Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
Document And Company Information [Abstract] | ' | ' |
Entity Registrant Name | 'Denbury Resources Inc. | ' |
Entity Central Index Key | '0000945764 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 351,684,797 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $7,892 | $12,187 |
Accrued production receivable | 286,984 | 262,047 |
Trade and other receivables, net | 72,664 | 78,295 |
Derivative assets | 0 | 5 |
Deferred tax assets | 45,264 | 52,754 |
Other current assets | 10,780 | 9,271 |
Total current assets | 423,584 | 414,559 |
Oil and natural gas properties (using full cost accounting) | ' | ' |
Proved properties | 9,126,401 | 8,945,326 |
Unevaluated properties | 801,314 | 780,481 |
CO2 properties | 1,126,579 | 1,117,167 |
Pipelines and plants | 2,217,265 | 2,209,560 |
Other property and equipment | 463,796 | 466,969 |
Less accumulated depletion, depreciation, amortization and impairment | -3,803,378 | -3,668,225 |
Net property and equipment | 9,931,977 | 9,851,278 |
Derivative assets | 541 | 9,942 |
Goodwill | 1,283,590 | 1,283,590 |
Other assets | 228,266 | 229,368 |
Total assets | 11,867,958 | 11,788,737 |
Current liabilities | ' | ' |
Accounts payable and accrued liabilities | 329,103 | 410,543 |
Oil and gas production payable | 178,593 | 174,677 |
Derivative liabilities | 89,185 | 53,822 |
Current maturities of long-term debt | 36,383 | 36,157 |
Total current liabilities | 633,264 | 675,199 |
Long-term liabilities | ' | ' |
Long-term debt, net of current portion | 3,512,041 | 3,260,625 |
Asset retirement obligations | 116,524 | 119,888 |
Derivative liabilities | 8,144 | 3,413 |
Deferred tax liabilities | 2,422,004 | 2,399,294 |
Other liabilities | 28,073 | 28,912 |
Total long-term liabilities | 6,086,786 | 5,812,132 |
Commitments and contingencies (Note 7) | ' | ' |
Stockholders' equity | ' | ' |
Preferred stock, $.001 par value, 25,000,000 shares authorized, none issued and outstanding | 0 | 0 |
Common stock, $.001 par value, 600,000,000 shares authorized; 411,058,201 and 409,215,573 issued, respectively | 411 | 409 |
Paid-in capital in excess of par | 3,199,379 | 3,186,714 |
Retained earnings | 2,880,911 | 2,844,432 |
Accumulated other comprehensive loss | -261 | -276 |
Treasury stock, at cost, 59,236,568 and 46,710,896 shares, respectively | -932,532 | -729,873 |
Total stockholders' equity | 5,147,908 | 5,301,406 |
Total liabilities and stockholders' equity | $11,867,958 | $11,788,737 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Stockholders' equity | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized (actual number) | 25,000,000 | 25,000,000 |
Preferred stock, shares issued (actual number) | 0 | 0 |
Preferred stock, shares outstanding (actual number) | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized (actual number) | 600,000,000 | 600,000,000 |
Common stock, shares issued (actual number) | 411,058,201 | 409,215,573 |
Treasury stock, shares (actual number) | 59,236,568 | 46,710,896 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues and other income | ' | ' |
Oil, natural gas, and related product sales | $623,846 | $573,653 |
CO2 sales and transportation fees | 10,761 | 6,558 |
Interest income and other income | 7,137 | 2,875 |
Total revenues and other income | 641,744 | 583,086 |
Expenses | ' | ' |
Lease operating expenses | 170,379 | 140,542 |
Gas Gathering, Transportation, Marketing and Processing Costs | 16,786 | 9,796 |
CO2 discovery and operating expenses | 5,205 | 3,722 |
Taxes other than income | 45,945 | 38,011 |
General and administrative expenses | 43,693 | 41,889 |
Interest, net of amounts capitalized of $5,756 and $21,705, respectively | 48,834 | 36,034 |
Depletion, depreciation, and amortization | 141,130 | 112,898 |
Derivatives expense (income) | 76,669 | 11,929 |
Loss on early extinguishment of debt | 0 | 44,223 |
Other expenses | 0 | 2,107 |
Total expenses | 548,641 | 441,151 |
Income before income taxes | 93,103 | 141,935 |
Income tax provision | 34,793 | 54,364 |
Net income | $58,310 | $87,571 |
Net income per common share | ' | ' |
Basic | $0.17 | $0.24 |
Diluted | $0.17 | $0.23 |
Dividends per common share | $0.06 | $0 |
Weighted average common shares outstanding | ' | ' |
Basic | 350,747 | 369,396 |
Diluted | 352,925 | 372,867 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Expenses | ' | ' |
Capitalized interest | $5,756 | $21,705 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Operations (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Net income | $58,310 | $87,571 |
Other comprehensive income, net of income tax: | ' | ' |
Interest rate lock derivative contracts reclassified to income, net of tax of $13 and $8, respectively | 15 | 20 |
Total other comprehensive income | 15 | 20 |
Comprehensive income | $58,325 | $87,591 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Comprehensive Operations (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Other comprehensive income, net of income tax: | ' | ' |
Tax for interest rate lock derivative contracts reclassified to income | $13 | $8 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flow from operating activities: | ' | ' |
Net income | $58,310 | $87,571 |
Adjustments to reconcile net income to cash flow from operating activities: | ' | ' |
Depletion, depreciation, and amortization | 141,130 | 112,898 |
Deferred income taxes | 30,175 | 43,845 |
Stock-based compensation | 8,346 | 7,908 |
Commodity derivative expense (income) | 76,669 | 11,929 |
Settlements of commodity derivatives | -27,169 | 0 |
Loss on early extinguishment of debt | 0 | 44,223 |
Amortization of debt issuance costs and discounts | 3,520 | 3,736 |
Other, net | -2,297 | 3,636 |
Changes in assets and liabilities, net of effects from acquisitions: | ' | ' |
Accrued production receivable | -24,937 | 344 |
Trade and other receivables | 6,372 | -13,815 |
Other current and long-term assets | -5,459 | -4,756 |
Accounts payable and accrued liabilities | -52,580 | -33,337 |
Oil and natural gas production payable | 3,916 | 12,424 |
Other liabilities | -1,138 | -7,430 |
Net cash provided by operating activities | 214,858 | 269,176 |
Cash flow used in investing activities: | ' | ' |
Oil and natural gas capital expenditures | -198,237 | -226,917 |
Acquisitions of oil and natural gas properties | 0 | -101 |
CO2 capital expenditures | -15,909 | -27,014 |
Pipelines and plants capital expenditures | -22,597 | -50,416 |
Purchases of other assets | -1,645 | -14,867 |
Net proceeds from sales of oil and natural gas properties and equipment | 457 | 663 |
Other | 1,177 | -1,994 |
Net cash used in investing activities | -236,754 | -320,646 |
Cash flow provided by financing activities: | ' | ' |
Bank repayments | -815,000 | -820,000 |
Bank borrowings | 1,075,000 | 395,000 |
Repayment of senior subordinated notes | 0 | -613,064 |
Premium paid on repayment of senior subordinated notes | 0 | -34,660 |
Proceeds from issuance of senior subordinated notes | 0 | 1,200,000 |
Costs of debt financing | 0 | -20,000 |
Common stock repurchase program | -211,356 | -81,402 |
Dividends paid | -21,727 | 0 |
Other | -9,316 | -10,646 |
Net cash provided by financing activities | 17,601 | 15,228 |
Net decrease in cash and cash equivalents | -4,295 | -36,242 |
Cash and cash equivalents at beginning of period | 12,187 | ' |
Cash and cash equivalents at end of period | $7,892 | $62,269 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Accounting Policies [Abstract] | ' | ||||||
Basis of Presentation and Significant Accounting Policies | ' | ||||||
Note 1. Basis of Presentation | |||||||
Organization and Nature of Operations | |||||||
Denbury Resources Inc., a Delaware corporation, is a growing, dividend-paying, domestic oil and natural gas company. Our primary focus is on enhanced oil recovery utilizing CO2, and our operations are focused in two key operating areas: the Gulf Coast and Rocky Mountain regions. Our goal is to increase the value of our acquired properties through a combination of exploitation, drilling and proven engineering extraction practices, with the most significant emphasis relating to tertiary recovery operations. | |||||||
Interim Financial Statements | |||||||
The accompanying unaudited condensed consolidated financial statements of Denbury Resources Inc. and its subsidiaries have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC") and do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. These financial statements and the notes thereto should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2013 (the "Form 10-K"). Unless indicated otherwise or the context requires, the terms "we," "our," "us," "Company," or "Denbury," refer to Denbury Resources Inc. and its subsidiaries. | |||||||
