds | — | — | (1,742 | ) | — | (1,742 | ) | ||||||||||||||
Investment in subsidiaries | (14,000 | ) | — | (13,404 | ) | 27,404 | — | ||||||||||||||
Net cash used in investing activities | (287,990 | ) | (335,733 | ) | (26,717 | ) | 27,404 | (623,036 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Proceeds from issuance of senior notes | 489,250 | — | — | — | 489,250 | ||||||||||||||||
Deferred financing costs | (9,065 | ) | — | — | — | (9,065 | ) | ||||||||||||||
Redemption of senior notes | (396,014 | ) | — | — | — | (396,014 | ) | ||||||||||||||
Excess tax benefits | 156 | — | — | — | 156 | ||||||||||||||||
Equity proceeds from parent | — | — | 27,404 | (27,404 | ) | — | |||||||||||||||
Net payments for share-based compensation | (3,733 | ) | — | — | — | (3,733 | ) | ||||||||||||||
Net cash provided by financing activities | 80,594 | — | 27,404 | (27,404 | ) | 80,594 | |||||||||||||||
Effect of exchange rate changes on cash | — | — | (65 | ) | — | (65 | ) | ||||||||||||||
Net change in cash and cash equivalents | 17,896 | 33,162 | 640 | — | 51,698 | ||||||||||||||||
Cash and cash equivalents, beginning of period | 228,398 | 51,128 | — | — | 279,526 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 246,294 | $ | 84,290 | $ | 640 | $ | — | $ | 331,224 | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiary | Subsidiaries | ||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||
Net income (loss) | $ | 149,426 | $ | 223,555 | ($75 | ) | ($223,480 | ) | $ | 149,426 | |||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||||||
Depreciation, depletion and amortization | 63,022 | 281,152 | 191 | — | 344,365 | ||||||||||||||||
Accretion expense | 561 | 32,513 | 257 | — | 33,331 | ||||||||||||||||
Deferred income tax provision (benefit) | (56,175 | ) | 125,750 | — | — | 69,575 | |||||||||||||||
Settlement of asset retirement obligations | — | (65,567 | ) | — | — | (65,567 | ) | ||||||||||||||
Non-cash stock compensation expense | 8,699 | — | — | — | 8,699 | ||||||||||||||||
Excess tax benefits | (949 | ) | — | — | — | (949 | ) | ||||||||||||||
Non-cash derivative income | — | (509 | ) | — | — | (509 | ) | ||||||||||||||
Loss on early extinguishment of debt | 1,972 | — | — | — | 1,972 | ||||||||||||||||
Non-cash interest expense | 13,085 | — | — | — | 13,085 | ||||||||||||||||
Non-cash (income) loss from investment in subsidiaries | (223,555 | ) | 75 | — | 223,480 | — | |||||||||||||||
Change in current income taxes | 10,618 | — | — | — | 10,618 | ||||||||||||||||
Change in intercompany receivables/payables | 275,819 | (275,125 | ) | (694 | ) | — | — | ||||||||||||||
(Increase) decrease in accounts receivable | (22,750 | ) | (33,345 | ) | 224 | — | (55,871 | ) | |||||||||||||
Increase in other current assets | (2,836 | ) | — | — | — | (2,836 | ) | ||||||||||||||
Decrease in inventory | 436 | — | — | — | 436 | ||||||||||||||||
Increase (decrease) in accounts payable | 5,348 | (208 | ) | (39 | ) | — | 5,101 | ||||||||||||||
Decrease in other current liabilities | (5,311 | ) | (5,115 | ) | — | — | (10,426 | ) | |||||||||||||
Other | 10,960 | (1,661 | ) | — | — | 9,299 | |||||||||||||||
Net cash provided by (used in) operating activities | 228,370 | 281,515 | (136 | ) | — | 509,749 | |||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Investment in oil and gas properties | (324,542 | ) | (231,313 | ) | — | — | (555,855 | ) | |||||||||||||
Proceeds from sale of oil and gas properties, net of expenses | 403 | — | — | — | 403 | ||||||||||||||||
Sale of fixed assets | 134 | — | — | — | 134 | ||||||||||||||||
Investment in fixed and other assets | (13,370 | ) | — | — | — | (13,370 | ) | ||||||||||||||
Net cash used in investing activities | (337,375 | ) | (231,313 | ) | — | — | (568,688 | ) | |||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Proceeds from bank borrowings | 25,000 | — | — | — | 25,000 | ||||||||||||||||
Repayment of bank borrowings | (70,000 | ) | — | — | — | (70,000 | ) | ||||||||||||||
Proceeds from issuance of senior convertible notes | 300,000 | — | — | — | 300,000 | ||||||||||||||||
Deferred financing costs of senior convertible notes | (8,855 | ) | — | — | — | (8,855 | ) | ||||||||||||||
Proceeds from sold warrants | 40,170 | — | — | — | 40,170 | ||||||||||||||||
Payments for purchased call options | (70,830 | ) | — | — | — | (70,830 | ) | ||||||||||||||
Proceeds from issuance of senior notes | 300,000 | — | — | — | 300,000 | ||||||||||||||||
Deferred financing costs | (11,966 | ) | — | — | — | (11,966 | ) | ||||||||||||||
Redemption of senior subordinated notes | (200,681 | ) | — | — | — | (200,681 | ) | ||||||||||||||
Excess tax benefits | 949 | — | — | — | 949 | ||||||||||||||||
Net payments for share-based compensation | (3,773 | ) | — | — | — | (3,773 | ) | ||||||||||||||
Net cash provided by financing activities | 300,014 | — | — | — | 300,014 | ||||||||||||||||
Net change in cash and cash equivalents | 191,009 | 50,202 | (136 | ) | — | 241,075 | |||||||||||||||
Cash and cash equivalents, beginning of period | 37,389 | 926 | 136 | — | 38,451 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 228,398 | $ | 51,128 | $ | — | $ | — | $ | 279,526 | |||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||
YEAR ENDED DECEMBER 31, 2011 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Subsidiary | Subsidiaries | ||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||
Net income (loss) | $ | 194,332 | $ | 232,751 | ($827 | ) | ($231,924 | ) | $ | 194,332 | |||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||||||
Depreciation, depletion and amortization | 17,860 | 261,326 | 834 | — | 280,020 | ||||||||||||||||
Accretion expense | 15 | 30,385 | 364 | — | 30,764 | ||||||||||||||||
Deferred income tax provision (benefit) | (1,403 | ) | 130,923 | — | — | 129,520 | |||||||||||||||
Settlement of asset retirement obligations | — | (63,391 | ) | — | — | (63,391 | ) | ||||||||||||||
Non-cash stock compensation expense | 5,905 | — | — | — | 5,905 | ||||||||||||||||
Excess tax benefits | (1,493 | ) | — | — | — | (1,493 | ) | ||||||||||||||
Non-cash derivative income | — | (2,216 | ) | — | — | (2,216 | ) | ||||||||||||||
Loss on early extinguishment of debt | 607 | — | — | — | 607 | ||||||||||||||||
Non-cash interest expense | 1,908 | — | — | — | 1,908 | ||||||||||||||||
Other non-cash income | (1,602 | ) | — | — | — | (1,602 | ) | ||||||||||||||
Non-cash income from investment in subsidiaries | (230,861 | ) | (1,063 | ) | — | 231,924 | — | ||||||||||||||
Change in current income taxes | (19,451 | ) | — | — | — | (19,451 | ) | ||||||||||||||
Change in intercompany receivables/payables | 217,287 | (217,724 | ) | 437 | — | — | |||||||||||||||
Increase in accounts receivable | (11,022 | ) | (7,688 | ) | (890 | ) | — | (19,600 | ) | ||||||||||||
(Increase) decrease in other current assets | (80 | ) | 14 | — | — | (66 | ) | ||||||||||||||
Decrease in inventory | 1,605 | 14 | — | — | 1,619 | ||||||||||||||||
Increase in accounts payable | 2,658 | 3,341 | 40 | — | 6,039 | ||||||||||||||||
Increase in other current liabilities | 23,440 | 6,143 | — | — | 29,583 | ||||||||||||||||
Other | (1,628 | ) | — | — | — | (1,628 | ) | ||||||||||||||
Net cash provided by (used in) operating activities | 198,077 | 372,815 | (42 | ) | — | 570,850 | |||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Investment in oil and gas properties | (309,026 | ) | (455,903 | ) | (4 | ) | — | (764,933 | ) | ||||||||||||
Proceeds from sale of oil and gas properties, net of expenses | 5,575 | 82,355 | — | — | 87,930 | ||||||||||||||||
Investment in fixed and other assets | (2,247 | ) | — | — | — | (2,247 | ) | ||||||||||||||
Net cash used in investing activities | (305,698 | ) | (373,548 | ) | (4 | ) | — | (679,250 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Proceeds from bank borrowings | 75,000 | — | — | — | 75,000 | ||||||||||||||||
Repayment of bank borrowings | (30,000 | ) | — | — | — | (30,000 | ) | ||||||||||||||
Deferred financing costs | (4,017 | ) | — | — | — | (4,017 | ) | ||||||||||||||
Excess tax benefits | 1,493 | — | — | — | 1,493 | ||||||||||||||||
Net payments for share-based compensation | (2,581 | ) | — | — | — | (2,581 | ) | ||||||||||||||
Net cash provided by financing activities | 39,895 | — | — | — | 39,895 | ||||||||||||||||
Net change in cash and cash equivalents | (67,726 | ) | (733 | ) | (46 | ) | — | (68,505 | ) | ||||||||||||
Cash and cash equivalents, beginning of period | 105,115 | 1,659 | 182 | — | 106,956 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 37,389 | $ | 926 | $ | 136 | $ | — | $ | 38,451 | |||||||||||
Recovered_Sheet1
Organization and Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 06, 2012 |
Building [Member] | 1.75% Senior Convertible Notes due 2017 [Member] | 1.75% Senior Convertible Notes due 2017 [Member] | |
Schedule Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Aggregate principal amount of debt issued | ' | $300,000 | $300,000 |
Senior convertible note, maturity year | ' | '2017 | ' |
Senior convertible note, stated interest rate | ' | 1.75% | ' |
Estimated useful life of Building | '39 years | ' | ' |
Calculation_of_Basic_and_Dilut
Calculation of Basic and Diluted Weighted Average Shares Outstanding and Earnings Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income | $1,752 | [1],[2] | $36,102 | $39,022 | $40,758 | $44,246 | $23,659 | $30,547 | $50,974 | $117,634 | $149,426 | $194,332 |
Net income attributable to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | -2,817 | -2,984 | -3,670 | |
Net income attributable to common stock-basic | ' | ' | ' | ' | ' | ' | ' | ' | 114,817 | 146,422 | 190,662 | |
Diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income | 1,752 | [1],[2] | 36,102 | 39,022 | 40,758 | 44,246 | 23,659 | 30,547 | 50,974 | 117,634 | 149,426 | 194,332 |
Net income attributable to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | -2,815 | -2,982 | -3,667 | |
Net income attributable to common stock-diluted | ' | ' | ' | ' | ' | ' | ' | ' | $114,819 | $146,444 | $190,665 | |
Weighted average shares (denominator): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Weighted average shares-basic | ' | ' | ' | ' | ' | ' | ' | ' | 48,693 | 48,319 | 47,988 | |
Dilutive effect of stock options | ' | ' | ' | ' | ' | ' | ' | ' | 42 | 42 | 42 | |
Weighted average shares-diluted | ' | ' | ' | ' | ' | ' | ' | ' | 48,735 | 48,361 | 48,030 | |
Basic earnings per share | $0.04 | $0.72 | $0.78 | $0.82 | $0.89 | $0.48 | $0.62 | $1.04 | $2.36 | $3.03 | $3.97 | |
Diluted earnings per share | $0.04 | $0.72 | $0.78 | $0.82 | $0.89 | $0.48 | $0.62 | $1.04 | $2.36 | $3.03 | $3.97 | |
[1] | Includes franchise tax settlement of $12,590 before income tax effect ($8,058, net of income tax effect). | |||||||||||
[2] | Includes loss on early extinguishment of debt of $27,279 before income tax effect ($17,459 net of income tax effect). |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Earnings Per Share [Abstract] | ' | ' | ' |
Antidilutive stock options outstanding | 242,000 | 347,000 | 374,000 |
Shares of common stock issued upon vesting of restricted stock | 358,000 | 316,000 | 312,000 |
