Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 18, 2014 | Jun. 30, 2013 | |
Document Information [Line Items] | ' | ' | ' |
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 | 'GDP | ' | ' |
Entity Registrant Name | 'GOODRICH PETROLEUM CORP | ' | ' |
Entity Central Index Key | '0000943861 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 44,272,621 | ' |
Entity Public Float | ' | ' | $339,100,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $49,220 | $1,188 |
Restricted cash | 51,816 | ' |
Accounts receivable, trade and other, net of allowance | 3,113 | 7,078 |
Accrued oil and natural gas revenue | 19,455 | 19,054 |
Fair value of oil and natural gas derivatives | 6,187 | 2,125 |
Inventory | 2,076 | 2,202 |
Prepaid expenses and other | 1,278 | 926 |
Total current assets | 133,145 | 32,573 |
PROPERTY AND EQUIPMENT: | ' | ' |
Oil and natural gas properties (successful efforts method) | 1,838,220 | 1,619,914 |
Furniture, fixtures and equipment | 6,960 | 6,212 |
Property, Plant and Equipment, Gross, Total | 1,845,180 | 1,626,126 |
Less: Accumulated depletion, depreciation and amortization | -1,021,863 | -906,377 |
Net property and equipment | 823,317 | 719,749 |
Fair value of oil and natural gas derivatives | 1,396 | ' |
Deferred tax assets | 665 | 636 |
Deferred financing cost and other | 15,690 | 15,427 |
TOTAL ASSETS | 974,213 | 768,385 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable | 50,551 | 73,094 |
Accrued liabilities | 48,603 | 37,634 |
Accrued abandonment costs | 99 | 168 |
Deferred tax liabilities current | 665 | 636 |
Fair value of oil and natural gas derivatives | 4,341 | 351 |
Current portion of debt | 49,663 | ' |
Total current liabilities | 153,922 | 111,883 |
Long term debt | 435,866 | 568,671 |
Accrued abandonment costs | 20,757 | 18,138 |
Fair value of oil and natural gas derivatives | 2,371 | 3,987 |
Transportation obligation | 4,774 | 5,461 |
Total liabilities | 617,690 | 708,140 |
Commitments and contingencies (See Note 9) | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' |
Common stock: $0.20 par value, 100,000,000 shares authorized, issued and outstanding 44,258,824 and 36,758,141 shares, respectively | 8,852 | 7,352 |
Treasury stock (zero and 77,142 shares, respectively) | ' | -639 |
Additional paid in capital | 1,056,378 | 648,458 |
Retained earnings (accumulated deficit) | -710,966 | -597,176 |
Total stockholders' equity | 356,523 | 60,245 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 974,213 | 768,385 |
Series B Convertible Preferred Stock | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' |
Preferred stock | 2,250 | 2,250 |
Series C Cumulative Preferred Stock | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' |
Preferred stock | 4 | ' |
Series D Cumulative Preferred Stock | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' |
Preferred stock | $5 | ' |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Series B Convertible Preferred Stock | Series B Convertible Preferred Stock | Series C Cumulative Preferred Stock | Series C Cumulative Preferred Stock | Series D Cumulative Preferred Stock | Series D Cumulative Preferred Stock | |||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | ' | ' | ' | ' | ' | ' |
Preferred stock, par value | $1 | $1 | ' | ' | ' | ' | ' | ' |
Preferred stock, shares issued | ' | ' | 2,250,000 | 2,250,000 | 4,400,000 | 0 | 5,200,000 | 0 |
Preferred stock, shares outstanding | ' | ' | 2,250,000 | 2,250,000 | 4,400,000 | 0 | 5,200,000 | 0 |
Common stock, par value | $0.20 | $0.20 | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | 100,000,000 | 100,000,000 | ' | ' | ' | ' | ' | ' |
Common stock, shares issued | 44,258,824 | 36,758,141 | ' | ' | ' | ' | ' | ' |
Common stock, shares outstanding | 44,258,824 | 36,758,141 | ' | ' | ' | ' | ' | ' |
Treasury stock | 0 | 77,142 | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
REVENUES: | ' | ' | ' |
Oil and natural gas revenues | $202,557 | $180,543 | $200,456 |
Other | 738 | 302 | 613 |
Total revenues | 203,295 | 180,845 | 201,069 |
OPERATING EXPENSES: | ' | ' | ' |
Lease operating expense | 27,293 | 25,938 | 21,490 |
Production and other taxes | 9,812 | 8,115 | 5,450 |
Transportation and processing | 10,498 | 13,900 | 12,974 |
Depreciation, depletion and amortization | 135,357 | 141,222 | 131,811 |
Exploration | 22,774 | 23,122 | 8,289 |
Impairment | 0 | 47,818 | 8,111 |
General and administrative | 34,069 | 28,930 | 29,799 |
Gain on sale of assets | -107 | -44,606 | -236 |
Other | -91 | 91 | 448 |
Operating Expenses, Total | 239,605 | 244,530 | 218,136 |
Operating loss | -36,310 | -63,685 | -17,067 |
OTHER INCOME (EXPENSE): | ' | ' | ' |
Interest expense | -51,187 | -52,403 | -49,351 |
Interest income and other | 101 | 4 | 59 |
Gain (loss) on derivatives not designated as hedges | -702 | 31,882 | 34,539 |
Gain (loss) on extinguishment of debt | -7,088 | ' | 62 |
Nonoperating Income (Expense), Total | -58,876 | -20,517 | -14,691 |
Loss before income taxes | -95,186 | -84,202 | -31,758 |
Income tax benefit | ' | ' | ' |
Net loss | -95,186 | -84,202 | -31,758 |
Preferred stock dividends | 18,604 | 6,047 | 6,047 |
Net loss applicable to common stock | ($113,790) | ($90,249) | ($37,805) |
PER COMMON SHARE | ' | ' | ' |
Net loss applicable to common stock-basic | ($2.99) | ($2.48) | ($1.05) |
Net loss applicable to common stock-diluted | ($2.99) | ($2.48) | ($1.05) |
Weighted average common shares outstanding-basic | 38,098 | 36,390 | 36,124 |
Weighted average common shares outstanding-diluted | 38,098 | 36,390 | 36,124 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net loss | ($95,186) | ($84,202) | ($31,758) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' | ' |
Depletion, depreciation and amortization | 135,357 | 141,222 | 131,811 |
Unrealized (gain) loss on derivatives not designated as hedges | -3,084 | 41,278 | -3,234 |
Impairment | 0 | 47,818 | 8,111 |
Exploration costs | 4,728 | 12,848 | ' |
Amortization of leasehold costs | 13,675 | 5,948 | 5,487 |
Share based compensation (non-cash) | 7,680 | 6,903 | 6,495 |
Gain on sale of assets | -107 | -44,606 | -236 |
(Gain) loss on extinguishment of debt | 7,088 | ' | -62 |
Amortization of finance cost and debt discount | 12,745 | 12,819 | 14,351 |
Amortization of transportation obligation | 1,226 | 1,457 | 2,873 |
Change in assets and liabilities: | ' | ' | ' |
Restricted cash | ' | ' | 4,232 |
Accounts receivable, trade and other, net of allowance | 3,965 | 580 | 355 |
Income taxes receivable/payable | ' | 277 | 3,995 |
Accrued oil and natural gas revenue | -401 | 1,399 | -5,500 |
Inventory | 126 | 6,415 | -796 |
Prepaid expenses and other | 386 | 3,356 | -2,953 |
Accounts payable | -22,543 | 26,999 | -1,079 |
Accrued liabilities | 5,750 | -6,722 | 4,248 |
Net cash provided by operating activities | 71,405 | 173,789 | 136,340 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Capital expenditures | -251,103 | -252,416 | -335,236 |
Proceeds from sale of assets | 449 | 90,922 | 172 |
Net cash used in investing activities | -250,654 | -161,494 | -335,064 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Principal payments of bank borrowings | -382,800 | -132,000 | -42,000 |
Proceeds from bank borrowings | 287,800 | 124,500 | 144,500 |
Proceeds from preferred stock offering | 230,625 | ' | ' |
Proceeds from equity offering | 166,149 | ' | ' |
Proceeds from high yield offering | ' | ' | 275,000 |
Repurchase of convertible notes | ' | ' | -176,422 |
Debt issuance costs | -4,636 | -66 | -9,341 |
Preferred stock dividends | -18,604 | -6,047 | -6,047 |
Cash restricted for repurchase of convertible notes | -51,816 | ' | ' |
Exercise of stock options and warrants | 807 | 16 | ' |
Other | -244 | -857 | -1,407 |
Net cash provided by (used in) financing activities | 227,281 | -14,454 | 184,283 |
Increase (decrease) in cash and cash equivalents | 48,032 | -2,159 | -14,441 |
Cash and cash equivalents, beginning of period | 1,188 | 3,347 | 17,788 |
Cash and cash equivalents, end of period | 49,220 | 1,188 | 3,347 |
Supplemental disclosures of cash flow information: | ' | ' | ' |
Cash paid during the year for interest | 38,087 | 39,516 | 35,000 |
Cash paid during the year for taxes | ' | ' | ' |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Preferred Stock Offering | Equity Offering | Preferred Stock | Preferred Stock | Common Stock | Common Stock | Additional Paid-in Capital | Additional Paid-in Capital | Additional Paid-in Capital | Treasury Stock | Retained Earnings/ (Deficit) |
In Thousands, except Share data | Preferred Stock Offering | Equity Offering | Preferred Stock Offering | Equity Offering | ||||||||
Balance at Dec. 31, 2010 | $183,972 | ' | ' | $2,250 | ' | $7,212 | ' | $643,828 | ' | ' | ($196) | ($469,122) |
Balance, Treasury Stock at Dec. 31, 2010 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -12,000 | ' |
Balance, Common Stock at Dec. 31, 2010 | ' | ' | ' | ' | ' | 37,685,000 | ' | ' | ' | ' | ' | ' |
Balance, Preferred Stock at Dec. 31, 2010 | ' | ' | ' | 2,250,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -31,758 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -31,758 |
Employee stock plans (in shares) | ' | ' | ' | ' | ' | 350,000 | ' | ' | ' | ' | ' | ' |
Employee stock plans | 6,495 | ' | ' | ' | ' | 70 | ' | 6,425 | ' | ' | ' | ' |
Equity portion of convertible notes redeemed | -7,944 | ' | ' | ' | ' | ' | ' | -7,944 | ' | ' | ' | ' |
Director stock grants (in shares) | ' | ' | ' | ' | ' | 21,000 | ' | ' | ' | ' | ' | ' |
Director stock grants | 389 | ' | ' | ' | ' | 4 | ' | 385 | ' | ' | ' | ' |
Repurchases of stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -86,000 | ' |
Repurchases of stock | -1,407 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,407 | ' |
Retirement of stock (in shares) | ' | ' | ' | ' | ' | -53,000 | ' | ' | ' | ' | 53,000 | ' |
Retirement of stock | ' | ' | ' | ' | ' | -10 | ' | -904 | ' | ' | 914 | ' |
Shares returned pursuant to Share Lending Agreement | ' | ' | ' | ' | ' | -1,624,000 | ' | ' | ' | ' | ' | ' |
Dividends | -6,047 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6,047 |
Balance at Dec. 31, 2011 | 143,700 | ' | ' | 2,250 | ' | 7,276 | ' | 641,790 | ' | ' | -689 | -506,927 |
Balance, Preferred Stock at Dec. 31, 2011 | ' | ' | ' | 2,250,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, Treasury Stock at Dec. 31, 2011 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -45,000 | ' |
Balance, Common Stock at Dec. 31, 2011 | ' | ' | ' | ' | ' | 36,379,000 | ' | ' | ' | ' | ' | ' |
Net loss | -84,202 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -84,202 |
Employee stock plans (in shares) | ' | ' | ' | ' | ' | 386,000 | ' | ' | ' | ' | ' | ' |
Employee stock plans | 6,903 | ' | ' | ' | ' | 77 | ' | 6,826 | ' | ' | ' | ' |
Director stock grants (in shares) | ' | ' | ' | ' | ' | 57,000 | ' | ' | ' | ' | ' | ' |
Director stock grants | 732 | ' | ' | ' | ' | 11 | ' | 721 | ' | ' | ' | ' |
Repurchases of stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -100,000 | ' |
Repurchases of stock | -857 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -857 | ' |
Options Exercised (in shares) | ' | ' | ' | ' | ' | 4,000 | ' | ' | ' | ' | ' | ' |
Options Exercised | 16 | ' | ' | ' | ' | 1 | ' | 15 | ' | ' | ' | ' |
Retirement of stock (in shares) | ' | ' | ' | ' | ' | -68,000 | ' | ' | ' | ' | 68,000 | ' |
Retirement of stock | ' | ' | ' | ' | ' | -13 | ' | -894 | ' | ' | 907 | ' |
Dividends | -6,047 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6,047 |
Balance at Dec. 31, 2012 | 60,245 | ' | ' | 2,250 | ' | 7,352 | ' | 648,458 | ' | ' | -639 | -597,176 |
Balance, Preferred Stock at Dec. 31, 2012 | ' | ' | ' | 2,250,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, Treasury Stock at Dec. 31, 2012 | -77,142 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -77,000 | ' |
Balance, Common Stock at Dec. 31, 2012 | 36,758,141 | ' | ' | ' | ' | 36,758,000 | ' | ' | ' | ' | ' | ' |
Net loss | -95,186 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -95,186 |
Employee stock plans (in shares) | ' | ' | ' | ' | ' | 594,000 | ' | ' | ' | ' | ' | ' |
Employee stock plans | 7,680 | ' | ' | ' | ' | 119 | ' | 7,561 | ' | ' | ' | ' |
Equity portion of convertible notes redeemed | 4,398 | ' | ' | ' | ' | ' | ' | 4,398 | ' | ' | ' | ' |
Director stock grants (in shares) | ' | ' | ' | ' | ' | 47,000 | ' | ' | ' | ' | ' | ' |
Director stock grants | 646 | ' | ' | ' | ' | 9 | ' | 637 | ' | ' | ' | ' |
Repurchases of stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,000 | ' |
Repurchases of stock | -74 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -74 | ' |
Options Exercised (in shares) | 40,500,000 | ' | ' | ' | ' | 41,000 | ' | ' | ' | ' | ' | ' |
Options Exercised | 807 | ' | ' | ' | ' | 8 | ' | 799 | ' | ' | ' | ' |
Equity Offering (in shares) | ' | ' | ' | ' | 9,000 | ' | 6,900,000 | ' | ' | ' | ' | ' |
Equity Offering | ' | 230,625 | 166,149 | ' | 9 | ' | 1,380 | ' | 230,616 | 164,769 | ' | ' |
Retirement of stock (in shares) | ' | ' | ' | ' | ' | -81,000 | ' | ' | ' | ' | 80,000 | ' |
Retirement of stock | ' | ' | ' | ' | ' | -16 | ' | -697 | ' | ' | 713 | ' |
Other | -163 | ' | ' | ' | ' | ' | ' | -163 | ' | ' | ' | ' |
Dividends | -18,604 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -18,604 |
Balance at Dec. 31, 2013 | $356,523 | ' | ' | $2,259 | ' | $8,852 | ' | $1,056,378 | ' | ' | ' | ($710,966) |
Balance, Preferred Stock at Dec. 31, 2013 | ' | ' | ' | 2,259,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, Treasury Stock at Dec. 31, 2013 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, Common Stock at Dec. 31, 2013 | 44,258,824 | ' | ' | ' | ' | 44,259,000 | ' | ' | ' | ' | ' | ' |
Description_of_Business_and_Ac
Description of Business and Accounting Policies | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Description of Business and Accounting Policies | ' | ||||||||||||||||||||||||
NOTE 1—Description of Business and Accounting Policies | |||||||||||||||||||||||||
Goodrich Petroleum Corporation (together with its subsidiary, “we,” “our,” or the “Company”) is an independent oil and natural gas company engaged in the exploration, development and production of oil and natural gas on properties primarily in (i) South Texas, which includes the Eagle Ford Shale Trend, (ii) Northwest Louisiana and East Texas, which includes the Haynesville Shale and Cotton Valley Taylor Sand, and (iii) Southwest Mississippi and Southeast Louisiana, which includes the Tuscaloosa Marine Shale (“TMS”). | |||||||||||||||||||||||||
Principles of Consolidation—The consolidated financial statements of the Company are included in this Annual Report on Form 10-K have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and in accordance with accounting principles generally accepted in the United States (“US GAAP”). The consolidated financial statements include the financial statements of Goodrich Petroleum Corporation and its wholly-owned subsidiary. Intercompany balances and transactions have been eliminated in consolidation. The consolidated financial statements reflect all normal recurring adjustments that, in the opinion of management, are necessary for a fair presentation. Certain data in prior periods’ financial statements have been adjusted to conform to the presentation of the current period. We have evaluated subsequent events through the date of this filing. | |||||||||||||||||||||||||
Use of Estimates—Our Management has made a number of estimates and assumptions relating to the reporting of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities to prepare these consolidated financial statements in conformity with US GAAP. | |||||||||||||||||||||||||
Cash and Cash Equivalents—Cash and cash equivalents include cash on hand, demand deposit accounts and temporary cash investments with maturities of ninety days or less at date of purchase. | |||||||||||||||||||||||||
Restricted Cash—Restricted cash at December 31, 2013 of $51.8 million is held in escrow for the repurchase of the remaining outstanding principal amount on our 5% Convertible Senior Notes due 2029. See Note 4. | |||||||||||||||||||||||||
Allowance for Doubtful Accounts—We routinely assess the recoverability of all material trade and other receivables to determine their collectability. Many of our receivables are from a limited number of purchasers. Accordingly, accounts receivable from such purchases could be significant. Generally, our natural gas and crude oil receivables are collected within thirty to sixty days of production. We also have receivables from joint interest owners of properties we operate. We may have the ability to withhold future revenue disbursements to recover any non-payment of joint interest billings. | |||||||||||||||||||||||||
We accrue a reserve on a receivable when, based on the judgment of management, it is probable that a receivable will not be collected and the amount of the reserve may be reasonably estimated. As of each of December 31, 2013 and 2012, our allowance for doubtful accounts was immaterial. | |||||||||||||||||||||||||
Inventory—Inventory consists of casing and tubulars that are expected to be used in our capital drilling program and oil in storage tanks. Inventory is carried on the Consolidated Balance Sheets at the lower of cost or market. | |||||||||||||||||||||||||
Property and Equipment—We follow the successful efforts method of accounting for exploration and development expenditures. Under this method, costs of acquiring unproved and proved oil and natural gas leasehold acreage are capitalized. When proved reserves are found on an unproved property, the associated leasehold cost is transferred to proved properties. Significant unproved leases are reviewed periodically, and a valuation allowance is provided for any estimated decline in value. Costs of all other unproved leases are amortized over the estimated average holding period of the leases. Development costs are capitalized, including the costs of unsuccessful development wells. | |||||||||||||||||||||||||
Exploration—Exploration expenditures, including geological and geophysical costs, delay rentals and exploratory dry hole costs are expensed as incurred. Costs of drilling exploratory wells are initially capitalized pending determination of whether proved reserves can be attributed to the discovery. If management determines that commercial quantities of hydrocarbons have not been discovered, capitalized costs associated with exploratory wells are expensed. | |||||||||||||||||||||||||
Fair Value Measurement— Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of an asset should reflect its highest and best use by market participants, whether in-use or an in-exchange valuation premise. The fair value of a liability should reflect the risk of nonperformance, which includes, among other things, our credit risk. | |||||||||||||||||||||||||
We use various methods, including the income approach and market approach, to determine the fair values of our financial instruments that are measured at fair value on a recurring basis, which depend on a number of factors, including the availability of observable market data over the contractual term of the underlying instrument. For some of our instruments, the fair value is calculated based on directly observable market data or data available for similar instruments in similar markets. For other instruments, the fair value may be calculated based on these inputs as well as other assumptions related to estimates of future settlements of these instruments. We separate our financial instruments into three levels (levels 1, 2 and 3) based on our assessment of the availability of observable market data and the significance of non-observable data used to determine the fair value of our instruments. Our assessment of an instrument can change over time based on the maturity or liquidity of the instrument, which could result in a change in the classification of the instruments between levels. | |||||||||||||||||||||||||
Each of these levels and our corresponding instruments classified by level are further described below: | |||||||||||||||||||||||||
• | Level 1 Inputs—unadjusted quoted market prices in active markets for identical assets or liabilities. Included in this level is our Senior Notes; | ||||||||||||||||||||||||
• | Level 2 Inputs—quotes which are derived principally from or corroborated by observable market data. Included in this level are our Senior Credit Facility and commodity derivatives whose fair values are based on third-party quotes or available interest rate information and commodity pricing data obtained from third party pricing sources and our creditworthiness or that of our counterparties; and | ||||||||||||||||||||||||
• | Level 3 Inputs—unobservable inputs for the asset or liability, such as discounted cash flow models or valuations, based on our various assumptions and future commodity prices. Included in this level are our oil and natural gas properties which are deemed impaired. | ||||||||||||||||||||||||
As of December 31, 2013 and 2012, the carrying amounts of our cash and cash equivalents, trade receivables and payables represented fair value because of the short-term nature of these instruments. | |||||||||||||||||||||||||
Impairment—We periodically assess our long-lived assets recorded in oil and natural gas properties on the Consolidated Balance Sheets to ensure that they are not carried in excess of fair value, which is computed using level 3 inputs such as discounted cash flow models or valuations, based on estimated future commodity prices and our various operational assumptions. An evaluation is performed on a field-by-field basis at least annually or whenever changes in facts and circumstances indicate that our oil and natural gas properties may be impaired. | |||||||||||||||||||||||||
As of December 31, 2013, we had interests in oil and natural gas properties totaling $821.8 million, net of accumulated depletion, which we account for under the successful efforts method. The expected future cash flows used for impairment reviews and related fair-value calculations are based on judgmental assessments of future production volumes, prices, and costs, considering all available information at the date of review. Due to the uncertainty inherent in these factors, we cannot predict when or if additional future impairment charges will be recorded. We estimate future net cash flows generated from our oil and natural gas properties by using forecasted oil and natural gas prices published by the New York Mercantile Exchange (“NYMEX”). | |||||||||||||||||||||||||
We had no impairment associated with our oil and natural gas properties for 2013. For the years ended December 31, 2012 and 2011, we recorded impairments on our oil and natural gas properties of $47.8 million and $8.1 million, respectively. The impairment in 2012 reduced the fields’ carrying value to an estimated fair value of $3.3 million. | |||||||||||||||||||||||||
Depreciation—Depreciation and depletion of producing oil and natural gas properties is calculated using the units-of-production method. Proved developed reserves are used to compute unit rates for unamortized tangible and intangible development costs, and proved reserves are used for unamortized leasehold costs. | |||||||||||||||||||||||||
Gains and losses on disposals or retirements that are significant or include an entire depreciable or depletable property unit are included in operating income. Depreciation of furniture, fixtures and equipment, consisting of office furniture, computer hardware and software and leasehold improvements, is computed using the straight-line method over their estimated useful lives, which vary from three to five years. | |||||||||||||||||||||||||
Transportation Obligation—We entered into a natural gas gathering agreement with an independent service provider, effective July 27, 2010. The agreement is scheduled to remain in effect for a period of ten years and requires the service provider to construct pipelines and facilities to connect our wells to the service provider’s gathering system in our Eagle Ford Shale Trend area of South Texas. In compensation for the services, we agreed to pay the service provider 110 percent of the total capital cost incurred by the service provider to construct new pipelines and facilities. The service provider bills us for 20 percent of the accumulated unpaid capital costs annually. | |||||||||||||||||||||||||