Accounting measurements at interim dates inherently involve greater reliance on estimates than at year end, and the results of operations for the interim periods shown in this report are not necessarily indicative of results to be expected for the year. In management's opinion, the accompanying unaudited condensed consolidated financial statements include all adjustments of a normal recurring nature necessary for a fair statement of our consolidated financial position as of March 31, 2014, our consolidated results of operations for the three months ended March 31, 2014 and 2013, and our consolidated cash flows for the three months ended March 31, 2014 and 2013. | |||||||
Reclassifications | |||||||
Certain prior period amounts have been reclassified to conform to the current year presentation. Such reclassifications had no impact on our reported net income, current assets, total assets, current liabilities, total liabilities or stockholders' equity. | |||||||
Net Income per Common Share | |||||||
Basic net income per common share is computed by dividing the net income attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted net income per common share is calculated in the same manner, but includes the impact of potentially dilutive securities. Potentially dilutive securities consist of stock options, stock appreciation rights ("SARs"), nonvested restricted stock and nonvested performance equity awards. For the three months ended March 31, 2014 and 2013, there were no adjustments to net income for purposes of calculating basic or diluted net income per common share. | |||||||
The following is a reconciliation of the weighted average shares used in the basic and diluted net income per common share calculations for the periods indicated: | |||||||
Three Months Ended | |||||||
March 31, | |||||||
In thousands | 2014 | 2013 | |||||
Basic weighted average common shares outstanding | 350,747 | 369,396 | |||||
Potentially dilutive securities: | |||||||
Restricted stock, stock options, SARs and performance-based equity awards | 2,178 | 3,471 | |||||
Diluted weighted average common shares outstanding | 352,925 | 372,867 | |||||
Basic weighted average common shares exclude shares of nonvested restricted stock. As these restricted shares vest, they will be included in the shares outstanding used to calculate basic net income per common share (although all restricted stock is issued and outstanding upon grant). For purposes of calculating diluted weighted average common shares, the nonvested restricted stock is included in the computation using the treasury stock method, with the deemed proceeds equal to the average unrecognized compensation during the period, adjusted for any estimated future tax consequences recognized directly in equity. Stock options and SARs of 4.3 million shares and 3.7 million shares were not included in the computation of diluted net income per share for the three months ended March 31, 2014 and 2013, respectively, as their effect would have been antidilutive. | |||||||
Recent Accounting Pronouncements | |||||||
Discontinued Operations. In April 2014, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ("ASU 2014-08"). ASU 2014-08 amends the definition of a discontinued operation under the Discontinued Operations topic of the Financial Accounting Standards Board Codification and requires entities to disclose additional information about disposal transactions that do not meet the discontinued operations criteria. ASU 2014-08 will be applied prospectively for disposals of components of an entity and businesses or nonprofit activities that, on acquisition, are classified as held for sale that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years. The adoption of ASU 2014-08 is currently not expected to have a material effect on our consolidated financial statements. |
Acquisitions_and_Divestitures
Acquisitions and Divestitures | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
Acquisitions and Divestitures | ' | ||||
Note 2. Acquisitions and Divestitures | |||||
2013 Acquisition | |||||
Cedar Creek Anticline Acquisition. In March 2013, we acquired producing assets in the Cedar Creek Anticline ("CCA") of Montana and North Dakota from a wholly-owned subsidiary of ConocoPhillips Company for $1.0 billion after final closing adjustments. This acquisition was not reflected as an Investing Activity on our Unaudited Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2013 due to the movement of the cash used to acquire these assets through a qualified intermediary to facilitate a like-kind-exchange treatment under federal income tax rules. This acquisition meets the definition of a business under the Financial Accounting Standards Board Codification ("FASC") Business Combinations topic. The fair values assigned to assets acquired and liabilities assumed in this acquisition have been finalized and no adjustments have been made to fair value amounts previously disclosed in our Form 10-K for the period ended December 31, 2013. | |||||
Unaudited Pro Forma Acquisition Information. The following pro forma total revenues and other income and pro forma net income are presented as if the CCA Acquisition had occurred on January 1, 2013: | |||||
Three Months Ended | |||||
In thousands, except per share data | March 31, 2013 | ||||
Pro forma total revenues and other income | $ | 665,260 | |||
Pro forma net income | 117,775 | ||||
Pro forma net income per common share | |||||
Basic | $ | 0.32 | |||
Diluted | 0.32 | ||||
LongTerm_Debt
Long-Term Debt | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
Note 3. Long-Term Debt | |||||||||
The following long-term debt and capital lease obligations were outstanding as of the dates indicated: | |||||||||
March 31, | December 31, | ||||||||
In thousands | 2014 | 2013 | |||||||
Bank Credit Agreement | $ | 600,000 | $ | 340,000 | |||||
8¼% Senior Subordinated Notes due 2020 | 996,273 | 996,273 | |||||||
6⅜% Senior Subordinated Notes due 2021 | 400,000 | 400,000 | |||||||
4⅝% Senior Subordinated Notes due 2023 | 1,200,000 | 1,200,000 | |||||||
Other Subordinated Notes, including premium of $15 and $16, respectively | 3,821 | 3,823 | |||||||
Pipeline financings | 226,147 | 228,167 | |||||||
Capital lease obligations | 122,183 | 128,519 | |||||||
Total | 3,548,424 | 3,296,782 | |||||||
Less: current obligations | (36,383 | ) | (36,157 | ) | |||||
Long-term debt and capital lease obligations | $ | 3,512,041 | $ | 3,260,625 | |||||
The ultimate parent company in our corporate structure, Denbury Resources Inc. ("DRI"), is the sole issuer of all of our outstanding senior subordinated notes. DRI has no independent assets or operations. Each of the subsidiary guarantors of such notes is 100% owned, directly or indirectly, by DRI; any subsidiaries of DRI other than the subsidiary guarantors are minor subsidiaries, and the guarantees of the notes are full and unconditional and joint and several. | |||||||||
April 2014 Issuance of 5½% Senior Subordinated Notes due 2022 and Repurchase of 8¼% Senior Subordinated Notes due 2020 | |||||||||
On April 30, 2014, we issued $1.25 billion of 5½% Senior Subordinated Notes due 2022 (the "5½% Notes"). The net proceeds of $1.23 billion from the issuance of the 5½% Notes were used to repurchase or redeem our 8¼% Senior Subordinated Notes due 2020 (the "8¼% Notes") and to reduce borrowings under our Bank Credit Agreement (defined below). See Note 8, Subsequent Events, for more information. | |||||||||
$1.6 Billion Revolving Credit Agreement | |||||||||
In March 2010, we entered into a $1.6 billion revolving credit agreement with JPMorgan Chase Bank, N.A., as administrative agent, and other lenders party thereto (as amended, the "Bank Credit Agreement"). Availability under the Bank Credit Agreement is subject to a borrowing base, which is redetermined semi-annually on or around May 1 and November 1 of each year, and additionally upon requested special redeterminations. The borrowing base is adjusted at the lenders' discretion and is based in part upon external factors over which we have no control (including approval by the lenders party to the Bank Credit Agreement). If our outstanding credit under the Bank Credit Agreement exceeds the then effective borrowing base, we would be required to repay the excess amount over a period not to exceed four months. As part of the semi-annual review completed in May 2014 pursuant to the terms of the Bank Credit Agreement, our borrowing base was reaffirmed at $1.6 billion effective May 7, 2014, with approval by all of the lenders. Our next semi-annual redetermination is scheduled to occur on or around November 1, 2014. The weighted average interest rate on borrowings outstanding as of March 31, 2014 under the Bank Credit Agreement was 1.91%. We incur a commitment fee of either 0.375% or 0.5%, based on the ratio of outstanding credit to the borrowing base, on the unused availability under the Bank Credit Agreement. Loans under the Bank Credit Agreement mature in May 2016. | |||||||||
