Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 19, 2014 | Jun. 28, 2013 | |
Document Documentand Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'PVA | ' | ' |
Entity Registrant Name | 'PENN VIRGINIA CORP | ' | ' |
Entity Central Index Key | '0000077159 | ' | ' |
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 | ' | 65,366,452 | ' |
Entity Public Float | ' | ' | $313,691,423 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED 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 | ' | ' | ' |
Crude oil | $347,407 | $229,572 | $119,582 |
Natural gas liquids (NGLs) | 30,748 | 31,051 | 43,394 |
Natural gas | 52,538 | 49,861 | 137,070 |
Gain (loss) on sales of property and equipment, net | -266 | 4,282 | 3,570 |
Other | 1,041 | 2,383 | 2,389 |
Total revenues | 431,468 | 317,149 | 306,005 |
Operating expenses | ' | ' | ' |
Lease operating | 35,461 | 31,266 | 36,988 |
Gathering, processing and transportation | 12,839 | 14,196 | 15,157 |
Production and ad valorem taxes | 22,404 | 10,634 | 13,690 |
General and administrative | 53,998 | 45,900 | 48,328 |
Exploration | 20,994 | 34,092 | 78,943 |
Depreciation, depletion and amortization | 245,594 | 206,336 | 162,534 |
Impairments | 132,224 | 104,484 | 104,688 |
Loss on firm transportation commitment | 0 | 17,332 | 0 |
Other | 0 | 0 | 1,096 |
Total operating expenses | 523,514 | 464,240 | 461,424 |
Operating loss | -92,046 | -147,091 | -155,419 |
Other income (expense) | ' | ' | ' |
Interest expense | -78,841 | -59,339 | -56,216 |
Loss on extinguishment of debt | -29,174 | -3,164 | -25,421 |
Derivatives | -20,852 | 36,187 | 15,651 |
Other | 147 | 116 | 335 |
Loss before income taxes | -220,766 | -173,291 | -221,070 |
Income tax benefit | 77,696 | 68,702 | 88,155 |
Net loss | -143,070 | -104,589 | -132,915 |
Preferred stock dividends | -6,900 | -1,687 | 0 |
Net loss attributable to common shareholders | ($149,970) | ($106,276) | ($132,915) |
Net loss per share: | ' | ' | ' |
Net loss (in dollars per share) | ($2.41) | ($2.22) | ($2.90) |
Net loss (in dollars per share) | ($2.41) | ($2.22) | ($2.90) |
Weighted average shares outstanding - basic | 62,335 | 47,919 | 45,784 |
Weighted average shares outstanding - diluted | 62,335 | 47,919 | 45,784 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net loss | ($143,070) | ($104,589) | ($132,915) |
Other comprehensive income (loss): | ' | ' | ' |
Change in pension and postretirement obligations, net of tax of $673 in 2013, $54 in 2012 and $(79) in 2011 | 1,249 | 102 | -146 |
Total Other Comprehensive Income (Loss), Net of Tax | 1,249 | 102 | -146 |
Comprehensive loss | ($141,821) | ($104,487) | ($133,061) |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Change in pension and postretirement obligations, tax | $673 | $54 | ($79) |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $23,474 | $17,650 |
Accounts receivable, net of allowance for doubtful accounts | 194,403 | 62,978 |
Derivative assets | 3,830 | 11,292 |
Deferred income taxes | 6,065 | 0 |
Other current assets | 5,924 | 4,595 |
Total current assets | 233,696 | 96,515 |
Property and equipment, net (successful efforts method) | 2,237,304 | 1,723,359 |
Derivative assets | 1,552 | 5,181 |
Other assets | 34,535 | 17,934 |
Total assets | 2,507,087 | 1,842,989 |
Current liabilities | ' | ' |
Accounts payable and accrued liabilities | 248,004 | 111,655 |
Derivative liabilities | 10,141 | 0 |
Deferred income taxes | 0 | 370 |
Total current liabilities | 258,145 | 112,025 |
Other liabilities | 33,386 | 28,901 |
Derivative liabilities | 0 | 1,421 |
Deferred income taxes | 145,752 | 210,767 |
Long-term debt | 1,281,000 | 594,759 |
Commitments and contingencies (Note 12) | ' | ' |
Shareholders’ equity: | ' | ' |
Preferred stock of $100 par value – 100,000 shares authorized; 11,500 shares issued as of December 31, 2013 and December 31, 2012 with a redemption value of $10,000 per share | 1,150 | 1,150 |
Common stock of $0.01 par value – 128,000,000 shares authorized; shares issued of 65,306,748 and 55,117,346 as of December 31, 2013 and December 31, 2012, respectively | 466 | 364 |
Paid-in capital | 891,351 | 849,046 |
Retained earnings (Accumulated deficit) | -104,180 | 45,790 |
Deferred compensation obligation | 2,792 | 3,111 |
Accumulated other comprehensive income (loss) | 267 | -982 |
Treasury stock – 233,063 and 218,320 shares of common stock, at cost, as of December 31, 2013 and December 31, 2012, respectively | -3,042 | -3,363 |
Total shareholders’ equity | 788,804 | 895,116 |
Total liabilities and shareholders’ equity | $2,507,087 | $1,842,989 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $100 | $100 |
Preferred stock, shares authorized | 100,000 | 100,000 |