We accounted for the agreement by recording a long-term asset, included in “Deferred financing cost and other” on the Consolidated Balance Sheets. The asset is being amortized using the units-of-production method and the amortization expense is included in “Transportation and processing” on the Consolidated Statements of Operations. The related current and long-term liabilities are presented on the Consolidated Balance Sheets in “Accrued liabilities” and “Transportation obligation”, respectively. | |||||||||||||||||||||||||
Asset Retirement Obligations—We follow the accounting standard related to accounting for asset retirement obligations. These obligations are related to the abandonment and site restoration requirements that result from the exploration and development of our oil and gas properties. We record the fair value of a liability for an asset retirement obligation in the period in which it is incurred and a corresponding increase in the carrying amount of the related long-lived asset. Accretion expense is included in “Depreciation, depletion and amortization” on our Consolidated Statement of Operations. | |||||||||||||||||||||||||
Revenue Recognition—Oil and natural gas revenues are recognized when production is sold to a purchaser at a fixed or determinable price, when delivery has occurred and title has transferred, and if collectability of the revenue is probable. Revenues from the production of crude oil and natural gas properties in which we have an interest with other producers are recognized using the entitlements method. We record a liability or an asset for natural gas balancing when we have sold more or less than our working interest share of natural gas production, respectively. At December 31, 2013 and 2012, the net liability for natural gas balancing was immaterial. Differences between actual production and net working interest volumes are routinely adjusted. | |||||||||||||||||||||||||
Derivative Instruments—We use derivative instruments such as futures, forwards, options, collars and swaps for purposes of hedging our exposure to fluctuations in the price of crude oil and natural gas and to hedge | |||||||||||||||||||||||||
our exposure to changing interest rates. Accounting standards related to derivative instruments and hedging activities require that all derivative instruments subject to the requirements of those standards be measured at fair value and recognized as assets or liabilities in the balance sheet. We offset the fair value of our asset and liability positions with the same counterparty for each commodity type. Changes in fair value are required to be recognized in earnings unless specific hedge accounting criteria are met. We have not designated any of our derivative contracts as hedges, accordingly; changes in fair value are reflected in earnings. | |||||||||||||||||||||||||
Income Taxes—We account for income taxes, as required, under the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. | |||||||||||||||||||||||||
We recognize, as required, the financial statement benefit of an uncertain tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. | |||||||||||||||||||||||||
Earnings Per Share—Basic income per common share is computed by dividing net income available to common stockholders for each reporting period by the weighted-average number of common shares outstanding during the period. Diluted income per common share is computed by dividing net income available to common stockholders for each reporting period by the weighted average number of common shares outstanding during the period, plus the effects of potentially dilutive stock options and restricted stock calculated using the Treasury Stock method and the potential dilutive effect of the conversion of shares associated with 5.375% Series B Convertible Preferred Stock (“Series B Preferred Stock”), 3.25% Convertible Senior Notes due 2026 (the “2026 Notes”), 5% Convertible Senior Notes due 2029 (the “2029 Notes”) and 5% Convertible Senior Notes due 2032 (the “2032 Notes”). | |||||||||||||||||||||||||
Commitments and Contingencies—Liabilities for loss contingencies, including environmental remediation costs, arising from claims, assessments, litigation, fines and penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated. Recoveries from third parties, when probable of realization, are separately recorded and are not offset against the related environmental liability. | |||||||||||||||||||||||||
Concentration of Credit Risk—Due to the nature of the industry, we sell our oil and natural gas production to a limited number of purchasers and, accordingly, amounts receivable from such purchasers could be significant. The revenues compared to our total oil and natural gas revenues from the top purchasers for the years ended December 31, 2013, 2012 and 2011 are as follows: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
BP Energy Company | 64 | % | 34 | % | — | ||||||||||||||||||||
Genesis Crude Oil LP | 7 | % | — | — | |||||||||||||||||||||
Flint Hill Resources, LLC | — | 15 | % | — | |||||||||||||||||||||
Shell Energy Resources LP | — | — | 11 | % | |||||||||||||||||||||
Regency Field Services LLC | — | — | 10 | % | |||||||||||||||||||||
Share-Based Compensation—We account for our share-based transactions using fair value and recognize compensation expense over the requisite service period. The fair value of each option award is estimated using a Black-Scholes option valuation model with various assumptions based on our estimates. Our assumptions include expected volatility, expected term of option, risk-free interest rate and dividend yield. Expected volatility estimates are developed by us based on historical volatility of our stock. We use historical data to estimate the expected term of the options. The risk-free interest rate for periods within the expected life of the option is based on the U.S. Treasury yield in effect at the grant date. Our common stock does not pay dividends; therefore, the dividend yield is zero. The fair value of restricted stock is measured using the close of the day stock price on the day of the award. | |||||||||||||||||||||||||
Guarantee—On March 2, 2011, we issued and sold $275 million aggregate principal amount of our 8.875% Senior Notes due 2019 (the “2019 Notes”). Upon issuance of the guarantee related to the 2019 Notes, our subsidiary also became a guarantor on our outstanding 2029 Notes and our 2026 Notes, pursuant to the respective indentures governing the 2029 Notes and 2026 Notes. On August 26, 2013 and October 1, 2013, we issued $109.25 million and $57.0 million, respectively, aggregate principal amount of our 2032 Notes, which are also guaranteed by our subsidiary pursuant to the terms of the indenture governing the 2032 Notes. The 2019 Notes, 2029 Notes, 2026 Notes and 2032 Notes are guaranteed on a senior unsecured basis by our wholly-owned subsidiary, Goodrich Petroleum Company, L.L.C. | |||||||||||||||||||||||||
Goodrich Petroleum Corporation, as the parent company (the “Parent Company”), has no independent assets or operations. The guarantee is full and unconditional, subject to customary exceptions pursuant to the indenture governing our 2019 Notes, 2026 Notes, 2029 Notes and 2032 Notes, as discussed below. The Parent Company has no other subsidiaries. In addition, there are no restrictions on the ability of the Parent Company to obtain funds from its subsidiary by dividend or loan. Finally, the Parent Company’s wholly-owned subsidiary does not have restricted assets that exceed 25% of net assets as of the most recent fiscal year end that may not be transferred to the Parent Company in the form of loans, advances or cash dividends by the subsidiary without the consent of a third party. | |||||||||||||||||||||||||
Guarantees of the 2019 Notes will be released under certain circumstances, including in the event a Subsidiary Guarantor is sold or disposed of (whether by merger, consolidation, the sale of its capital stock or the sale of all or substantially all of its assets (other than by lease)) and whether or not the Subsidiary Guarantor is the surviving entity in such transaction to a person which is not the Parent Company or a Restricted Subsidiary of the Parent Company, such Subsidiary Guarantor will be released from its obligations under its Subsidiary Guarantee if the sale or other disposition does not violate the covenants described under “Limitation on Sales of Assets and Subsidiary Stock” in the indenture governing the 2019 Notes. In addition, a Subsidiary Guarantor will be released from its obligations under the indenture and its guarantee if such Subsidiary Guarantor ceases to guarantee any other indebtedness of the Parent Company or a Subsidiary Guarantor under a credit facility, and is not a borrower under the Senior Secured Credit Agreement, provided no Event of Default (as defined in the indenture governing the 2019 Notes) has occurred and is continuing; or if the Parent Company designates such subsidiary as an Unrestricted Subsidiary and such designation complies with the other applicable provisions of the indenture or if such subsidiary otherwise no longer meets the definition of a Restricted Subsidiary; or in connection with any covenant defeasance, legal defeasance or satisfaction and discharge of the 2019 Notes in accordance with the indenture. | |||||||||||||||||||||||||
Guarantees of the 2032 Notes, 2029 Notes and 2026 Notes will be released if the Subsidiary Guarantor no longer guarantees the 2019 Notes, if the Subsidiary Guarantor is dissolved or liquidated, if the Subsidiary Guarantor is no longer the Parent Company’s subsidiary or upon satisfaction and discharge of the 2032 Notes, 2029 Notes or 2026 Notes in accordance with their respective indentures. | |||||||||||||||||||||||||
New Accounting Pronouncements | |||||||||||||||||||||||||
Accounting Standards Update (“ASU”) 2011-11 “Balance Sheet: Disclosures about Offsetting Assets and Liabilities.”—In December 2011, the Financial Accounting Standards Board (“FASB”) issued guidance intended to result in convergence between (“GAAP”) and International Financial Reporting Standards (“IFRS”) requirements for offsetting (netting) assets and liabilities presented in the statements of financial position. The guidance requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The disclosure affects all entities with financial instruments and derivatives that are either offset on the balance sheet in accordance with Accounting Standards Codification (“ASC”), ASC 210-20-45 or ASC 815-10-45, or subject to a master netting arrangement, irrespective of whether they are offset on the balance sheet. This information will enable users of an entity’s financial statements to evaluate the effect or potential effect of netting arrangements on an entity’s financial position, including the effect or potential effect of rights of setoff associated with certain financial instruments and derivative instruments. The guidance is effective for annual periods beginning on or after January 1, 2013 and interim periods within those annual periods. Entities should provide the disclosures required by this ASU retrospectively for all comparative periods presented. We have adopted this guidance effective January 1, 2013. | |||||||||||||||||||||||||
We enter into oil and natural gas derivative contracts under which we have netting arrangements with each counter party. The following table discloses and reconciles the gross amounts to the amounts as presented on the Statement of Financial Position for the periods ending December 31, 2013 and December 31, 2012. | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Fair Value of Oil and Natural Gas Derivatives | Gross | Amount | As | Gross | Amount | As | |||||||||||||||||||
Amount | Offset | Presented | Amount | Offset | Presented | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Derivative Current Asset | $ | 6,658 | $ | (471 | ) | $ | 6,187 | $ | 2,410 | $ | (285 | ) | $ | 2,125 | |||||||||||
Derivative Non-current Asset | 1,396 | — | 1,396 | — | — | — | |||||||||||||||||||
Derivative Current Liability | (4,812 | ) | 471 | (4,341 | ) | (636 | ) | 285 | (351 | ) | |||||||||||||||
Derivative Non-current Liability | (2,371 | ) | — | (2,371 | ) | (3,987 | ) | — | (3,987 | ) | |||||||||||||||
Total | $ | 871 | $ | — | $ | 871 | $ | (2,213 | ) | $ | — | $ | (2,213 | ) | |||||||||||
ShareBased_Compensation_Plans
Share-Based Compensation Plans | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Share-Based Compensation Plans | ' | ||||||||||||||||||||
NOTE 2—Share-Based Compensation Plans | |||||||||||||||||||||
Overview | |||||||||||||||||||||
At our annual meeting of stockholders in May 2006, our shareholders approved our 2006 Long-Term Incentive Plan (the “2006 Plan”). The 2006 Plan provides for grants to officers, employees and non-employee directors. Under the 2006 Plan as amended in 2011, a maximum of 4.0 million shares are authorized for issuance as awards of restricted stock and stock options. We had 1.6 million shares of granted but unvested restricted stock and 0.2 million shares were available for future grants as of December 31, 2013. | |||||||||||||||||||||
The 2006 Plan is intended to promote the interests of the Company by providing a means by which employees, consultants and directors may acquire or increase their equity interest in the Company and may develop a sense of proprietorship and personal involvement in the development and financial success of the Company, and to encourage them to remain with and devote their best efforts to the business of the Company, thereby advancing the interests of the Company and its stockholders. The 2006 Plan is also intended to enhance the ability of the Company and its Subsidiary to attract and retain the services of individuals who are essential for the growth and profitability of the Company. | |||||||||||||||||||||
The 2006 Plan provides that the Compensation Committee shall have the authority to determine the participants to whom stock options, restricted stock, performance awards, phantom shares and stock appreciation rights may be granted. | |||||||||||||||||||||
We measure the cost of stock based compensation granted, including stock options and restricted stock, based on the fair value of the award as of the grant date, net of estimated forfeitures. Awards granted are valued at fair value and recognized on a straight-line basis over the service periods (or the vesting periods) of each award. We estimate forfeiture rates for all unvested awards based on our historical experience. | |||||||||||||||||||||
The following table summarizes the pretax components of our share-based compensation programs recorded, recognized as a component of general and administrative expenses in the Consolidated Statement of Operations (in thousands): | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Restricted stock expense | $ | 7,586 | $ | 6,670 | $ | 6,194 | |||||||||||||||
Stock option expense | 94 | 233 | 301 | ||||||||||||||||||
Director stock expense | 568 | 585 | 525 | ||||||||||||||||||
Total share-based compensation: | $ | 8,248 | $ | 7,488 | $ | 7,020 | |||||||||||||||
Stock Options | |||||||||||||||||||||
The 2006 Plan provides that the option price of shares issued be equal to the market price on the date of grant. With the exception of option grants to non-employee directors, which vest immediately, options vest ratably on the anniversary of the date of grant over a period of time, typically three years. Our stock options expire in seven or ten years after the date of grant. | |||||||||||||||||||||
Option activity under our stock option plans as of December 31, 2013, and changes during the year ended December 31, 2013 were as follows: | |||||||||||||||||||||
Shares | Weighted | Remaining | Aggregate | ||||||||||||||||||
Average | Contractual | Intrinsic | |||||||||||||||||||
Exercise | Term | Value | |||||||||||||||||||
Price | |||||||||||||||||||||
(years) | (thousands) | ||||||||||||||||||||
Outstanding at January 1, 2013 | 900,984 | $ | 21.57 | 2.92 | $ | 18 | |||||||||||||||
Granted | — | — | — | — | |||||||||||||||||
Exercised | 40,500 | 19.94 | — | — | |||||||||||||||||
Forfeited | 5,850 | 21.59 | — | — | |||||||||||||||||
Outstanding at December 31, 2013 | 854,634 | $ | 21.64 | 1.84 | $ | 88 | |||||||||||||||
Exercisable at December 31, 2013 | 854,634 | $ | 21.64 | 1.84 | $ | 88 | |||||||||||||||
The aggregate intrinsic value in the preceding table represents the total pre-tax intrinsic value (the difference between our closing stock price on the last trading day of the fourth quarter of 2013 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on December 31, 2013. The amount of aggregate intrinsic value will change based on the fair market value of our stock. The total intrinsic value of options exercised during the years ended December 31, 2013, and 2012 was less than $0.1 million in both years. There were no exercises in 2011. | |||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||
Range of Exercise Prices | Number | Weighted | Weighted | Number | Weighted | ||||||||||||||||
Outstanding at | Average | Average | Exercisable at | Average | |||||||||||||||||
December 31, | Remaining | Exercise | December 31, | Exercise | |||||||||||||||||
2013 | Contractual Life | Price | 2013 | Price | |||||||||||||||||
(years) | |||||||||||||||||||||
$16.46 and $19.78 | 307,300 | 1.11 | 18.08 | 307,300 | 18.08 | ||||||||||||||||
$21.59 to $27.81 | 547,334 | 2.26 | 23.64 | 547,334 | 23.64 | ||||||||||||||||
854,634 | 1.84 | $ | 21.64 | 854,634 | $ | 21.64 | |||||||||||||||
As of December 31, 2013, all compensation cost related to the stock options has been recognized in earnings. No stock options were granted in 2013, 2012 or 2011. | |||||||||||||||||||||
Restricted Stock | |||||||||||||||||||||
In 2003, we began granting a series of restricted stock awards. Restricted stock awarded under the 2006 Plan typically has a vesting period of three years. During the vesting period, ownership of the shares cannot be transferred and the shares are subject to forfeiture if employment ends before the end of the vesting period. Certain restricted stock awards provide for accelerated vesting. Restricted shares are not considered to be currently issued and outstanding until the restrictions lapse and/or they vest. | |||||||||||||||||||||
Restricted stock activity and values under our plan for the years ended December 31, 2013, 2012 and 2011 were as follows: | |||||||||||||||||||||
Number of | Value of | Fair Value | |||||||||||||||||||
Shares | Shares | of Stock | |||||||||||||||||||
Granted | Granted | Vested | |||||||||||||||||||
(thousands) | (thousands) | ||||||||||||||||||||
2013 | 746,163 | $ | 13,194 | $ | 9,960 | ||||||||||||||||
2012 | 1,073,727 | 9,533 | 3,335 | ||||||||||||||||||
2011 | 561,714 | 7,921 | 5,764 | ||||||||||||||||||
Restricted stock activity under our plan for the year ended December 31, 2013, and changes during the year then ended were as follows: | |||||||||||||||||||||
Number of | Weighted | Total | |||||||||||||||||||
Shares | Average | Value | |||||||||||||||||||
Grant-Date | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||
(thousands) | |||||||||||||||||||||
Unvested at January 1, 2013 | 1,541,650 | $ | 10.6 | $ | 16,345 | ||||||||||||||||
Vested | (594,301 | ) | 11.57 | (6,863 | ) | ||||||||||||||||
Granted | 746,163 | 17.68 | 13,194 | ||||||||||||||||||
Forfeited | (112,305 | ) | 10.69 | (1,200 | ) | ||||||||||||||||
Unvested at December 31, 2013 | 1,581,207 | $ | 13.58 | $ | 21,476 | ||||||||||||||||
As of December 31, 2013, total unrecognized compensation cost related to restricted stock is as follows: | |||||||||||||||||||||
Unrecognized | Weighted | ||||||||||||||||||||
compensation | Average | ||||||||||||||||||||
costs | years to | ||||||||||||||||||||
recognition | |||||||||||||||||||||
(thousands) | (years) | ||||||||||||||||||||
December 31, 2013 | $ | 19,938 | 2.44 |
Asset_Retirement_Obligations
Asset Retirement Obligations | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Asset Retirement Obligations | ' | ||||||||
NOTE 3—Asset Retirement Obligations | |||||||||
The reconciliation of the beginning and ending asset retirement obligation for the periods ending December 31, 2013 and 2012 is as follows (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Beginning balance | $ | 18,306 | $ | 17,425 | |||||
Liabilities incurred | 471 | 693 | |||||||
Revisions in estimated liabilities (1) | 1,290 | 2,005 | |||||||
Liabilities settled | (82 | ) | (767 | ) | |||||
Accretion expense | 1,243 | 1,111 | |||||||
Dispositions | (372 | ) | (2,161 | ) | |||||
Ending balance | $ | 20,856 | $ | 18,306 | |||||
Current liability | $ | 99 | $ | 168 | |||||
Long term liability | $ | 20,757 | $ | 18,138 | |||||
-1 | We increased our estimated liability in 2013 by $1.3 million as a result of a change in estimated plugging and abandonment cost on several of our fields. |
Debt
Debt | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Debt | ' | ||||||||||||||||||||||||
NOTE 4—Debt | |||||||||||||||||||||||||
Debt consisted of the following balances as of the dates indicated (in thousands): | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Principal | Carrying | Fair | Principal | Carrying | Fair | ||||||||||||||||||||
Amount | Value (1) | Amount | Value (1) | ||||||||||||||||||||||
Senior Credit Facility (1) | $ | — | $ | — | $ | — | $ | 95,000 | $ | 95,000 | $ | 95,000 | |||||||||||||
3.25% Convertible Senior Notes due 2026 | 429 | 429 | 429 | 429 | 429 | 429 | |||||||||||||||||||
5.0% Convertible Senior Notes due 2029 (2) | 51,816 | 49,663 | 51,686 | 218,500 | 198,242 | 204,975 | |||||||||||||||||||
5.0% Convertible Senior Notes due 2032 (3) | 167,405 | 160,437 | 171,863 | — | — | — | |||||||||||||||||||
8.875% Senior Notes due 2019 | 275,000 | 275,000 | 288,063 | 275,000 | 275,000 | 261,250 | |||||||||||||||||||
Total debt | $ | 494,650 | $ | 485,529 | $ | 512,041 | $ | 588,929 | $ | 568,671 | $ | 561,654 | |||||||||||||
-1 | The carrying amount for the Second Amended and Restated Credit Agreement represents fair value as the variable interest rates are reflective of current market conditions. The fair value of the notes was obtained by direct market quotes within Level 1 of the fair value hierarchy. | ||||||||||||||||||||||||
-2 | The debt discount is amortized using the effective interest rate method based upon an original five year term through October 1, 2014. The debt discount was $2.1 million and $20.3 million as of December 31, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||||||
-3 | The debt discount is amortized using the effective interest rate method based upon a four year term through October 1, 2017, the first repurchase date applicable to the 2032 Notes. The debt discount was $7.0 million as of December 31, 2013. | ||||||||||||||||||||||||
The following table summarizes the total interest expense (contractual interest expense, amortization of debt discount and financing costs) and the effective interest rate on the liability component of the debt (amounts in thousands, except effective interest rates): | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | |||||||||||||||||||||||
Interest | Effective | Interest | Effective | Interest | Effective | ||||||||||||||||||||
Expense | Interest | Expense | Interest | Expense | Interest | ||||||||||||||||||||
Rate | Rate | Rate | |||||||||||||||||||||||
Senior Credit Facility | 3,936 | 5.3 | % | 5,114 | 3.7 | % | 3,180 | — | * | ||||||||||||||||
3.25% Convertible Senior Notes due 2026 | 14 | 3.3 | % | 14 | 3.3 | % | 4,305 | 9 | % | ||||||||||||||||
5.0% Convertible Senior Notes due 2029 | 17,400 | 11.4 | % | 21,968 | 11.4 | % | 20,948 | 10.5 | % | ||||||||||||||||
5.0% Convertible Senior Notes due 2032 | 4,529 | 8.8 | % | — | — | — | — | ||||||||||||||||||
8.875% Senior Notes due 2019 | 25,308 | 9.2 | % | 25,308 | 9.2 | % | 20,910 | 8.9 | % | ||||||||||||||||
* | An Effective Interest Rate Calculation is not meaningful for the years ended December 31, 2011 since there were only minimal average amounts borrowed under the Senior Credit Facility during the period. | ||||||||||||||||||||||||
Senior Credit Facility | |||||||||||||||||||||||||