4⅝% Senior Subordinated Notes due 2023 | |||||||||
In February 2013, we issued $1.2 billion of 4⅝% Senior Subordinated Notes due 2023 (the "4⅝% Notes"). The 4⅝% Notes, which carry a coupon rate of 4.625%, were sold at par. The net proceeds, after issuance costs, of $1.18 billion were used to repurchase or redeem our 9½% Senior Subordinated Notes due 2016 (the "9½% Notes") and our 9¾% Senior Subordinated Notes due 2016 (the "9¾% Notes") (see Repurchase and Redemption of 9½% Notes and 9¾% Notes below) and to pay down a portion of outstanding borrowings under our Bank Credit Agreement. | |||||||||
Repurchase and Redemption of 9½% Notes and 9¾% Notes | |||||||||
Pursuant to cash tender offers, during the three months ended March 31, 2013, we repurchased $426.4 million principal amount of our 9¾% Notes and $186.7 million principal amount of our 9½% Notes. We recognized a loss associated with the debt repurchases of $44.2 million during the three months ended March 31, 2013, consisting of both premium payments made to repurchase or redeem the notes and the elimination of unamortized debt issuance costs, discounts and premiums related to these notes. The loss is included in our Unaudited Condensed Consolidated Statement of Operations under the caption "Loss on early extinguishment of debt". We repurchased the remaining $38.2 million principal amount of our 9½% Notes in the second quarter of 2013. |
Stockholders_Equity
Stockholders Equity | 3 Months Ended |
Mar. 31, 2014 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders' Equity | ' |
Note 4. Stockholders' Equity | |
Dividends | |
On January 28, 2014, Denbury's Board of Directors declared a quarterly cash dividend of $0.0625 per common share to shareholders of record as of the close of business on February 25, 2014. The dividend in the amount of $21.7 million was paid on March 25, 2014. See Note 8, Subsequent Events, for dividends declared in the second quarter of 2014. | |
Stock Repurchase Program | |
Under our board-authorized share repurchase program, we repurchased 12.4 million shares of Denbury common stock for $200.4 million during the three months ended March 31, 2014. Since commencement of the share repurchase program in October 2011 through March 31, 2014, we have repurchased a total of 60.0 million shares of Denbury common stock for $940.0 million, or $15.68 per share. As of March 31, 2014, we were authorized to repurchase an additional $221.9 million of common stock under this repurchase program. |
Commodity_Derivative_Contracts
Commodity Derivative Contracts | 3 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||
Commodity Derivative Contracts | ' | ||||||||||||||||||||||||||
Note 5. Commodity Derivative Contracts | |||||||||||||||||||||||||||
We do not apply hedge accounting treatment to our oil and natural gas derivative contracts; therefore, the changes in the fair values of these instruments are recognized in income in the period of change. These fair value changes, along with the cash settlements of expired contracts, are shown under "Commodity derivatives expense (income)" in our Unaudited Condensed Consolidated Statements of Operations. | |||||||||||||||||||||||||||
From time to time, we enter into various oil and natural gas derivative contracts to provide an economic hedge of our exposure to commodity price risk associated with anticipated future oil and natural gas production. We do not hold or issue derivative financial instruments for trading purposes. These contracts have consisted of price floors, collars, fixed-price swaps and fixed-price swaps enhanced with a sold put. The production that we hedge has varied from year to year depending on our levels of debt and financial strength and expectation of future commodity prices. We currently employ a strategy to hedge a portion of our forecasted production approximately 18 months to two years in the future from the current quarter, as we believe it is important to protect our future cash flow to provide a level of assurance for our capital spending and dividends in those future periods in light of current worldwide economic uncertainties and commodity price volatility. | |||||||||||||||||||||||||||
We manage and control market and counterparty credit risk through established internal control procedures that are reviewed on an ongoing basis. We attempt to minimize credit risk exposure to counterparties through formal credit policies, monitoring procedures, and diversification, and all of our commodity derivative contracts are with parties that are lenders under our Bank Credit Agreement. As of March 31, 2014, all of our outstanding derivative contracts were subject to enforceable master netting arrangements whereby payables on those contracts can be offset against receivables from separate derivative contracts with the same counterparty. It is our policy to classify derivative assets and liabilities on a gross basis on our balance sheets, even if the contracts are subject to enforceable master netting arrangements. | |||||||||||||||||||||||||||
The following table summarizes our commodity derivative contracts, none of which are classified as hedging instruments: | |||||||||||||||||||||||||||
Months | Pricing Index | Volume (2) | Contract Prices (1) | ||||||||||||||||||||||||
Range (3) | Weighted Average Price | ||||||||||||||||||||||||||
Swap | Sold Put | Floor | Ceiling | ||||||||||||||||||||||||
Oil Contracts: | |||||||||||||||||||||||||||
2014 Fixed-Price Swaps | |||||||||||||||||||||||||||
Apr – June | NYMEX | 58,000 | $ | 91.67 | – | 95.95 | $ | 93.53 | $ | — | $ | — | $ | — | |||||||||||||
July – Sept | NYMEX | 58,000 | 90 | – | 93.5 | 92.52 | — | — | — | ||||||||||||||||||
Oct – Dec | NYMEX | 58,000 | 90 | – | 93.5 | 92.52 | — | — | — | ||||||||||||||||||
2015 Enhanced Swaps (4) | |||||||||||||||||||||||||||
Jan – Mar | NYMEX | 10,000 | $ | 90 | – | 90.3 | $ | 90.08 | $ | 65.3 | $ | — | $ | — | |||||||||||||
Jan – Mar | LLS | 16,000 | 93.2 | – | 94 | 93.63 | 68 | — | — | ||||||||||||||||||
Apr – June | NYMEX | 4,000 | 90 | – | 90 | 90 | 66.5 | — | — | ||||||||||||||||||
Apr – June | LLS | 16,000 | 93.2 | – | 94 | 93.65 | 68 | — | — | ||||||||||||||||||
July – Sept | NYMEX | 4,000 | 90 | – | 90.1 | 90.05 | 65.75 | — | — | ||||||||||||||||||
July – Sept | LLS | 16,000 | 93.2 | – | 94 | 93.65 | 68 | — | — | ||||||||||||||||||
2015 Collars | |||||||||||||||||||||||||||
Jan – Mar | NYMEX | 28,000 | $ | 80 | – | 100.9 | $ | — | $ | — | $ | 80 | $ | 96.68 | |||||||||||||
Jan – Mar | LLS | 4,000 | 85 | – | 102.2 | — | — | 85 | 102.1 | ||||||||||||||||||
Apr – June | NYMEX | 34,000 | 80 | – | 95.25 | — | — | 80 | 94.66 | ||||||||||||||||||
Apr – June | LLS | 4,000 | 85 | – | 102.5 | — | — | 85 | 101.75 | ||||||||||||||||||
July – Sept | NYMEX | 34,000 | 80 | – | 95.25 | — | — | 80 | 95.04 | ||||||||||||||||||
July – Sept | LLS | 4,000 | 85 | – | 100 | — | — | 85 | 99.5 | ||||||||||||||||||
Natural Gas Contracts: | |||||||||||||||||||||||||||
2014 Collars | |||||||||||||||||||||||||||
Apr – Dec | NYMEX | 14,000 | $ | 4 | – | 4.47 | $ | — | $ | — | $ | 4 | $ | 4.45 | |||||||||||||
2015 Collars | |||||||||||||||||||||||||||
Jan – Dec | NYMEX | 8,000 | $ | 4 | – | 4.53 | $ | — | $ | — | $ | 4 | $ | 4.51 | |||||||||||||
-1 | Contract prices are stated in $/Bbl and $/MMBtu for oil and natural gas contracts, respectively. | ||||||||||||||||||||||||||
-2 | Contract volumes are stated in Bbls/d and MMBtus/d for oil and natural gas contracts, respectively. | ||||||||||||||||||||||||||
-3 | Ranges presented for fixed-price swaps and enhanced swaps represent the lowest and highest fixed price of all open contracts for the period presented. For collars, ranges represent the lowest floor price and highest ceiling price for all open contracts for the period presented. | ||||||||||||||||||||||||||
-4 | An enhanced swap is a fixed-price swap contract combined with a sold put feature (at a lower price) with the same counterparty. The value received for the sold put is used to increase or enhance the fixed price of the swap. At the contract settlement date, (1) if the index price is higher than the swap price, we pay the counterparty the difference between the index price and swap price for the contracted volumes, (2) if the index price is lower than the swap price but at or above the sold put price, the counterparty pays us the difference between the index price and the swap price for the contracted volumes, and (3) if the index price is lower than the sold put price, the counterparty pays us the difference between the swap price and the sold put price for the contracted volumes. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Note 6. Fair Value Measurements | |||||||||||||||||