Components_of_Accounts_Receiva
Components of Accounts Receivable (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Other co-venturers | $13,904 | $16,735 |
Trade | 134,622 | 130,448 |
Unbilled accounts receivable | 22,001 | 20,053 |
Other | 1,444 | 52 |
Total accounts receivable | $171,971 | $167,288 |
Customers_from_Whom_We_Derived
Customers from Whom We Derived Ten Percent or More of Total Oil and Gas Revenue (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Conoco, Inc [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Customers from whom 10% or more revenue derived | ' | 13.00% | 28.00% |
Concentration risk, benchmark description | 'Less than 10% | ' | ' |
Phillips 66 Company [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Customers from whom 10% or more revenue derived | 35.00% | 18.00% | ' |
Concentration risk, benchmark description | ' | ' | 'Less than 10% |
Shell Trading (US) Company [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Customers from whom 10% or more revenue derived | 33.00% | 41.00% | 46.00% |
Concentrations_Additional_Info
Concentrations - Additional Information (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Unusual Risk or Uncertainty [Line Items] | ' |
Maximum amount of credit risk exposure | 74,273 |
Gulf Coast Basin Conventional Shelf and deep gas Properties [Member] | ' |
Unusual Risk or Uncertainty [Line Items] | ' |
Production associated with properties | 49.00% |
Estimated proved reserves derived | 16.00% |
Deep Water Properties [Member] | ' |
Unusual Risk or Uncertainty [Line Items] | ' |
Production associated with properties | 25.00% |
Estimated proved reserves derived | 29.00% |
Appalachian Properties [Member] | ' |
Unusual Risk or Uncertainty [Line Items] | ' |
Production associated with properties | 26.00% |
Estimated proved reserves derived | 55.00% |
Recovered_Sheet2
Acquisitions and Divestitures - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 18, 2012 | Oct. 31, 2013 | Jun. 18, 2012 | Jun. 18, 2012 | Jun. 18, 2012 |
Weeks Island Field [Member] | Block Deep Water Pompano Field Mississippi Canyon [Member] | Mississippi Canyon Block 29 [Member] | Mississippi Canyon Block 72 [Member] | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Fair value of Land and Building at the time of Acquisition | $8,539 | ' | ' | ' | ' | ' | ' |
Purchase Consideration | 8,539 | ' | ' | ' | ' | ' | ' |
Percentage of working interest acquired | ' | ' | ' | ' | 25.00% | 14.00% | 10.00% |
Cash consideration transferred | ' | 26,398 | 26,398 | ' | ' | ' | ' |
Sale of interest cash consideration | ' | ' | ' | 42,957 | ' | ' | ' |
Estimates asset retirement obligation | ' | ' | ' | 9,245 | ' | ' | ' |
Gain or loss recognized from the sale of interest | ' | ' | ' | $0 | ' | ' | ' |
Allocation_of_Recorded_Value_o
Allocation of Recorded Value of Net Assets Acquired in Transaction (Detail) (USD $) | Dec. 31, 2013 | Jun. 18, 2012 |
In Thousands, unless otherwise specified | ||
Business Combinations [Abstract] | ' | ' |
Proved oil and gas properties | $39,221 | ' |
Unevaluated oil and gas properties | 1,637 | ' |
Asset retirement obligations | -14,460 | ' |
Total fair value of net assets | $26,398 | $26,398 |
Financial_Data_Related_to_Oil_
Financial Data Related to Oil and Gas Producing Activities (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Accumulated DD&A: | ' | ' | ' | |||
Balance, beginning of year | ($5,510,166) | ' | ' | |||
Provision for DD&A | -350,574 | -344,365 | -280,020 | |||
Balance, end of year | -5,908,760 | -5,510,166 | ' | |||
Net proved oil and gas properties | 1,895,357 | 1,734,300 | ' | |||
Lease operating expenses | 201,153 | 215,003 | 175,881 | |||
Transportation, processing and gathering expenses | 42,172 | 21,782 | 8,958 | |||
Production taxes | 15,029 | 10,015 | 9,380 | |||
Accretion expense | 33,575 | 33,331 | 30,764 | |||
United States [Member] | ' | ' | ' | |||
Oil and gas properties, proved and unevaluated: | ' | ' | ' | |||
Balance, beginning of year | 7,692,261 | 7,049,777 | 6,202,758 | |||
Costs incurred during the year (capitalized): | ' | ' | ' | |||
Acquisition costs, net of sales of unevaluated properties | 70,903 | 102,807 | 270,354 | |||
Exploratory costs | 297,113 | 81,458 | 84,199 | |||
Development costs | 378,242 | [1] | 395,555 | [1] | 426,355 | [1] |
Salaries, general and administrative costs | 32,815 | 25,318 | 24,430 | |||
Interest | 46,860 | 37,656 | 42,033 | |||
Less: overhead reimbursements | -321 | -310 | -352 | |||
Total costs incurred during the year | 825,612 | 642,484 | 847,019 | |||
Balance, end of year | 8,517,873 | 7,692,261 | 7,049,777 | |||
Accumulated DD&A: | ' | ' | ' | |||
Balance, beginning of year | -5,510,166 | -5,174,729 | -4,804,949 | |||
Provision for DD&A | -346,827 | -341,096 | -276,480 | |||
Sale of proved properties | -51,767 | 5,659 | -93,300 | |||
Balance, end of year | -5,908,760 | -5,510,166 | -5,174,729 | |||
Net proved oil and gas properties | 2,609,113 | 2,182,095 | 1,875,048 | |||
DD&A per Mcfe | 3.43 | 3.69 | 3.45 | |||
Lease operating expenses | 201,153 | 215,003 | 175,881 | |||
Transportation, processing and gathering expenses | 42,172 | 21,782 | 8,958 | |||
Production taxes | 15,029 | 10,015 | 9,380 | |||
Accretion expense | 33,575 | 33,331 | 30,764 | |||
Expensed costs - United States | 291,929 | 280,131 | 224,983 | |||
Canada [Member] | ' | ' | ' | |||
Oil and gas properties, proved and unevaluated: | ' | ' | ' | |||
Balance, beginning of year | ' | ' | ' | |||
Costs incurred during the year (capitalized): | ' | ' | ' | |||
Acquisition costs | 8,764 | ' | ' | |||
Exploratory costs | 1,819 | ' | ' | |||
Total costs incurred during the year | 10,583 | ' | ' | |||
Balance, end of year | $10,583 | ' | ' | |||
[1] | Includes capitalized asset retirement costs of $54,737, $95,293 and $96,386, respectively. |
Financial_Data_Related_to_Oil_1
Financial Data Related to Oil and Gas Producing Activities (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Extractive Industries [Abstract] | ' | ' | ' |
Asset retirement costs included in development cost | $54,737 | $95,293 | $96,386 |
Net_Costs_Incurred_on_Unevalua
Net Costs Incurred on Unevaluated Properties (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Extractive Industries [Abstract] | ' | ' | ' |
Acquisition costs evaluated during the year | $30,271 | $9,739 | ($2,397) |
Exploration costs evaluated during the year | 188,830 | -1,209 | -51,207 |
Capitalized interest costs evaluated during the year | 46,860 | 37,656 | 42,033 |
Total costs incurred during the year, net of divestitures | $265,961 | $46,186 | ($11,571) |
Financial_Data_Associated_with
Financial Data Associated with Unevaluated Costs (Detail) (Unevaluated Costs [Member], USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Unevaluated Costs [Member] | ' | ' | ' | ' |
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ' | ' | ' | ' |
Acquisition costs | $306,793 | ' | ' | ' |
Exploration costs | 305,422 | ' | ' | ' |
Capitalized interest | 112,124 | ' | ' | ' |
Total unevaluated costs | 724,339 | ' | ' | ' |
Acquisition costs | 78,555 | 29,959 | 41,442 | 156,837 |
Exploration costs | 248,846 | 56,033 | 499 | 44 |
Capitalized interest | 39,846 | 32,755 | 20,501 | 19,022 |
Total unevaluated costs | $367,247 | $118,747 | $62,442 | $175,903 |
Recovered_Sheet3
Investment in Oil and Gas Properties - Unaudited - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Project | |||
Extractive Industries [Abstract] | ' | ' | ' |
Interest costs capitalized on unevaluated properties | $46,860 | $37,656 | $42,033 |
Specifically identified drilling projects | 140 | ' | ' |
Projects expected to be evaluated | '4 years | ' | ' |
Recovered_Sheet4
Derivative Instruments and Hedging Activities - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ' |
Maximum correlation between price of oil & natural gas in market and underlying price basis indicative in the derivative contract | 100.00% | ' |
Accumulated other comprehensive income (loss) | ($2,062) | $28,833 |
Location_and_Fair_Value_Amount
Location and Fair Value Amounts of Derivative Instruments Reported in Balance Sheet (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current liabilities [Member] | ' | ' |
Liability Derivatives | ' | ' |
Fair Value of Derivative Instruments, Liabilities | $7,753 | ' |
Long-term liabilities [Member] | ' | ' |
Liability Derivatives | ' | ' |
Fair Value of Derivative Instruments, Liabilities | 470 | ' |
Current Asset [Member] | ' | ' |
Asset Derivatives | ' | ' |
Fair Value of Derivative Instruments, Assets | 4,549 | ' |
Long-term assets [Member] | ' | ' |
Asset Derivatives | ' | ' |
Fair Value of Derivative Instruments, Assets | 1,378 | ' |
Commodity Contracts [Member] | ' | ' |
Asset Derivatives | ' | ' |
Fair Value of Derivative Instruments, Assets | 5,927 | 48,854 |
Liability Derivatives | ' | ' |
Fair Value of Derivative Instruments, Liabilities | 8,223 | 1,679 |
Commodity Contracts [Member] | Current liabilities [Member] | ' | ' |
Liability Derivatives | ' | ' |
Fair Value of Derivative Instruments, Liabilities | 7,753 | 149 |
Commodity Contracts [Member] | Long-term liabilities [Member] | ' | ' |
Liability Derivatives | ' | ' |
Fair Value of Derivative Instruments, Liabilities | 470 | 1,530 |
Commodity Contracts [Member] | Current Asset [Member] | ' | ' |
Asset Derivatives | ' | ' |
Fair Value of Derivative Instruments, Assets | 4,549 | 39,655 |
Commodity Contracts [Member] | Long-term assets [Member] | ' | ' |
Asset Derivatives | ' | ' |
Fair Value of Derivative Instruments, Assets | $1,378 | $9,199 |
Before_Tax_Effect_of_Derivativ
Before Tax Effect of Derivative Instruments in Statement of Operations (Detail) (Cash Flow Hedging [Member], USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Derivative Instruments, Gain Recognized in Other Comprehensive Income (Loss), Effective Portion, Net, Total | ($26,945) | $41,209 | $43,089 | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net, Total | 20,289 | [1] | 30,326 | [1] | -13,274 | [1] |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net, Total | -2,090 | 3,428 | 1,418 | |||
Commodity Contracts [Member] | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Derivative Instruments, Gain Recognized in Other Comprehensive Income (Loss), Effective Portion, Net, Total | -26,945 | 41,209 | 43,089 | |||
Derivative income (expense), net [Member] | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net, Total | -2,090 | 3,428 | 1,418 | |||
Operating revenue - oil/gas production [Member] | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net, Total | $20,289 | [1] | $30,326 | [1] | ($13,274) | [1] |
[1] | For the year ended December 31, 2013, effective hedging contracts increased oil revenue by $3,520 and increased gas revenue by $16,769. For the year ended December 31, 2012, effective hedging contracts increased oil revenue by $8,546 and increased gas revenue by $21,780. For the year ended December 31, 2011, effective hedging contracts decreased oil revenue by $32,706 and increased gas revenue by $19,432. |
Before_Tax_Effect_of_Derivativ1