Total lender commitments under the Second Amended and Restated Credit Agreement (including all amendments, the “Senior Credit Facility”) are $600 million subject to borrowing base limitations. Pursuant to the terms of the Senior Credit Facility, borrowing base redeterminations occur on a semi-annual basis on April 1 and October 1. In connection with the October 1, 2013 redetermination, the borrowing base was increased to $270 million. Interest on revolving borrowings under the Senior Credit Facility accrues at a rate calculated, at our option, at the bank base rate plus 1.00% to 1.75%, or LIBOR plus 2.00% to 2.75%, depending on borrowing base utilization. As of December 31, 2013, we had no amounts outstanding under the Senior Credit Facility. Substantially all our assets are pledged as collateral to secure the Senior Credit Facility. | |||||||||||||||||||||||||
On March 25, 2013, we entered into an Eighth Amendment to our Senior Credit Facility, which was declared effective as of March 13, 2013, to amend certain covenants to permit payment of regular cash dividends up to $250 million in stated or liquidation value of any new series of preferred stock, for so long as no Default, Event of Default or Borrowing Base Deficiency (as such terms are defined in the Senior Credit Facility) exists. The Eighth Amendment also permitted us to fund an escrow account on or prior to June 30, 2014 sufficient to repurchase the outstanding principal amount of our 2029 Notes with future bank borrowings or cash on hand. As of December 31, 2013, we held $51.8 million in an escrow account to provide for the repurchase of the remaining outstanding principal amount of our 2029 Notes, which is reflected on our financial statements as Restricted Cash. Pursuant to the terms of our Senior Credit Facility, the funding of this escrow automatically extended the maturity of the Senior Credit Facility to February 25, 2016. | |||||||||||||||||||||||||
The Eighth Amendment also provides additional flexibility to exchange or modify the 2029 Notes for certain qualifying debt and equity securities. | |||||||||||||||||||||||||
The terms of the Senior Credit Facility require us to maintain certain covenants. Capitalized terms used here, but not defined, have the meanings assigned to them in the Senior Credit Facility. The primary financial covenants include: | |||||||||||||||||||||||||
• | Current Ratio of 1.0/1.0; | ||||||||||||||||||||||||
• | Ratio of EBITDAX to cash Interest Expense of not less than 2.5/1.0 for the trailing four quarters; and | ||||||||||||||||||||||||
• | Total Debt no greater than 4.0 times EBITDAX for the trailing four quarters. | ||||||||||||||||||||||||
As used in connection with the Senior Credit Facility, Current Ratio is consolidated current assets (including current availability under the Senior Credit Facility, but excluding non-cash assets related to our derivatives) to consolidated current liabilities (excluding non-cash liabilities related to our derivatives, accrued capital expenditures and current maturities under the Senior Credit Facility). | |||||||||||||||||||||||||
As used in connection with the Senior Credit Facility, EBITDAX is earnings before interest expense, income tax, depreciation, depletion and amortization, exploration expense, stock based compensation and impairment of oil and natural gas properties. In calculating EBITDAX for this purpose, earnings include realized gains (losses) from derivatives not designated as hedges but exclude unrealized gains (losses) from derivatives not designated as hedges. | |||||||||||||||||||||||||
We were in compliance with all the financial covenants of the Senior Credit Facility as of December 31, 2013. | |||||||||||||||||||||||||
8.875% Senior Notes due 2019 | |||||||||||||||||||||||||
On March 2, 2011, we sold $275 million of our 8.875% Senior Notes 2019 Notes (the “2019 Notes”). The 2019 Notes mature on March 15, 2019, unless earlier redeemed or repurchased. The 2019 Notes are our senior unsecured obligations and rank equally in right of payment to all of our other existing and future indebtedness. The 2019 Notes accrue interest at a rate of 8.875% annually, and interest is paid semi-annually in arrears on March 15 and September 15. The 2019 Notes are guaranteed by our subsidiary that also guarantees our Senior Credit Facility. | |||||||||||||||||||||||||
Before March 15, 2014, we may on one or more occasions redeem up to 35% of the aggregate principal amount of the 2019 Notes at a redemption price of 108.875% of the principal amount of the 2019 Notes, plus accrued and unpaid interest to the redemption date, with the net cash proceeds of certain equity offerings. On or after March 15, 2015, we may redeem all or a portion of the 2019 Notes at redemption prices (expressed as percentages of principal amount) equal to (i) 104.438% for the twelve-month period beginning on March 15, 2015; (ii) 102.219% for the twelve-month period beginning on March 15, 2016 and (iii) 100.000% on or after March 15, 2017, in each case plus accrued and unpaid interest to the redemption date. In addition, prior to March 15, 2015, we may redeem all or a part of the 2019 Notes at a redemption price equal to 100% of the principal amount of the 2019 Notes to be redeemed plus a make-whole premium, plus accrued and unpaid interest to the redemption date. | |||||||||||||||||||||||||
The indenture governing the 2019 Notes restricts our ability and the ability of certain of our subsidiaries to: (i) incur additional debt; (ii) make certain dividends or pay dividends or distributions on our capital stock or purchase, redeem or retire such capital stock; (iii) sell assets, including the capital stock of our restricted subsidiaries; (iv) pay dividends or other payments of our restricted subsidiaries; (v) create liens that secure debt; (vi) enter into transactions with affiliates and (vii) merge or consolidate with another company. These covenants are subject to a number of important exceptions and qualifications. At any time when the 2019 Notes are rated investment grade by both Moody’s Investors Service, Inc. and Standard & Poor’s Ratings Services and no Default (as defined in the indenture governing the 2019 Notes) has occurred and is continuing, many of these covenants will terminate. | |||||||||||||||||||||||||
5% Convertible Senior Notes due 2029 | |||||||||||||||||||||||||
In September 2009, we sold $218.5 million of our 2029 Notes. The 2029 Notes mature on October 1, 2029, unless earlier converted, redeemed or repurchased. During 2013, we entered into separate, privately negotiated exchange agreements under which we retired $166.7 million in aggregate principal amount of these outstanding 2029 Notes in exchange for our issuance of a new series of 5.0% Convertible Senior Notes due 2032 (the “2032 Notes”) in an aggregate principal amount of $166.3 million. The 2032 Notes will mature on October 1, 2032. As of December 31, 2013, $51.8 million in aggregate principal amount of the 2029 Notes remain outstanding with terms unchanged. Please see the description of the 2032 Notes below. | |||||||||||||||||||||||||
The 2029 Notes are our senior unsecured obligations and rank equally in right of payment to all of our other existing and future indebtedness. The 2029 Notes accrue interest at a rate of 5% annually, and interest is paid semi-annually in arrears on April 1 and October 1 of each year, beginning in 2010. Interest began accruing on the 2029 Notes on September 28, 2009. | |||||||||||||||||||||||||
Before October 1, 2014, we may not redeem the 2029 Notes. On or after October 1, 2014, we may redeem all or a portion of the 2029 Notes for cash, and the investors may require us to repurchase the 2029 Notes on each of October 1, 2014, 2019 and 2024. Upon conversion, we have the option to deliver shares at the applicable conversion rate, redeem in cash or in certain circumstances redeem in a combination of cash and shares. | |||||||||||||||||||||||||
Investors may convert their 2029 Notes at their option at any time prior to the close of business on the second business day immediately preceding the maturity date under the following circumstances: (1) during any fiscal quarter (and only during such fiscal quarter), if the last reported sale price of our common stock is greater than or equal to 135% of the conversion price of the 2029 Notes for at least 20 trading days in the period of 30 consecutive trading days ending on the last trading day of the preceding fiscal quarter; (2) prior to October 1, 2014, during the five business-day period after any ten consecutive trading-day period (the “measurement period”) in which the trading price of $1,000 principal amount of 2029 Notes for each trading day in the measurement period was less than 97% of the product of the last reported sale price of our common stock and the conversion rate on such trading day; (3) if the 2029 Notes have been called for redemption; or (4) upon the occurrence of one of specified corporate transactions. Investors may also convert their 2029 Notes at their option at any time beginning on September 1, 2029, and ending at the close of business on the second business day immediately preceding the maturity date. | |||||||||||||||||||||||||
The 2029 Notes are convertible into shares of our common stock at a rate equal to 28.8534 shares per $1,000 principal amount of 2029 Notes (equal to an initial conversion price of approximately $34.66 per share of common stock per share). | |||||||||||||||||||||||||
We separately account for the liability and equity components of our 2029 Notes in a manner that reflects our nonconvertible debt borrowing rate when interest is recognized in subsequent periods. Upon issuance of the notes in September 2009, in accordance with accounting standards related to convertible debt instruments that may be settled in cash upon conversion, we recorded a debt discount of $49.4 million, thereby reducing the carrying the value of $218.5 million notes on the December 31, 2009 balance sheet to $171.1 million and recorded an equity component net of tax of $32.1 million. The debt discount is amortized using the effective interest rate method based upon an original five year term through October 1, 2014. Subject to the adjustments made as the result of the 2013 exchange transactions, $2.1 million of debt discount remains to be amortized on the 2029 Notes as of December 31, 2013. 2013. Investors can demand repayment on October 1, 2014, accordingly the $49.7 million carrying value of the 2029 Notes is reflected on our financial statements as a current liability. | |||||||||||||||||||||||||
5% Convertible Senior Notes due 2032 | |||||||||||||||||||||||||
We entered into separate, privately negotiated exchange agreements under which we retired $166.7 million in aggregate principal amount of our outstanding 2029 Notes in exchange for issuance of a new series of 5.0% Convertible Senior Notes due 2032 (the “2032 Notes”) in an aggregate principal amount of $166.3 million. The 2032 Notes will mature on October 1, 2032. | |||||||||||||||||||||||||
Many terms of the 2032 Notes remain the same as the 2029 Notes they replace, including the 5.0% annual cash interest rate and the conversion rate of 28.8534 shares of our common stock per $1,000 principal amount of notes (equivalent to an initial conversion price of approximately $34.6580 per share of common stock), subject to adjustment in certain circumstances. | |||||||||||||||||||||||||
Unlike the 2029 Notes, the principal amount of the 2032 Notes accretes at a rate of 2% per year commencing August 26, 2013, compounding on a semi-annual basis, until October 1, 2017. The accreted portion of the principal is payable in cash upon maturity but does not bear cash interest and is not convertible into our common stock. Holders have the option to require us to purchase any outstanding 2032 Notes on each of October 1, 2017, October 1, 2022 and October 1, 2027, at a price equal to 100% of the principal amount plus the accretion thereon. Accretion of principal will be reflected as a non-cash component of interest expense on our statement of operations during the term of the 2032 Notes. We have recorded $1.2 million of accretion during 2013. | |||||||||||||||||||||||||
We have the right to redeem the 2032 Notes on or after October 1, 2016 at a price equal to 100% of the principal amount, plus accrued but unpaid interest and accretion thereon. The 2032 Notes also provide us with the option, at our election, to convert the new notes in whole or in part, prior to maturity, into the underlying common stock, provided the trading price of our common stock exceeds $45.06 (or 130% of the then applicable conversion price) for the required measurement period. If we elect to convert the 2032 Notes on or before October 1, 2016, holders will receive a make-whole premium. | |||||||||||||||||||||||||
Pursuant to ASC 470-50, this exchange transaction is being accounted for as an extinguishment of debt because the terms of the two debt instruments are substantially different under the accounting rules. We retired $166.7 million of outstanding 2029 Notes with a carrying value of $156.9 million and wrote-off unamortized debt issuance cost of $0.8 million offset by $20.0 million attributable to the fair value of the equity portion of the 2029 Notes. The 2032 Notes had a fair value of $183.2 million which resulted in a loss on the early extinguishment of debt of $7.1 million. | |||||||||||||||||||||||||
We separately account for the liability and equity components of our 2032 Notes in a manner that reflects our nonconvertible debt borrowing rate when interest is recognized in subsequent periods. We measured the debt component of the 2032 Notes using an effective interest rate of 8%. We attributed $158.8 million of the fair value to the 2032 Note to debt component which compared to the face results in a debt discount of $7.5 million which will be amortized through the first put date of October 1, 2017. Additionally, we recorded $24.4 million within additional paid-in capital representing the equity component of the 2032 Notes. A debt discount of $7.0 million remains to be amortized on the 2032 Notes as of December 31, 2013. | |||||||||||||||||||||||||
3.25% Convertible Senior Notes Due 2026 | |||||||||||||||||||||||||
During the year ended December 31, 2011, we repurchased $174.6 million of our 2026 Notes for $176.4 million using a portion of the net proceeds from the issuance of our 2019 Notes. We recorded a $0.1 million gain on the early extinguishment of debt related to the repurchase for the year ended December 31, 2011. | |||||||||||||||||||||||||
At December 31, 2013, $0.4 million of the 2026 Notes remained outstanding. Holders may present to us for redemption the remaining outstanding 2026 Notes on December 1, 2016 and December 1, 2021. | |||||||||||||||||||||||||
Upon conversion, we have the option to deliver shares at the applicable conversion rate, redeem in cash or in certain circumstances redeem in a combination of cash and shares. | |||||||||||||||||||||||||
The notes are convertible into shares of our common stock at a rate equal to the sum of: | |||||||||||||||||||||||||
a) | 15.1653 shares per $1,000 principal amount of notes (equal to a “base conversion price” of approximately $65.94 per share) plus | ||||||||||||||||||||||||
b) | an additional amount of shares per $1,000 of principal amount of notes equal to the incremental share factor 2.6762), multiplied by a fraction, the numerator of which is the applicable stock price less the “base conversion price” and the denominator of which is the applicable stock price |
Loss_Per_Common_Share
Loss Per Common Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Loss Per Common Share | ' | ||||||||||||
NOTE 5—Loss Per Common Share | |||||||||||||
Net loss applicable to common stock was used as the numerator in computing basic and diluted loss per common share for the years ended December 31, 2013, 2012 and 2011. The following table sets forth information related to the computations of basic and diluted loss per share. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Amounts in thousands, except per share data) | |||||||||||||
Basic loss per share: | |||||||||||||
Loss applicable to common stock | $ | (113,790 | ) | $ | (90,249 | ) | $ | (37,805 | ) | ||||
Weighted-average shares of common stock outstanding | 38,098 | 36,390 | 36,124 | ||||||||||
Basic loss per share | $ | (2.99 | ) | $ | (2.48 | ) | $ | (1.05 | ) | ||||
Diluted loss per share: | |||||||||||||
Loss applicable to common stock | $ | (113,790 | ) | $ | (90,249 | ) | $ | (37,805 | ) | ||||
Dividends on convertible preferred stock (1) | — | — | — | ||||||||||
Interest and amortization of loan cost on convertible senior notes, net of tax (3) | — | — | — | ||||||||||
Diluted loss | $ | (113,790 | ) | $ | (90,249 | ) | $ | (37,805 | ) | ||||
Weighted-average shares of common stock outstanding | 38,098 | 36,390 | 36,124 | ||||||||||
Assumed conversion of convertible preferred stock (1) | — | — | — | ||||||||||
Assumed conversion of convertible senior notes (2) | — | — | — | ||||||||||
Stock options and restricted stock (3) | — | — | — | ||||||||||
Weighted-average diluted shares outstanding | 38,098 | 36,390 | 36,124 | ||||||||||
Diluted loss per share | $ | (2.99 | ) | $ | (2.48 | ) | $ | (1.05 | ) | ||||
3,588 | 3,588 | 3,588 | |||||||||||
(1) Common shares issuable upon assumed conversion of convertible preferred stock were not presented as they would have been anti-dilutive. | |||||||||||||
(2) Common shares issuable upon assumed conversion of the 2026 Notes, the 2029 Notes and 2032 Notes were not presented as they would have been anti-dilutive. | 6,307 | 6,311 | 7,067 | ||||||||||
(3) Common shares issuable on assumed conversion of restricted stock and employee stock option were not included in the computation of diluted loss per common share since their inclusion would have been anti-dilutive. | 620 | 238 | 171 |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes | ' | ||||||||||||
NOTE 6—Income Taxes | |||||||||||||
Income tax (expense) benefit consisted of the following (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current: | |||||||||||||
Federal | $ | — | $ | — | $ | — | |||||||
State | — | — | — | ||||||||||
— | — | — | |||||||||||
Deferred: | |||||||||||||
Federal | — | — | — | ||||||||||
State | — | — | — | ||||||||||
— | — | — | |||||||||||
Total | $ | — | $ | — | $ | — | |||||||
The following is a reconciliation of the U.S. statutory income tax rate at 35% to our income (loss) before income taxes (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income tax (expense) benefit | |||||||||||||
Tax at U.S. statutory income tax | $ | 33,315 | $ | 29,471 | $ | 11,115 | |||||||
Valuation allowance | (30,967 | ) | (29,952 | ) | (9,909 | ) | |||||||
State income taxes-net of federal benefit | (902 | ) | 1,618 | (762 | ) | ||||||||
Nondeductible expenses and other | (1,446 | ) | (1,137 | ) | (444 | ) | |||||||
Total tax (expense) benefit | $ | — | $ | — | $ | — | |||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Current deferred tax assets: | |||||||||||||
Accrued liabilities | $ | 133 | $ | 375 | |||||||||
Contingent liabilities and other | — | 134 | |||||||||||
Less valuation allowance | (126 | ) | (498 | ) | |||||||||
Total current deferred tax assets | 7 | 11 | |||||||||||
Current deferred tax liabilities: | |||||||||||||
Derivative financial instruments | (646 | ) | (621 | ) | |||||||||
Accrued liabilities | (26 | ) | (26 | ) | |||||||||
Total current deferred tax liabilities | (672 | ) | (647 | ) | |||||||||
Net current deferred tax liability | $ | (665 | ) | $ | (636 | ) | |||||||
Noncurrent deferred tax assets: | |||||||||||||
Operating loss carry-forwards | $ | 211,589 | $ | 156,723 | |||||||||
State Tax NOL and Credits | 5,805 | 3,867 | |||||||||||
Statutory depletion carry-forward | 7,035 | 7,035 | |||||||||||
AMT tax credit carry-forward | 1,227 | 1,324 | |||||||||||
Compensation | 3,496 | 3,364 | |||||||||||
Contingent liabilities and other | 858 | 1,907 | |||||||||||
Property and equipment | (3,248 | ) | 26,848 | ||||||||||
Total gross noncurrent deferred tax assets | 226,762 | 201,068 | |||||||||||
Less valuation allowance | (217,558 | ) | (193,459 | ) | |||||||||
Net noncurrent deferred tax assets | 9,204 | 7,609 | |||||||||||
Noncurrent deferred tax liabilities: | |||||||||||||
Bond discount | (74 | ) | (61 | ) | |||||||||
Debt discount | (8,465 | ) | (6,912 | ) | |||||||||
Total non-current deferred tax liabilities | (8,539 | ) | (6,973 | ) | |||||||||
Net non-current deferred tax asset | $ | 665 | $ | 636 | |||||||||
The valuation allowance for deferred tax assets increased by $23.7 million in 2013. In determining the carrying value of a deferred tax asset, accounting standards provide for the weighing of evidence in estimating whether and how much of a deferred tax asset may be recoverable. As we have incurred net operating losses in 2013 and prior years, relevant accounting guidance suggests that cumulative losses in recent years constitute significant negative evidence, and that future expectations about income are insufficient to overcome a history of such losses. Therefore, with the before-mentioned adjustment of $23.7 million, we have reduced the carrying value of our net deferred tax asset to zero. The valuation allowance has no impact on our net operating loss (“NOL”) position for tax purposes, and if we generate taxable income in future periods, we will be able to use our NOLs to offset taxes due at that time. We will continue to assess the valuation allowance against deferred tax assets considering all available evidence obtained in future reporting periods. | |||||||||||||
As of December 31, 2013, we have federal NOL carry-forwards of approximately $608.9 million for tax purposes which begin to expire in 2026. We also have an alternative minimum tax credit carry-forward not subject to expiration of $1.2 million which will not begin to be used until after the available NOLs have been used or expired and when regular tax exceeds the current year alternative minimum tax. | |||||||||||||
We did not have any unrecognized tax benefits as of December 31, 2013. The amount of unrecognized tax benefits may change in the next twelve months; however we do not expect the change to have a significant impact on our results of operations or our financial position. We file a consolidated federal income tax return in the United States and various combined and separate filings in several state and local jurisdictions. With limited exceptions, we are no longer subject to U.S. Federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2006. | |||||||||||||
Our continuing practice is to recognize estimated interest and penalties related to potential underpayment on any unrecognized tax benefits as a component of income tax expense in the Consolidated Statement of Operations. We do not anticipate that total unrecognized tax benefits will significantly change due to the settlement of audits and the expiration of statute of limitations before December 31, 2014. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Stockholders' Equity | ' | |||
NOTE 7—Stockholders’ Equity | ||||
5.375% Series B Convertible Preferred Stock | ||||
Our 5.375% Series B Convertible Preferred Stock (the “Series B Preferred Stock”) was initially issued on December 21, 2005, in a private placement of 1,650,000 shares for net proceeds of $79.8 million (after offering costs of $2.7 million). Each share of the Series B Preferred Stock has a liquidation preference of $50 per share, aggregating to $82.5 million, and bears a dividend of 5.375% per annum. Dividends are payable quarterly in arrears beginning March 15, 2006. If we fail to pay dividends on our Series B Preferred Stock on any six dividend payment dates, whether or not consecutive, the dividend rate per annum will be increased by 1.0% until we have paid all dividends on our Series B Preferred Stock for all dividend periods up to and including the dividend payment date on which the accumulated and unpaid dividends are paid in full. | ||||
On January 23, 2006, the initial purchasers of the Series B Preferred Stock exercised their over-allotment option to purchase an additional 600,000 shares at the same price per share, resulting in net proceeds of $29.0 million, which was used to fund our 2006 capital expenditure program. | ||||