The FASC Fair Value Measurements and Disclosures topic defines fair value as the price that would be received to sell an asset or would be paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). We utilize market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated or generally unobservable. We primarily apply the market approach for recurring fair value measurements and endeavor to utilize the best available information. Accordingly, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. We are able to classify fair value balances based on the observability of those inputs. The FASC establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are as follows: | |||||||||||||||||
• | Level 1 – Quoted prices in active markets for identical assets or liabilities as of the reporting date. | ||||||||||||||||
• | Level 2 – Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reported date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. Instruments in this category include non-exchange-traded oil and natural gas derivatives that are based on NYMEX pricing. Our fixed-price swap contracts are valued using a discounted cash flow model based upon forward commodity price curves. Our costless collars and the written put features of our enhanced oil swaps are valued using the Black-Scholes model, an industry standard option valuation model, that takes into account inputs such as contractual prices for the underlying instruments, including maturity, quoted forward prices for commodities, interest rates, volatility factors and credit worthiness, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. | ||||||||||||||||
• | Level 3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management's best estimate of fair value. At March 31, 2014, instruments in this category include non-exchange-traded oil collars and enhanced oil swaps that are based on regional pricing other than NYMEX. The valuation models utilized for fixed-price swap, enhanced swap and costless collars are consistent with the methodologies described above; however, since the instruments are based on regional pricing other than NYMEX, the inputs to the valuation are less observable from objective sources. We obtain and ensure the appropriateness of the significant inputs to the calculations, including contractual prices for the underlying instruments, maturity, forward prices for commodities, interest rates, volatility factors and credit worthiness, and the fair value estimate is prepared and reviewed on a quarterly basis. Implied volatilities utilized in the valuation of Level 3 instruments are developed using a benchmark, which is considered a significant unobservable input. A one percent increase or decrease in implied volatility would result in a change of approximately $0.1 million in the fair value of these instruments as of March 31, 2014. | ||||||||||||||||
We adjust the valuations from the valuation model for nonperformance risk, using our estimate of the counterparty's credit quality for asset positions and our credit quality for liability positions. We use multiple sources of third-party credit data in determining counterparty nonperformance risk, including credit default swaps. | |||||||||||||||||
The following table sets forth, by level within the fair value hierarchy, our financial assets and liabilities that were accounted for at fair value on a recurring basis as of the periods indicated: | |||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||
In thousands | Quoted Prices | Significant | Significant | Total | |||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets | Observable | Inputs | |||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||
(Level 2) | |||||||||||||||||
March 31, 2014 | |||||||||||||||||
Assets: | |||||||||||||||||
Oil and natural gas derivative contracts – current | $ | — | $ | — | $ | — | $ | — | |||||||||
Oil and natural gas derivative contracts – long-term | — | 378 | 163 | 541 | |||||||||||||
Total Assets | $ | — | $ | 378 | $ | 163 | $ | 541 | |||||||||
Liabilities: | |||||||||||||||||
Oil and natural gas derivative contracts – current | $ | — | $ | (84,798 | ) | $ | (4,387 | ) | $ | (89,185 | ) | ||||||
Oil and natural gas derivative contracts – long-term | — | (6,271 | ) | (1,873 | ) | (8,144 | ) | ||||||||||
Total Liabilities | $ | — | $ | (91,069 | ) | $ | (6,260 | ) | $ | (97,329 | ) | ||||||
31-Dec-13 | |||||||||||||||||
Assets: | |||||||||||||||||
Oil and natural gas derivative contracts – current | $ | — | $ | 5 | $ | — | $ | 5 | |||||||||
Oil and natural gas derivative contracts – long-term | — | 3,034 | 6,908 | 9,942 | |||||||||||||
Total Assets | $ | — | $ | 3,039 | $ | 6,908 | $ | 9,947 | |||||||||
Liabilities: | |||||||||||||||||
Oil and natural gas derivative contracts – current | $ | — | $ | (53,822 | ) | $ | — | $ | (53,822 | ) | |||||||
Oil and natural gas derivative contracts – long-term | — | (3,214 | ) | (199 | ) | (3,413 | ) | ||||||||||
Total Liabilities | $ | — | $ | (57,036 | ) | $ | (199 | ) | $ | (57,235 | ) | ||||||
Since we do not use hedge accounting for our commodity derivative contracts, any gains and losses on our assets and liabilities are included in "Commodity derivatives expense (income)" in our Unaudited Condensed Consolidated Statements of Operations. | |||||||||||||||||
Other Fair Value Measurements | |||||||||||||||||
The carrying value of our Bank Credit Facility approximates fair value, as it is subject to short-term floating interest rates that approximate the rates available to us for those periods. We use a market approach to determine fair value of our fixed-rate debt using observable market data. The fair values of our senior subordinated notes are based on quoted market prices. The estimated fair value of our total long-term debt as of March 31, 2014 and December 31, 2013, excluding pipeline financing and capital lease obligations, was $3,234.6 million and $2,956.8 million, respectively. We have other financial instruments consisting primarily of cash, cash equivalents, short-term receivables and payables that approximate fair value due to the nature of the instrument and the relatively short maturities. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Note 7. Commitments and Contingencies | |
We are involved in various lawsuits, claims and other regulatory proceedings incidental to our businesses. While we currently believe that the ultimate outcome of these proceedings, individually and in the aggregate, will not have a material adverse effect on our financial position, results of operations or cash flows, litigation is subject to inherent uncertainties. If an unfavorable ruling were to occur, there exists the possibility of a material adverse impact on our net income in the period in which the ruling occurs. We provide accruals for litigation and claims if we determine that a loss is probable and the amount can be reasonably estimated. We are also subject to audits for sales and use taxes and severance taxes in the various states in which we operate, and from time to time receive assessments for potential taxes that we may owe. | |
Delhi Field Release | |
In June 2013, a release of well fluids, consisting of a mixture of carbon dioxide, saltwater, natural gas and oil, was discovered and reported within an area of the Denbury-operated Delhi Field located in northern Louisiana. We completed our remediation efforts during the fourth quarter of 2013; however, we continue to monitor the area to ensure the remediation efforts were successful. We have incurred $97.3 million of the total cost estimate of $114 million which was expensed in Lease Operating Expense in 2013. Due to the possibility of new claims being asserted in the future in connection with the release, as well as variability in the estimated cost to continue to monitor the area to ensure the remediation efforts were successful, we cannot reliably estimate at this time the full extent of the costs that may ultimately be incurred by the Company related to this release. Although the Company maintains insurance policies that we believe cover certain of the costs, damages and claims related to the release, and we currently and preliminarily estimate that one-third to two-thirds of our current cost estimate of $114 million may be recoverable under such insurance policies, we have not reached any agreement with our insurance carriers as to recoverable amounts, and accordingly have not recognized any insurance recoveries in our financial statements to date. Any future insurance recoveries will be recognized in our financial statements during the period received or at the time receipt is determined to be virtually certain. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Note 8. Subsequent Events | |
New 5½% Senior Subordinated Notes due 2022 | |