Before Tax Effect of Derivative Instruments in Statement of Operations (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ' | ' |
Decrease/increase in oil revenue owing to effective hedging contracts | $3,520 | $8,546 | $32,706 |
Decrease/increase in gas revenue owing to effective hedging contracts | $16,769 | $21,780 | $19,432 |
Impact_of_Rights_of_Offset_Ass
Impact of Rights of Offset Associated with Recognized Assets and Liabilities (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Current Asset [Member] | ' |
Derivative Instruments And Hedging Activities [Line Items] | ' |
Fair Value of Derivative Instruments, Assets | $4,549 |
Long-term assets [Member] | ' |
Derivative Instruments And Hedging Activities [Line Items] | ' |
Fair Value of Derivative Instruments, Assets | 1,378 |
Current liabilities [Member] | ' |
Derivative Instruments And Hedging Activities [Line Items] | ' |
Fair Value of Derivative Instruments, Liabilities | -7,753 |
Long-term liabilities [Member] | ' |
Derivative Instruments And Hedging Activities [Line Items] | ' |
Fair Value of Derivative Instruments, Liabilities | -470 |
Effects of Netting [Member] | Current Asset [Member] | ' |
Derivative Instruments And Hedging Activities [Line Items] | ' |
Fair Value of Derivative Instruments, Assets | -4,043 |
Effects of Netting [Member] | Long-term assets [Member] | ' |
Derivative Instruments And Hedging Activities [Line Items] | ' |
Fair Value of Derivative Instruments, Assets | -274 |
Effects of Netting [Member] | Current liabilities [Member] | ' |
Derivative Instruments And Hedging Activities [Line Items] | ' |
Fair Value of Derivative Instruments, Liabilities | 4,043 |
Effects of Netting [Member] | Long-term liabilities [Member] | ' |
Derivative Instruments And Hedging Activities [Line Items] | ' |
Fair Value of Derivative Instruments, Liabilities | 274 |
With Effects of Netting [Member] | Current Asset [Member] | ' |
Derivative Instruments And Hedging Activities [Line Items] | ' |
Fair Value of Derivative Instruments, Assets | 506 |
With Effects of Netting [Member] | Long-term assets [Member] | ' |
Derivative Instruments And Hedging Activities [Line Items] | ' |
Fair Value of Derivative Instruments, Assets | 1,104 |
With Effects of Netting [Member] | Current liabilities [Member] | ' |
Derivative Instruments And Hedging Activities [Line Items] | ' |
Fair Value of Derivative Instruments, Liabilities | -3,710 |
With Effects of Netting [Member] | Long-term liabilities [Member] | ' |
Derivative Instruments And Hedging Activities [Line Items] | ' |
Fair Value of Derivative Instruments, Liabilities | ($196) |
Hedging_Positions_Detail
Hedging Positions (Detail) | Dec. 31, 2013 | |
MMBTU | ||
Natural Gas [Member] | 2014 Hedging Position One [Member] | ' | |
Derivative [Line Items] | ' | |
Daily Volume | 10,000 | |
Swap Price | 4 | |
Natural Gas [Member] | 2014 Hedging Position Two [Member] | ' | |
Derivative [Line Items] | ' | |
Daily Volume | 10,000 | |
Swap Price | 4.04 | |
Natural Gas [Member] | 2014 Hedging Position Three [Member] | ' | |
Derivative [Line Items] | ' | |
Daily Volume | 10,000 | |
Swap Price | 4.105 | |
Natural Gas [Member] | 2014 Hedging Position Four [Member] | ' | |
Derivative [Line Items] | ' | |
Daily Volume | 10,000 | |
Swap Price | 4.19 | |
Natural Gas [Member] | 2014 Hedging Position Five [Member] | ' | |
Derivative [Line Items] | ' | |
Daily Volume | 10,000 | [1] |
Swap Price | 4.25 | |
Natural Gas [Member] | 2014 Hedging Position Six [Member] | ' | |
Derivative [Line Items] | ' | |
Daily Volume | 10,000 | |
Swap Price | 4.25 | |
Natural Gas [Member] | 2014 Hedging Position Seven [Member] | ' | |
Derivative [Line Items] | ' | |
Daily Volume | 10,000 | |
Swap Price | 4.35 | |
Natural Gas [Member] | 2015 Hedging Position One [Member] | ' | |
Derivative [Line Items] | ' | |
Daily Volume | 10,000 | |
Swap Price | 4.005 | |
Natural Gas [Member] | 2015 Hedging Position Two [Member] | ' | |
Derivative [Line Items] | ' | |
Daily Volume | 10,000 | |
Swap Price | 4.12 | |
Natural Gas [Member] | 2015 Hedging Position Three [Member] | ' | |
Derivative [Line Items] | ' | |
Daily Volume | 10,000 | |
Swap Price | 4.15 | |
Natural Gas [Member] | 2015 Hedging Position Four [Member] | ' | |
Derivative [Line Items] | ' | |
Daily Volume | 10,000 | |
Swap Price | 4.165 | |
Natural Gas [Member] | 2015 Hedging Position Five [Member] | ' | |
Derivative [Line Items] | ' | |
Daily Volume | 10,000 | |
Swap Price | 4.22 | |
Natural Gas [Member] | 2015 Hedging Position Six [Member] | ' | |
Derivative [Line Items] | ' | |
Daily Volume | 10,000 | |
Swap Price | 4.255 | |
Natural Gas [Member] | 2016 Hedging Position One [Member] | ' | |
Derivative [Line Items] | ' | |
Daily Volume | 10,000 | |
Swap Price | 4.11 | |
Natural Gas [Member] | 2016 Hedging Position Two [Member] | ' | |
Derivative [Line Items] | ' | |
Daily Volume | 10,000 | |
Swap Price | 4.12 | |
Oil [Member] | 2014 Hedging Position One [Member] | ' | |
Derivative [Line Items] | ' | |
Daily Volume | 1 | |
Swap Price | 90.06 | |
Oil [Member] | 2014 Hedging Position Two [Member] | ' | |
Derivative [Line Items] | ' | |
Daily Volume | 1 | |
Swap Price | 92.25 | |
Oil [Member] | 2014 Hedging Position Three [Member] | ' | |
Derivative [Line Items] | ' | |
Daily Volume | 1 | |
Swap Price | 93.55 | |
Oil [Member] | 2014 Hedging Position Four [Member] | ' | |
Derivative [Line Items] | ' | |
Daily Volume | 1 | |
Swap Price | 94 | |
Oil [Member] | 2014 Hedging Position Five [Member] | ' | |
Derivative [Line Items] | ' | |
Daily Volume | 1 | |
Swap Price | 98 | |
Oil [Member] | 2014 Hedging Position Six [Member] | ' | |
Derivative [Line Items] | ' | |
Daily Volume | 1 | |
Swap Price | 98.3 | |
Oil [Member] | 2014 Hedging Position Seven [Member] | ' | |
Derivative [Line Items] | ' | |
Daily Volume | 2 | [2] |
Swap Price | 98.85 | |
Oil [Member] | 2014 Hedging Position Eight [Member] | ' | |
Derivative [Line Items] | ' | |
Daily Volume | 1 | |
Swap Price | 99.65 | |
Oil [Member] | 2014 Hedging Position Nine [Member] | ' | |
Derivative [Line Items] | ' | |
Daily Volume | 1 | [3] |
Swap Price | 103.3 | |
Oil [Member] | 2015 Hedging Position One [Member] | ' | |
Derivative [Line Items] | ' | |
Daily Volume | 1 | |
Swap Price | 89 | |
Oil [Member] | 2015 Hedging Position Two [Member] | ' | |
Derivative [Line Items] | ' | |
Daily Volume | 1 | |
Swap Price | 90 | |
[1] | February through December | |
[2] | January through June | |
[3] | Brent crude oil contract |
Assets_and_Liabilities_Measure
Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | $8,248 | $13,492 |
Assets, Fair Value, Total | 14,175 | 62,346 |
Liabilities, Fair Value, Total | 8,223 | 1,679 |
Hedging contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets, Fair Value | 5,927 | 48,854 |
Derivative Liabilities, Fair Value | 8,223 | 1,679 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 8,248 | 13,492 |
Assets, Fair Value, Total | 8,248 | 13,492 |
Liabilities, Fair Value, Total | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Hedging contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets, Fair Value | ' | ' |
Derivative Liabilities, Fair Value | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | ' | ' |
Assets, Fair Value, Total | 5,927 | 48,854 |
Liabilities, Fair Value, Total | 8,223 | 1,679 |
Significant Other Observable Inputs (Level 2) [Member] | Hedging contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets, Fair Value | 5,927 | 48,854 |
Derivative Liabilities, Fair Value | 8,223 | 1,679 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | ' | ' |
Assets, Fair Value, Total | ' | ' |
Liabilities, Fair Value, Total | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | Hedging contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets, Fair Value | ' | ' |
Derivative Liabilities, Fair Value | ' | ' |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Nov. 27, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
8.625 % Senior Notes Due 2017 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long term debt, Fair Value | ' | ' | $401,250 |
Convertible Notes Due 2017 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Liability component of convertible note | 260,377 | ' | 249,601 |
7.5% Senior Notes due 2022 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Liability component of convertible note | 814,719 | ' | 314,250 |
Aggregate principal amount of senior notes | ' | $475,000 | ' |
Changes_in_Asset_Retirement_Ob
Changes in Asset Retirement Obligations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Asset Retirement Obligation Disclosure [Abstract] | ' | ' | ' |
Asset retirement obligations as of the beginning of the year, including current portion | $488,302 | $425,779 | $373,920 |
Liabilities incurred | 19,043 | 3,869 | 7,993 |
Liabilities settled | -79,695 | -67,641 | -63,226 |
Liabilities assumed | ' | 15,263 | 59,441 |
Divestment of properties | -9,245 | -7,563 | -10,900 |
Accretion expense | 33,575 | 33,331 | 30,764 |
Revision of estimates | 50,533 | 85,264 | 27,787 |
Asset retirement obligations as of the end of the year, including current portion | $502,513 | $488,302 | $425,779 |
Analysis_of_Deferred_Taxes_Det
Analysis of Deferred Taxes (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Tax effect of temporary differences: | ' | ' |
Net operating loss carryforwards | $24,437 | ' |
Oil and gas properties - full cost | -576,393 | -465,862 |
Asset retirement obligations | 180,905 | 175,788 |
Stock compensation | 5,537 | 5,588 |
Hedges | 826 | -16,983 |
Accrued incentive compensation | 9,189 | 4,762 |
Other | 3,484 | 1,391 |
Deferred Tax Assets, Net, Total | ($358,983) | ($295,316) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Current federal income tax benefit | ($10,904) | $15,022 | ($20,386) |
Current income tax receivable | 7,366 | 10,027 | ' |
Operating loss carryforwards | 67,882 | ' | ' |
Operating loss carryforwards expiration year | '2033 | ' | ' |
Statutory depletion deductions available for tax reporting purposes | 1,453 | ' | ' |
Income taxes allocated to other comprehensive income related to oil and gas hedges | -17,003 | 3,918 | 20,290 |
Unrecognized tax benefits, interest expense | $0 | $385 | ' |
Reconciliation_Between_Statuto
Reconciliation Between Statutory Federal Income Tax Rate and Effective Income Tax Rate as Percentage of Income Before Income Taxes (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Income tax expense computed at the statutory federal income tax rate | 35.00% | 35.00% | 35.00% |
State taxes | 1.00% | 1.00% | 1.00% |
IRC Sec. 162(m) limitation | 0.80% | 0.60% | 0.30% |
Other | 0.10% | -0.50% | -0.30% |
Effective income tax rate | 36.90% | 36.10% | 36.00% |
Reconciliation_of_Total_Amount
Reconciliation of Total Amounts of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ' |
Total unrecognized tax benefits, beginning balance | $385 |
Tax positions taken during a prior period | ' |
Tax positions taken during the current period | ' |
Settlements with taxing authorities | -385 |
Lapse of applicable statute of limitations | ' |
Total unrecognized tax benefits, ending balance | ' |
LongTerm_Debt_Detail
Long-Term Debt (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $1,027,084 | $914,126 |