Each share is convertible at the option of the holder into our common stock at any time at an initial conversion rate of 1.5946 shares of common stock per share, which is equivalent to an initial conversion price of approximately $31.36 per share of common stock. Upon conversion of the Series B Preferred Stock, we may choose to deliver the conversion value to holders in cash, shares of common stock, or a combination of cash and shares of common stock. | ||||
If a fundamental change occurs, holders may require us in specified circumstances to repurchase all or part of the Series B Convertible Preferred Stock. In addition, upon the occurrence of a fundamental change or specified corporate events, we will under certain circumstances increase the conversion rate by a number of additional shares of common stock. A “fundamental change” will be deemed to have occurred if any of the following occurs: | ||||
• | We consolidate or merge with or into any person or convey, transfer, sell or otherwise dispose of or lease all or substantially all of our assets to any person, or any person consolidates with or merges into us or with us, in any such event pursuant to a transaction in which our outstanding voting shares are changed into or exchanged for cash, securities, or other property; or | |||
• | We are liquidated or dissolved or adopt a plan of liquidation or dissolution. | |||
A “fundamental change” will not be deemed to have occurred if at least 90% of the consideration in the case of a merger or consolidation under the first clause above consists of common stock traded on a U.S. national securities exchange and the Series B Preferred Stock becomes convertible solely into such common stock. | ||||
On or after December 21, 2010, we may, at our option, cause the Series B Preferred Stock to be automatically converted into the number of shares of common stock that are issuable at the then-prevailing conversion rate, pursuant to the Company Conversion Option. We may exercise our conversion right only if, for 20 trading days within any period of 30 consecutive trading days ending on the trading day before the announcement of our exercise of the option, the closing price of the common stock equals or exceeds 130% of the then-prevailing conversion price of the Series B Preferred Stock. The Series B Preferred Stock is non-redeemable by us. There have been no redemptions or conversions in any periods. | ||||
10% Series C Cumulative Preferred Stock | ||||
In April 2013, we issued $110 million of 10% Series C Cumulative Preferred Stock (the “Series C Preferred Stock”) and received $105.4 million net proceeds from the sale. The sale consisted of 4,400,000 depositary shares each representing a 1/1000th ownership interest in a share of Series C Preferred Stock, par value $1.00 per preferred share with a liquidation preference of $25,000 per preferred share ($25.00 per depositary share) in an underwritten public offering. | ||||
The Series C Preferred Stock ranks senior to our common stock and on parity with our 5.375% Series B Cumulative Convertible Preferred Stock and our 9.75% Series D Cumulative Preferred Stock with respect to the payment of dividends and distribution of assets upon liquidation, dissolution or winding up. The Series C Preferred Stock has no stated maturity and is not subject to mandatory redemption or any sinking fund and will remain outstanding indefinitely unless repurchased or redeemed by us or converted into our common stock in connection with certain changes of control. | ||||
At any time on or after April 10, 2018, we may, at our option, redeem the Series C Preferred Stock, in whole at any time or in part from time to time, for cash at a redemption price of $25,000 per preferred share, plus all accumulated and unpaid dividends to, but not including, the date of redemption. We may redeem the Series C Preferred Stock following certain changes of control, if we do not exercise this option, then the holders of the Series C Preferred Stock have the option to convert the shares of preferred stock into up to 3,371.54 shares of our common stock per share of Series C Preferred Stock, subject to certain adjustments. If we exercise any of our redemption rights relating to shares of Series C Preferred Stock, the holders of Series C Preferred Stock will not have the conversion right described above with respect to the shares of Series C Preferred Stock called for redemption. | ||||
Holders of the Series C Preferred Stock have no voting rights except for limited voting rights if we fail to pay dividends for six or more quarterly periods (whether or not consecutive) and in certain other limited circumstances or as required by law. | ||||
9.75% Series D Cumulative Preferred Stock | ||||
In August 2013, we issued $130 million of 9.75% Series D Cumulative Preferred Stock (the “Series D Preferred Stock”) and received $124.9 million net proceeds from the sale. The sale consisted of 5,200,000 depositary shares each representing a 1/1000th ownership interest in a share of Series D Preferred Stock, par value $1.00 per preferred share with a liquidation preference of $25,000 per preferred share ($25.00 per depositary share) in an underwritten public offering. | ||||
The Series D Preferred Stock ranks senior to our common stock and on parity with our Series B Preferred Stock and our Series C Preferred Stock with respect to the payment of dividends and distribution of assets upon liquidation, dissolution or winding up. The Series D Preferred Stock has no stated maturity and is not subject to mandatory redemption or any sinking fund and will remain outstanding indefinitely unless repurchased or redeemed by us or converted into our common stock in connection with certain changes of control. | ||||
At any time on or after August 19, 2018, we may, at our option, redeem the Series D Preferred Stock, in whole at any time or in part from time to time, for cash at a redemption price of $25,000 per preferred share, plus all accumulated and unpaid dividends to, but not including, the date of redemption. We may redeem the Series D Preferred Stock following certain changes of control, if we do not exercise this option, then the holders of the Series D Preferred Stock have the option to convert the shares of preferred stock into up to 2,297.79 shares of our common stock per share of Series D Preferred Stock, subject to certain adjustments. If we exercise any of our redemption rights relating to shares of Series D Preferred Stock, the holders of Series D Preferred Stock will not have the conversion right described above with respect to the shares of Series D Preferred Stock called for redemption. | ||||
Holders of the Series D Preferred Stock have no voting rights except for limited voting rights if we fail to pay dividends for six or more quarterly periods (whether or not consecutive) and in certain other limited circumstances or as required by law. | ||||
Common Stock Offering | ||||
On October 21, 2013, we closed an underwritten public offering of 6.9 million shares of our common stock sold at a price to the public of $25.25 per share. |
Derivative_Activities
Derivative Activities | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Derivative Activities | ' | ||||||||||||||||
NOTE 8—Derivative Activities | |||||||||||||||||
We use commodity and financial derivative contracts to manage fluctuations in commodity prices and interest rates. We are currently not designating our derivative contracts for hedge accounting. All gains and losses both realized and unrealized from our derivative contracts have been recognized in “Other income (expense)” on our Consolidated Statements of Operations. | |||||||||||||||||
The following table summarizes the realized and unrealized gains and losses we recognized on our oil and natural gas derivatives for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||
December 31, | |||||||||||||||||
Oil and Natural Gas Derivatives (in thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Realized gain (loss) on oil and natural gas derivatives | $ | (3,786 | ) | $ | 73,160 | $ | 31,305 | ||||||||||
Unrealized gain (loss) on oil and natural gas derivatives | 3,084 | (41,278 | ) | 3,234 | |||||||||||||
Total gain (loss) on oil and natural gas derivatives | $ | (702 | ) | $ | 31,882 | $ | 34,539 | ||||||||||
Commodity Derivative Activity | |||||||||||||||||
We enter into swap contracts, costless collars or other derivative agreements from time to time to manage commodity price risk for a portion of our production. Our policy is that all hedged are approved by the Hedging Committee of our Board of Directors, and reviewed periodically by the Board of Directors. As of December 31, 2013, the commodity derivatives we used were in the form of: | |||||||||||||||||
(a) | swaps, where we receive a fixed price and pay a floating price, based on NYMEX, Argus LLS or specific transfer point quoted prices, and | ||||||||||||||||
(b) | calls, where we grant the counter party the option to buy an underlying commodity at a specified strike price, within a certain period. | ||||||||||||||||
Despite the measures taken by us to attempt to control price risk, we remain subject to price fluctuations for natural gas and crude oil sold in the spot market. Prices received for natural gas sold on the spot market are volatile due primarily to seasonality of demand and other factors beyond our control. Domestic crude oil and natural gas prices could have a material adverse effect on our financial position, results of operations and quantities of reserves recoverable on an economic basis. We routinely exercise our contractual right to net realized gains against realized losses when settling with our financial counterparties. Neither our counterparties nor we require any collateral upon entering derivative contracts. We would have been at risk of losing a fair value amount of $3.3 million had our counterparties as a group been unable to fulfill their obligations as of December 31, 2013. | |||||||||||||||||
As of December 31, 2013, our open positions on our outstanding commodity derivative contracts, all of which were with Royal Bank of Canada, JPMorgan Chase Bank, N.A., Merrill Lynch Commodities, Inc. and Wells Fargo Bank, N.A., were as follows: | |||||||||||||||||
Contract Type | Daily | Total | Fixed Price | Fair Value at | |||||||||||||
Volume | Volume | December 31, 2013 | |||||||||||||||
(in thousands) | |||||||||||||||||
Natural gas swaps (MMBtu) | |||||||||||||||||
2014 | 30,000 | 10,950,000 | $4.18 – 5.06 | $ | 6,187 | ||||||||||||
Natural gas calls (MMBtu) | |||||||||||||||||
2015 | 20,000 | 7,300,000 | $5.05 – 5.06 | (1,125 | ) | ||||||||||||
2016 | 20,000 | 7,300,000 | $5.05 – 5.06 | (1,246 | ) | ||||||||||||
Oil swaps (BBL) | |||||||||||||||||
2014 | 3,800 | 1,387,000 | $90.95 –$98.02 | (4,341 | ) | ||||||||||||
2015 | 1,300 | 474,500 | $94.55 | 1,396 | |||||||||||||
Total | $ | 871 | |||||||||||||||
During 2013, we entered into the following derivative contracts. Unless otherwise noted, West Texas Intermediate (“WTI”) quoted on the New York Mercantile Exchange (“NYMEX”) is used for the floating price of oil and Henry Hub as quoted on NYMEX is used for the floating price of natural gas. | |||||||||||||||||
Contract Type | Daily | Strike Price | Contract Start Date | Contract Termination | |||||||||||||
Volume | |||||||||||||||||
Oil swap (BBL) | 1,000 | $ | 92.95 | January 1, 2014 | December 31, 2014 | ||||||||||||
Oil swap (BBL) | 500 | $ | 98.02 | November 1, 2013 | 31-Dec-14 | ||||||||||||
Oil swap (BBL) (1) | 1,300 | $ | 94.55 | January 1, 2014 | 31-Dec-14 | ||||||||||||
Oil swap (BBL) (1) | 1,300 | $ | 94.55 | January 1, 2015 | 31-Dec-15 | ||||||||||||
Natural Gas swap (MMBtu) | 10,000 | $ | 4.1825 | October 1, 2013 | 31-Dec-14 | ||||||||||||
Natural Gas swap (MMBtu) | 20,000 | $ | 5.05 – 5.06 | January 1, 2014 | 31-Dec-14 | ||||||||||||
Natural Gas calls (MMBtu) | 20,000 | $ | 5.05 – 5.06 | January 1, 2015 | 31-Dec-16 | ||||||||||||
-1 | Commodity contract pricing based on Louisiana Light Sweet crude (Argus) trade month swap. | ||||||||||||||||
The following table summarizes the fair values of our derivative financial instruments that are recorded at fair value classified in each level as of December 31, 2013 and 2012 (in thousands). We measure the fair value of our commodity derivative contracts by applying the income approach. See Footnote 1 “Fair Value Measurement” for our discussion for inputs used and valuation techniques for determining fair values. | |||||||||||||||||
2013 Fair Value Measurements Using | |||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Current Assets Commodity Derivatives | $ | — | $ | 6,187 | $ | — | $ | 6,187 | |||||||||
Non-current Assets Commodity Derivatives | — | 1,396 | — | 1,396 | |||||||||||||
Current Liabilities Commodity Derivatives | — | (4,341 | ) | — | (4,341 | ) | |||||||||||
Non-current Liabilities Commodity Derivatives | — | (2,371 | ) | — | (2,371 | ) | |||||||||||
Total | $ | — | $ | 871 | $ | — | $ | 871 | |||||||||
2012 Fair Value Measurements Using | |||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Current Assets Commodity Derivatives | $ | — | $ | 2,125 | $ | — | $ | 2,125 | |||||||||
Current Liabilities Commodity Derivatives | — | (351 | ) | — | (351 | ) | |||||||||||
Non-current Liabilities Commodity Derivatives | — | (3,987 | ) | — | (3,987 | ) | |||||||||||
Total | $ | — | $ | (2,213 | ) | $ | — | $ | (2,213 | ) | |||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Commitments and Contingencies | ' | ||||||||||||||||||||||||||||
NOTE 9—Commitments and Contingencies | |||||||||||||||||||||||||||||
We are party to various lawsuits from time to time arising in the normal course of business, including, but not limited to, royalty, contract, personal injury, and environmental claims. We have established reserves as appropriate for all such proceedings and intend to vigorously defend these actions. Management believes, based on currently available information, that adverse results or judgments from such actions, if any, will not be material to our consolidated financial position results of operations or liquidity. | |||||||||||||||||||||||||||||
The table below provides estimates of the timing of future payments that we are obligated to make based on agreements in place at December 31, 2013 (in thousands). | |||||||||||||||||||||||||||||
Payment due by Period | |||||||||||||||||||||||||||||
Note | Total | 2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||||||||||||||
and After | |||||||||||||||||||||||||||||
Debt (1) | 4 | $ | 507,620 | $ | 51,816 | $ | — | $ | — | $ | 180,375 | $ | 275,429 | ||||||||||||||||
Interest on notes | 4 | 87,053 | 34,676 | 32,733 | 13,410 | 6,234 | — | ||||||||||||||||||||||
Office space leases | 8,232 | 1,450 | 1,332 | 1,381 | 1,430 | 2,639 | |||||||||||||||||||||||
Office equipment leases | 461 | 298 | 140 | 23 | — | — | |||||||||||||||||||||||
Drilling rigs & operations contracts | 14,534 | 14,353 | 133 | 43 | 5 | — | |||||||||||||||||||||||
Transportation contracts | 6,327 | 1,552 | 955 | 955 | 955 | 1,910 | |||||||||||||||||||||||
Total contractual obligations (2) | $ | 624,227 | $ | 104,145 | $ | 35,293 | $ | 15,812 | $ | 188,999 | $ | 279,978 | |||||||||||||||||
-1 | The 2026 Notes have a provision at the end of years 5, 10 and 15, for the investors to demand payment on these dates; the first such date was December 1, 2011; all but the remaining $0.4 million were redeemed. The next ‘put’ date for the remaining 2026 Notes is December 1, 2016. The 2029 Notes have a provision by which on or after October 1, 2014, we may redeem all or a portion of the notes for cash and the investors may require us to repurchase the notes on each of October 1, 2014, 2019 and 2024. The 2032 Notes have a provision by which on or after October 1, 2017, we may redeem all or a portion of the notes for cash, and the investors may require us to repurchase the notes on each of October 1, 2017, 2022 and 2027. The balance outstanding under our Senior Credit Facility is not included as it is revolving debt. | ||||||||||||||||||||||||||||
-2 | This table does not include the estimated liability for dismantlement, abandonment and restoration costs of oil and natural gas properties of $20.9 million as of December 31, 2013. We record a separate liability for the asset retirement obligations. See Note 3. | ||||||||||||||||||||||||||||
Operating Leases—We have commitments under an operating lease agreement for office space and office equipment leases. Total rent expense for the years ended December 31, 2013, 2012, and 2011, was approximately $1.3 million, $1.2 million and $1.1 million, respectively. | |||||||||||||||||||||||||||||
Drilling Contracts—We have two drilling rigs under contract as of December 31, 2013 which are scheduled to expire in 2014. | |||||||||||||||||||||||||||||
Defined Contribution Plan—We have a defined contribution plan (“DCP”) which matches a portion of employees’ contributions. Participation in the DCP is voluntary and all regular employees of the Company are eligible to participate. We charged to expense plan contributions of $0.7 million, $0.7 million and $0.7 million for 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||||
Transportation Contracts—We have commitments under a transportation contract for our Eagle Ford Shale Trend properties. See Note 1 “—Transportation Obligation” for further information. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions | ' |
NOTE 10—Related Party Transactions | |
Patrick E. Malloy, III, Chairman of the Board of Directors of our company is a principal of Malloy Energy Company, LLC (“MEC”). MEC owns various small working interests in the Bethany Longstreet field for which we are the operator. In accordance with industry standard joint operating agreements, we bill MEC for its share of capital and operating cost on a monthly basis. As of December 31, 2013 and 2012, the amounts billed and outstanding to MEC for its share of monthly capital and operating costs were both less than $0.1 million and are included in trade and other accounts receivable at each year-end. Such amounts at each year-end were paid by MEC to us in the month after billing and is current on payment of its billings. | |
We also serve as the operator for a number of other oil and natural gas wells owned by affiliates of MEC in which we will earn a working interest after payout. In accordance with industry standard joint operating agreements, we bill the affiliates for its share of the capital and operating costs of these wells on a monthly basis. As of December 31, 2013 and 2012, the amounts billed and outstanding to the affiliate for its share of monthly capital and operating costs were both less than $0.3 million and are included in trade and other accounts receivable at each year-end. Such amounts at each year-end were paid by the affiliate to us in the month after billing and the affiliate is current on payment of its billings. |
Acquisitions_and_Divestitures
Acquisitions and Divestitures | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Acquisitions and Divestitures | ' | ||||||||||||
NOTE 11—Acquisitions and Divestitures | |||||||||||||
Acquisitions | |||||||||||||
On August 21, 2013, we closed on an acquisition of a 66.7% working interest in producing assets and mineral lease acreage in the TMS from Devon Energy Production Company, L.P. (“Devon”) with an effective date of March 1, 2013. The closing price after purchase price adjustments was $24.6 million. The closing price included $2.7 million of lease extensions executed by Devon for the Company after the effective date. The adjusted purchase price net of lease extension costs totaled $21.8 million. | |||||||||||||
We recorded $21.8 million to oil and gas properties in the purchase price allocation inclusive of $0.1 million in asset retirement obligations for net cash paid of $23.7 million. | |||||||||||||
For the period, August 21, 2013 through December 31, 2013, the acquired property has generated operating income of $2.5 million on revenues of $2.8 million which is included on our Consolidated Statement of Operations for the year ended December 31, 2013. Expenses associated with the acquisition for the year ended December 31, 2013 were less than $0.1 million and are included in General and Administrative expense. The acquisition was recorded at fair value which was determined using both the market and income approaches. The income approach is based on inputs and natural gas reserves estimates, estimated future commodity prices and estimated future production and development costs. The market approach was based on recent transactions for similar leases. | |||||||||||||
The following tables present the Unaudited Pro forma Condensed Consolidated Statements of Operations, giving effect to the acquisition as if it had occurred on January 1, 2012: | |||||||||||||
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||
(In Thousands, Except Per Share Amounts) | |||||||||||||
As Reported | Adjustments | As Adjusted | |||||||||||
Total revenues | $ | 203,295 | $ | 7,380 | $ | 210,675 | |||||||
Operating expenses | 239,605 | 497 | 240,102 | ||||||||||
Operating loss | (36,310 | ) | 6,883 | (29,427 | ) | ||||||||
Net loss | (95,186 | ) | 6,883 | (88,303 | ) | ||||||||
Net loss applicable to common stock | $ | (113,790 | ) | $ | 6,883 | $ | (106,907 | ) | |||||
Per Common Share | |||||||||||||
Net loss applicable to common stock—basic | $ | (2.99 | ) | $ | (2.81 | ) | |||||||
Net loss applicable to common stock—diluted | $ | (2.99 | ) | $ | (2.81 | ) | |||||||
Weighted average common shares outstanding—basic | 38,098 | 38,098 | |||||||||||
Weighted average common shares outstanding—diluted | 38,098 | 38,098 | |||||||||||
For the Year Ended December 31, 2012 | |||||||||||||
(In Thousands, Except Per Share Amounts) | |||||||||||||
As Reported | Adjustments | As Adjusted | |||||||||||
Total revenues | $ | 180,845 | $ | 10,223 | $ | 191,068 | |||||||
Operating expenses | 244,530 | 1,657 | 246,187 | ||||||||||
Operating loss | (63,685 | ) | 8,566 | (55,119 | ) | ||||||||
Net loss | (84,202 | ) | 8,566 | (75,636 | ) | ||||||||
Net loss applicable to common stock | $ | (90,249 | ) | $ | 8,566 | $ | (81,683 | ) | |||||
Per Common Share | |||||||||||||
Net Loss applicable to common stock—basic | $ | (2.48 | ) | $ | (2.24 | ) | |||||||
Net loss applicable to common stock—diluted | $ | (2.48 | ) | $ | (2.24 | ) | |||||||
Weighted average common shares outstanding—basic | 36,390 | 36,390 | |||||||||||
Weighted average common shares outstanding—diluted | 36,390 | 36,390 | |||||||||||
During 2012, we acquired rights to an additional 56,400 gross (54,000 net) acres in undeveloped leases in the Tuscaloosa Marine Shale for a total of $18.4 million. | |||||||||||||
Divestitures | |||||||||||||
On September 28, 2012, we sold our interest in certain non-core properties in the South Henderson field located in East Texas for $95 million, realizing a gain on the sale of assets of $44.0 million. The sale was effective on July 1, 2012. |
Summarized_Quarterly_Financial
Summarized Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Summarized Quarterly Financial Data (Unaudited) | ' | ||||||||||||||||||||
Summarized Quarterly Financial Data (Unaudited) | |||||||||||||||||||||
(In Thousands, Except Per Share Amounts) | |||||||||||||||||||||
First | Second | Third | Fourth | Total | |||||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||
2013 | |||||||||||||||||||||
Revenues | 47,084 | 48,485 | 57,161 | 50,565 | 203,295 | ||||||||||||||||
Operating income (loss) | (13,142 | ) | (14,192 | ) | (854 | ) | (8,122 | ) | (36,310 | ) | |||||||||||
Net income (loss) | (28,463 | ) | (16,143 | ) | (27,085 | ) | (23,495 | ) | (95,186 | ) | |||||||||||
Net income (loss) applicable to common stock | (29,975 | ) | (20,099 | ) | (32,790 | ) | (30,926 | ) | (113,790 | ) | |||||||||||
Basic income (loss) per common share | (0.82 | ) | (0.55 | ) | (0.89 | ) | (0.73 | ) | (2.99 | ) | |||||||||||
Diluted income (loss) per common share | (0.82 | ) | (0.55 | ) | (0.89 | ) | (0.73 | ) | (2.99 | ) | |||||||||||
2012 | |||||||||||||||||||||
Revenues | $ | 45,308 | $ | 41,346 | $ | 45,960 | $ | 48,231 | $ | 180,845 | |||||||||||
Operating income (loss) | (14,241 | ) | (14,157 | ) | 31,854 | (67,141 | ) | (63,685 | ) | ||||||||||||