On April 30, 2014, we issued $1.25 billion of 5½% Notes. The 5½% Notes, which bear interest at a rate of 5.5% per annum, were sold at 100% of the principal amount. The net proceeds of $1.23 billion were used to repurchase or redeem our outstanding 8¼% Notes and to reduce borrowings under our Bank Credit Agreement (see Tender Offer below). | |
The 5½% Notes mature on May 1, 2022, and interest is payable on May 1 and November 1 of each year, commencing November 1, 2014. We may redeem the 5½% Notes in whole or in part at our option beginning May 1, 2017, at the following redemption prices: 104.125% on or after May 1, 2017; 102.75% on or after May 1, 2018; 101.375% on or after May 1, 2019; and 100% on or after May 1, 2020. Prior to May 1, 2017, we may at our option redeem up to an aggregate of 35% of the principal amount of the 5½% Notes at a price of 105.5% with the proceeds of certain equity offerings. In addition, at any time prior to May 1, 2017, we may redeem 100% of the principal amount of the 5½% Notes at a price equal to 100% of the principal amounts plus a "make whole" premium and accrued and unpaid interest. The indenture is generally consistent with the indenture for our 4⅝% Notes and contains certain restrictions on our ability to: (1) incur additional debt; (2) pay dividends on our common stock or redeem, repurchase or retire such capital stock or subordinated debt unless certain leverage ratios are met; (3) make investments; (4) create liens on our assets; (5) create restrictions on the ability of our restricted subsidiaries to pay dividends or make other payments to the Company; (6) engage in transactions with our affiliates; (7) transfer or sell assets; and (8) consolidate, merge or transfer all or substantially all of our assets and the assets of our subsidiaries. All of our significant subsidiaries fully and unconditionally guarantee this debt. | |
Tender Offer and Repurchase of 8¼% Notes | |
On April 30, 2014, we completed a cash tender offer for our 8¼% Notes and purchased a total of $815.2 million principal amount of these notes. We received sufficient consents in the solicitation to amend the indenture governing the 8¼% Notes by entering into a supplemental indenture, which eliminated most of the restrictive covenants and certain events of default. The purchase under this tender offer was funded by a portion of the proceeds from the sale of our 5½% Notes. On April 30, 2014, we issued a notice of redemption and fully funded the redemption of all of the remaining outstanding 8¼% Notes ($181.1 million principal amount) at a price to be paid on the May 30, 2014 redemption date equal to 100% of their principal amount plus the required make-whole premium and accrued interest up to but excluding the redemption date, resulting in a satisfaction and discharge of the indenture for the 8¼% Notes. | |
Dividend Declaration | |
On April 29, 2014, the Board of Directors declared a dividend of $0.0625 per share on our common stock, payable on June 24, 2014 to stockholders of record at the close of business on May 27, 2014. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Accounting Policies [Abstract] | ' | ||||||
Organization and Nature of Operations | ' | ||||||
Organization and Nature of Operations | |||||||
Denbury Resources Inc., a Delaware corporation, is a growing, dividend-paying, domestic oil and natural gas company. Our primary focus is on enhanced oil recovery utilizing CO2, and our operations are focused in two key operating areas: the Gulf Coast and Rocky Mountain regions. Our goal is to increase the value of our acquired properties through a combination of exploitation, drilling and proven engineering extraction practices, with the most significant emphasis relating to tertiary recovery operations. | |||||||
Interim Financial Statements - Basis of Accounting | ' | ||||||
Interim Financial Statements | |||||||
The accompanying unaudited condensed consolidated financial statements of Denbury Resources Inc. and its subsidiaries have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC") and do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. These financial statements and the notes thereto should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2013 (the "Form 10-K"). Unless indicated otherwise or the context requires, the terms "we," "our," "us," "Company," or "Denbury," refer to Denbury Resources Inc. and its subsidiaries. | |||||||
Interim Financial Statements - Use of Estimates | ' | ||||||
Accounting measurements at interim dates inherently involve greater reliance on estimates than at year end, and the results of operations for the interim periods shown in this report are not necessarily indicative of results to be expected for the year. In management's opinion, the accompanying unaudited condensed consolidated financial statements include all adjustments of a normal recurring nature necessary for a fair statement of our consolidated financial position as of March 31, 2014, our consolidated results of operations for the three months ended March 31, 2014 and 2013, and our consolidated cash flows for the three months ended March 31, 2014 and 2013. | |||||||
Reclassifications | ' | ||||||
Reclassifications | |||||||
Certain prior period amounts have been reclassified to conform to the current year presentation. Such reclassifications had no impact on our reported net income, current assets, total assets, current liabilities, total liabilities or stockholders' equity. | |||||||
Net Income Per Common Share | ' | ||||||
Net Income per Common Share | |||||||
Basic net income per common share is computed by dividing the net income attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted net income per common share is calculated in the same manner, but includes the impact of potentially dilutive securities. Potentially dilutive securities consist of stock options, stock appreciation rights ("SARs"), nonvested restricted stock and nonvested performance equity awards. For the three months ended March 31, 2014 and 2013, there were no adjustments to net income for purposes of calculating basic or diluted net income per common share. | |||||||
The following is a reconciliation of the weighted average shares used in the basic and diluted net income per common share calculations for the periods indicated: | |||||||
Three Months Ended | |||||||
March 31, | |||||||
In thousands | 2014 | 2013 | |||||
Basic weighted average common shares outstanding | 350,747 | 369,396 | |||||
Potentially dilutive securities: | |||||||
Restricted stock, stock options, SARs and performance-based equity awards | 2,178 | 3,471 | |||||
Diluted weighted average common shares outstanding | 352,925 | 372,867 | |||||
Basic weighted average common shares exclude shares of nonvested restricted stock. As these restricted shares vest, they will be included in the shares outstanding used to calculate basic net income per common share (although all restricted stock is issued and outstanding upon grant). For purposes of calculating diluted weighted average common shares, the nonvested restricted stock is included in the computation using the treasury stock method, with the deemed proceeds equal to the average unrecognized compensation during the period, adjusted for any estimated future tax consequences recognized directly in equity. Stock options and SARs of 4.3 million shares and 3.7 million shares were not included in the computation of diluted net income per share for the three months ended March 31, 2014 and 2013, respectively, as their effect would have been antidilutive. | |||||||
New Accounting Pronouncements | ' | ||||||
Recent Accounting Pronouncements | |||||||
Discontinued Operations. In April 2014, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ("ASU 2014-08"). ASU 2014-08 amends the definition of a discontinued operation under the Discontinued Operations topic of the Financial Accounting Standards Board Codification and requires entities to disclose additional information about disposal transactions that do not meet the discontinued operations criteria. ASU 2014-08 will be applied prospectively for disposals of components of an entity and businesses or nonprofit activities that, on acquisition, are classified as held for sale that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years. The adoption of ASU 2014-08 is currently not expected to have a material effect on our consolidated financial statements. | |||||||
Derivatives | ' | ||||||
We do not apply hedge accounting treatment to our oil and natural gas derivative contracts; therefore, the changes in the fair values of these instruments are recognized in income in the period of change. These fair value changes, along with the cash settlements of expired contracts, are shown under "Commodity derivatives expense (income)" in our Unaudited Condensed Consolidated Statements of Operations. | |||||||