8.625% Senior Notes due 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | ' | 375,000 |
1.75% Senior Convertible Notes due 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 252,084 | 239,126 |
7.5% Senior Notes due 2022 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 775,000 | 300,000 |
Bank debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | ' | ' |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Feb. 25, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 26, 2011 | Dec. 31, 2013 | Feb. 25, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 06, 2012 | Nov. 27, 2013 | Nov. 08, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 17, 2010 | Jan. 26, 2010 |
Letter of Credit[Member] | Letter of Credit[Member] | Bank debt [Member] | Bank debt [Member] | Bank debt [Member] | Bank Credit Facility[Member] | Bank Credit Facility[Member] | 1.75% Senior Convertible Notes due 2017 [Member] | 1.75% Senior Convertible Notes due 2017 [Member] | 1.75% Senior Convertible Notes due 2017 [Member] | 7.5% Senior Notes due 2022 [Member] | 7.5% Senior Notes due 2022 [Member] | 7.5% Senior Notes due 2022 [Member] | 7.5% Senior Notes due 2022 [Member] | 8.625% Senior Notes due 2017 [Member] | 8.625% Senior Notes due 2017 [Member] | 8.625% Senior Notes due 2017 [Member] | 8.625% Senior Notes due 2017 [Member] | |||||
Subsequent Event [Member] | Subsequent Event [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility initial date | ' | ' | ' | ' | ' | ' | 26-Apr-11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redetermined base borrowing and credit facility | ' | ' | ' | ' | ' | ' | ' | ' | $700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity of new credit facility if note issue under 2004 indenture are retired on or before April 15, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26-Apr-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial bank and availability under facility | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | 378,594 | 378,594 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding borrowing under bank credit facility | ' | ' | ' | ' | 21,406 | 21,406 | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period in which outstanding amount has to be repaid to cure deficiency | ' | ' | ' | ' | ' | ' | '10 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period in which bank has to add new properties to borrowing base and has to grant mortgage to banks | ' | ' | ' | ' | ' | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Oil and gas reserve as proportion of discounted present value of future net cash flow, for mortgage | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt to EBITDA ratio, as defined in credit agreement | ' | ' | ' | ' | ' | ' | 'not greater than 3.25 for preceding four quarter | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EBITDA to consolidated net interest, as defined in credit agreement | ' | ' | ' | ' | ' | ' | 'not less than 3.0 for preceding four quarter | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt to EBITDA ratio | ' | ' | ' | ' | ' | ' | '1.73 to 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EBITDA to consolidated net interest ratio | ' | ' | ' | ' | ' | ' | '18.40 to 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount of senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 300,000 | 475,000 | 300,000 | ' | ' | ' | ' | 100,000 | 275,000 |
Initial conversion rate of convertible note 2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'An initial conversion rate of 23.4449 shares of our common stock per $1 principal amount of 2017 Convertible Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial conversion rate of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23.4449 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of 2017 convertible notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial conversion price of convertible note 2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $42.65 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Closing share price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $34.59 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible notes principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of current conversion price lower than closing sale price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 130.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum trading day | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consecutive trading days ending on last trading day | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period in which distribution is made to all holders of common stock rights, option or warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '45 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consecutive trading days immediately preceding, but excluding, declaration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage in which distribution has per share value exceeding closing sale price of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage in which closing sale price of common stock is excess of convertible notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of consecutive business day | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of consecutive trading day | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '25 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment for call option | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70,830 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Anti-dilution adjustments for purchases of call option | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,033,470 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Strike price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $55.91 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,170 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liability component of convertible note | 1,027,084 | 1,027,084 | 914,126 | ' | ' | ' | ' | ' | ' | ' | ' | 252,084 | 239,126 | ' | ' | ' | 775,000 | 300,000 | ' | 375,000 | ' | ' |
Accrued interest payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,750 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest cost related to amortization of discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,959 | 9,956 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of deferred financing cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,238 | 951 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense related to contractual interest coupon of convertible notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,250 | 4,302 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of senior notes | ' | 489,250 | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 480,195 | 293,203 | ' | ' | ' | ' | ' | ' |
Effective interest rates | 7.51% | 7.51% | 7.75% | 7.04% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' |
Redemption of senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' |
Equity offerings redemption price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 107.50% | ' | ' | ' | ' | ' | ' |
Accrued interest payment | 9,022 | 9,022 | 18,546 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,266 | ' | ' | ' | ' | ' |
Total cost of the redemption | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 406,967 | ' | ' | ' |
Cost of redemption excluding accrued and unpaid interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 396,014 | ' | ' | ' |
Accrued and unpaid interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,953 | ' | ' | ' |
Redemption resulted in a charge to earnings | -27,279 | -27,279 | -1,972 | -607 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,279 | ' | ' | ' |
Premium paid for the repurchase and redemption | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,014 | ' | ' | ' |
Deferred financing costs write off | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,265 | ' | ' | ' |
Deferred financing costs, net of accumulated amortization | 11,754 | 11,754 | 27,753 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total interest cost incurred | ' | $79,697 | $68,031 | $51,322 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule_of_Changes_In_Accumul
Schedule of Changes In Accumulated Other Comprehensive Income Loss (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning balance, net of tax | $28,833 | ' | ' |
Other comprehensive income (loss) before reclassifications: | ' | ' | ' |
Change in fair value of derivatives | -26,945 | ' | ' |
Foreign currency translations | -667 | ' | ' |
Income tax effect | 9,701 | ' | ' |
Net of tax | -17,911 | ' | ' |
Amounts reclassified from accumulated other comprehensive income: | ' | ' | ' |
Net of tax | 12,984 | ' | ' |
Other comprehensive income (loss), net of tax | -30,895 | ' | ' |
Ending balance, net of tax | -2,062 | ' | ' |
Cash Flow Hedges [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning balance, net of tax | 28,833 | 21,868 | -14,204 |
Other comprehensive income (loss) before reclassifications: | ' | ' | ' |
Change in fair value of derivatives | -26,945 | 41,209 | 43,089 |
Income tax effect | 9,701 | -14,836 | -15,512 |
Net of tax | -17,244 | 26,373 | 27,577 |
Amounts reclassified from accumulated other comprehensive income: | ' | ' | ' |
Net of tax | 12,984 | 19,408 | -8,495 |
Other comprehensive income (loss), net of tax | -30,228 | 6,965 | 36,072 |
Ending balance, net of tax | -1,395 | 28,833 | 21,868 |
Foreign Currency Items [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning balance, net of tax | ' | ' | ' |
Other comprehensive income (loss) before reclassifications: | ' | ' | ' |
Change in fair value of derivatives | ' | ' | ' |
Foreign currency translations | -667 | ' | ' |
Income tax effect | ' | ' | ' |
Net of tax | -667 | ' | ' |
Amounts reclassified from accumulated other comprehensive income: | ' | ' | ' |
Net of tax | ' | ' | ' |
Other comprehensive income (loss), net of tax | -667 | ' | ' |
Ending balance, net of tax | -667 | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income: | ' | ' | ' |
Operating revenue: oil/gas production | 20,289 | ' | ' |
Income tax effect | -7,305 | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Cash Flow Hedges [Member] | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income: | ' | ' | ' |
Operating revenue: oil/gas production | 20,289 | 30,326 | -13,274 |
Income tax effect | -7,305 | -10,918 | 4,779 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Foreign Currency Items [Member] | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income: | ' | ' | ' |
Operating revenue: oil/gas production | ' | ' | ' |
Income tax effect | ' | ' | ' |
Share_Based_Compensation_Addit
Share Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock based compensation | $15,425 | $13,399 | $8,914 |
Stock based compensation capitalized into oil and gas properties | 5,078 | 4,288 | 3,010 |
Exercise price of stock options outstanding, minimum | $6.97 | ' | ' |
Exercise price of stock options outstanding, maximum | $53.20 | ' | ' |
Restricted stocks issued, shares | 848,498 | 670,818 | 597,062 |