Net income (loss) | (17,729 | ) | (3,202 | ) | 12,405 | (75,676 | ) | (84,202 | ) | ||||||||||||
Net income (loss) applicable to common stock | (19,241 | ) | (4,714 | ) | 10,894 | (77,188 | ) | (90,249 | ) | ||||||||||||
Basic income (loss) per common share | (0.53 | ) | (0.13 | ) | 0.3 | (2.12 | ) | (2.48 | ) | ||||||||||||
Diluted income (loss) per common share | (0.53 | ) | (0.13 | ) | 0.3 | (2.12 | ) | (2.48 | ) |
Description_of_Business_and_Ac1
Description of Business and Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Principles of Consolidation | ' | ||||||||||||||||||||||||
Principles of Consolidation—The consolidated financial statements of the Company are included in this Annual Report on Form 10-K have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and in accordance with accounting principles generally accepted in the United States (“US GAAP”). The consolidated financial statements include the financial statements of Goodrich Petroleum Corporation and its wholly-owned subsidiary. Intercompany balances and transactions have been eliminated in consolidation. The consolidated financial statements reflect all normal recurring adjustments that, in the opinion of management, are necessary for a fair presentation. Certain data in prior periods’ financial statements have been adjusted to conform to the presentation of the current period. We have evaluated subsequent events through the date of this filing. | |||||||||||||||||||||||||
Use of Estimates | ' | ||||||||||||||||||||||||
Use of Estimates—Our Management has made a number of estimates and assumptions relating to the reporting of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities to prepare these consolidated financial statements in conformity with US GAAP. | |||||||||||||||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||||||||||||||
Cash and Cash Equivalents—Cash and cash equivalents include cash on hand, demand deposit accounts and temporary cash investments with maturities of ninety days or less at date of purchase. | |||||||||||||||||||||||||
Restricted Cash | ' | ||||||||||||||||||||||||
Restricted Cash—Restricted cash at December 31, 2013 of $51.8 million is held in escrow for the repurchase of the remaining outstanding principal amount on our 5% Convertible Senior Notes due 2029. See Note 4. | |||||||||||||||||||||||||
Allowance for Doubtful Accounts | ' | ||||||||||||||||||||||||
Allowance for Doubtful Accounts—We routinely assess the recoverability of all material trade and other receivables to determine their collectability. Many of our receivables are from a limited number of purchasers. Accordingly, accounts receivable from such purchases could be significant. Generally, our natural gas and crude oil receivables are collected within thirty to sixty days of production. We also have receivables from joint interest owners of properties we operate. We may have the ability to withhold future revenue disbursements to recover any non-payment of joint interest billings. | |||||||||||||||||||||||||
We accrue a reserve on a receivable when, based on the judgment of management, it is probable that a receivable will not be collected and the amount of the reserve may be reasonably estimated. As of each of December 31, 2013 and 2012, our allowance for doubtful accounts was immaterial. | |||||||||||||||||||||||||
Inventory | ' | ||||||||||||||||||||||||
Inventory—Inventory consists of casing and tubulars that are expected to be used in our capital drilling program and oil in storage tanks. Inventory is carried on the Consolidated Balance Sheets at the lower of cost or market. | |||||||||||||||||||||||||
Property and Equipment | ' | ||||||||||||||||||||||||
Property and Equipment—We follow the successful efforts method of accounting for exploration and development expenditures. Under this method, costs of acquiring unproved and proved oil and natural gas leasehold acreage are capitalized. When proved reserves are found on an unproved property, the associated leasehold cost is transferred to proved properties. Significant unproved leases are reviewed periodically, and a valuation allowance is provided for any estimated decline in value. Costs of all other unproved leases are amortized over the estimated average holding period of the leases. Development costs are capitalized, including the costs of unsuccessful development wells. | |||||||||||||||||||||||||
Exploration | ' | ||||||||||||||||||||||||
Exploration—Exploration expenditures, including geological and geophysical costs, delay rentals and exploratory dry hole costs are expensed as incurred. Costs of drilling exploratory wells are initially capitalized pending determination of whether proved reserves can be attributed to the discovery. If management determines that commercial quantities of hydrocarbons have not been discovered, capitalized costs associated with exploratory wells are expensed. | |||||||||||||||||||||||||
Fair Value Measurement | ' | ||||||||||||||||||||||||
Fair Value Measurement— Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of an asset should reflect its highest and best use by market participants, whether in-use or an in-exchange valuation premise. The fair value of a liability should reflect the risk of nonperformance, which includes, among other things, our credit risk. | |||||||||||||||||||||||||
We use various methods, including the income approach and market approach, to determine the fair values of our financial instruments that are measured at fair value on a recurring basis, which depend on a number of factors, including the availability of observable market data over the contractual term of the underlying instrument. For some of our instruments, the fair value is calculated based on directly observable market data or data available for similar instruments in similar markets. For other instruments, the fair value may be calculated based on these inputs as well as other assumptions related to estimates of future settlements of these instruments. We separate our financial instruments into three levels (levels 1, 2 and 3) based on our assessment of the availability of observable market data and the significance of non-observable data used to determine the fair value of our instruments. Our assessment of an instrument can change over time based on the maturity or liquidity of the instrument, which could result in a change in the classification of the instruments between levels. | |||||||||||||||||||||||||
Each of these levels and our corresponding instruments classified by level are further described below: | |||||||||||||||||||||||||
• | Level 1 Inputs—unadjusted quoted market prices in active markets for identical assets or liabilities. Included in this level is our Senior Notes; | ||||||||||||||||||||||||
• | Level 2 Inputs—quotes which are derived principally from or corroborated by observable market data. Included in this level are our Senior Credit Facility and commodity derivatives whose fair values are based on third-party quotes or available interest rate information and commodity pricing data obtained from third party pricing sources and our creditworthiness or that of our counterparties; and | ||||||||||||||||||||||||
• | Level 3 Inputs—unobservable inputs for the asset or liability, such as discounted cash flow models or valuations, based on our various assumptions and future commodity prices. Included in this level are our oil and natural gas properties which are deemed impaired. | ||||||||||||||||||||||||
As of December 31, 2013 and 2012, the carrying amounts of our cash and cash equivalents, trade receivables and payables represented fair value because of the short-term nature of these instruments. | |||||||||||||||||||||||||
Impairment | ' | ||||||||||||||||||||||||
Impairment—We periodically assess our long-lived assets recorded in oil and natural gas properties on the Consolidated Balance Sheets to ensure that they are not carried in excess of fair value, which is computed using level 3 inputs such as discounted cash flow models or valuations, based on estimated future commodity prices and our various operational assumptions. An evaluation is performed on a field-by-field basis at least annually or whenever changes in facts and circumstances indicate that our oil and natural gas properties may be impaired. | |||||||||||||||||||||||||
As of December 31, 2013, we had interests in oil and natural gas properties totaling $821.8 million, net of accumulated depletion, which we account for under the successful efforts method. The expected future cash flows used for impairment reviews and related fair-value calculations are based on judgmental assessments of future production volumes, prices, and costs, considering all available information at the date of review. Due to the uncertainty inherent in these factors, we cannot predict when or if additional future impairment charges will be recorded. We estimate future net cash flows generated from our oil and natural gas properties by using forecasted oil and natural gas prices published by the New York Mercantile Exchange (“NYMEX”). | |||||||||||||||||||||||||
We had no impairment associated with our oil and natural gas properties for 2013. For the years ended December 31, 2012 and 2011, we recorded impairments on our oil and natural gas properties of $47.8 million and $8.1 million, respectively. The impairment in 2012 reduced the fields’ carrying value to an estimated fair value of $3.3 million. | |||||||||||||||||||||||||
Depreciation | ' | ||||||||||||||||||||||||
Depreciation—Depreciation and depletion of producing oil and natural gas properties is calculated using the units-of-production method. Proved developed reserves are used to compute unit rates for unamortized tangible and intangible development costs, and proved reserves are used for unamortized leasehold costs. | |||||||||||||||||||||||||
Gains and losses on disposals or retirements that are significant or include an entire depreciable or depletable property unit are included in operating income. Depreciation of furniture, fixtures and equipment, consisting of office furniture, computer hardware and software and leasehold improvements, is computed using the straight-line method over their estimated useful lives, which vary from three to five years. | |||||||||||||||||||||||||
Transportation Obligation | ' | ||||||||||||||||||||||||
Transportation Obligation—We entered into a natural gas gathering agreement with an independent service provider, effective July 27, 2010. The agreement is scheduled to remain in effect for a period of ten years and requires the service provider to construct pipelines and facilities to connect our wells to the service provider’s gathering system in our Eagle Ford Shale Trend area of South Texas. In compensation for the services, we agreed to pay the service provider 110 percent of the total capital cost incurred by the service provider to construct new pipelines and facilities. The service provider bills us for 20 percent of the accumulated unpaid capital costs annually. | |||||||||||||||||||||||||
We accounted for the agreement by recording a long-term asset, included in “Deferred financing cost and other” on the Consolidated Balance Sheets. The asset is being amortized using the units-of-production method and the amortization expense is included in “Transportation and processing” on the Consolidated Statements of Operations. The related current and long-term liabilities are presented on the Consolidated Balance Sheets in “Accrued liabilities” and “Transportation obligation”, respectively. | |||||||||||||||||||||||||
Asset Retirement Obligations | ' | ||||||||||||||||||||||||
Asset Retirement Obligations—We follow the accounting standard related to accounting for asset retirement obligations. These obligations are related to the abandonment and site restoration requirements that result from the exploration and development of our oil and gas properties. We record the fair value of a liability for an asset retirement obligation in the period in which it is incurred and a corresponding increase in the carrying amount of the related long-lived asset. Accretion expense is included in “Depreciation, depletion and amortization” on our Consolidated Statement of Operations. | |||||||||||||||||||||||||
Revenue Recognition | ' | ||||||||||||||||||||||||
Revenue Recognition—Oil and natural gas revenues are recognized when production is sold to a purchaser at a fixed or determinable price, when delivery has occurred and title has transferred, and if collectability of the revenue is probable. Revenues from the production of crude oil and natural gas properties in which we have an interest with other producers are recognized using the entitlements method. We record a liability or an asset for natural gas balancing when we have sold more or less than our working interest share of natural gas production, respectively. At December 31, 2013 and 2012, the net liability for natural gas balancing was immaterial. Differences between actual production and net working interest volumes are routinely adjusted. | |||||||||||||||||||||||||
Derivative Instruments | ' | ||||||||||||||||||||||||
Derivative Instruments—We use derivative instruments such as futures, forwards, options, collars and swaps for purposes of hedging our exposure to fluctuations in the price of crude oil and natural gas and to hedge | |||||||||||||||||||||||||
our exposure to changing interest rates. Accounting standards related to derivative instruments and hedging activities require that all derivative instruments subject to the requirements of those standards be measured at fair value and recognized as assets or liabilities in the balance sheet. We offset the fair value of our asset and liability positions with the same counterparty for each commodity type. Changes in fair value are required to be recognized in earnings unless specific hedge accounting criteria are met. We have not designated any of our derivative contracts as hedges, accordingly; changes in fair value are reflected in earnings. | |||||||||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||||||||
Income Taxes—We account for income taxes, as required, under the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. | |||||||||||||||||||||||||
We recognize, as required, the financial statement benefit of an uncertain tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. | |||||||||||||||||||||||||
Earnings-Per Share | ' | ||||||||||||||||||||||||
Earnings Per Share—Basic income per common share is computed by dividing net income available to common stockholders for each reporting period by the weighted-average number of common shares outstanding during the period. Diluted income per common share is computed by dividing net income available to common stockholders for each reporting period by the weighted average number of common shares outstanding during the period, plus the effects of potentially dilutive stock options and restricted stock calculated using the Treasury Stock method and the potential dilutive effect of the conversion of shares associated with 5.375% Series B Convertible Preferred Stock (“Series B Preferred Stock”), 3.25% Convertible Senior Notes due 2026 (the “2026 Notes”), 5% Convertible Senior Notes due 2029 (the “2029 Notes”) and 5% Convertible Senior Notes due 2032 (the “2032 Notes”). | |||||||||||||||||||||||||
Commitments and Contingencies | ' | ||||||||||||||||||||||||
Commitments and Contingencies—Liabilities for loss contingencies, including environmental remediation costs, arising from claims, assessments, litigation, fines and penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated. Recoveries from third parties, when probable of realization, are separately recorded and are not offset against the related environmental liability. | |||||||||||||||||||||||||
Concentration of Credit Risk | ' | ||||||||||||||||||||||||
Concentration of Credit Risk—Due to the nature of the industry, we sell our oil and natural gas production to a limited number of purchasers and, accordingly, amounts receivable from such purchasers could be significant. The revenues compared to our total oil and natural gas revenues from the top purchasers for the years ended December 31, 2013, 2012 and 2011 are as follows: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
BP Energy Company | 64 | % | 34 | % | — | ||||||||||||||||||||
Genesis Crude Oil LP | 7 | % | — | — | |||||||||||||||||||||
Flint Hill Resources, LLC | — | 15 | % | — | |||||||||||||||||||||
Shell Energy Resources LP | — | — | 11 | % | |||||||||||||||||||||
Regency Field Services LLC | — | — | 10 | % | |||||||||||||||||||||
Share-Based Compensation | ' | ||||||||||||||||||||||||
Share-Based Compensation—We account for our share-based transactions using fair value and recognize compensation expense over the requisite service period. The fair value of each option award is estimated using a Black-Scholes option valuation model with various assumptions based on our estimates. Our assumptions include expected volatility, expected term of option, risk-free interest rate and dividend yield. Expected volatility estimates are developed by us based on historical volatility of our stock. We use historical data to estimate the expected term of the options. The risk-free interest rate for periods within the expected life of the option is based on the U.S. Treasury yield in effect at the grant date. Our common stock does not pay dividends; therefore, the dividend yield is zero. The fair value of restricted stock is measured using the close of the day stock price on the day of the award. | |||||||||||||||||||||||||
Guarantee | ' | ||||||||||||||||||||||||
Guarantee—On March 2, 2011, we issued and sold $275 million aggregate principal amount of our 8.875% Senior Notes due 2019 (the “2019 Notes”). Upon issuance of the guarantee related to the 2019 Notes, our subsidiary also became a guarantor on our outstanding 2029 Notes and our 2026 Notes, pursuant to the respective indentures governing the 2029 Notes and 2026 Notes. On August 26, 2013 and October 1, 2013, we issued $109.25 million and $57.0 million, respectively, aggregate principal amount of our 2032 Notes, which are also guaranteed by our subsidiary pursuant to the terms of the indenture governing the 2032 Notes. The 2019 Notes, 2029 Notes, 2026 Notes and 2032 Notes are guaranteed on a senior unsecured basis by our wholly-owned subsidiary, Goodrich Petroleum Company, L.L.C. | |||||||||||||||||||||||||
Goodrich Petroleum Corporation, as the parent company (the “Parent Company”), has no independent assets or operations. The guarantee is full and unconditional, subject to customary exceptions pursuant to the indenture governing our 2019 Notes, 2026 Notes, 2029 Notes and 2032 Notes, as discussed below. The Parent Company has no other subsidiaries. In addition, there are no restrictions on the ability of the Parent Company to obtain funds from its subsidiary by dividend or loan. Finally, the Parent Company’s wholly-owned subsidiary does not have restricted assets that exceed 25% of net assets as of the most recent fiscal year end that may not be transferred to the Parent Company in the form of loans, advances or cash dividends by the subsidiary without the consent of a third party. | |||||||||||||||||||||||||
Guarantees of the 2019 Notes will be released under certain circumstances, including in the event a Subsidiary Guarantor is sold or disposed of (whether by merger, consolidation, the sale of its capital stock or the sale of all or substantially all of its assets (other than by lease)) and whether or not the Subsidiary Guarantor is the surviving entity in such transaction to a person which is not the Parent Company or a Restricted Subsidiary of the Parent Company, such Subsidiary Guarantor will be released from its obligations under its Subsidiary Guarantee if the sale or other disposition does not violate the covenants described under “Limitation on Sales of Assets and Subsidiary Stock” in the indenture governing the 2019 Notes. In addition, a Subsidiary Guarantor will be released from its obligations under the indenture and its guarantee if such Subsidiary Guarantor ceases to guarantee any other indebtedness of the Parent Company or a Subsidiary Guarantor under a credit facility, and is not a borrower under the Senior Secured Credit Agreement, provided no Event of Default (as defined in the indenture governing the 2019 Notes) has occurred and is continuing; or if the Parent Company designates such subsidiary as an Unrestricted Subsidiary and such designation complies with the other applicable provisions of the indenture or if such subsidiary otherwise no longer meets the definition of a Restricted Subsidiary; or in connection with any covenant defeasance, legal defeasance or satisfaction and discharge of the 2019 Notes in accordance with the indenture. | |||||||||||||||||||||||||
Guarantees of the 2032 Notes, 2029 Notes and 2026 Notes will be released if the Subsidiary Guarantor no longer guarantees the 2019 Notes, if the Subsidiary Guarantor is dissolved or liquidated, if the Subsidiary Guarantor is no longer the Parent Company’s subsidiary or upon satisfaction and discharge of the 2032 Notes, 2029 Notes or 2026 Notes in accordance with their respective indentures. | |||||||||||||||||||||||||
New Accounting Pronouncements | ' | ||||||||||||||||||||||||
New Accounting Pronouncements | |||||||||||||||||||||||||
Accounting Standards Update (“ASU”) 2011-11 “Balance Sheet: Disclosures about Offsetting Assets and Liabilities.”—In December 2011, the Financial Accounting Standards Board (“FASB”) issued guidance intended to result in convergence between (“GAAP”) and International Financial Reporting Standards (“IFRS”) requirements for offsetting (netting) assets and liabilities presented in the statements of financial position. The guidance requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The disclosure affects all entities with financial instruments and derivatives that are either offset on the balance sheet in accordance with Accounting Standards Codification (“ASC”), ASC 210-20-45 or ASC 815-10-45, or subject to a master netting arrangement, irrespective of whether they are offset on the balance sheet. This information will enable users of an entity’s financial statements to evaluate the effect or potential effect of netting arrangements on an entity’s financial position, including the effect or potential effect of rights of setoff associated with certain financial instruments and derivative instruments. The guidance is effective for annual periods beginning on or after January 1, 2013 and interim periods within those annual periods. Entities should provide the disclosures required by this ASU retrospectively for all comparative periods presented. We have adopted this guidance effective January 1, 2013. | |||||||||||||||||||||||||
We enter into oil and natural gas derivative contracts under which we have netting arrangements with each counter party. The following table discloses and reconciles the gross amounts to the amounts as presented on the Statement of Financial Position for the periods ending December 31, 2013 and December 31, 2012. | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Fair Value of Oil and Natural Gas Derivatives | Gross | Amount | As | Gross | Amount | As | |||||||||||||||||||
Amount | Offset | Presented | Amount | Offset | Presented | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Derivative Current Asset | $ | 6,658 | $ | (471 | ) | $ | 6,187 | $ | 2,410 | $ | (285 | ) | $ | 2,125 | |||||||||||
Derivative Non-current Asset | 1,396 | — | 1,396 | — | — | — | |||||||||||||||||||
Derivative Current Liability | (4,812 | ) | 471 | (4,341 | ) | (636 | ) | 285 | (351 | ) | |||||||||||||||
Derivative Non-current Liability | (2,371 | ) | — | (2,371 | ) | (3,987 | ) | — | (3,987 | ) | |||||||||||||||
Total | $ | 871 | $ | — | $ | 871 | $ | (2,213 | ) | $ | — | $ | (2,213 | ) | |||||||||||
Description_of_Business_and_Ac2
Description of Business and Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Revenues from Top Customers as Percentage of Total Revenues | ' | ||||||||||||
The revenues compared to our total oil and natural gas revenues from the top purchasers for the years ended December 31, 2013, 2012 and 2011 are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