From time to time, we enter into various oil and natural gas derivative contracts to provide an economic hedge of our exposure to commodity price risk associated with anticipated future oil and natural gas production. We do not hold or issue derivative financial instruments for trading purposes. These contracts have consisted of price floors, collars, fixed-price swaps and fixed-price swaps enhanced with a sold put. The production that we hedge has varied from year to year depending on our levels of debt and financial strength and expectation of future commodity prices. We currently employ a strategy to hedge a portion of our forecasted production approximately 18 months to two years in the future from the current quarter, as we believe it is important to protect our future cash flow to provide a level of assurance for our capital spending and dividends in those future periods in light of current worldwide economic uncertainties and commodity price volatility. | |||||||
We manage and control market and counterparty credit risk through established internal control procedures that are reviewed on an ongoing basis. We attempt to minimize credit risk exposure to counterparties through formal credit policies, monitoring procedures, and diversification, and all of our commodity derivative contracts are with parties that are lenders under our Bank Credit Agreement. As of March 31, 2014, all of our outstanding derivative contracts were subject to enforceable master netting arrangements whereby payables on those contracts can be offset against receivables from separate derivative contracts with the same counterparty. It is our policy to classify derivative assets and liabilities on a gross basis on our balance sheets, even if the contracts are subject to enforceable master netting arrangements. | |||||||
Fair Value of Financial Instruments | ' | ||||||
The FASC Fair Value Measurements and Disclosures topic defines fair value as the price that would be received to sell an asset or would be paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). We utilize market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated or generally unobservable. We primarily apply the market approach for recurring fair value measurements and endeavor to utilize the best available information. Accordingly, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. We are able to classify fair value balances based on the observability of those inputs. The FASC establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are as follows: | |||||||
• | Level 1 – Quoted prices in active markets for identical assets or liabilities as of the reporting date. | ||||||
• | Level 2 – Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reported date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. Instruments in this category include non-exchange-traded oil and natural gas derivatives that are based on NYMEX pricing. Our fixed-price swap contracts are valued using a discounted cash flow model based upon forward commodity price curves. Our costless collars and the written put features of our enhanced oil swaps are valued using the Black-Scholes model, an industry standard option valuation model, that takes into account inputs such as contractual prices for the underlying instruments, including maturity, quoted forward prices for commodities, interest rates, volatility factors and credit worthiness, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. | ||||||
• | Level 3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management's best estimate of fair value. At March 31, 2014, instruments in this category include non-exchange-traded oil collars and enhanced oil swaps that are based on regional pricing other than NYMEX. The valuation models utilized for fixed-price swap, enhanced swap and costless collars are consistent with the methodologies described above; however, since the instruments are based on regional pricing other than NYMEX, the inputs to the valuation are less observable from objective sources. We obtain and ensure the appropriateness of the significant inputs to the calculations, including contractual prices for the underlying instruments, maturity, forward prices for commodities, interest rates, volatility factors and credit worthiness, and the fair value estimate is prepared and reviewed on a quarterly basis. Implied volatilities utilized in the valuation of Level 3 instruments are developed using a benchmark, which is considered a significant unobservable input. A one percent increase or decrease in implied volatility would result in a change of approximately $0.1 million in the fair value of these instruments as of March 31, 2014. | ||||||
We adjust the valuations from the valuation model for nonperformance risk, using our estimate of the counterparty's credit quality for asset positions and our credit quality for liability positions. We use multiple sources of third-party credit data in determining counterparty nonperformance risk, including credit default swaps. |
Basis_of_Presentation_Tables
Basis of Presentation (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Accounting Policies [Abstract] | ' | ||||||
Weighted average shares used in the basic and diluted net income per common share | ' | ||||||
The following is a reconciliation of the weighted average shares used in the basic and diluted net income per common share calculations for the periods indicated: | |||||||
Three Months Ended | |||||||
March 31, | |||||||
In thousands | 2014 | 2013 | |||||
Basic weighted average common shares outstanding | 350,747 | 369,396 | |||||
Potentially dilutive securities: | |||||||
Restricted stock, stock options, SARs and performance-based equity awards | 2,178 | 3,471 | |||||
Diluted weighted average common shares outstanding | 352,925 | 372,867 | |||||
Acquisitions_and_Divestitures_
Acquisitions and Divestitures (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
Business Acquisition, Pro Forma Information | ' | ||||
Unaudited Pro Forma Acquisition Information. The following pro forma total revenues and other income and pro forma net income are presented as if the CCA Acquisition had occurred on January 1, 2013: | |||||
Three Months Ended | |||||
In thousands, except per share data | March 31, 2013 | ||||
Pro forma total revenues and other income | $ | 665,260 | |||
Pro forma net income | 117,775 | ||||
Pro forma net income per common share | |||||
Basic | $ | 0.32 | |||
Diluted | 0.32 | ||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Components of Long-Term Debt | ' | ||||||||
The following long-term debt and capital lease obligations were outstanding as of the dates indicated: | |||||||||
March 31, | December 31, | ||||||||
In thousands | 2014 | 2013 | |||||||
Bank Credit Agreement | $ | 600,000 | $ | 340,000 | |||||
8¼% Senior Subordinated Notes due 2020 | 996,273 | 996,273 | |||||||
6⅜% Senior Subordinated Notes due 2021 | 400,000 | 400,000 | |||||||
4⅝% Senior Subordinated Notes due 2023 | 1,200,000 | 1,200,000 | |||||||
Other Subordinated Notes, including premium of $15 and $16, respectively | 3,821 | 3,823 | |||||||
Pipeline financings | 226,147 | 228,167 | |||||||
Capital lease obligations | 122,183 | 128,519 | |||||||
Total | 3,548,424 | 3,296,782 | |||||||
Less: current obligations | (36,383 | ) | (36,157 | ) | |||||
Long-term debt and capital lease obligations | $ | 3,512,041 | $ | 3,260,625 | |||||
Commodity_Derivative_Contracts1
Commodity Derivative Contracts (Tables) | 3 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||
Commodity derivative contracts not classified as hedging instruments | ' | ||||||||||||||||||||||||||
The following table summarizes our commodity derivative contracts, none of which are classified as hedging instruments: | |||||||||||||||||||||||||||
Months | Pricing Index | Volume (2) | Contract Prices (1) | ||||||||||||||||||||||||
Range (3) | Weighted Average Price | ||||||||||||||||||||||||||
Swap | Sold Put | Floor | Ceiling | ||||||||||||||||||||||||
Oil Contracts: | |||||||||||||||||||||||||||
2014 Fixed-Price Swaps | |||||||||||||||||||||||||||
Apr – June | NYMEX | 58,000 | $ | 91.67 | – | 95.95 | $ | 93.53 | $ | — | $ | — | $ | — | |||||||||||||
July – Sept | NYMEX | 58,000 | 90 | – | 93.5 | 92.52 | — | — | — | ||||||||||||||||||
Oct – Dec | NYMEX | 58,000 | 90 | – | 93.5 | 92.52 | — | — | — | ||||||||||||||||||
2015 Enhanced Swaps (4) | |||||||||||||||||||||||||||
Jan – Mar | NYMEX | 10,000 | $ | 90 | – | 90.3 | $ | 90.08 | $ | 65.3 | $ | — | $ | — | |||||||||||||
Jan – Mar | LLS | 16,000 | 93.2 | – | 94 | 93.63 | 68 | — | — | ||||||||||||||||||
Apr – June | NYMEX | 4,000 | 90 | – | 90 | 90 | 66.5 | — | — | ||||||||||||||||||
Apr – June | LLS | 16,000 | 93.2 | – | 94 | 93.65 | 68 | — | — | ||||||||||||||||||
July – Sept | NYMEX | 4,000 | 90 | – | 90.1 | 90.05 | 65.75 | — | — | ||||||||||||||||||
July – Sept | LLS | 16,000 | 93.2 | – | 94 | 93.65 | 68 | — | — | ||||||||||||||||||
2015 Collars | |||||||||||||||||||||||||||