Restricted stocks issued, value | 17,487,000 | 21,085,000 | 14,100,000 |
Unrecognized compensation cost, weighted average period of recognition | '1 year 8 months 12 days | ' | ' |
Unrecognized compensation cost | 17,004,000 | ' | ' |
Adjustments to additional paid-in capital related to net tax effect of stock options exercises and restricted stock vesting | -884,000 | 814,000 | 735,000 |
Restricted Stock[Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock based compensation | 15,405 | 13,308 | 8,796 |
Restricted Stock[Member] | Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period of stock options | '1 year | ' | ' |
Restricted Stock[Member] | Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period of stock options | '3 years | ' | ' |
Stock Options[Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock based compensation | $20 | $91 | $118 |
2009 plan [Member] | All Employee [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period of stock options | '5 years | ' | ' |
Period after which stock option will expire subsequent to award | '10 years | ' | ' |
2009 plan [Member] | Non - Employee Directors [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period of stock options | '3 years | ' | ' |
Period after which stock option will expire subsequent to award | '10 years | ' | ' |
Summary_of_Stock_Option_Activi
Summary of Stock Option Activity under Plan (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Options outstanding | ' | ' | ' |
Options outstanding, beginning of period | 411,794 | 438,394 | 484,694 |
Granted | ' | ' | ' |
Exercised | ' | ' | ' |
Forfeited | -15,250 | -4,200 | -13,300 |
Expired | -65,370 | -22,400 | -33,000 |
Options outstanding, end of period | 331,174 | 411,794 | 438,394 |
Options exercisable, end of period | 318,279 | 378,004 | 378,710 |
Options unvested, end of period | 12,895 | 33,790 | 59,684 |
Options outstanding, weighted Average Exercise Price | ' | ' | ' |
Options outstanding, beginning of period | $39.04 | $38.76 | $39.43 |
Granted | ' | ' | ' |
Exercised | ' | ' | ' |
Forfeited | $42.45 | $35.54 | $37.98 |
Expired | $36.56 | $34.25 | $48.85 |
Options outstanding, end of period | $39.37 | $39.04 | $38.76 |
Options exercisable, end of period | $40.62 | $41 | $41.66 |
Options unvested, end of period | $8.64 | $17.17 | $20.36 |
Options outstanding | ' | ' | ' |
Options outstanding, end of period | '2 years 2 months 12 days | '2 years 9 months 18 days | '3 years 7 months 6 days |
Options exercisable, end of period | '2 years 1 month 6 days | '2 years 6 months | '3 years 1 month 6 days |
Options unvested, end of period | '5 years | '5 years 4 months 24 days | '6 years 1 month 6 days |
Options outstanding, end of period, aggregate intrinsic value | ' | ' | ' |
Options outstanding, end of period | $1,708 | $766 | $1,143 |
Options exercisable, end of period | 1,373 | 459 | 457 |
Options unvested, end of period | $335 | $307 | $686 |
Summary_of_Restricted_Stock_Ac
Summary of Restricted Stock Activity under Plan (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Number of restricted shares | ' | ' | ' |
Restricted stock outstanding, beginning of period | 1,108,874 | 923,740 | 783,606 |
Issuances | 848,498 | 670,818 | 597,062 |
Lapse of restrictions | -534,041 | -462,141 | -419,543 |
Forfeitures | -165,278 | -23,543 | -37,385 |
Restricted stock outstanding, end of period | 1,258,053 | 1,108,874 | 923,740 |
Weighted average fair value | ' | ' | ' |
Restricted stock outstanding, beginning of period | $27.56 | $20.08 | $17.24 |
Issuances | $20.61 | $31.43 | $23.62 |
Lapse of restrictions | $25.45 | $18.29 | $19.91 |
Forfeitures | $26.43 | $26.10 | $18.92 |
Restricted stock outstanding, end of period | $23.92 | $27.56 | $20.08 |
Share_Repurchase_Program_Addit
Share Repurchase Program - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 24, 2007 |
Text Block [Abstract] | ' | ' |
Stock repurchase program authorized aggregate amount | ' | $100,000 |
Stock repurchase program total cost | $7,071 | ' |
Stock repurchase program average price | $23.57 | ' |
Share repurchased under share repurchase program | 300,000 | ' |
Recovered_Sheet5
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
MBbls | |||
Commitments And Contingencies Disclosure [Abstract] | ' | ' | ' |
Lease of facilities, maturity year | '2018 | ' | ' |
Payments related to lease obligations | $597 | $894 | $446 |
Contingent liability to surety insurance company | 81,878 | ' | ' |
Commitments to use drilling rigs and acquisition of seismic data, value | 216,726 | ' | ' |
Commitments to use drilling rigs and acquisition of seismic data, period | '4 years | ' | ' |
Deposit to guarantee commitments | 22,350 | ' | ' |
Minimum barrels of oil spill to impose financial responsibility under Oil Pollution Act | 1,000 | ' | ' |
Minimum financial responsibility in amounts if oil spill exceeds minimum quantity of barrels of oil in specified state | 10,000 | ' | ' |
Minimum financial responsibility in amounts if oil spill exceeds minimum quantity of barrels of oil Outer Continental | 35,000 | ' | ' |
Maximum financial responsibility in amounts if oil spill exceeds minimum quantity of barrels of oil | 150,000 | ' | ' |
Approximate asserted claims plus accrued interest assessed by Louisiana Department of Revenue | $13,000 | ' | ' |
Minimum_Net_Annual_Commitments
Minimum Net Annual Commitments Under all Leases, Subleases and Contracts with Non-Cancelable Terms in Excess of 12 Months (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Operating Leases Future Minimum Payments Due [Abstract] | ' |
2014 | $736 |
2015 | 637 |
2016 | 358 |
2017 | 301 |
2018 | $147 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2007 | Dec. 31, 2007 | Dec. 31, 2007 | Dec. 31, 2013 | 20-May-11 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Minimum [Member] | Maximum [Member] | 2009 plan [Member] | 2009 plan [Member] | 2009 plan [Member] | 2009 plan [Member] | Restricted Stock Grants [Member] | Restricted Stock Grants [Member] | |||||
All Employee [Member] | Non - Employee Directors [Member] | Minimum [Member] | Maximum [Member] | |||||||||
Employee Benefit And Retirement Plans [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liability of vested benefits recorded in other long term liabilities | $1,062 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenses related to incentive compensation bonus | 15,340 | 8,113 | 11,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional number of common stock to be issued under incentive stock options | ' | ' | ' | ' | ' | ' | ' | 2,800,000 | ' | ' | ' | ' |
Vesting period of stock options | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '3 years | '1 year | '3 years |
Period after which stock option will expire subsequent to award | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | '10 years | ' | ' |
Additional shares available for issuance | ' | ' | ' | ' | ' | ' | 2,081,866 | ' | ' | ' | ' | ' |
Percentage of vesting of an employee in matching contributions for each year of service | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of years required for vesting of contribution | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of contribution by the company to Stone Energy 401 (k) Profit Sharing Plan | 1,793 | 1,759 | 1,435 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Percentage of Deferred Compensation plan | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Plan assets included in other assets | 8,248 | 7,498 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of times of severance payments relating to annual pay and any target bonus at one hundred percent level | 2.99 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of excise tax rate under Section 4999 of the Internal revenue code | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of employer matching contribution under 401(k) plan | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of one week's pay of each full of annual pay under Employee severance Plan | ' | ' | ' | $10,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum period of sum of payments and benefits under employee severance plan | ' | ' | ' | ' | '84 days | '12 months | ' | ' | ' | ' | ' | ' |
Period of involuntary termination of employment | ' | ' | ' | '6 months | ' | ' | ' | ' | ' | ' | ' | ' |
Oil_Gas_Reserve_Information_Ad
Oil Gas Reserve Information - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
MMcf | MMcf | MMcf | |
Reserve Quantities [Line Items] | ' | ' | ' |
Adoption of assumption due to revision of oil and gas reporting requirements | 'Using a historical 12-month average pricing assumption | ' | ' |
Average 12-month oil prices net of differentials | 102.21 | 101.2 | 100.97 |
Average 12-month gas prices net of differentials | 3.66 | 2.68 | 4.74 |
Annual discount rate for discounting future cash flows | 10.00% | ' | ' |
Pyrenees project [Member] | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' |
Acquisition of additional working interested in pyrenees project | ' | ' | 15.00% |
Purchase of producing properties | ' | ' | 6 |
Pompano and Mica fields [Member] | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' |
Purchase of producing properties | ' | ' | 102 |
Appalachia drilling program [Member] | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' |
Extensions, discoveries and other additions | 117 | 162 | 94 |
Deep gas development project at LaCantera [Member] | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' |
Extensions, discoveries and other additions | ' | 17 | 11 |
GOM drilling program at Mississippi Canyon Block 109 [Member] | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' |
Extensions, discoveries and other additions | ' | ' | 6 |
Sale of our non-operated interest in the Main Pass Block 296 and 311 fields [Member] | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' |
Sale of reserves | ' | ' | 13 |
Positive reserve report pricing changes [Member] | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' |
Revisions of previous estimates | 17.8 | ' | ' |
Well performance [Member] | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' |
Revisions of previous estimates | 54.5 | ' | ' |
Natural Gas Liquids (MBbls) [Member] | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' |
Extensions, discoveries and other additions | 4,395 | 4,856 | ' |
Revisions of previous estimates | 2,439 | 9,349 | 4,911 |
Purchase of producing properties | ' | 619 | ' |
Average 12-month gas prices net of differentials | 37.59 | 38.23 | 58.26 |
Summary_of_Estimated_Proved_Oi
Summary of Estimated Proved Oil and Natural Gas Reserve (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
MBbls | MBbls | MBbls | |
Oil (MBbls) [Member] | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' |
Estimated proved reserves, beginning balance | 44,918 | 45,655 | 33,203 |
Revisions of previous estimates | 3,606 | -1,559 | 2,889 |
Extensions, discoveries and other additions | 2,367 | 3,681 | 3,544 |
Purchase of producing properties | ' | 4,336 | 14,396 |
Sale of reserves | -170 | -60 | -1,950 |
Production | -6,894 | -7,135 | -6,427 |
Estimated proved reserves, ending balance | 43,827 | 44,918 | 45,655 |