BP Energy Company | 64 | % | 34 | % | — | ||||||||
Genesis Crude Oil LP | 7 | % | — | — | |||||||||
Flint Hill Resources, LLC | — | 15 | % | — | |||||||||
Shell Energy Resources LP | — | — | 11 | % | |||||||||
Regency Field Services LLC | — | — | 10 | % |
Derivative_Activities_Tables
Derivative Activities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Derivative Assets and Liabilities Recorded at Fair Value | ' | ||||||||||||||||||||||||
The following table summarizes the fair values of our derivative financial instruments that are recorded at fair value classified in each level as of December 31, 2013 and 2012 (in thousands). We measure the fair value of our commodity derivative contracts by applying the income approach. See Footnote 1 “Fair Value Measurement” for our discussion for inputs used and valuation techniques for determining fair values. | |||||||||||||||||||||||||
2013 Fair Value Measurements Using | |||||||||||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Current Assets Commodity Derivatives | $ | — | $ | 6,187 | $ | — | $ | 6,187 | |||||||||||||||||
Non-current Assets Commodity Derivatives | — | 1,396 | — | 1,396 | |||||||||||||||||||||
Current Liabilities Commodity Derivatives | — | (4,341 | ) | — | (4,341 | ) | |||||||||||||||||||
Non-current Liabilities Commodity Derivatives | — | (2,371 | ) | — | (2,371 | ) | |||||||||||||||||||
Total | $ | — | $ | 871 | $ | — | $ | 871 | |||||||||||||||||
2012 Fair Value Measurements Using | |||||||||||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
Current Assets Commodity Derivatives | $ | — | $ | 2,125 | $ | — | $ | 2,125 | |||||||||||||||||
Current Liabilities Commodity Derivatives | — | (351 | ) | — | (351 | ) | |||||||||||||||||||
Non-current Liabilities Commodity Derivatives | — | (3,987 | ) | — | (3,987 | ) | |||||||||||||||||||
Total | $ | — | $ | (2,213 | ) | $ | — | $ | (2,213 | ) | |||||||||||||||
Summary of Realized and Unrealized Gains and Losses on Derivatives | ' | ||||||||||||||||||||||||
The following table summarizes the realized and unrealized gains and losses we recognized on our oil and natural gas derivatives for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
Oil and Natural Gas Derivatives (in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Realized gain (loss) on oil and natural gas derivatives | $ | (3,786 | ) | $ | 73,160 | $ | 31,305 | ||||||||||||||||||
Unrealized gain (loss) on oil and natural gas derivatives | 3,084 | (41,278 | ) | 3,234 | |||||||||||||||||||||
Total gain (loss) on oil and natural gas derivatives | $ | (702 | ) | $ | 31,882 | $ | 34,539 | ||||||||||||||||||
Outstanding Commodity Derivative Contracts | ' | ||||||||||||||||||||||||
As of December 31, 2013, our open positions on our outstanding commodity derivative contracts, all of which were with Royal Bank of Canada, JPMorgan Chase Bank, N.A., Merrill Lynch Commodities, Inc. and Wells Fargo Bank, N.A., were as follows: | |||||||||||||||||||||||||
Contract Type | Daily | Total | Fixed Price | Fair Value at | |||||||||||||||||||||
Volume | Volume | December 31, 2013 | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Natural gas swaps (MMBtu) | |||||||||||||||||||||||||
2014 | 30,000 | 10,950,000 | $4.18 – 5.06 | $ | 6,187 | ||||||||||||||||||||
Natural gas calls (MMBtu) | |||||||||||||||||||||||||
2015 | 20,000 | 7,300,000 | $5.05 – 5.06 | (1,125 | ) | ||||||||||||||||||||
2016 | 20,000 | 7,300,000 | $5.05 – 5.06 | (1,246 | ) | ||||||||||||||||||||
Oil swaps (BBL) | |||||||||||||||||||||||||
2014 | 3,800 | 1,387,000 | $90.95 –$98.02 | (4,341 | ) | ||||||||||||||||||||
2015 | 1,300 | 474,500 | $94.55 | 1,396 | |||||||||||||||||||||
Total | $ | 871 | |||||||||||||||||||||||
Derivative Contracts | ' | ||||||||||||||||||||||||
During 2013, we entered into the following derivative contracts. Unless otherwise noted, West Texas Intermediate (“WTI”) quoted on the New York Mercantile Exchange (“NYMEX”) is used for the floating price of oil and Henry Hub as quoted on NYMEX is used for the floating price of natural gas. | |||||||||||||||||||||||||
Contract Type | Daily | Strike Price | Contract Start Date | Contract Termination | |||||||||||||||||||||
Volume | |||||||||||||||||||||||||
Oil swap (BBL) | 1,000 | $ | 92.95 | January 1, 2014 | December 31, 2014 | ||||||||||||||||||||
Oil swap (BBL) | 500 | $ | 98.02 | November 1, 2013 | 31-Dec-14 | ||||||||||||||||||||
Oil swap (BBL) (1) | 1,300 | $ | 94.55 | January 1, 2014 | 31-Dec-14 | ||||||||||||||||||||
Oil swap (BBL) (1) | 1,300 | $ | 94.55 | January 1, 2015 | 31-Dec-15 | ||||||||||||||||||||
Natural Gas swap (MMBtu) | 10,000 | $ | 4.1825 | October 1, 2013 | 31-Dec-14 | ||||||||||||||||||||
Natural Gas swap (MMBtu) | 20,000 | $ | 5.05 – 5.06 | January 1, 2014 | 31-Dec-14 | ||||||||||||||||||||
Natural Gas calls (MMBtu) | 20,000 | $ | 5.05 – 5.06 | January 1, 2015 | 31-Dec-16 | ||||||||||||||||||||
-1 | Commodity contract pricing based on Louisiana Light Sweet crude (Argus) trade month swap. | ||||||||||||||||||||||||
Derivative | ' | ||||||||||||||||||||||||
Derivative Assets and Liabilities Recorded at Fair Value | ' | ||||||||||||||||||||||||
The following table discloses and reconciles the gross amounts to the amounts as presented on the Statement of Financial Position for the periods ending December 31, 2013 and December 31, 2012. | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Fair Value of Oil and Natural Gas Derivatives | Gross | Amount | As | Gross | Amount | As | |||||||||||||||||||
Amount | Offset | Presented | Amount | Offset | Presented | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Derivative Current Asset | $ | 6,658 | $ | (471 | ) | $ | 6,187 | $ | 2,410 | $ | (285 | ) | $ | 2,125 | |||||||||||
Derivative Non-current Asset | 1,396 | — | 1,396 | — | — | — | |||||||||||||||||||
Derivative Current Liability | (4,812 | ) | 471 | (4,341 | ) | (636 | ) | 285 | (351 | ) | |||||||||||||||
Derivative Non-current Liability | (2,371 | ) | — | (2,371 | ) | (3,987 | ) | — | (3,987 | ) | |||||||||||||||
Total | $ | 871 | $ | — | $ | 871 | $ | (2,213 | ) | $ | — | $ | (2,213 | ) | |||||||||||
ShareBased_Compensation_Plans_
Share-Based Compensation Plans (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Components of Share-Based Compensation | ' | ||||||||||||||||||||
The following table summarizes the pretax components of our share-based compensation programs recorded, recognized as a component of general and administrative expenses in the Consolidated Statement of Operations (in thousands): | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Restricted stock expense | $ | 7,586 | $ | 6,670 | $ | 6,194 | |||||||||||||||
Stock option expense | 94 | 233 | 301 | ||||||||||||||||||
Director stock expense | 568 | 585 | 525 | ||||||||||||||||||
Total share-based compensation: | $ | 8,248 | $ | 7,488 | $ | 7,020 | |||||||||||||||
Schedule of Option Activity Under Stock Option Plans | ' | ||||||||||||||||||||
Option activity under our stock option plans as of December 31, 2013, and changes during the year ended December 31, 2013 were as follows: | |||||||||||||||||||||
Shares | Weighted | Remaining | Aggregate | ||||||||||||||||||
Average | Contractual | Intrinsic | |||||||||||||||||||
Exercise | Term | Value | |||||||||||||||||||
Price | |||||||||||||||||||||
(years) | (thousands) | ||||||||||||||||||||
Outstanding at January 1, 2013 | 900,984 | $ | 21.57 | 2.92 | $ | 18 | |||||||||||||||
Granted | — | — | — | — | |||||||||||||||||
Exercised | 40,500 | 19.94 | — | — | |||||||||||||||||
Forfeited | 5,850 | 21.59 | — | — | |||||||||||||||||
Outstanding at December 31, 2013 | 854,634 | $ | 21.64 | 1.84 | $ | 88 | |||||||||||||||
Exercisable at December 31, 2013 | 854,634 | $ | 21.64 | 1.84 | $ | 88 | |||||||||||||||
Schedule of Share-Based Compensation by Exercise Price Range | ' | ||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||
Range of Exercise Prices | Number | Weighted | Weighted | Number | Weighted | ||||||||||||||||
Outstanding at | Average | Average | Exercisable at | Average | |||||||||||||||||
December 31, | Remaining | Exercise | December 31, | Exercise | |||||||||||||||||
2013 | Contractual Life | Price | 2013 | Price | |||||||||||||||||
(years) | |||||||||||||||||||||
$16.46 and $19.78 | 307,300 | 1.11 | 18.08 | 307,300 | 18.08 | ||||||||||||||||
$21.59 to $27.81 | 547,334 | 2.26 | 23.64 | 547,334 | 23.64 | ||||||||||||||||
854,634 | 1.84 | $ | 21.64 | 854,634 | $ | 21.64 | |||||||||||||||
Schedule of Restricted Stock Activity And Values | ' | ||||||||||||||||||||
Restricted stock activity and values under our plan for the years ended December 31, 2013, 2012 and 2011 were as follows: | |||||||||||||||||||||
Number of | Value of | Fair Value | |||||||||||||||||||
Shares | Shares | of Stock | |||||||||||||||||||
Granted | Granted | Vested | |||||||||||||||||||
(thousands) | (thousands) | ||||||||||||||||||||
2013 | 746,163 | $ | 13,194 | $ | 9,960 | ||||||||||||||||
2012 | 1,073,727 | 9,533 | 3,335 | ||||||||||||||||||
2011 | 561,714 | 7,921 | 5,764 | ||||||||||||||||||
Schedule of Restricted Stock Activity | ' | ||||||||||||||||||||
Restricted stock activity under our plan for the year ended December 31, 2013, and changes during the year then ended were as follows: | |||||||||||||||||||||
Number of | Weighted | Total | |||||||||||||||||||
Shares | Average | Value | |||||||||||||||||||
Grant-Date | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||
(thousands) | |||||||||||||||||||||
Unvested at January 1, 2013 | 1,541,650 | $ | 10.6 | $ | 16,345 | ||||||||||||||||
Vested | (594,301 | ) | 11.57 | (6,863 | ) | ||||||||||||||||
Granted | 746,163 | 17.68 | 13,194 | ||||||||||||||||||
Forfeited | (112,305 | ) | 10.69 | (1,200 | ) | ||||||||||||||||
Unvested at December 31, 2013 | 1,581,207 | $ | 13.58 | $ | 21,476 | ||||||||||||||||
Restricted Stock | ' | ||||||||||||||||||||
Schedule of Restricted Stock Activity | ' | ||||||||||||||||||||
As of December 31, 2013, total unrecognized compensation cost related to restricted stock is as follows: | |||||||||||||||||||||
Unrecognized | Weighted | ||||||||||||||||||||
compensation | Average | ||||||||||||||||||||
costs | years to | ||||||||||||||||||||
recognition | |||||||||||||||||||||
(thousands) | (years) | ||||||||||||||||||||
December 31, 2013 | $ | 19,938 | 2.44 |
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Reconciliation of Asset Retirement Obligations | ' | ||||||||
The reconciliation of the beginning and ending asset retirement obligation for the periods ending December 31, 2013 and 2012 is as follows (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Beginning balance | $ | 18,306 | $ | 17,425 | |||||
Liabilities incurred | 471 | 693 | |||||||
Revisions in estimated liabilities (1) | 1,290 | 2,005 | |||||||
Liabilities settled | (82 | ) | (767 | ) | |||||
Accretion expense | 1,243 | 1,111 | |||||||
Dispositions | (372 | ) | (2,161 | ) | |||||
Ending balance | $ | 20,856 | $ | 18,306 | |||||
Current liability | $ | 99 | $ | 168 | |||||
Long term liability | $ | 20,757 | $ | 18,138 | |||||
-1 | We increased our estimated liability in 2013 by $1.3 million as a result of a change in estimated plugging and abandonment cost on several of our fields. |
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Components of Debt | ' | ||||||||||||||||||||||||
Debt consisted of the following balances as of the dates indicated (in thousands): | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Principal | Carrying | Fair | Principal | Carrying | Fair | ||||||||||||||||||||
Amount | Value (1) | Amount | Value (1) | ||||||||||||||||||||||
Senior Credit Facility (1) | $ | — | $ | — | $ | — | $ | 95,000 | $ | 95,000 | $ | 95,000 | |||||||||||||
3.25% Convertible Senior Notes due 2026 | 429 | 429 | 429 | 429 | 429 | 429 | |||||||||||||||||||
5.0% Convertible Senior Notes due 2029 (2) | 51,816 | 49,663 | 51,686 | 218,500 | 198,242 | 204,975 | |||||||||||||||||||
5.0% Convertible Senior Notes due 2032 (3) | 167,405 | 160,437 | 171,863 | — | — | — | |||||||||||||||||||
8.875% Senior Notes due 2019 | 275,000 | 275,000 | 288,063 | 275,000 | 275,000 | 261,250 | |||||||||||||||||||
Total debt | $ | 494,650 | $ | 485,529 | $ | 512,041 | $ | 588,929 | $ | 568,671 | $ | 561,654 | |||||||||||||
-1 | The carrying amount for the Second Amended and Restated Credit Agreement represents fair value as the variable interest rates are reflective of current market conditions. The fair value of the notes was obtained by direct market quotes within Level 1 of the fair value hierarchy. | ||||||||||||||||||||||||
-2 | The debt discount is amortized using the effective interest rate method based upon an original five year term through October 1, 2014. The debt discount was $2.1 million and $20.3 million as of December 31, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||||||
-3 | The debt discount is amortized using the effective interest rate method based upon a four year term through October 1, 2017, the first repurchase date applicable to the 2032 Notes. The debt discount was $7.0 million as of December 31, 2013. | ||||||||||||||||||||||||
Summary of Total Interest Expense and Effective Interest Rate on Debt | ' | ||||||||||||||||||||||||
The following table summarizes the total interest expense (contractual interest expense, amortization of debt discount and financing costs) and the effective interest rate on the liability component of the debt (amounts in thousands, except effective interest rates): | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | |||||||||||||||||||||||
Interest | Effective | Interest | Effective | Interest | Effective | ||||||||||||||||||||
Expense | Interest | Expense | Interest | Expense | Interest | ||||||||||||||||||||
Rate | Rate | Rate | |||||||||||||||||||||||
Senior Credit Facility | 3,936 | 5.3 | % | 5,114 | 3.7 | % | 3,180 | — | * | ||||||||||||||||
3.25% Convertible Senior Notes due 2026 | 14 | 3.3 | % | 14 | 3.3 | % | 4,305 | 9 | % | ||||||||||||||||
5.0% Convertible Senior Notes due 2029 | 17,400 | 11.4 | % | 21,968 | 11.4 | % | 20,948 | 10.5 | % | ||||||||||||||||
5.0% Convertible Senior Notes due 2032 | 4,529 | 8.8 | % | — | — | — | — | ||||||||||||||||||
8.875% Senior Notes due 2019 | 25,308 | 9.2 | % | 25,308 | 9.2 | % | 20,910 | 8.9 | % | ||||||||||||||||
* | An Effective Interest Rate Calculation is not meaningful for the years ended December 31, 2011 since there were only minimal average amounts borrowed under the Senior Credit Facility during the period. |
Loss_Per_Common_Share_Tables
Loss Per Common Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Computation of Net Income (Loss) Per Common Share | ' | ||||||||||||
The following table sets forth information related to the computations of basic and diluted loss per share. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Amounts in thousands, except per share data) | |||||||||||||
Basic loss per share: | |||||||||||||
Loss applicable to common stock | $ | (113,790 | ) | $ | (90,249 | ) | $ | (37,805 | ) | ||||
Weighted-average shares of common stock outstanding | 38,098 | 36,390 | 36,124 | ||||||||||
Basic loss per share | $ | (2.99 | ) | $ | (2.48 | ) | $ | (1.05 | ) | ||||
Diluted loss per share: | |||||||||||||
Loss applicable to common stock | $ | (113,790 | ) | $ | (90,249 | ) | $ | (37,805 | ) | ||||
Dividends on convertible preferred stock (1) | — | — | — | ||||||||||
Interest and amortization of loan cost on convertible senior notes, net of tax (3) | — | — | — | ||||||||||
Diluted loss | $ | (113,790 | ) | $ | (90,249 | ) | $ | (37,805 | ) | ||||
Weighted-average shares of common stock outstanding | 38,098 | 36,390 | 36,124 | ||||||||||
Assumed conversion of convertible preferred stock (1) | — | — | — | ||||||||||
Assumed conversion of convertible senior notes (2) | — | — | — | ||||||||||
Stock options and restricted stock (3) | — | — | — | ||||||||||
Weighted-average diluted shares outstanding | 38,098 | 36,390 | 36,124 | ||||||||||
Diluted loss per share | $ | (2.99 | ) | $ | (2.48 | ) | $ | (1.05 | ) | ||||
3,588 | 3,588 | 3,588 | |||||||||||
(1) Common shares issuable upon assumed conversion of convertible preferred stock were not presented as they would have been anti-dilutive. | |||||||||||||
(2) Common shares issuable upon assumed conversion of the 2026 Notes, the 2029 Notes and 2032 Notes were not presented as they would have been anti-dilutive. | 6,307 | 6,311 | 7,067 | ||||||||||
(3) Common shares issuable on assumed conversion of restricted stock and employee stock option were not included in the computation of diluted loss per common share since their inclusion would have been anti-dilutive. | 620 | 238 | 171 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Components of Income Tax Expense (Benefit) | ' | ||||||||||||
Income tax (expense) benefit consisted of the following (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current: | |||||||||||||
Federal | $ | — | $ | — | $ | — | |||||||
State | — | — | — | ||||||||||
— | — | — | |||||||||||
Deferred: | |||||||||||||
Federal | — | — | — | ||||||||||
State | — | — | — | ||||||||||
— | — | — | |||||||||||
Total | $ | — | $ | — | $ | — | |||||||
Reconciliation of Statutory Income Tax Rate to Income Loss Before Income Taxes | ' | ||||||||||||
The following is a reconciliation of the U.S. statutory income tax rate at 35% to our income (loss) before income taxes (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income tax (expense) benefit | |||||||||||||
Tax at U.S. statutory income tax | $ | 33,315 | $ | 29,471 | $ | 11,115 | |||||||
Valuation allowance | (30,967 | ) | (29,952 | ) | (9,909 | ) | |||||||
State income taxes-net of federal benefit | (902 | ) | 1,618 | (762 | ) | ||||||||
Nondeductible expenses and other | (1,446 | ) | (1,137 | ) | (444 | ) | |||||||
Total tax (expense) benefit | $ | — | $ | — | $ | — | |||||||
Schedule Of Deferred Tax (Liabilities) Assets | ' | ||||||||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Current deferred tax assets: | |||||||||||||
Accrued liabilities | $ | 133 | $ | 375 | |||||||||
Contingent liabilities and other | — | 134 | |||||||||||
Less valuation allowance | (126 | ) | (498 | ) | |||||||||
Total current deferred tax assets | 7 | 11 | |||||||||||
Current deferred tax liabilities: | |||||||||||||
Derivative financial instruments | (646 | ) | (621 | ) | |||||||||
Accrued liabilities | (26 | ) | (26 | ) | |||||||||
Total current deferred tax liabilities | (672 | ) | (647 | ) | |||||||||
Net current deferred tax liability | $ | (665 | ) | $ | (636 | ) | |||||||
Noncurrent deferred tax assets: | |||||||||||||
Operating loss carry-forwards | $ | 211,589 | $ | 156,723 | |||||||||
State Tax NOL and Credits | 5,805 | 3,867 | |||||||||||
Statutory depletion carry-forward | 7,035 | 7,035 | |||||||||||
AMT tax credit carry-forward | 1,227 | 1,324 | |||||||||||
Compensation | 3,496 | 3,364 | |||||||||||
Contingent liabilities and other | 858 | 1,907 | |||||||||||
Property and equipment | (3,248 | ) | 26,848 | ||||||||||
Total gross noncurrent deferred tax assets | 226,762 | 201,068 | |||||||||||
Less valuation allowance | (217,558 | ) | (193,459 | ) | |||||||||
Net noncurrent deferred tax assets | 9,204 | 7,609 | |||||||||||
Noncurrent deferred tax liabilities: | |||||||||||||
Bond discount | (74 | ) | (61 | ) | |||||||||
Debt discount | (8,465 | ) | (6,912 | ) | |||||||||
Total non-current deferred tax liabilities | (8,539 | ) | (6,973 | ) | |||||||||
Net non-current deferred tax asset | $ | 665 | $ | 636 | |||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Timing of Future Payments Obligations | ' | ||||||||||||||||||||||||||||
The table below provides estimates of the timing of future payments that we are obligated to make based on agreements in place at December 31, 2013 (in thousands). | |||||||||||||||||||||||||||||
Payment due by Period | |||||||||||||||||||||||||||||
Note | Total | 2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||||||||||||||
and After | |||||||||||||||||||||||||||||
Debt (1) | 4 | $ | 507,620 | $ | 51,816 | $ | — | $ | — | $ | 180,375 | $ | 275,429 | ||||||||||||||||
Interest on notes | 4 | 87,053 | 34,676 | 32,733 | 13,410 | 6,234 | — | ||||||||||||||||||||||
Office space leases | 8,232 | 1,450 | 1,332 | 1,381 | 1,430 | 2,639 | |||||||||||||||||||||||
Office equipment leases | 461 | 298 | 140 | 23 | — | — | |||||||||||||||||||||||
Drilling rigs & operations contracts | 14,534 | 14,353 | 133 | 43 | 5 | — | |||||||||||||||||||||||
Transportation contracts | 6,327 | 1,552 | 955 | 955 | 955 | 1,910 | |||||||||||||||||||||||
Total contractual obligations (2) | $ | 624,227 | $ | 104,145 | $ | 35,293 | $ | 15,812 | $ | 188,999 | $ | 279,978 | |||||||||||||||||
-1 | The 2026 Notes have a provision at the end of years 5, 10 and 15, for the investors to demand payment on these dates; the first such date was December 1, 2011; all but the remaining $0.4 million were redeemed. The next ‘put’ date for the remaining 2026 Notes is December 1, 2016. The 2029 Notes have a provision by which on or after October 1, 2014, we may redeem all or a portion of the notes for cash and the investors may require us to repurchase the notes on each of October 1, 2014, 2019 and 2024. The 2032 Notes have a provision by which on or after October 1, 2017, we may redeem all or a portion of the notes for cash, and the investors may require us to repurchase the notes on each of October 1, 2017, 2022 and 2027. The balance outstanding under our Senior Credit Facility is not included as it is revolving debt. | ||||||||||||||||||||||||||||
-2 | This table does not include the estimated liability for dismantlement, abandonment and restoration costs of oil and natural gas properties of $20.9 million as of December 31, 2013. We record a separate liability for the asset retirement obligations. See Note 3. |
Acquisitions_and_Divestitures_
Acquisitions and Divestitures (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Unaudited Pro forma Condensed Consolidated Statements of Operations | ' | ||||||||||||
The following tables present the Unaudited Pro forma Condensed Consolidated Statements of Operations, giving effect to the acquisition as if it had occurred on January 1, 2012: | |||||||||||||
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||
(In Thousands, Except Per Share Amounts) | |||||||||||||
As Reported | Adjustments | As Adjusted | |||||||||||
Total revenues | $ | 203,295 | $ | 7,380 | $ | 210,675 | |||||||
Operating expenses | 239,605 | 497 | 240,102 | ||||||||||
Operating loss | (36,310 | ) | 6,883 | (29,427 | ) | ||||||||
Net loss | (95,186 | ) | 6,883 | (88,303 | ) | ||||||||
Net loss applicable to common stock | $ | (113,790 | ) | $ | 6,883 | $ | (106,907 | ) | |||||
Per Common Share | |||||||||||||
Net loss applicable to common stock—basic | $ | (2.99 | ) | $ | (2.81 | ) | |||||||
Net loss applicable to common stock—diluted | $ | (2.99 | ) | $ | (2.81 | ) | |||||||
Weighted average common shares outstanding—basic | 38,098 | 38,098 | |||||||||||
Weighted average common shares outstanding—diluted | 38,098 | 38,098 | |||||||||||
For the Year Ended December 31, 2012 | |||||||||||||
(In Thousands, Except Per Share Amounts) | |||||||||||||
As Reported | Adjustments | As Adjusted | |||||||||||
Total revenues | $ | 180,845 | $ | 10,223 | $ | 191,068 | |||||||
Operating expenses | 244,530 | 1,657 | 246,187 | ||||||||||
Operating loss | (63,685 | ) | 8,566 | (55,119 | ) | ||||||||
Net loss | (84,202 | ) | 8,566 | (75,636 | ) | ||||||||
Net loss applicable to common stock | $ | (90,249 | ) | $ | 8,566 | $ | (81,683 | ) | |||||
Per Common Share | |||||||||||||
Net Loss applicable to common stock—basic | $ | (2.48 | ) | $ | (2.24 | ) | |||||||
Net loss applicable to common stock—diluted | $ | (2.48 | ) | $ | (2.24 | ) | |||||||
Weighted average common shares outstanding—basic | 36,390 | 36,390 | |||||||||||
Weighted average common shares outstanding—diluted | 36,390 | 36,390 |
Summarized_Quarterly_Financial1
Summarized Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Summarized Quarterly Financial Data | ' | ||||||||||||||||||||
Summarized Quarterly Financial Data (Unaudited) | |||||||||||||||||||||
(In Thousands, Except Per Share Amounts) | |||||||||||||||||||||
First | Second | Third | Fourth | Total | |||||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||
2013 | |||||||||||||||||||||