Jan – Mar | NYMEX | 28,000 | $ | 80 | – | 100.9 | $ | — | $ | — | $ | 80 | $ | 96.68 | |||||||||||||
Jan – Mar | LLS | 4,000 | 85 | – | 102.2 | — | — | 85 | 102.1 | ||||||||||||||||||
Apr – June | NYMEX | 34,000 | 80 | – | 95.25 | — | — | 80 | 94.66 | ||||||||||||||||||
Apr – June | LLS | 4,000 | 85 | – | 102.5 | — | — | 85 | 101.75 | ||||||||||||||||||
July – Sept | NYMEX | 34,000 | 80 | – | 95.25 | — | — | 80 | 95.04 | ||||||||||||||||||
July – Sept | LLS | 4,000 | 85 | – | 100 | — | — | 85 | 99.5 | ||||||||||||||||||
Natural Gas Contracts: | |||||||||||||||||||||||||||
2014 Collars | |||||||||||||||||||||||||||
Apr – Dec | NYMEX | 14,000 | $ | 4 | – | 4.47 | $ | — | $ | — | $ | 4 | $ | 4.45 | |||||||||||||
2015 Collars | |||||||||||||||||||||||||||
Jan – Dec | NYMEX | 8,000 | $ | 4 | – | 4.53 | $ | — | $ | — | $ | 4 | $ | 4.51 | |||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair value hierarchy of financial assets and liabilities | ' | ||||||||||||||||
The following table sets forth, by level within the fair value hierarchy, our financial assets and liabilities that were accounted for at fair value on a recurring basis as of the periods indicated: | |||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||
In thousands | Quoted Prices | Significant | Significant | Total | |||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets | Observable | Inputs | |||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||
(Level 2) | |||||||||||||||||
March 31, 2014 | |||||||||||||||||
Assets: | |||||||||||||||||
Oil and natural gas derivative contracts – current | $ | — | $ | — | $ | — | $ | — | |||||||||
Oil and natural gas derivative contracts – long-term | — | 378 | 163 | 541 | |||||||||||||
Total Assets | $ | — | $ | 378 | $ | 163 | $ | 541 | |||||||||
Liabilities: | |||||||||||||||||
Oil and natural gas derivative contracts – current | $ | — | $ | (84,798 | ) | $ | (4,387 | ) | $ | (89,185 | ) | ||||||
Oil and natural gas derivative contracts – long-term | — | (6,271 | ) | (1,873 | ) | (8,144 | ) | ||||||||||
Total Liabilities | $ | — | $ | (91,069 | ) | $ | (6,260 | ) | $ | (97,329 | ) | ||||||
31-Dec-13 | |||||||||||||||||
Assets: | |||||||||||||||||
Oil and natural gas derivative contracts – current | $ | — | $ | 5 | $ | — | $ | 5 | |||||||||
Oil and natural gas derivative contracts – long-term | — | 3,034 | 6,908 | 9,942 | |||||||||||||
Total Assets | $ | — | $ | 3,039 | $ | 6,908 | $ | 9,947 | |||||||||
Liabilities: | |||||||||||||||||
Oil and natural gas derivative contracts – current | $ | — | $ | (53,822 | ) | $ | — | $ | (53,822 | ) | |||||||
Oil and natural gas derivative contracts – long-term | — | (3,214 | ) | (199 | ) | (3,413 | ) | ||||||||||
Total Liabilities | $ | — | $ | (57,036 | ) | $ | (199 | ) | $ | (57,235 | ) | ||||||
Basis_of_Presentation_Reconcil
Basis of Presentation (Reconciliation of Weighted Average Shares Table) (Details) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Weighted average shares used in the basic and diluted net income per common share | ' | ' |
Basic weighted average common shares outstanding | 350,747 | 369,396 |
Potentially dilutive securities: | ' | ' |
Restricted stock, stock options, SARs, and performance-based equity awards | 2,178 | 3,471 |
Diluted weighted average common shares outstanding | 352,925 | 372,867 |
Basis_of_Presentation_Details_
Basis of Presentation (Details Textuals) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Accounting Policies [Abstract] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Total | 4.3 | 3.7 |
Acquisitions_and_Divestitures_1
Acquisitions and Divestitures Acquisitions and Divestitures (Pro Forma) (Details 1) (USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2013 |
Business Acquisition [Line Items] | ' |
Pro forma total revenues and other income | $665,260 |
Pro forma net income | $117,775 |
Pro forma net income per common share [Abstract] | ' |
Basic | $0.32 |
Diluted | $0.32 |
Acquisitions_and_Divestitures_2
Acquisitions and Divestitures (Details Textuals) (Cedar Creek Anticline [Member], USD $) | 1 Months Ended |
In Billions, unless otherwise specified | Mar. 31, 2013 |
Cedar Creek Anticline [Member] | ' |
Business Acquisition [Line Items] | ' |
Business Acquisition, Cost of Acquired Entity, Cash Paid | $1 |
LongTerm_Debt_Components_of_Lo
Long-Term Debt (Components of Long-Term Debt) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Bank Credit Agreement | $600,000 | $340,000 |
Pipeline financings | 226,147 | 228,167 |
Capital lease obligations | 122,183 | 128,519 |
Total | 3,548,424 | 3,296,782 |
Less current obligations | -36,383 | -36,157 |
Long-term debt and capital lease obligations | 3,512,041 | 3,260,625 |
8 1/4% Senior Subordinated Notes due 2020 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Subordinated Notes | 996,273 | 996,273 |
Debt Instrument, Interest Rate, Stated Percentage | 8.25% | ' |
6 3/8% Senior Subordinated Notes Due 2021 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Subordinated Notes | 400,000 | 400,000 |
Debt Instrument, Interest Rate, Stated Percentage | 6.38% | ' |
4 5/8% Senior Subordinated Notes Due 2023 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Subordinated Notes | 1,200,000 | 1,200,000 |
Debt Instrument, Interest Rate, Stated Percentage | 4.63% | ' |
Other Subordinated Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Subordinated Notes | 3,821 | 3,823 |
Including premium of | $15 | $16 |
LongTerm_Debt_Details_Textuals
Long-Term Debt (Details Textuals) (USD $) | 3 Months Ended | 1 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 0 Months Ended | |||||||
Mar. 31, 2014 | Mar. 31, 2013 | Feb. 28, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2010 | Mar. 31, 2014 | Mar. 31, 2014 | Apr. 30, 2014 | 7-May-14 | |
Rate | 4 5/8% Senior Subordinated Notes Due 2023 [Member] | 4 5/8% Senior Subordinated Notes Due 2023 [Member] | 9 3/4% Senior Subordinated Notes due 2016 [Member] | 9 1/2% Senior Subordinated Notes due 2016 [Member] | 9 1/2% Senior Subordinated Notes due 2016 [Member] | Bank Credit Agreement [Member] | Bank Credit Agreement [Member] | Bank Credit Agreement [Member] | Bank Credit Agreement [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||
Rate | Rate | Rate | Minimum [Member] | Maximum [Member] | 5 1/2% Senior Subordinated Notes Due 2022 [Member] | Bank Credit Agreement [Member] | |||||||
Rate | Rate | Rate | |||||||||||
Long Term Debt (Textuals) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest in guarantor subsidiaries | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face Value of Notes Issued | ' | ' | $1,200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | $1,250,000,000 | ' |
Proceeds from issuance of subordinated long term debt, net of commissions and fees | ' | ' | ' | 1,180,000,000 | ' | ' | ' | ' | ' | ' | ' | 1,230,000,000 | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | 4.63% | ' | ' | ' | ' | ' | ' | ' | 5.50% | ' |
Selling Price Of Debt Instrument | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' |
Debt Instrument, Repurchased Face Amount | ' | ' | ' | ' | 426,400,000 | 38,200,000 | 186,700,000 | ' | ' | ' | ' | ' | ' |
Loss on early extinguishment of debt | 0 | 44,223,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
$1.6 Billion Revolving Credit Facility [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing Base of Denbury credit facility | ' | ' | ' | ' | ' | ' | ' | ' | $1,600,000,000 | ' | ' | ' | $1,600,000,000 |
Weighted average interest rate on Bank Credit Facility | ' | ' | ' | ' | ' | ' | ' | 1.91% | ' | ' | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.38% | 0.50% | ' | ' |
Stockholders_Equity_Details_Te
Stockholders' Equity (Details Textuals) (USD $) | 0 Months Ended | 3 Months Ended | 30 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
Stockholders' Equity Note [Abstract] | ' | ' | ' |
Common Stock, Dividends, Per Share, Declared | ' | $0.06 | ' |
Payments of Ordinary Dividends, Common Stock | ' | $21.70 | ' |
Treasury Stock, Shares, Acquired | ' | 12.4 | 60 |
Treasury Stock, Value, Acquired, Cost Method | ' | 200.4 | 940 |
Treasury Stock Acquired, Average Cost Per Share | ' | ' | $15.68 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $221.90 | ' | ' |
Commodity_Derivative_Contracts2
Commodity Derivative Contracts (Details) | Mar. 31, 2014 |
Swap [Member] | Crude Oil Contracts [Member] | Year 2014 [Member] | Q2 [Member] | NYMEX [Member] | ' |
Derivative [Line Items] | ' |
Volume per Day | 58,000 |
Derivative, Floor Price | 91.67 |
Derivative, Cap Price | 95.95 |
Weighted average swap price | 93.53 |
Swap [Member] | Crude Oil Contracts [Member] | Year 2014 [Member] | Q3 [Member] | NYMEX [Member] | ' |
Derivative [Line Items] | ' |
Volume per Day | 58,000 |
Derivative, Floor Price | 90 |
Derivative, Cap Price | 93.5 |
Weighted average swap price | 92.52 |