Estimated proved developed reserves | 27,920 | 29,005 | 30,914 |
Natural Gas Liquids (MBbls) [Member] | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' |
Estimated proved reserves, beginning balance | 18,066 | 4,405 | ' |
Revisions of previous estimates | 2,439 | 9,349 | 4,911 |
Extensions, discoveries and other additions | 4,395 | 4,856 | ' |
Purchase of producing properties | ' | 619 | ' |
Production | -1,603 | -1,163 | -506 |
Estimated proved reserves, ending balance | 23,297 | 18,066 | 4,405 |
Estimated proved developed reserves | 11,569 | 8,593 | 3,195 |
Natural Gas (MMcf) [Member] | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' |
Estimated proved reserves, beginning balance | 395,374 | 325,479 | 274,705 |
Revisions of previous estimates | 36,006 | -26,694 | -26,725 |
Extensions, discoveries and other additions | 79,729 | 131,408 | 93,520 |
Purchase of producing properties | ' | 8,168 | 24,595 |
Sale of reserves | -214 | -418 | -2,150 |
Production | -50,129 | -42,569 | -38,466 |
Estimated proved reserves, ending balance | 460,766 | 395,374 | 325,479 |
Estimated proved developed reserves | 246,946 | 210,956 | 171,871 |
Oil And Natural Gas (MMcfe) [Member] | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' |
Estimated proved reserves, beginning balance | 773,285 | 625,839 | 473,923 |
Revisions of previous estimates | 72,275 | 20,050 | 20,075 |
Extensions, discoveries and other additions | 120,299 | 182,633 | 114,784 |
Purchase of producing properties | ' | 37,895 | 110,971 |
Sale of reserves | -1,235 | -775 | -13,850 |
Production | -101,111 | -92,357 | -80,064 |
Estimated proved reserves, ending balance | 863,513 | 773,285 | 625,839 |
Estimated proved developed reserves | 483,885 | 436,540 | 376,528 |
Summary_of_Standardized_Measur
Summary of Standardized Measure of Discounted Future Net Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Extractive Industries [Abstract] | ' | ' | ' |
Future cash inflows | $7,040,928 | $6,295,455 | $6,171,279 |
Future production costs | -2,062,657 | -1,946,426 | -1,747,806 |
Future development costs | -1,431,101 | -1,241,531 | -1,219,214 |
Future income taxes | -884,637 | -799,007 | -852,364 |
Future net cash flows | 2,662,533 | 2,308,491 | 2,351,895 |
10% annual discount | -977,531 | -794,632 | -808,933 |
Standardized measure of discounted future net cash flows | 1,685,002 | 1,513,859 | 1,542,962 |
Changes in standardized measure of future net cash flows related to estimated proved oil and gas reserves | ' | ' | ' |
Standardized measure at beginning of year | 1,513,859 | 1,542,962 | 957,629 |
Sales and transfers of oil, gas and NGLs produced, net of production costs | -708,017 | -697,741 | -670,347 |
Changes in price, net of future production costs | 229,425 | -380,841 | 502,324 |
Extensions and discoveries, net of future production and development costs | 155,592 | 178,272 | 293,168 |
Changes in estimated future development costs, net of development costs incurred during the period | 28,684 | 212,329 | 97,852 |
Revisions of quantity estimates | 281,558 | 76,450 | -27,854 |
Accretion of discount | 202,087 | 207,292 | 118,722 |
Net change in income taxes | -28,084 | 22,947 | -300,363 |
Purchases of reserves in-place | ' | 276,389 | 567,286 |
Sales of reserves in-place | 15,531 | 2,480 | -36,278 |
Changes in production rates due to timing and other | -5,633 | 73,320 | 40,823 |
Net increase (decrease) in standardized measure | 171,143 | -29,103 | 585,333 |
Standardized measure at end of year | $1,685,002 | $1,513,859 | $1,542,962 |
Results_of_Operations_by_Quart
Results of Operations by Quarter (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Operating revenue | $239,253 | $256,685 | $245,877 | $233,732 | $254,871 | $227,397 | $226,561 | $244,957 | $974,179 | $951,489 | $869,921 | |
Income from operations | 37,206 | [1] | 62,422 | 69,525 | 72,828 | 78,397 | 44,485 | 56,156 | 84,927 | 241,981 | 263,965 | 311,000 |
Net income | $1,752 | [1],[2] | $36,102 | $39,022 | $40,758 | $44,246 | $23,659 | $30,547 | $50,974 | $117,634 | $149,426 | $194,332 |
Basic earnings per share | $0.04 | $0.72 | $0.78 | $0.82 | $0.89 | $0.48 | $0.62 | $1.04 | $2.36 | $3.03 | $3.97 | |
Diluted earnings per share | $0.04 | $0.72 | $0.78 | $0.82 | $0.89 | $0.48 | $0.62 | $1.04 | $2.36 | $3.03 | $3.97 | |
[1] | Includes franchise tax settlement of $12,590 before income tax effect ($8,058, net of income tax effect). | |||||||||||
[2] | Includes loss on early extinguishment of debt of $27,279 before income tax effect ($17,459 net of income tax effect). |
Results_of_Operations_by_Quart1
Results of Operations by Quarter (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' |
Franchise tax settlement | $12,590 | $12,590 | ' | ' |
Franchise tax settlement, after tax | 8,058 | ' | ' | ' |
Loss on early extinguishment of debt, before tax | 27,279 | 27,279 | 1,972 | 607 |
Loss on early extinguishment of debt, after tax | $17,459 | ' | ' | ' |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (Subsequent Event [Member], USD $) | 0 Months Ended | |
In Thousands, unless otherwise specified | Jan. 16, 2014 | Jan. 31, 2014 |
Cut Off and Clovelly Fields [Member] | Hatch Point Field [Member] | |
Subsequent Event [Line Items] | ' | ' |
Cash consideration received on sale of interest | $41,575 | $9,720 |
Condensed_Consolidating_Balanc
Condensed Consolidating Balance Sheet (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
In Thousands, unless otherwise specified | ||||||
Current assets: | ' | ' | ' | ' | ||
Cash and cash equivalents | $331,224 | $279,526 | $38,451 | $106,956 | ||
Accounts receivable | 171,971 | 167,288 | ' | ' | ||
Fair value of hedging contracts | 4,549 | 39,655 | ' | ' | ||
Current income tax receivable | 7,366 | 10,027 | ' | ' | ||
Deferred taxes | 31,710 | [1] | 15,514 | [1] | ' | ' |
Inventory | 3,723 | 4,207 | ' | ' | ||
Other current assets | 1,874 | 3,626 | ' | ' | ||
Total current assets | 552,417 | 519,843 | ' | ' | ||
Oil and gas properties, full cost method: | ' | ' | ' | ' | ||
Proved | 7,804,117 | 7,244,466 | ' | ' | ||
Less: accumulated DD&A | -5,908,760 | -5,510,166 | ' | ' | ||
Net proved oil and gas properties | 1,895,357 | 1,734,300 | ' | ' | ||
Unevaluated | 724,339 | 447,795 | ' | ' | ||
Other property and equipment, net | 26,178 | 22,115 | ' | ' | ||
Fair value of hedging contracts | 1,378 | 9,199 | ' | ' | ||
Other assets, net | 48,887 | 43,179 | ' | ' | ||
Total assets | 3,248,556 | 2,776,431 | ' | ' | ||
Current liabilities: | ' | ' | ' | ' | ||
Accounts payable to vendors | 195,677 | 94,361 | ' | ' | ||
Undistributed oil and gas proceeds | 37,029 | 23,414 | ' | ' | ||
Accrued interest | 9,022 | 18,546 | ' | ' | ||
Fair value of hedging contracts | 7,753 | 149 | ' | ' | ||
Asset retirement obligations | 67,161 | 66,260 | ' | ' | ||
Other current liabilities | 54,520 | 16,765 | ' | ' | ||
Total current liabilities | 371,162 | 219,495 | ' | ' | ||
Long-term debt | 1,027,084 | 914,126 | ' | ' | ||
Deferred taxes | 390,693 | [1] | 310,830 | [1] | ' | ' |
Asset retirement obligations | 435,352 | 422,042 | ' | ' | ||
Fair value of hedging contracts | 470 | 1,530 | ' | ' | ||
Other long-term liabilities | 53,509 | 36,275 | ' | ' | ||
Total liabilities | 2,278,270 | 1,904,298 | ' | ' | ||
Commitments and contingencies | ' | ' | ' | ' | ||
Stockholders' equity: | ' | ' | ' | ' | ||
Common stock | 488 | 484 | ' | ' | ||
Treasury stock | -860 | -860 | ' | ' | ||
Additional paid-in capital | 1,397,885 | 1,386,475 | ' | ' | ||
Accumulated deficit | -425,165 | -542,799 | ' | ' | ||
Accumulated other comprehensive income | -2,062 | 28,833 | ' | ' | ||
Total stockholders' equity | 970,286 | 872,133 | 667,829 | 430,357 | ||
Total liabilities and stockholders' equity | 3,248,556 | 2,776,431 | ' | ' | ||
Parent [Member] | ' | ' | ' | ' | ||
Current assets: | ' | ' | ' | ' | ||
Cash and cash equivalents | 246,294 | 228,398 | 37,389 | 105,115 | ||
Accounts receivable | 74,887 | 59,213 | ' | ' | ||
Current income tax receivable | 7,366 | 10,027 | ' | ' | ||
Deferred taxes | 8,659 | [1] | 5,947 | [1] | ' | ' |
Inventory | 3,440 | 3,924 | ' | ' | ||
Other current assets | 1,874 | 3,626 | ' | ' | ||
Total current assets | 342,520 | 311,135 | ' | ' | ||
Oil and gas properties, full cost method: | ' | ' | ' | ' | ||
Proved | 1,309,527 | 1,004,808 | ' | ' | ||
Less: accumulated DD&A | -459,932 | -370,111 | ' | ' | ||
Net proved oil and gas properties | 849,595 | 634,697 | ' | ' | ||
Unevaluated | 325,113 | 254,757 | ' | ' | ||
Other property and equipment, net | 26,178 | 22,115 | ' | ' | ||
Other assets, net | 45,410 | 41,679 | ' | ' | ||
Investment in subsidiary | 747,472 | 736,331 | ' | ' | ||
Total assets | 2,336,288 | 2,000,714 | ' | ' | ||
Current liabilities: | ' | ' | ' | ' | ||
Accounts payable to vendors | 173,147 | 74,503 | ' | ' | ||
Undistributed oil and gas proceeds | 34,386 | 21,841 | ' | ' | ||
Accrued interest | 9,022 | 18,546 | ' | ' | ||
Other current liabilities | 53,682 | 16,765 | ' | ' | ||
Total current liabilities | 270,237 | 131,655 | ' | ' | ||
Long-term debt | 1,027,084 | 914,126 | ' | ' | ||
Deferred taxes | 10,227 | [1] | 47,758 | [1] | ' | ' |
Asset retirement obligations | 4,945 | 5,479 | ' | ' | ||
Other long-term liabilities | 53,509 | 29,563 | ' | ' | ||
Total liabilities | 1,366,002 | 1,128,581 | ' | ' | ||
Commitments and contingencies | ' | ' | ' | ' | ||
Stockholders' equity: | ' | ' | ' | ' | ||
Common stock | 488 | 484 | ' | ' | ||
Treasury stock | -860 | -860 | ' | ' | ||
Additional paid-in capital | 1,397,885 | 1,386,475 | ' | ' | ||
Accumulated deficit | -425,165 | -542,799 | ' | ' | ||
Accumulated other comprehensive income | -2,062 | 28,833 | ' | ' | ||
Total stockholders' equity | 970,286 | 872,133 | ' | ' | ||
Total liabilities and stockholders' equity | 2,336,288 | 2,000,714 | ' | ' | ||
Guarantor Subsidiary [Member] | ' | ' | ' | ' | ||
Current assets: | ' | ' | ' | ' | ||
Cash and cash equivalents | 84,290 | 51,128 | 926 | 1,659 | ||
Accounts receivable | 97,128 | 108,075 | ' | ' | ||
Fair value of hedging contracts | 4,549 | 39,655 | ' | ' | ||
Deferred taxes | 23,051 | [1] | 9,567 | [1] | ' | ' |
Inventory | 283 | 283 | ' | ' | ||
Total current assets | 209,301 | 208,708 | ' | ' | ||
Oil and gas properties, full cost method: | ' | ' | ' | ' | ||
Proved | 6,494,590 | 6,239,658 | ' | ' | ||
Less: accumulated DD&A | -5,448,828 | -5,140,055 | ' | ' | ||
Net proved oil and gas properties | 1,045,762 | 1,099,603 | ' | ' | ||
Unevaluated | 388,643 | 193,038 | ' | ' | ||
Fair value of hedging contracts | 1,378 | 9,199 | ' | ' | ||
Other assets, net | 1,349 | 1,500 | ' | ' | ||
Total assets | 1,646,433 | 1,512,048 | ' | ' | ||
Current liabilities: | ' | ' | ' | ' | ||
Accounts payable to vendors | 22,530 | 19,858 | ' | ' | ||
Undistributed oil and gas proceeds | 2,643 | 1,573 | ' | ' | ||
Fair value of hedging contracts | 7,753 | 149 | ' | ' | ||
Asset retirement obligations | 67,161 | 66,260 | ' | ' | ||
Other current liabilities | 838 | ' | ' | ' | ||
Total current liabilities | 100,925 | 87,840 | ' | ' | ||
Deferred taxes | 380,466 | [1] | 263,072 | [1] | ' | ' |
Asset retirement obligations | 430,407 | 416,563 | ' | ' | ||