Revenues | 47,084 | 48,485 | 57,161 | 50,565 | 203,295 | ||||||||||||||||
Operating income (loss) | (13,142 | ) | (14,192 | ) | (854 | ) | (8,122 | ) | (36,310 | ) | |||||||||||
Net income (loss) | (28,463 | ) | (16,143 | ) | (27,085 | ) | (23,495 | ) | (95,186 | ) | |||||||||||
Net income (loss) applicable to common stock | (29,975 | ) | (20,099 | ) | (32,790 | ) | (30,926 | ) | (113,790 | ) | |||||||||||
Basic income (loss) per common share | (0.82 | ) | (0.55 | ) | (0.89 | ) | (0.73 | ) | (2.99 | ) | |||||||||||
Diluted income (loss) per common share | (0.82 | ) | (0.55 | ) | (0.89 | ) | (0.73 | ) | (2.99 | ) | |||||||||||
2012 | |||||||||||||||||||||
Revenues | $ | 45,308 | $ | 41,346 | $ | 45,960 | $ | 48,231 | $ | 180,845 | |||||||||||
Operating income (loss) | (14,241 | ) | (14,157 | ) | 31,854 | (67,141 | ) | (63,685 | ) | ||||||||||||
Net income (loss) | (17,729 | ) | (3,202 | ) | 12,405 | (75,676 | ) | (84,202 | ) | ||||||||||||
Net income (loss) applicable to common stock | (19,241 | ) | (4,714 | ) | 10,894 | (77,188 | ) | (90,249 | ) | ||||||||||||
Basic income (loss) per common share | (0.53 | ) | (0.13 | ) | 0.3 | (2.12 | ) | (2.48 | ) | ||||||||||||
Diluted income (loss) per common share | (0.53 | ) | (0.13 | ) | 0.3 | (2.12 | ) | (2.48 | ) |
Description_of_Business_and_Si
Description of Business and Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2009 | Dec. 31, 2013 | Sep. 30, 2013 | Aug. 26, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 02, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | ||||
3.25% Convertible Senior Notes due 2026 | 3.25% Convertible Senior Notes due 2026 | 5.0% Convertible Senior Notes due 2029 | 5.0% Convertible Senior Notes due 2029 | 5.0% Convertible Senior Notes due 2029 | 5% Convertible Senior Notes due 2032 | 5% Convertible Senior Notes due 2032 | 5% Convertible Senior Notes due 2032 | 8.875% Senior Notes due 2019 | 8.875% Senior Notes due 2019 | 8.875% Senior Notes due 2019 | Minimum | Maximum | Maximum | |||||||
Wholly-owned subsidiary | ||||||||||||||||||||
Description Of Company And Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cash held in escrow | $51,800,000 | ' | ' | ' | ' | $51,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Interests in oil and gas properties, net of accumulated depletion | 821,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Impairment of oil and gas properties | 0 | 47,818,000 | 8,111,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Estimated fair value of oil and natural gas properties | ' | 3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Furniture, fixtures and equipment estimated useful lives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '5 years | ' | |||
Natural gas gathering agreement period | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Percentage of compensation paid to service provider | 110.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Percentage of accumulated capital costs charged annually | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Debt instrument interest rate | ' | ' | ' | 3.25% | ' | 5.00% | ' | ' | 5.00% | ' | ' | 8.88% | ' | 8.88% | ' | ' | ' | |||
Debt instruments maturity date | ' | ' | ' | '2026 | ' | '2029 | ' | ' | '2032 | ' | ' | '2019 | ' | ' | ' | ' | ' | |||
Preferred stock, dividend rate, percentage | 5.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Dividend yield | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Debt instrument, principal amount | $494,650,000 | $588,929,000 | ' | $429,000 | $429,000 | $51,816,000 | [1] | $218,500,000 | [1] | $218,500,000 | $167,405,000 | [2] | $57,000,000 | $109,250,000 | $275,000,000 | $275,000,000 | $275,000,000 | ' | ' | ' |
Percentage of restricted assets that may not be transferred to the parent company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | |||
[1] | The debt discount is amortized using the effective interest rate method based upon an original five year term through October 1, 2014. The debt discount was $2.1 million and $20.3 million as of December 31, 2013 and December 31, 2012, respectively. | |||||||||||||||||||
[2] | The debt discount is amortized using the effective interest rate method based upon a four year term through October 1, 2017, the first repurchase date applicable to the 2032 Notes. The debt discount was $7.0 million as of December 31, 2013. |
Revenues_from_Top_Customers_as
Revenues from Top Customers as Percentage of Total Revenues (Detail) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | |
BP Energy Company | BP Energy Company | Genesis Crude Oil LP | Flint Hill Resources, LLC | Shell Energy Resources LP | Regency Field Services LLC | |
Percentage of Revenues Generated from Overseas Customers [Line Items] | ' | ' | ' | ' | ' | ' |
Receipt compared to total receipts | 64.00% | 34.00% | 7.00% | 15.00% | 11.00% | 10.00% |
Reconciliation_of_Gross_Amount
Reconciliation of Gross Amounts to Amounts as Presented on Statement of Financial Position (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Derivative Current Asset | $6,187 | $2,125 |
Derivative Non-current Asset | 1,396 | ' |
Derivative Current Liability | -4,341 | -351 |
Derivative Non-current Liability | -2,371 | -3,987 |
Total | 871 | -2,213 |
Gross Amount | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Current Asset | 6,658 | 2,410 |
Derivative Non-current Asset | 1,396 | ' |
Derivative Current Liability | -4,812 | -636 |
Derivative Non-current Liability | -2,371 | -3,987 |
Total | 871 | -2,213 |
Amount Offset | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative Current Asset | -471 | -285 |
Derivative Current Liability | $471 | $285 |
ShareBased_Compensation_Plans_1
Share-Based Compensation Plans - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | 31-May-06 | 31-May-06 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Restricted Stock | Maximum | Maximum | Maximum | 2006 Plan | 2006 Plan | 2006 Plan | 2006 Plan | |||
Restricted Stock | Minimum | Maximum | ||||||||
Share Based Compensation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares reserved for issuance as awards | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' |
Shares granted but unvested | ' | ' | 1.6 | ' | ' | ' | ' | ' | ' | ' |
Shares available for future grants | 0.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting Period | ' | ' | ' | ' | ' | ' | '3 years | '3 years | ' | ' |
Expiry date from the date of grant | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | '10 years |
Intrinsic value of options exercised | ' | ' | ' | $0.10 | $0.10 | $0 | ' | ' | ' | ' |
Components_of_ShareBased_Compe
Components of Share-Based Compensation (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Restricted stock expense | $7,586 | $6,670 | $6,194 |
Stock option expense | 94 | 233 | 301 |
Director stock expense | 568 | 585 | 525 |
Total share-based compensation: | $8,248 | $7,488 | $7,020 |
Schedule_of_Option_Activity_Un
Schedule of Option Activity Under Stock Option Plans (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Number of Shares | ' | ' |
Outstanding at January 1, 2013 | 900,984 | ' |
Granted | ' | ' |
Exercised | 40,500 | ' |
Forfeited | 5,850 | ' |
Outstanding at December 31, 2013 | 854,634 | 900,984 |
Exercisable at December 31, 2013 | 854,634 | ' |
Weighted Average Exercise Price | ' | ' |
Outstanding at January 1, 2013 | $21.57 | ' |
Granted | ' | ' |
Exercised | $19.94 | ' |
Forfeited | $21.59 | ' |
Outstanding at December 31, 2013 | $21.64 | $21.57 |
Exercisable at December 31, 2013 | $21.64 | ' |
Weighted Average Remaining Contractual Term | ' | ' |
Outstanding at December 31 | '1 year 10 months 2 days | '2 years 11 months 1 day |
Exercisable at December 31, 2013 | '1 year 10 months 2 days | ' |
Average Intrinsic Value | ' | ' |
Outstanding at January 1, 2013 | $18 | ' |
Granted | ' | ' |
Exercised | ' | ' |
Forfeited | ' | ' |
Outstanding at December 31, 2013 | 88 | 18 |
Exercisable at December 31, 2013 | $88 | ' |
Schedule_of_ShareBased_Compens
Schedule of Share-Based Compensation by Exercise Price Range (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding - Number Outstanding at December 31, 2012 | 854,634 |
Options Outstanding - Weighted Average Remaining Contractual Life (years) | '1 year 10 months 2 days |
Options Outstanding - Weighted Average Exercise Price | $21.64 |
Options Exercisable - Number Exercisable at December 31, 2012 | 854,634 |
Options Exercisable - Weighted Average Exercise Price | $21.64 |
$16.46 and $19.78 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Prices, Lower | $16.46 |
Range of Exercise Prices, Upper | $19.78 |
Options Outstanding - Number Outstanding at December 31, 2012 | 307,300 |
Options Outstanding - Weighted Average Remaining Contractual Life (years) | '1 year 1 month 10 days |
Options Outstanding - Weighted Average Exercise Price | $18.08 |
Options Exercisable - Number Exercisable at December 31, 2012 | 307,300 |
Options Exercisable - Weighted Average Exercise Price | $18.08 |
$21.59 to $27.81 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Prices, Lower | $21.59 |
Range of Exercise Prices, Upper | $27.81 |
Options Outstanding - Number Outstanding at December 31, 2012 | 547,334 |
Options Outstanding - Weighted Average Remaining Contractual Life (years) | '2 years 3 months 4 days |
Options Outstanding - Weighted Average Exercise Price | $23.64 |
Options Exercisable - Number Exercisable at December 31, 2012 | 547,334 |
Options Exercisable - Weighted Average Exercise Price | $23.64 |
Schedule_of_Restricted_Stock_A
Schedule of Restricted Stock Activity And Values (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share Based Compensation [Line Items] | ' | ' | ' |
Number of Shares Granted | 746,163 | 1,073,727 | 561,714 |
Value of Shares Granted | $13,194 | $9,533 | $7,921 |
Fair Value of Stock Vested | $9,960 | $3,335 | $5,764 |
Schedule_of_Restricted_Stock_A1
Schedule of Restricted Stock Activity (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Number of Shares | ' | ' | ' |
Unvested at January 1, 2013 | 1,541,650 | ' | ' |
Vested | -594,301 | ' | ' |
Granted | 746,163 | 1,073,727 | 561,714 |
Forfeited | -112,305 | ' | ' |
Unvested at December 31, 2013 | 1,581,207 | 1,541,650 | ' |
Weighted Average Grant-Date Fair Value | $10.60 | ' | ' |
Vested | $11.57 | ' | ' |
Granted | $17.68 | ' | ' |
Forfeited | $10.69 | ' | ' |
Unvested at December 31, 2013 | $13.58 | $10.60 | ' |
Total Value | ' | ' | ' |
Unvested at January 1, 2013 | $16,345 | ' | ' |
Vested | -6,863 | ' | ' |
Granted | 13,194 | ' | ' |
Forfeited | -1,200 | ' | ' |
Unvested at December 31, 2013 | $21,476 | $16,345 | ' |
Summary_of_Unrecognized_Compen
Summary of Unrecognized Compensation Cost (Detail) (Restricted Stock, USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Restricted Stock | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized compensation costs | $19,938 |
Weighted Average years to recognition | '2 years 5 months 9 days |
Reconciliation_of_Asset_Retire
Reconciliation of Asset Retirement Obligations (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Asset Retirement Obligations [Line Items] | ' | ' | ||
Beginning balance | $18,306 | $17,425 | ||
Liabilities incurred | 471 | 693 | ||
Revisions in estimated liabilities | 1,290 | [1] | 2,005 | [1] |
Liabilities settled | -82 | -767 | ||
Accretion expense | 1,243 | 1,111 | ||
Dispositions | -372 | -2,161 | ||
Ending balance | 20,856 | 18,306 | ||
Current liability | 99 | 168 | ||
Long term liability | $20,757 | $18,138 | ||
[1] | We increased our estimated liability in 2013 by $1.3 million as a result of a change in estimated plugging and abandonment cost on several of our fields. |
Reconciliation_of_Asset_Retire1
Reconciliation of Asset Retirement Obligations (Parenthetical) (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Asset Retirement Obligations [Line Items] | ' |
Increment in estimated liability | $1.30 |
Components_of_Debt_Detail
Components of Debt (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Aug. 26, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2009 | Sep. 30, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 02, 2011 | ||||||||||
In Thousands, unless otherwise specified | 5% Convertible Senior Notes due 2032 | 5% Convertible Senior Notes due 2032 | 5% Convertible Senior Notes due 2032 | Senior Credit Facility | 3.25% Convertible Senior Notes due 2026 | 3.25% Convertible Senior Notes due 2026 | 5.0% Convertible Senior Notes due 2029 | 5.0% Convertible Senior Notes due 2029 | 5.0% Convertible Senior Notes due 2029 | 5.0% Convertible Senior Notes due 2029 | 8.875% Senior Notes due 2019 | 8.875% Senior Notes due 2019 | 8.875% Senior Notes due 2019 | ||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Debt Instrument, Principal | $494,650 | $588,929 | $167,405 | [1] | $57,000 | $109,250 | $95,000 | [2] | $429 | $429 | $51,816 | [3] | $218,500 | [3] | ' | $218,500 | $275,000 | $275,000 | $275,000 | ||||||
Debt Instrument, Carrying Amount | 485,529 | 568,671 | 160,437 | [1] | ' | ' | 95,000 | [2] | 429 | 429 | 49,663 | [3] | 198,242 | [3] | 171,100 | ' | 275,000 | 275,000 | ' | ||||||
Debt Instrument, Fair Value | $512,041 | [2] | $561,654 | [2] | $171,863 | [1],[2] | ' | ' | $95,000 | [2] | $429 | [2] | $429 | [2] | $51,686 | [2],[3] | $204,975 | [2],[3] | ' | ' | $288,063 | [2] | $261,250 | [2] | ' |
[1] | The debt discount is amortized using the effective interest rate method based upon a four year term through October 1, 2017, the first repurchase date applicable to the 2032 Notes. The debt discount was $7.0 million as of December 31, 2013. | ||||||||||||||||||||||||
[2] | The carrying amount for the Senior Credit Facility represents fair value as the variable interest rates are reflective of current market conditions. The fair value of the notes was obtained by direct market quotes within Level 1 of the fair value hierarchy. | ||||||||||||||||||||||||
[3] | The debt discount is amortized using the effective interest rate method based upon an original five year term through October 1, 2014. The debt discount was $2.1 million and $20.3 million as of December 31, 2013 and December 31, 2012, respectively. |
Components_of_Debt_Parenthetic
Components of Debt (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2009 |
5% Convertible Senior Notes due 2032 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt discount | $7.50 | ' | ' |
Period of amortization on debt instrument | '4 years | ' | ' |
Debt discount amortization end date | 1-Oct-17 | ' | ' |
Unamortized debt discount | 7 | ' | ' |
5.0% Convertible Senior Notes due 2029 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt discount | $2.10 | $20.30 | $49.40 |
Period of amortization on debt instrument | '5 years | ' | ' |
Debt discount amortization end date | ' | 1-Oct-14 | ' |
Summary_of_Total_Interest_Expe
Summary of Total Interest Expense and Effective Interest Rate on Debt (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt Instrument [Line Items] | ' | ' | ' |
Interest Expense | $87,053 | ' | ' |
Senior Credit Facility | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Interest Expense | 3,936 | 5,114 | 3,180 |
Effective Interest Rate | 5.30% | 3.70% | ' |
3.25% Convertible Senior Notes due 2026 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Interest Expense | 14 | 14 | 4,305 |
Effective Interest Rate | 3.30% | 3.30% | 9.00% |
5.0% Convertible Senior Notes due 2029 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Interest Expense | 17,400 | 21,968 | 20,948 |
Effective Interest Rate | 11.40% | 11.40% | 10.50% |
5% Convertible Senior Notes due 2032 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Interest Expense | 4,529 | ' | ' |
Effective Interest Rate | 8.80% | ' | ' |
8.875% Senior Notes due 2019 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Interest Expense | $25,308 | $25,308 | $20,910 |
Effective Interest Rate | 9.20% | 9.20% | 8.90% |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 02, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 | Sep. 30, 2009 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Aug. 26, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | |||||||||||
Minimum | 8.875% Senior Notes due 2019 | 8.875% Senior Notes due 2019 | 8.875% Senior Notes due 2019 | 8.875% Senior Notes due 2019 | 8.875% Senior Notes due 2019 | 8.875% Senior Notes due 2019 | Senior Credit Facility | Senior Credit Facility | Bank Base Rate | Libor | 5.0% Convertible Senior Notes due 2029 | 5.0% Convertible Senior Notes due 2029 | 5.0% Convertible Senior Notes due 2029 | 5.0% Convertible Senior Notes due 2029 | 5.0% Convertible Senior Notes due 2029 | 5.0% Convertible Senior Notes due 2029 | 5.0% Convertible Senior Notes due 2029 | 5.0% Convertible Senior Notes due 2029 | 5% Convertible Senior Notes due 2032 | 5% Convertible Senior Notes due 2032 | 5% Convertible Senior Notes due 2032 | 5% Convertible Senior Notes due 2032 | 5% Convertible Senior Notes due 2032 | 5% Convertible Senior Notes due 2032 | 5% Convertible Senior Notes due 2032 | 5% Convertible Senior Notes due 2032 | 3.25% Convertible Senior Notes due 2026 | 3.25% Convertible Senior Notes due 2026 | 3.25% Convertible Senior Notes due 2026 | ||||||||||||||
Scenario 1 | Scenario 2 | Scenario 3 | Extinguishment of Debt | Minimum | Maximum | Extinguishment of Debt | Option One | Option Two | Option Three | Minimum | |||||||||||||||||||||||||||||||||
Debt [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Total lender commitments under the Senior Credit Facility borrowing base | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Senior credit facility, current borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 270,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Debt instrument rate minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Debt instrument rate maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.75% | 2.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Amount outstanding under the senior credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Liquidation value of any new series of preferred stock | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Escrow deposit for repurchase of the remaining outstanding principal amount | 51,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Debt instrument maturity date | ' | ' | ' | ' | 15-Mar-19 | ' | ' | ' | ' | ' | 25-Feb-16 | ' | ' | ' | 1-Oct-29 | ' | ' | ' | ' | ' | ' | ' | 1-Oct-32 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Adjusted current ratio current assets | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Adjusted current ratio current liabilities | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Interest rate ratio EBITDAX | ' | ' | ' | 2.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Interest rate ratio cash interest expense | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Debt no greater than EBITDAX | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Debt instrument, principal amount | 494,650,000 | ' | 588,929,000 | ' | 275,000,000 | 275,000,000 | 275,000,000 | ' | ' | ' | ' | 95,000,000 | [1] | ' | ' | 51,816,000 | [2] | 218,500,000 | [2] | ' | ' | 218,500,000 | ' | ' | ' | 167,405,000 | [3] | 57,000,000 | 109,250,000 | ' | ' | ' | ' | ' | 429,000 | ' | 429,000 | ||||||
Debt instrument interest rate | ' | ' | ' | ' | 8.88% | ' | 8.88% | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | 3.25% | ' | ' | ||||||||||
Redemption price, percentage | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Redeemable redemption price, percentage of principal amount | ' | ' | ' | ' | 108.88% | ' | ' | 104.44% | 102.22% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Debt instrument, redemption date | ' | ' | ' | ' | ' | ' | ' | 15-Mar-15 | 15-Mar-16 | 15-Mar-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Oct-17 | 1-Oct-22 | 1-Oct-27 | 1-Oct-16 | ' | ' | ' | ||||||||||
Aggregate principal amount retired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 166,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Conversion price, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 135.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Number of trading days in the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 days | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Principal amount of notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ||||||||||
Percentage on sale price of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 97.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Notes to shares converted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28.8534 | ' | ' | ' | ' | ' | ' | ' | 28.8534 | ' | ' | ' | ' | ' | ' | ' | 15.1653 | ' | ' | ||||||||||
Base conversion price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $34.66 | ' | ' | ' | ' | ' | ' | ' | $34.66 | ' | ' | ' | ' | ' | ' | ' | $65.94 | ' | ' | ||||||||||
Debt discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,000 | 20,300,000 | ' | ' | 49,400,000 | ' | ' | ' | 7,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Aggregate carrying amount | 485,529,000 | ' | 568,671,000 | ' | 275,000,000 | 275,000,000 | ' | ' | ' | ' | ' | 95,000,000 | [1] | ' | ' | 49,663,000 | [2] | 198,242,000 | [2] | ' | 171,100,000 | ' | 156,900,000 | ' | ' | 160,437,000 | [3] | ' | ' | ' | ' | ' | ' | ' | 429,000 | ' | 429,000 | ||||||
Equity component, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Period of amortization on debt instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Accretion rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Debt instrument, accretion start date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26-Aug-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Debt instrument, accretion end date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Oct-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Accretion amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Common stock trading price cap before conversion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $45.06 | ' | ' | ' | ||||||||||
Conversion price percentage before conversion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 130.00% | ' | ' | ' | ||||||||||
Unamortized debt issuance cost written off | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Fair value of equity portion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Debt Instrument, Fair Value | 512,041,000 | [1] | ' | 561,654,000 | [1] | ' | 288,063,000 | [1] | 261,250,000 | [1] | ' | ' | ' | ' | ' | 95,000,000 | [1] | ' | ' | 51,686,000 | [1],[2] | 204,975,000 | [1],[2] | ' | ' | ' | ' | ' | ' | 171,863,000 | [1],[3] | ' | ' | 183,200,000 | ' | ' | ' | ' | 429,000 | [1] | ' | 429,000 | [1] |
Gain (loss) on extinguishment of debt | -7,088,000 | 62,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,100,000 | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Effective interest rate, debt instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.30% | 3.70% | ' | ' | 11.40% | 11.40% | 10.50% | ' | ' | ' | ' | ' | 8.80% | ' | ' | ' | ' | ' | ' | ' | 3.30% | 9.00% | 3.30% | ||||||||||
Fair value of debt portion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 158,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Debt discount amortization beginning date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Oct-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Equity component of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Unamortized debt discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Repurchase of senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $174,600,000 | ' | ||||||||||
Debt instrument maturity year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2026 | ' | ' | ||||||||||
Incremental share factor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.6762 | ' | ' | ||||||||||
[1] | The carrying amount for the Senior Credit Facility represents fair value as the variable interest rates are reflective of current market conditions. The fair value of the notes was obtained by direct market quotes within Level 1 of the fair value hierarchy. | ||||||||||||||||||||||||||||||||||||||||||
[2] | The debt discount is amortized using the effective interest rate method based upon an original five year term through October 1, 2014. The debt discount was $2.1 million and $20.3 million as of December 31, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||||||||||||||||||||||||