Swap [Member] | Crude Oil Contracts [Member] | Year 2014 [Member] | Q4 [Member] | NYMEX [Member] | ' |
Derivative [Line Items] | ' |
Volume per Day | 58,000 |
Derivative, Floor Price | 90 |
Derivative, Cap Price | 93.5 |
Weighted average swap price | 92.52 |
Swap [Member] | Crude Oil Contracts [Member] | Year 2015 [Member] | Q1 [Member] | NYMEX [Member] | ' |
Derivative [Line Items] | ' |
Volume per Day | 10,000 |
Derivative, Floor Price | 90 |
Derivative, Cap Price | 90.3 |
Weighted average swap price | 90.08 |
Weighted average sold put price | 65.3 |
Swap [Member] | Crude Oil Contracts [Member] | Year 2015 [Member] | Q1 [Member] | LLS [Member] | ' |
Derivative [Line Items] | ' |
Volume per Day | 16,000 |
Derivative, Floor Price | 93.2 |
Derivative, Cap Price | 94 |
Weighted average swap price | 93.63 |
Weighted average sold put price | 68 |
Swap [Member] | Crude Oil Contracts [Member] | Year 2015 [Member] | Q2 [Member] | NYMEX [Member] | ' |
Derivative [Line Items] | ' |
Volume per Day | 4,000 |
Derivative, Floor Price | 90 |
Derivative, Cap Price | 90 |
Weighted average swap price | 90 |
Weighted average sold put price | 66.5 |
Swap [Member] | Crude Oil Contracts [Member] | Year 2015 [Member] | Q2 [Member] | LLS [Member] | ' |
Derivative [Line Items] | ' |
Volume per Day | 16,000 |
Derivative, Floor Price | 93.2 |
Derivative, Cap Price | 94 |
Weighted average swap price | 93.65 |
Weighted average sold put price | 68 |
Swap [Member] | Crude Oil Contracts [Member] | Year 2015 [Member] | Q3 [Member] | NYMEX [Member] | ' |
Derivative [Line Items] | ' |
Volume per Day | 4,000 |
Derivative, Floor Price | 90 |
Derivative, Cap Price | 90.1 |
Weighted average swap price | 90.05 |
Weighted average sold put price | 65.75 |
Swap [Member] | Crude Oil Contracts [Member] | Year 2015 [Member] | Q3 [Member] | LLS [Member] | ' |
Derivative [Line Items] | ' |
Volume per Day | 16,000 |
Derivative, Floor Price | 93.2 |
Derivative, Cap Price | 94 |
Weighted average swap price | 93.65 |
Weighted average sold put price | 68 |
Collar [Member] | Crude Oil Contracts [Member] | Year 2015 [Member] | Q1 [Member] | NYMEX [Member] | ' |
Derivative [Line Items] | ' |
Volume per Day | 28,000 |
Derivative, Floor Price | 80 |
Derivative, Cap Price | 100.9 |
Weighted average floor price | 80 |
Weighted average ceiling price | 96.68 |
Collar [Member] | Crude Oil Contracts [Member] | Year 2015 [Member] | Q1 [Member] | LLS [Member] | ' |
Derivative [Line Items] | ' |
Volume per Day | 4,000 |
Derivative, Floor Price | 85 |
Derivative, Cap Price | 102.2 |
Weighted average floor price | 85 |
Weighted average ceiling price | 102.1 |
Collar [Member] | Crude Oil Contracts [Member] | Year 2015 [Member] | Q2 [Member] | NYMEX [Member] | ' |
Derivative [Line Items] | ' |
Volume per Day | 34,000 |
Derivative, Floor Price | 80 |
Derivative, Cap Price | 95.25 |
Weighted average floor price | 80 |
Weighted average ceiling price | 94.66 |
Collar [Member] | Crude Oil Contracts [Member] | Year 2015 [Member] | Q2 [Member] | LLS [Member] | ' |
Derivative [Line Items] | ' |
Volume per Day | 4,000 |
Derivative, Floor Price | 85 |
Derivative, Cap Price | 102.5 |
Weighted average floor price | 85 |
Weighted average ceiling price | 101.75 |
Collar [Member] | Crude Oil Contracts [Member] | Year 2015 [Member] | Q3 [Member] | NYMEX [Member] | ' |
Derivative [Line Items] | ' |
Volume per Day | 34,000 |
Derivative, Floor Price | 80 |
Derivative, Cap Price | 95.25 |
Weighted average floor price | 80 |
Weighted average ceiling price | 95.04 |
Collar [Member] | Crude Oil Contracts [Member] | Year 2015 [Member] | Q3 [Member] | LLS [Member] | ' |
Derivative [Line Items] | ' |
Volume per Day | 4,000 |
Derivative, Floor Price | 85 |
Derivative, Cap Price | 100 |
Weighted average floor price | 85 |
Weighted average ceiling price | 99.5 |
Collar [Member] | Natural Gas Contracts [Member] | Year 2014 [Member] | NYMEX [Member] | ' |
Derivative [Line Items] | ' |
Volume per Day | 14,000 |
Derivative, Floor Price | 4 |
Derivative, Cap Price | 4.47 |
Weighted average floor price | 4 |
Weighted average ceiling price | 4.45 |
Collar [Member] | Natural Gas Contracts [Member] | Year 2015 [Member] | NYMEX [Member] | ' |
Derivative [Line Items] | ' |
Volume per Day | 8,000 |
Derivative, Floor Price | 4 |
Derivative, Cap Price | 4.53 |
Weighted average floor price | 4 |
Weighted average ceiling price | 4.51 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value Heirarchy Table) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Derivative Asset, Current | $0 | $5 |
Derivative Asset, Noncurrent | 541 | 9,942 |
Total Derivative Assets | 541 | 9,947 |
Derivative Liability, Current | -89,185 | -53,822 |
Derivative Liability, Noncurrent | -8,144 | -3,413 |
Total Derivative Liabilities | -97,329 | -57,235 |
Quoted Prices in Active Markets (Level 1) [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Derivative Asset, Current | 0 | 0 |
Derivative Asset, Noncurrent | 0 | 0 |
Total Derivative Assets | 0 | 0 |
Derivative Liability, Current | 0 | 0 |
Derivative Liability, Noncurrent | 0 | 0 |
Total Derivative Liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Derivative Asset, Current | 0 | 5 |
Derivative Asset, Noncurrent | 378 | 3,034 |
Total Derivative Assets | 378 | 3,039 |
Derivative Liability, Current | -84,798 | -53,822 |
Derivative Liability, Noncurrent | -6,271 | -3,214 |
Total Derivative Liabilities | -91,069 | -57,036 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Derivative Asset, Current | 0 | 0 |
Derivative Asset, Noncurrent | 163 | 6,908 |
Total Derivative Assets | 163 | 6,908 |
Derivative Liability, Current | -4,387 | 0 |
Derivative Liability, Noncurrent | -1,873 | -199 |
Total Derivative Liabilities | ($6,260) | ($199) |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details Textuals) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Sensitivity Analysis of Fair Value, Impact of 1 Percent Increase or Decrease in Level 3 Inputs | $0.10 | ' |
Long-term Debt, Fair Value | $3,234.60 | $2,956.80 |
Commitments_and_Contingencies_
Commitments and Contingencies Commitments and Contingencies (Details) (USD $) | 7 Months Ended | 10 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 | Mar. 31, 2014 |
Loss Contingencies [Line Items] | ' | ' |
Accrual for Environmental Loss Contingencies, Payments | ' | $97.30 |
Environmental Remediation Expense | $114 | ' |
Minimum [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Estimated Percentage of Environmental Remediation Expense Estimate to be Recovered Through Insurance Proceeds | ' | 33.33% |
Maximum [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Estimated Percentage of Environmental Remediation Expense Estimate to be Recovered Through Insurance Proceeds | ' | 66.67% |
Subsequent_Events_Details_Text
Subsequent Events (Details Textuals) (USD $) | Mar. 31, 2014 | Apr. 29, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | 30-May-14 |
8 1/4% Senior Subordinated Notes due 2020 [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |
Rate | 5 1/2% Senior Subordinated Notes Due 2022 [Member] | 5 1/2% Senior Subordinated Notes Due 2022 [Member] | 5 1/2% Senior Subordinated Notes Due 2022 [Member] | 5 1/2% Senior Subordinated Notes Due 2022 [Member] | 5 1/2% Senior Subordinated Notes Due 2022 [Member] | 5 1/2% Senior Subordinated Notes Due 2022 [Member] | 5 1/2% Senior Subordinated Notes Due 2022 [Member] | 8 1/4% Senior Subordinated Notes due 2020 [Member] | 8 1/4% Senior Subordinated Notes due 2020 [Member] | ||
Rate | Debt Instrument, Redemption, Period One [Member] | Debt Instrument, Redemption, Period Two [Member] | Debt Instrument, Redemption, Period Three [Member] | Debt Instrument, Redemption, Period Four [Member] | Initial Redemption Period with Proceeds from Equity Offering [Member] | Initial Redemption Period with Make-Whole Premium [Member] | Rate | ||||
Rate | Rate | Rate | Rate | Rate | Rate | ||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face Value of Notes Issued | ' | ' | $1,250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 8.25% | ' | 5.50% | ' | ' | ' | ' | ' | ' | ' | ' |
Selling Price Of Debt Instrument | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds From Issuance of Subordinated Long Term Debt Net of Commissions and Fees | ' | ' | 1,230,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Redemption Price, Percentage | ' | ' | ' | 104.13% | 102.75% | 101.38% | 100.00% | 105.50% | 100.00% | ' | ' |
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | ' | ' | ' | ' | ' | ' | ' | 35.00% | 100.00% | ' | ' |
Debt Instrument, Repurchased Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | $815,200,000 | $181,100,000 |
Debt Instrument Redemption Price Percentage Make Whole Premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' |
Common Stock, Dividends, Per Share, Declared | ' | $0.06 | ' | ' | ' | ' | ' | ' | ' | ' | ' |