Fair value of hedging contracts | 470 | 1,530 | ' | ' | ||
Other long-term liabilities | ' | 6,712 | ' | ' | ||
Total liabilities | 912,268 | 775,717 | ' | ' | ||
Commitments and contingencies | ' | ' | ' | ' | ||
Stockholders' equity: | ' | ' | ' | ' | ||
Additional paid-in capital | 1,309,563 | 1,496,510 | ' | ' | ||
Accumulated deficit | -574,003 | -789,012 | ' | ' | ||
Accumulated other comprehensive income | -1,395 | 28,833 | ' | ' | ||
Total stockholders' equity | 734,165 | 736,331 | ' | ' | ||
Total liabilities and stockholders' equity | 1,646,433 | 1,512,048 | ' | ' | ||
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ||
Current assets: | ' | ' | ' | ' | ||
Cash and cash equivalents | 640 | ' | 136 | 182 | ||
Total current assets | 640 | ' | ' | ' | ||
Oil and gas properties, full cost method: | ' | ' | ' | ' | ||
Unevaluated | 10,583 | ' | ' | ' | ||
Other assets, net | 2,128 | ' | ' | ' | ||
Investment in subsidiary | 12,711 | ' | ' | ' | ||
Total assets | 26,062 | ' | ' | ' | ||
Current liabilities: | ' | ' | ' | ' | ||
Accounts payable to vendors | 44 | ' | ' | ' | ||
Total current liabilities | 44 | ' | ' | ' | ||
Total liabilities | 44 | ' | ' | ' | ||
Commitments and contingencies | ' | ' | ' | ' | ||
Stockholders' equity: | ' | ' | ' | ' | ||
Additional paid-in capital | 27,403 | ' | ' | ' | ||
Accumulated deficit | -52 | ' | ' | ' | ||
Accumulated other comprehensive income | -1,333 | ' | ' | ' | ||
Total stockholders' equity | 26,018 | ' | ' | ' | ||
Total liabilities and stockholders' equity | 26,062 | ' | ' | ' | ||
Consolidation, Eliminations [Member] | ' | ' | ' | ' | ||
Current assets: | ' | ' | ' | ' | ||
Accounts receivable | -44 | ' | ' | ' | ||
Total current assets | -44 | ' | ' | ' | ||
Oil and gas properties, full cost method: | ' | ' | ' | ' | ||
Investment in subsidiary | -760,183 | -736,331 | ' | ' | ||
Total assets | -760,227 | -736,331 | ' | ' | ||
Current liabilities: | ' | ' | ' | ' | ||
Accounts payable to vendors | -44 | ' | ' | ' | ||
Total current liabilities | -44 | ' | ' | ' | ||
Total liabilities | -44 | ' | ' | ' | ||
Commitments and contingencies | ' | ' | ' | ' | ||
Stockholders' equity: | ' | ' | ' | ' | ||
Additional paid-in capital | -1,336,966 | -1,496,510 | ' | ' | ||
Accumulated deficit | 574,055 | 789,012 | ' | ' | ||
Accumulated other comprehensive income | 2,728 | -28,833 | ' | ' | ||
Total stockholders' equity | -760,183 | -736,331 | ' | ' | ||
Total liabilities and stockholders' equity | ($760,227) | ($736,331) | ' | ' | ||
[1] | Deferred income taxes have been allocated to Guarantor Subsidiary where related oil and gas properties reside. |
Condensed_Consolidating_Statem
Condensed Consolidating Statement of Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Operating revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Oil production | ' | ' | ' | ' | ' | ' | ' | ' | $715,104 | $761,304 | $663,958 | |
Gas production | ' | ' | ' | ' | ' | ' | ' | ' | 190,580 | 134,739 | 170,611 | |
Natural gas liquids production | ' | ' | ' | ' | ' | ' | ' | ' | 60,687 | 48,498 | 29,996 | |
Other operational income | ' | ' | ' | ' | ' | ' | ' | ' | 7,808 | 3,520 | 3,938 | |
Derivative income, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,428 | 1,418 | |
Total operating revenue | 239,253 | 256,685 | 245,877 | 233,732 | 254,871 | 227,397 | 226,561 | 244,957 | 974,179 | 951,489 | 869,921 | |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Lease operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 201,153 | 215,003 | 175,881 | |
Transportation, processing and gathering expenses | ' | ' | ' | ' | ' | ' | ' | ' | 42,172 | 21,782 | 8,958 | |
Production taxes | ' | ' | ' | ' | ' | ' | ' | ' | 15,029 | 10,015 | 9,380 | |
Depreciation, depletion, amortization | ' | ' | ' | ' | ' | ' | ' | ' | 350,574 | 344,365 | 280,020 | |
Accretion expense | ' | ' | ' | ' | ' | ' | ' | ' | 33,575 | 33,331 | 30,764 | |
Salaries, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 59,524 | 54,648 | 40,169 | |
Franchise tax settlement | 12,590 | ' | ' | ' | ' | ' | ' | ' | 12,590 | ' | ' | |
Incentive compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | 15,340 | 8,113 | 11,600 | |
Other operational expenses | ' | ' | ' | ' | ' | ' | ' | ' | 151 | 267 | 2,149 | |
Derivative expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 2,090 | ' | ' | |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 732,198 | 687,524 | 558,921 | |
Income (loss) from operations | 37,206 | [1] | 62,422 | 69,525 | 72,828 | 78,397 | 44,485 | 56,156 | 84,927 | 241,981 | 263,965 | 311,000 |
Other (income) expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 32,837 | 30,375 | 9,289 | |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | -1,695 | -600 | -420 | |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | -2,799 | -1,805 | -1,942 | |
Loss on early extinguishment of debt | 27,279 | ' | ' | ' | ' | ' | ' | ' | 27,279 | 1,972 | 607 | |
Total other (income) expenses | ' | ' | ' | ' | ' | ' | ' | ' | 55,622 | 29,942 | 7,534 | |
Income (loss) before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 186,359 | 234,023 | 303,466 | |
Provision (benefit) for income taxes: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Current | ' | ' | ' | ' | ' | ' | ' | ' | -10,904 | 15,022 | -20,386 | |
Deferred | ' | ' | ' | ' | ' | ' | ' | ' | 79,629 | 69,575 | 129,520 | |
Total income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 68,725 | 84,597 | 109,134 | |
Net income (loss) | 1,752 | [1],[2] | 36,102 | 39,022 | 40,758 | 44,246 | 23,659 | 30,547 | 50,974 | 117,634 | 149,426 | 194,332 |
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 86,739 | 156,391 | 230,404 | |
Parent [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Operating revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Oil production | ' | ' | ' | ' | ' | ' | ' | ' | 30,475 | 26,149 | 5,675 | |
Gas production | ' | ' | ' | ' | ' | ' | ' | ' | 68,895 | 34,331 | 19,470 | |
Natural gas liquids production | ' | ' | ' | ' | ' | ' | ' | ' | 32,293 | 15,264 | ' | |
Other operational income | ' | ' | ' | ' | ' | ' | ' | ' | 7,163 | 2,766 | 3,085 | |
Total operating revenue | ' | ' | ' | ' | ' | ' | ' | ' | 138,826 | 78,510 | 28,230 | |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Lease operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 14,680 | 19,914 | 6,632 | |
Transportation, processing and gathering expenses | ' | ' | ' | ' | ' | ' | ' | ' | 28,322 | 12,049 | ' | |
Production taxes | ' | ' | ' | ' | ' | ' | ' | ' | 6,229 | 3,330 | 1,434 | |
Depreciation, depletion, amortization | ' | ' | ' | ' | ' | ' | ' | ' | 93,579 | 63,022 | 17,860 | |
Accretion expense | ' | ' | ' | ' | ' | ' | ' | ' | 372 | 561 | 15 | |
Salaries, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 59,473 | 54,641 | 40,073 | |
Franchise tax settlement | ' | ' | ' | ' | ' | ' | ' | ' | 12,590 | ' | ' | |
Incentive compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | 15,340 | 8,113 | 11,600 | |
Other operational expenses | ' | ' | ' | ' | ' | ' | ' | ' | 38 | 173 | 1,404 | |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 230,623 | 161,803 | 79,018 | |
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | -91,797 | -83,293 | -50,788 | |
Other (income) expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 32,816 | 30,446 | 9,043 | |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | -1,480 | -285 | -178 | |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | -875 | -144 | -52 | |
Loss on early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | 27,279 | 1,972 | 607 | |
(Income) loss from investment in subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -214,983 | -223,555 | -232,751 | |
Total other (income) expenses | ' | ' | ' | ' | ' | ' | ' | ' | -157,243 | -191,566 | -223,331 | |
Income (loss) before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 65,446 | 108,273 | 172,543 | |
Provision (benefit) for income taxes: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Current | ' | ' | ' | ' | ' | ' | ' | ' | -10,904 | 15,022 | -20,386 | |
Deferred | ' | ' | ' | ' | ' | ' | ' | ' | -41,284 | -56,175 | -1,403 | |
Total income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -52,188 | -41,153 | -21,789 | |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 117,634 | 149,426 | 194,332 | |
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 86,739 | 156,391 | 230,404 | |
Guarantor Subsidiary [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Operating revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Oil production | ' | ' | ' | ' | ' | ' | ' | ' | 684,629 | 735,155 | 658,283 | |
Gas production | ' | ' | ' | ' | ' | ' | ' | ' | 121,685 | 100,408 | 151,141 | |
Natural gas liquids production | ' | ' | ' | ' | ' | ' | ' | ' | 28,394 | 33,234 | 29,996 | |
Other operational income | ' | ' | ' | ' | ' | ' | ' | ' | 645 | 397 | 249 | |
Derivative income, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,428 | 1,418 | |
Total operating revenue | ' | ' | ' | ' | ' | ' | ' | ' | 835,353 | 872,622 | 841,087 | |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Lease operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 186,473 | 195,105 | 169,018 | |
Transportation, processing and gathering expenses | ' | ' | ' | ' | ' | ' | ' | ' | 13,850 | 9,733 | 8,958 | |
Production taxes | ' | ' | ' | ' | ' | ' | ' | ' | 8,800 | 6,685 | 7,946 | |
Depreciation, depletion, amortization | ' | ' | ' | ' | ' | ' | ' | ' | 256,995 | 281,152 | 261,326 | |
Accretion expense | ' | ' | ' | ' | ' | ' | ' | ' | 33,203 | 32,513 | 30,385 | |
Salaries, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 7 | 94 | |
Other operational expenses | ' | ' | ' | ' | ' | ' | ' | ' | 113 | 94 | 745 | |
Derivative expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 2,090 | ' | ' | |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 501,529 | 525,289 | 478,472 | |
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | 333,824 | 347,333 | 362,615 | |
Other (income) expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 21 | -71 | 246 | |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | -195 | -315 | -242 | |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | -1,924 | -1,661 | -1,890 | |
(Income) loss from investment in subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75 | 827 | |
Total other (income) expenses | ' | ' | ' | ' | ' | ' | ' | ' | -2,098 | -1,972 | -1,059 | |
Income (loss) before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 335,922 | 349,305 | 363,674 | |
Provision (benefit) for income taxes: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Deferred | ' | ' | ' | ' | ' | ' | ' | ' | 120,913 | 125,750 | 130,923 | |
Total income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 120,913 | 125,750 | 130,923 | |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 215,009 | 223,555 | 232,751 | |
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 215,009 | 223,555 | 232,751 | |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Operating revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Other operational income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 357 | 604 | |