[3] | The debt discount is amortized using the effective interest rate method based upon a four year term through October 1, 2017, the first repurchase date applicable to the 2032 Notes. The debt discount was $7.0 million as of December 31, 2013. |
Computations_of_Basic_and_Dilu
Computations of Basic and Diluted Income (Loss) 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 loss per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Loss applicable to common stock | ($30,926) | ($32,790) | ($20,099) | ($29,975) | ($77,188) | $10,894 | ($4,714) | ($19,241) | ($113,790) | ($90,249) | ($37,805) | |||
Weighted-average shares of common stock outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 38,098 | 36,390 | 36,124 | |||
Basic loss per share | ($0.73) | ($0.89) | ($0.55) | ($0.82) | ($2.12) | $0.30 | ($0.13) | ($0.53) | ($2.99) | ($2.48) | ($1.05) | |||
Diluted loss per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Loss applicable to common stock | -30,926 | -32,790 | -20,099 | -29,975 | -77,188 | 10,894 | -4,714 | -19,241 | -113,790 | -90,249 | -37,805 | |||
Dividends on convertible preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | [1] | ' | [1] | ' | [1] |
Interest and amortization of loan cost on convertible senior notes, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | [2] | ' | [2] | ' | [2] |
Diluted loss | ' | ' | ' | ' | ' | ' | ' | ' | ($113,790) | ($90,249) | ($37,805) | |||
Weighted-average shares of common stock outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 38,098 | 36,390 | 36,124 | |||
Assumed conversion of convertible preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | [1] | ' | [1] | ' | [1] |
Assumed conversion of convertible senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | [3] | ' | [3] | ' | [3] |
Stock options and restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | [2] | ' | [2] | ' | [2] |
Weighted-average diluted shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 38,098 | 36,390 | 36,124 | |||
Diluted loss per share | ($0.73) | ($0.89) | ($0.55) | ($0.82) | ($2.12) | $0.30 | ($0.13) | ($0.53) | ($2.99) | ($2.48) | ($1.05) | |||
[1] | Common shares issuable upon assumed conversion of convertible preferred stock were not presented as they would have been anti-dilutive. | |||||||||||||
[2] | Common shares issuable on assumed conversion of restricted stock and employee stock option were not included in the computation of diluted loss per common share since their inclusion would have been anti-dilutive. | |||||||||||||
[3] | Common shares issuable upon assumed conversion of the 2026 Notes, the 2029 Notes and 2032 Notes were not presented as they would have been anti-dilutive. |
Computations_of_Basic_and_Dilu1
Computations of Basic and Diluted Income (Loss) Per Share (Parenthetical) (Detail) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Assumed Conversion Of Preferred Stock | ' | ' | ' |
Earnings Per Share Disclosure [Line Items] | ' | ' | ' |
Common shares issuable upon assumed conversion | 3,588 | 3,588 | 3,588 |
Assumed Conversion Of Notes | ' | ' | ' |
Earnings Per Share Disclosure [Line Items] | ' | ' | ' |
Common shares issuable upon assumed conversion | 6,307 | 6,311 | 7,067 |
Assumed Conversion Of Restricted Stock and Employee Stock Options | ' | ' | ' |
Earnings Per Share Disclosure [Line Items] | ' | ' | ' |
Common shares issuable upon assumed conversion | 620 | 238 | 171 |
Components_of_Income_Tax_Expen
Components of Income Tax Expense (Benefit) (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Expense Benefit [Line Items] | ' | ' | ' |
Current,Federal | ' | ' | ' |
Current,State | ' | ' | ' |
Current income tax expense (benefit) | ' | ' | ' |
Deferred,Federal | ' | ' | ' |
Deferred,State | ' | ' | ' |
Deferred income tax expense (benefit) | ' | ' | ' |
Total tax (expense) benefit | ' | ' | ' |
Reconciliation_of_Statutory_In
Reconciliation of Statutory Income Tax Rate to Income Loss Before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of Statutory Federal Tax Rate [Line Items] | ' | ' | ' |
Tax at U.S. statutory income tax | $33,315 | $29,471 | $11,115 |
Valuation allowance | -30,967 | -29,952 | -9,909 |
State income taxes-net of federal benefit | -902 | 1,618 | -762 |
Nondeductible expenses and other | -1,446 | -1,137 | -444 |
Total tax (expense) benefit | ' | ' | ' |
Schedule_Of_Deferred_Tax_Liabi
Schedule Of Deferred Tax (Liabilities) Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Deferred Income Tax Assets and Liabilities [Line Items] | ' | ' |
Accrued liabilities | $133 | $375 |
Contingent liabilities and other | ' | 134 |
Less valuation allowance | -126 | -498 |
Total current deferred tax assets | 7 | 11 |
Derivative financial instruments | -646 | -621 |
Accrued liabilities | -26 | -26 |
Total current deferred tax liabilities | -672 | -647 |
Net current deferred tax liability | -665 | -636 |
Operating loss carry-forwards | 211,589 | 156,723 |
State Tax NOL and Credits | 5,805 | 3,867 |
Statutory depletion carry-forward | 7,035 | 7,035 |
AMT tax credit carry-forward | 1,227 | 1,324 |
Compensation | 3,496 | 3,364 |
Contingent liabilities and other | 858 | 1,907 |
Property and equipment | -3,248 | 26,848 |
Total gross noncurrent deferred tax assets | 226,762 | 201,068 |
Less valuation allowance | -217,558 | -193,459 |
Net noncurrent deferred tax assets | 9,204 | 7,609 |
Bond discount | -74 | -61 |
Debt discount | -8,465 | -6,912 |
Total non-current deferred tax liabilities | -8,539 | -6,973 |
Net non-current deferred tax asset | $665 | $636 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Income Tax Expenses [Line Items] | ' |
Deferred tax assets valuation allowance increase | $23.70 |
Deferred Tax Assets, Net | 23.7 |
Net operating loss carry-forwards | 608.9 |
Operating loss carryforwards, expiration dates | '2026 |
Tax credit carryforward, amount | $1.20 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Oct. 21, 2013 | Dec. 21, 2010 | Jan. 23, 2006 | Dec. 21, 2005 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 21, 2010 | Dec. 21, 2010 | Apr. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 31, 2013 | Apr. 30, 2013 | Aug. 31, 2013 | Apr. 30, 2013 | Aug. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
Underwritten Public Offering | Series B Convertible Preferred Stock | Series B Convertible Preferred Stock | Series B Convertible Preferred Stock | Series B Convertible Preferred Stock | Series B Convertible Preferred Stock | Series B Convertible Preferred Stock | Series B Convertible Preferred Stock | Series C Cumulative Preferred Stock | Series C Cumulative Preferred Stock | Series C Cumulative Preferred Stock | Series C Cumulative Preferred Stock | Series C Cumulative Preferred Stock | Depositary Shares | Depositary Shares | American Depository Share | American Depository Share | Series D Cumulative Preferred Stock | Series D Cumulative Preferred Stock | Series D Cumulative Preferred Stock | Series D Cumulative Preferred Stock | Series D Cumulative Preferred Stock | |||
Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | |||||||||||||||||||
D | D | |||||||||||||||||||||||
Stockholders Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock issued | ' | ' | ' | ' | 600,000 | 1,650,000 | 2,250,000 | 2,250,000 | ' | ' | 110,000,000 | 4,400,000 | 0 | ' | ' | ' | ' | ' | ' | 130,000,000 | 5,200,000 | 0 | ' | ' |
Net proceeds of preferred stock | $230,625,000 | ' | ' | ' | $29,000,000 | $79,800,000 | ' | ' | ' | ' | $105,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | $124,900,000 | ' | ' | ' | ' |
Offering costs | ' | ' | ' | ' | ' | 2,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, liquidation preference | ' | ' | ' | ' | ' | $50 | ' | ' | ' | ' | $25,000 | ' | ' | ' | ' | ' | ' | $25 | $25 | $25,000 | ' | ' | ' | ' |
Aggregate preferred stock liquidation preference | ' | ' | ' | ' | ' | $82,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, dividend rate, percentage | 5.38% | ' | ' | ' | ' | 5.38% | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | 9.75% | ' | ' | ' | ' |
Increase in dividend rate, percentage | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock conversion to number of common stock shares | ' | ' | ' | ' | 1.5946 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock conversion price | ' | ' | ' | ' | $31.36 | ' | ' | ' | ' | ' | ' | $25,000 | ' | ' | ' | ' | ' | ' | ' | ' | $25,000 | ' | ' | ' |
Consideration percentage in case of merger or consolidation | ' | ' | ' | ' | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of conversion right period | ' | ' | ' | ' | ' | ' | ' | ' | 20 | 30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock closing price percentage | ' | ' | ' | 130.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares issued | 44,258,824 | 36,758,141 | 6,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,200,000 | 4,400,000 | ' | ' | ' | ' | ' | ' | ' |
Percent of ownership interest held | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.001 | 0.001 | ' | ' | ' | ' | ' | ' | ' |
Preferred share par value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1 | ' | ' | ' | ' | ' | ' | ' | ' | $1 | ' | ' | ' | ' |
Preferred sock redemption date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10-Apr-18 | ' | ' | ' | ' | ' | ' | ' | ' | 19-Aug-18 | ' |
Maximum per share convertible rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,371.54 | ' | ' | ' | ' | ' | ' | ' | ' | 2,297.79 |
Common stock, price | ' | ' | $25.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Realized_and_Unreal
Summary of Realized and Unrealized Gains and Losses on Derivatives (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative [Line Items] | ' | ' | ' |
Realized gain (loss) on oil and natural gas derivatives | ($3,786) | $73,160 | $31,305 |
Unrealized gain (loss) on oil and natural gas derivatives | 3,084 | -41,278 | 3,234 |
Total gain (loss) on oil and natural gas derivatives | ($702) | $31,882 | $34,539 |
Derivative_Activities_Addition
Derivative Activities - Additional Information (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Derivative [Line Items] | ' |
Loss of fair value | $3.30 |
Outstanding_Commodity_Derivati
Outstanding Commodity Derivative Contracts (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Natural Gas Swaps (MMBtu) | Natural Gas Swaps (MMBtu) | Natural Gas Swaps (MMBtu) | Natural Gas Swaps (MMBtu) | Natural Gas Swaps (MMBtu) | Natural Gas calls (MMBtu) | Natural Gas calls (MMBtu) | Natural Gas calls (MMBtu) | Natural Gas calls (MMBtu) | Natural Gas calls (MMBtu) | Natural Gas calls (MMBtu) | Natural Gas calls (MMBtu) | Natural Gas calls (MMBtu) | Natural Gas calls (MMBtu) | Natural Gas calls (MMBtu) | Oil Swap (BBL) | Oil Swap (BBL) | Oil Swap (BBL) | Oil Swap (BBL) | Oil Swap (BBL) | Oil Swap (BBL) | Oil Swap (BBL) | Oil Swap (BBL) | ||
2014 | Minimum | Maximum | Daily | Annual | 2015 | 2016 | Minimum | Minimum | Maximum | Maximum | Daily | Daily | Annual | Annual | 2014 | 2015 | Minimum | Maximum | Daily | Daily | Annual | Annual | |||
2014 | 2014 | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | 2015 | 2016 | 2015 | 2016 | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | 2014 | 2014 | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | ||||||||
2014 | 2014 | 2015 | 2016 | 2015 | 2016 | 2014 | 2015 | 2014 | 2015 | ||||||||||||||||
MMBTU | MMBTU | MMBTU | MMBTU | MMBTU | MMBTU | bbl | bbl | bbl | bbl | ||||||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Volume | ' | ' | ' | ' | ' | 30,000 | 10,950,000 | ' | ' | ' | ' | ' | ' | 20,000 | 20,000 | 7,300,000 | 7,300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Volume | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,800 | 1,300 | 1,387,000 | 474,500 |
Fixed Price, swaps | ' | ' | ' | 4.18 | 5.06 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 94.55 | 90.95 | 98.02 | ' | ' | ' | ' |
Fixed Price, calls | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.05 | 5.05 | 5.06 | 5.06 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value at December 31, 2013 | $871 | ($2,213) | $6,187 | ' | ' | ' | ' | ($1,125) | ($1,246) | ' | ' | ' | ' | ' | ' | ' | ' | ($4,341) | $1,396 | ' | ' | ' | ' | ' | ' |
Derivative_Contracts_Detail
Derivative Contracts (Detail) | 12 Months Ended | |
Dec. 31, 2013 | ||
bbl | ||
Oil Swap (BBL) | Strike Price 92.95 | Oil Swap Contract Date January 1, 2014 - Contract Termination December 31, 2014 | ' | |
Derivative [Line Items] | ' | |
Daily Volume | 1,000 | |
Strike Price | 92.95 | |
Contract Start Date | 1-Jan-14 | |
Contract Termination | 31-Dec-14 | |
Oil Swap (BBL) | Strike Price $98.02 | Oil Swap Contract Date November 1, 2013 - Contract Termination December 31, 2014 | ' | |
Derivative [Line Items] | ' | |
Daily Volume | 500 | |
Strike Price | 98.02 | |
Contract Start Date | 1-Nov-13 | |
Contract Termination | 31-Dec-14 | |
Oil Swap (BBL) | Strike Price 94.55 | Oil Swap Contract Date January 1, 2014 - Contract Termination December 31, 2014 | ' | |
Derivative [Line Items] | ' | |
Daily Volume | 1,300 | [1] |
Strike Price | 94.55 | [1] |
Contract Start Date | 1-Jan-14 | [1] |
Contract Termination | 31-Dec-14 | [1] |
Oil Swap (BBL) | Strike Price 94.55 | Oil Swap Contract Date January 1, 2015 - Contract Termination December 31, 2015 | ' | |
Derivative [Line Items] | ' | |
Daily Volume | 1,300 | [1] |
Strike Price | 94.55 | [1] |
Contract Start Date | 1-Jan-15 | [1] |
Contract Termination | 31-Dec-15 | [1] |
Natural Gas Swaps (MMBtu) | Strike Price 4.1825 | Natural Gas Swap Contract Date October 1, 2013 - Contract Termination December 31, 2014 | ' | |
Derivative [Line Items] | ' | |
Daily Volume | 10,000 | |
Strike Price | 4.1825 | |
Contract Start Date | 1-Oct-13 | |
Contract Termination | 31-Dec-14 | |
Natural Gas Swaps (MMBtu) | Strike Price 5.05 - 5.06 | Natural Gas Swap Contract Date January 1, 2014 - Contract Termination December 31, 2014 | ' | |
Derivative [Line Items] | ' | |
Daily Volume | 20,000 | |
Contract Start Date | 1-Jan-14 | |
Contract Termination | 31-Dec-14 | |
Natural Gas calls (MMBtu) | Strike Price 5.05 - 5.06 | Natural Gas Calls Contract Date January 1, 2015 - Contract Termination December 31, 2016 | ' | |
Derivative [Line Items] | ' | |
Daily Volume | 20,000 | |
Contract Start Date | 1-Jan-15 | |
Contract Termination | 31-Dec-16 | |
Minimum | Natural Gas Swaps (MMBtu) | Strike Price 5.05 - 5.06 | Natural Gas Swap Contract Date January 1, 2014 - Contract Termination December 31, 2014 | ' | |
Derivative [Line Items] | ' | |
Strike Price | 5.05 | |
Minimum | Natural Gas calls (MMBtu) | Strike Price 5.05 - 5.06 | Natural Gas Calls Contract Date January 1, 2015 - Contract Termination December 31, 2016 | ' | |
Derivative [Line Items] | ' | |
Strike Price | 5.05 | |
Maximum | Natural Gas Swaps (MMBtu) | Strike Price 5.05 - 5.06 | Natural Gas Swap Contract Date January 1, 2014 - Contract Termination December 31, 2014 | ' | |
Derivative [Line Items] | ' | |
Strike Price | 5.06 | |
Maximum | Natural Gas calls (MMBtu) | Strike Price 5.05 - 5.06 | Natural Gas Calls Contract Date January 1, 2015 - Contract Termination December 31, 2016 | ' | |
Derivative [Line Items] | ' | |
Strike Price | 5.06 | |
[1] | Commodity contract pricing based on Louisiana Light Sweet crude (Argus) trade month swap. |
Derivative_Assets_and_Liabilit
Derivative Assets and Liabilities Recorded at Fair Value (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Current Assets Commodity Derivatives | $6,187 | $2,125 |
Non-current Assets Commodity Derivatives | 1,396 | ' |
Current Liabilities Commodity Derivatives | -4,341 | -351 |
Non-current Liabilities Commodity Derivatives | -2,371 | -3,987 |
Total | 871 | -2,213 |
Fair Value, Inputs, Level 2 | ' | ' |
Derivative [Line Items] | ' | ' |
Current Assets Commodity Derivatives | 6,187 | 2,125 |
Non-current Assets Commodity Derivatives | 1,396 | ' |
Current Liabilities Commodity Derivatives | -4,341 | -351 |
Non-current Liabilities Commodity Derivatives | -2,371 | -3,987 |
Total | $871 | ($2,213) |
Timing_of_Future_Payments_Obli
Timing of Future Payments Obligations (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | |
Commitment And Contingencies [Line Items] | ' | |
Debt, Total | $507,620 | [1] |
Debt, 2014 | 51,816 | [1] |
Debt, 2015 | ' | [1] |
Debt, 2016 | ' | [1] |
Debt, 2017 | 180,375 | [1] |
Debt, 2018 and After | 275,429 | [1] |
Interest Expense, Debt, Total | 87,053 | |
Interest on convertible senior notes, 2014 | 34,676 | |
Interest on convertible senior notes, 2015 | 32,733 | |
Interest on convertible senior notes, 2016 | 13,410 | |
Interest on convertible senior notes, 2017 | 6,234 | |
Interest on convertible senior notes, 2018 and After | ' | |
Drilling rigs & operations contracts, Total | 14,534 | |
Drilling rigs & operations contracts, 2014 | 14,353 | |
Drilling rigs & operations contracts, 2015 | 133 | |
Drilling rigs & operations contracts, 2016 | 43 | |
Drilling rigs & operations contracts, 2017 | 5 | |
Drilling rigs & operations contracts, 2018 and After | ' | |
Contractual Obligations, Total | 624,227 | [2] |
Contractual Obligations, 2014 | 104,145 | [2] |
Contractual Obligations, 2015 | 35,293 | [2] |
Contractual Obligations, 2016 | 15,812 | [2] |
Contractual Obligations, 2017 | 188,999 | [2] |
Contractual Obligations, 2018 and After | 279,978 | [2] |
Office Space Leases | ' | |
Commitment And Contingencies [Line Items] | ' | |
Total Lease future payments | 8,232 | |
Leases, 2014 | 1,450 | |
Leases, 2015 | 1,332 | |
Leases, 2016 | 1,381 | |
Leases, 2017 | 1,430 | |
Leases, 2018 and After | 2,639 | |
Office Equipment Leases | ' | |
Commitment And Contingencies [Line Items] | ' | |
Total Lease future payments | 461 | |
Leases, 2014 | 298 | |
Leases, 2015 | 140 | |
Leases, 2016 | 23 | |
Transportation Contracts | ' | |
Commitment And Contingencies [Line Items] | ' | |
Total Lease future payments | 6,327 | |
Leases, 2014 | 1,552 | |
Leases, 2015 | 955 | |
Leases, 2016 | 955 | |
Leases, 2017 | 955 | |
Leases, 2018 and After | $1,910 | |
[1] | The 2026 Notes have a provision at the end of years 5, 10 and 15, for the investors to demand payment on these dates; the first such date was December 1, 2011; all but the remaining $0.4 million were redeemed. The next 'put' date for the remaining 2026 Notes is December 1, 2016. The 2029 Notes have a provision by which on or after October 1, 2014, we may redeem all or a portion of the notes for cash and the investors may require us to repurchase the notes on each of October 1, 2014, 2019 and 2024. The 2032 Notes have a provision by which on or after October 1, 2017, we may redeem all or a portion of the notes for cash, and the investors may require us to repurchase the notes on each of October 1, 2017, 2022 and 2027. The balance outstanding under our Senior Credit Facility is not included as it is revolving debt. | |
[2] | This table does not include the estimated liability for dismantlement, abandonment and restoration costs of oil and natural gas properties of $20.9 million as of December 31, 2013. We record a separate liability for the asset retirement obligations. See Note 3. |
Timing_of_Future_Payments_Obli1
Timing of Future Payments Obligations (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitment And Contingencies [Line Items] | ' | ' | ' |
Liability for dismantlement, abandonment and restoration costs of oil and natural gas properties | $20,856,000 | $18,306,000 | $17,425,000 |
3.25% Convertible Senior Notes due 2026 | ' | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' | ' |
Amount retained by the company | $400,000 | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Rigs | |||
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' |
Rent expense | $1.30 | $1.20 | $1.10 |
Number of drilling rigs | 2 | ' | ' |
Drilling contracts expiration year | '2014 | ' | ' |
Charge to expense plan | $0.70 | $0.70 | $0.70 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Board of Directors Chairman | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Share of monthly capital and operating costs | $0.10 | $0.10 |
Malloy Energy Company, LLC | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Share of monthly capital and operating costs | $0.30 | $0.30 |
Acquisitions_and_Divestitures_1
Acquisitions and Divestitures - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 4 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Sep. 28, 2012 | Dec. 31, 2012 | Aug. 21, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 21, 2013 |
acre | TMS | TMS | TMS | TMS | ||
Maximum | Oil and Gas Properties | |||||
Acquisitions And Divestitures [Line Items] | ' | ' | ' | ' | ' | ' |
Percentage of working interest purchased in producing assets | ' | ' | 66.70% | ' | ' | ' |
Acquisition effective date | ' | ' | 1-Mar-13 | ' | ' | ' |
Closing price after purchase price adjustments | ' | ' | $24.60 | ' | ' | ' |
Lease extensions cost | ' | ' | 2.7 | ' | ' | ' |
Adjusted purchase price net of lease extension costs | ' | ' | 21.8 | ' | ' | ' |
Purchase price allocation | ' | ' | ' | ' | ' | 21.8 |
Asset retirement obligation | ' | ' | 0.1 | ' | ' | ' |
Net cash paid | ' | ' | 23.7 | ' | ' | ' |
Operating income from acquired property | ' | ' | ' | 2.5 | ' | ' |
Revenue from acquired property | ' | ' | ' | 2.8 | ' | ' |
Expenses associated with the acquisition | ' | ' | ' | ' | 0.1 | ' |
Area of property, Gross | ' | 56,400 | ' | ' | ' | ' |
Acquired lease area of property | ' | 54,000 | ' | ' | ' | ' |
Payment in cash for acreage | ' | 18.4 | ' | ' | ' | ' |
Proceeds from sale of interest in non-core properties in South Henderson field | 95 | ' | ' | ' | ' | ' |
Realized gain on sale of assets | $44 | ' | ' | ' | ' | ' |
Effective sales date of non-core properties | 1-Jul-12 | ' | ' | ' | ' | ' |
Unaudited_Pro_forma_Condensed_
Unaudited Pro forma Condensed Consolidated Statements of Operations (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition, Pro Forma Information [Line Items] | ' | ' |
Total revenues | $210,675 | $191,068 |
Operating expenses | 240,102 | 246,187 |
Operating loss | -29,427 | -55,119 |
Net loss | -88,303 | -75,636 |
Net loss applicable to common stock | -106,907 | -81,683 |
Per Common Share | ' | ' |
Net loss applicable to common stock-basic | ($2.81) | ($2.24) |
Net loss applicable to common stock-diluted | ($2.81) | ($2.24) |
Weighted average common shares outstanding-basic | 38,098 | 36,390 |
Weighted average common shares outstanding-diluted | 38,098 | 36,390 |
As Reported | ' | ' |
Business Acquisition, Pro Forma Information [Line Items] | ' | ' |
Total revenues | 203,295 | 180,845 |
Operating expenses | 239,605 | 244,530 |
Operating loss | -36,310 | -63,685 |
Net loss | -95,186 | -84,202 |
Net loss applicable to common stock | -113,790 | -90,249 |
Per Common Share | ' | ' |
Net loss applicable to common stock-basic | ($2.99) | ($2.48) |
Net loss applicable to common stock-diluted | ($2.99) | ($2.48) |
Weighted average common shares outstanding-basic | 38,098 | 36,390 |
Weighted average common shares outstanding-diluted | 38,098 | 36,390 |
Adjustments | ' | ' |
Business Acquisition, Pro Forma Information [Line Items] | ' | ' |
Total revenues | 7,380 | 10,223 |
Operating expenses | 497 | 1,657 |
Operating loss | 6,883 | 8,566 |
Net loss | 6,883 | 8,566 |
Net loss applicable to common stock | $6,883 | $8,566 |
Summarized_Quarterly_Financial2
Summarized Quarterly Financial Data (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 [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $50,565 | $57,161 | $48,485 | $47,084 | $48,231 | $45,960 | $41,346 | $45,308 | $203,295 | $180,845 | $201,069 |
Operating income (loss) | -8,122 | -854 | -14,192 | -13,142 | -67,141 | 31,854 | -14,157 | -14,241 | -36,310 | -63,685 | -17,067 |
Net income (loss) | -23,495 | -27,085 | -16,143 | -28,463 | -75,676 | 12,405 | -3,202 | -17,729 | -95,186 | -84,202 | -31,758 |
Net income (loss) applicable to common stock | ($30,926) | ($32,790) | ($20,099) | ($29,975) | ($77,188) | $10,894 | ($4,714) | ($19,241) | ($113,790) | ($90,249) | ($37,805) |
Basic income (loss) per common share | ($0.73) | ($0.89) | ($0.55) | ($0.82) | ($2.12) | $0.30 | ($0.13) | ($0.53) | ($2.99) | ($2.48) | ($1.05) |
Diluted income (loss) per common share | ($0.73) | ($0.89) | ($0.55) | ($0.82) | ($2.12) | $0.30 | ($0.13) | ($0.53) | ($2.99) | ($2.48) | ($1.05) |