Total operating revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | 357 | 604 | |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Lease operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | -16 | 231 | |
Depreciation, depletion, amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | 191 | 834 | |
Accretion expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 257 | 364 | |
Salaries, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 46 | ' | 2 | |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 46 | 432 | 1,431 | |
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | -46 | -75 | -827 | |
Other (income) expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | -20 | ' | ' | |
(Income) loss from investment in subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 26 | ' | ' | |
Total other (income) expenses | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | |
Income (loss) before taxes | ' | ' | ' | ' | ' | ' | ' | ' | -52 | -75 | -827 | |
Provision (benefit) for income taxes: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -52 | -75 | -827 | |
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -52 | -75 | -827 | |
Consolidation, Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Other (income) expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
(Income) loss from investment in subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 214,957 | 223,480 | 231,924 | |
Total other (income) expenses | ' | ' | ' | ' | ' | ' | ' | ' | 214,957 | 223,480 | 231,924 | |
Income (loss) before taxes | ' | ' | ' | ' | ' | ' | ' | ' | -214,957 | -223,480 | -231,924 | |
Provision (benefit) for income taxes: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -214,957 | -223,480 | -231,924 | |
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ($214,957) | ($223,480) | ($231,924) | |
[1] | Includes franchise tax settlement of $12,590 before income tax effect ($8,058, net of income tax effect). | |||||||||||
[2] | Includes loss on early extinguishment of debt of $27,279 before income tax effect ($17,459 net of income tax effect). |
Condensed_Consolidating_Statem1
Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income (loss) | $117,634 | $149,426 | $194,332 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' |
Depreciation, depletion and amortization | 350,574 | 344,365 | 280,020 |
Accretion expense | 33,575 | 33,331 | 30,764 |
Deferred income tax provision (benefit) | 79,629 | 69,575 | 129,520 |
Settlement of asset retirement obligations | -83,854 | -65,567 | -63,391 |
Non-cash stock compensation expense | 10,347 | 8,699 | 5,905 |
Excess tax benefits | -156 | -949 | -1,493 |
Non-cash derivative expense (income) | 2,239 | -509 | -2,216 |
Loss on early extinguishment of debt | 27,279 | 1,972 | 607 |
Non-cash interest expense | 16,219 | 13,085 | 1,908 |
Other non-cash income | ' | ' | -1,602 |
Change in current income taxes | 2,767 | 10,618 | -19,451 |
(Increase) decrease in accounts receivable | -4,683 | -55,871 | -19,600 |
(Increase) decrease in other current assets | 1,752 | -2,836 | -66 |
Decrease in inventory | 583 | 436 | 1,619 |
Increase (decrease) in accounts payable | 402 | 5,101 | 6,039 |
Decrease in other current liabilities | 42,451 | -10,426 | 29,583 |
Other | -2,553 | 9,299 | -1,628 |
Net cash provided by (used in) operating activities | 594,205 | 509,749 | 570,850 |
Cash flows from investing activities: | ' | ' | ' |
Investment in oil and gas properties | -663,299 | -555,855 | -764,933 |
Proceeds from sale of oil and gas properties, net of expenses | 48,821 | 403 | 87,930 |
Sale of fixed assets | ' | 134 | ' |
Investment in fixed and other assets | -6,816 | -13,370 | -2,247 |
Change in restricted funds | -1,742 | ' | ' |
Net cash used in investing activities | -623,036 | -568,688 | -679,250 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from bank borrowings | ' | 25,000 | 75,000 |
Repayment of bank borrowings | ' | -70,000 | -30,000 |
Proceeds from issuance of senior convertible notes | ' | 300,000 | ' |
Deferred financing costs of senior convertible notes | ' | -8,855 | ' |
Proceeds from sold warrants | ' | 40,170 | ' |
Payments for purchased call options | ' | -70,830 | ' |
Proceeds from issuance of senior notes | 489,250 | 300,000 | ' |
Deferred financing costs | -9,065 | -11,966 | -4,017 |
Redemption of senior subordinated notes | ' | -200,681 | ' |
Redemption of senior notes | -396,014 | ' | ' |
Excess tax benefits | 156 | 949 | 1,493 |
Net payments for share-based compensation | -3,733 | -3,773 | -2,581 |
Net cash provided by financing activities | 80,594 | 300,014 | 39,895 |
Effect of exchange rate changes on cash | -65 | ' | ' |
Net change in cash and cash equivalents | 51,698 | 241,075 | -68,505 |
Cash and cash equivalents, beginning of period | 279,526 | 38,451 | 106,956 |
Cash and cash equivalents, end of period | 331,224 | 279,526 | 38,451 |
Parent [Member] | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' |
Net income (loss) | 117,634 | 149,426 | 194,332 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' |
Depreciation, depletion and amortization | 93,579 | 63,022 | 17,860 |
Accretion expense | 372 | 561 | 15 |
Deferred income tax provision (benefit) | -41,284 | -56,175 | -1,403 |
Non-cash stock compensation expense | 10,347 | 8,699 | 5,905 |
Excess tax benefits | -156 | -949 | -1,493 |
Loss on early extinguishment of debt | 27,279 | 1,972 | 607 |
Non-cash interest expense | 16,219 | 13,085 | 1,908 |
Other non-cash income | ' | ' | -1,602 |
Non-cash (income) loss from investment in subsidiaries | -214,983 | -223,555 | -230,861 |
Change in current income taxes | 2,767 | 10,618 | -19,451 |
Change in intercompany receivables/payables | 186,903 | 275,819 | 217,287 |
(Increase) decrease in accounts receivable | -15,630 | -22,750 | -11,022 |
(Increase) decrease in other current assets | 1,752 | -2,836 | -80 |
Decrease in inventory | 583 | 436 | 1,605 |
Increase (decrease) in accounts payable | -1,052 | 5,348 | 2,658 |
Decrease in other current liabilities | 40,543 | -5,311 | 23,440 |
Other | 419 | 10,960 | -1,628 |
Net cash provided by (used in) operating activities | 225,292 | 228,370 | 198,077 |
Cash flows from investing activities: | ' | ' | ' |
Investment in oil and gas properties | -273,474 | -324,542 | -309,026 |
Proceeds from sale of oil and gas properties, net of expenses | 6,300 | 403 | 5,575 |
Sale of fixed assets | ' | 134 | ' |
Investment in fixed and other assets | -6,816 | -13,370 | -2,247 |
Investment in subsidiaries | -14,000 | ' | ' |
Net cash used in investing activities | -287,990 | -337,375 | -305,698 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from bank borrowings | ' | 25,000 | 75,000 |
Repayment of bank borrowings | ' | -70,000 | -30,000 |
Proceeds from issuance of senior convertible notes | ' | 300,000 | ' |
Deferred financing costs of senior convertible notes | ' | -8,855 | ' |
Proceeds from sold warrants | ' | 40,170 | ' |
Payments for purchased call options | ' | -70,830 | ' |
Proceeds from issuance of senior notes | 489,250 | 300,000 | ' |
Deferred financing costs | -9,065 | -11,966 | -4,017 |
Redemption of senior subordinated notes | ' | -200,681 | ' |
Redemption of senior notes | -396,014 | ' | ' |
Excess tax benefits | 156 | 949 | 1,493 |
Net payments for share-based compensation | -3,733 | -3,773 | -2,581 |
Net cash provided by financing activities | 80,594 | 300,014 | 39,895 |
Net change in cash and cash equivalents | 17,896 | 191,009 | -67,726 |
Cash and cash equivalents, beginning of period | 228,398 | 37,389 | 105,115 |
Cash and cash equivalents, end of period | 246,294 | 228,398 | 37,389 |
Guarantor Subsidiary [Member] | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' |
Net income (loss) | 215,009 | 223,555 | 232,751 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' |
Depreciation, depletion and amortization | 256,995 | 281,152 | 261,326 |
Accretion expense | 33,203 | 32,513 | 30,385 |
Deferred income tax provision (benefit) | 120,913 | 125,750 | 130,923 |
Settlement of asset retirement obligations | -83,854 | -65,567 | -63,391 |
Non-cash derivative expense (income) | 2,239 | -509 | -2,216 |
Non-cash (income) loss from investment in subsidiaries | ' | 75 | -1,063 |
Change in intercompany receivables/payables | -186,947 | -275,125 | -217,724 |
(Increase) decrease in accounts receivable | 10,947 | -33,345 | -7,688 |
(Increase) decrease in other current assets | ' | ' | 14 |
Decrease in inventory | ' | ' | 14 |
Increase (decrease) in accounts payable | 1,454 | -208 | 3,341 |
Decrease in other current liabilities | 1,908 | -5,115 | 6,143 |
Other | -2,972 | -1,661 | ' |
Net cash provided by (used in) operating activities | 368,895 | 281,515 | 372,815 |
Cash flows from investing activities: | ' | ' | ' |
Investment in oil and gas properties | -378,254 | -231,313 | -455,903 |
Proceeds from sale of oil and gas properties, net of expenses | 42,521 | ' | 82,355 |
Net cash used in investing activities | -335,733 | -231,313 | -373,548 |
Cash flows from financing activities: | ' | ' | ' |
Net change in cash and cash equivalents | 33,162 | 50,202 | -733 |
Cash and cash equivalents, beginning of period | 51,128 | 926 | 1,659 |
Cash and cash equivalents, end of period | 84,290 | 51,128 | 926 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' |
Net income (loss) | -52 | -75 | -827 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' |
Depreciation, depletion and amortization | ' | 191 | 834 |
Accretion expense | ' | 257 | 364 |
Non-cash (income) loss from investment in subsidiaries | 26 | ' | ' |
Change in intercompany receivables/payables | 44 | -694 | 437 |
(Increase) decrease in accounts receivable | ' | 224 | -890 |
Increase (decrease) in accounts payable | ' | -39 | 40 |
Net cash provided by (used in) operating activities | 18 | -136 | -42 |
Cash flows from investing activities: | ' | ' | ' |
Investment in oil and gas properties | -11,571 | ' | -4 |
Change in restricted funds | -1,742 | ' | ' |
Investment in subsidiaries | -13,404 | ' | ' |
Net cash used in investing activities | -26,717 | ' | -4 |
Cash flows from financing activities: | ' | ' | ' |
Equity proceeds from parent | 27,404 | ' | ' |
Net cash provided by financing activities | 27,404 | ' | ' |
Effect of exchange rate changes on cash | -65 | ' | ' |
Net change in cash and cash equivalents | 640 | -136 | -46 |
Cash and cash equivalents, beginning of period | ' | 136 | 182 |
Cash and cash equivalents, end of period | 640 | ' | 136 |
Consolidation, Eliminations [Member] | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' |
Net income (loss) | -214,957 | -223,480 | -231,924 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' |
Non-cash (income) loss from investment in subsidiaries | 214,957 | 223,480 | 231,924 |
Cash flows from investing activities: | ' | ' | ' |
Investment in subsidiaries | 27,404 | ' | ' |
Net cash used in investing activities | 27,404 | ' | ' |
Cash flows from financing activities: | ' | ' | ' |
Equity proceeds from parent | -27,404 | ' | ' |
Net cash provided by financing activities | ($27,404) | ' | ' |