Preferred stock, issued | 11,500 | 11,500 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 128,000,000 | 128,000,000 |
Common stock, shares issued | 65,306,748 | 55,117,346 |
Treasury stock, shares | 233,063 | 218,320 |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED 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 | ($143,070) | ($104,589) | ($132,915) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' | ' |
Loss on extinguishment of debt | 29,174 | 3,144 | 22,456 |
Loss on firm transportation commitment | 0 | 17,332 | 0 |
Depreciation, depletion and amortization | 245,594 | 206,336 | 162,534 |
Impairments | 132,224 | 104,484 | 104,688 |
Derivative contracts: | ' | ' | ' |
Net losses (gains) | 20,852 | -36,187 | -15,651 |
Cash settlements | -1,042 | 29,723 | 27,380 |
Deferred income tax benefit | -77,696 | -68,676 | -85,501 |
Loss (gain) on sales of assets, net | 266 | -4,282 | -2,474 |
Non-cash exploration expense | 17,451 | 32,634 | 60,940 |
Non-cash interest expense | 3,844 | 4,062 | 6,807 |
Share-based compensation (equity-classified) | 5,781 | 6,347 | 7,430 |
Other, net | 1,971 | 1,004 | 275 |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts receivable, net | -105,023 | 9,907 | -1,792 |
Income taxes receivable and payable, net | 0 | 31,439 | -2,815 |
Accounts payable and accrued expenses | 129,670 | 9,710 | -6,552 |
Other assets and liabilities | 1,516 | -930 | -69 |
Net cash provided by operating activities | 261,512 | 241,458 | 144,741 |
Payments to Acquire Businesses, Net of Cash Acquired | -358,239 | 0 | ' |
Payments To Settle Obligations Assumed In Acquisition Net | -22,455 | 0 | 0 |
Payments to Acquire Oil and Gas Property and Equipment | -504,203 | -370,907 | -445,623 |
Cash flows from investing activities | ' | ' | ' |
Proceeds from sales of assets, net | -54 | -96,719 | -39,368 |
Other, net | 0 | 180 | 100 |
Net cash used in investing activities | -884,951 | -274,008 | -406,155 |
Cash flows from financing activities | ' | ' | ' |
Proceeds from the issuance of preferred stock, net | 0 | 110,337 | 0 |
Proceeds from the issuance of common stock, net | 0 | 43,474 | 0 |
Proceeds from the issuance of senior notes | 775,000 | 0 | 300,000 |
Retirement of senior notes | -319,090 | -4,915 | -232,963 |
Proceeds from revolving credit facility borrowings | 297,000 | 211,000 | 114,000 |
Repayments of Long-term Lines of Credit | -91,000 | -310,000 | -15,000 |
Debt issuance costs paid | -25,634 | -2,032 | -8,854 |
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | -6,862 | 0 | 0 |
Dividends paid on preferred stock | 0 | -5,176 | -10,316 |
Other, net | -151 | 0 | 1,148 |
Net cash provided by financing activities | 629,263 | 42,688 | 148,015 |
Net increase (decrease) in cash and cash equivalents | 5,824 | 10,138 | -113,399 |
Cash and cash equivalents - beginning of period | 17,650 | 7,512 | ' |
Cash and cash equivalents - end of period | 23,474 | 17,650 | 7,512 |
Cash paid for: | ' | ' | ' |
Interest (net of amounts capitalized) | 65,107 | 54,808 | 44,589 |
Income taxes (net of refunds received) | 0 | -32,603 | 210 |
Noncash or Part Noncash Acquisition, Other Assets Acquired | 99,213 | 0 | 0 |
Noncash or Part Noncash Acquisition, Other Liabilities Assumed | 96,271 | 0 | 0 |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $42,300 | $0 | $0 |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) | Total | Common Stock | Preferred Stock | Paid-in Capital | Retained Earnings | Deferred Compensation Obligation | Accumulated Other Comprehensive Loss | Treasury Stock | Preferred Stock | Preferred Stock | Preferred Stock |
In Thousands, except Share data, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Paid-in Capital | |
USD ($) | |||||||||||
Balance as of beginning of period at Dec. 31, 2010 | $980,276 | $267 | $0 | $680,981 | $300,473 | $2,743 | ($938) | ($3,250) | ' | ' | ' |
Balance as of beginning of period (in shares) at Dec. 31, 2010 | ' | 45,557,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -132,915 | ' | ' | ' | -132,915 | ' | ' | ' | ' | ' | ' |
Dividends paid | -10,316 | ' | ' | ' | -10,316 | ' | ' | ' | ' | ' | ' |
Share-based compensation (in shares) | ' | 11,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation | 7,430 | 1 | ' | 7,429 | ' | ' | ' | ' | ' | ' | ' |
Deferred compensation | 257 | ' | ' | ' | ' | 877 | ' | -620 | ' | ' | ' |
Exercise of stock options (in shares) | ' | 95,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options | 1,226 | 1 | ' | 1,225 | ' | ' | ' | ' | ' | ' | ' |
Restricted stock unit vesting (in shares) | ' | 51,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock unit vesting | 271 | 1 | ' | 270 | ' | ' | ' | ' | ' | ' | ' |
Change in pension and postretirement benefit obligations | -146 | ' | ' | ' | ' | ' | -146 | ' | ' | ' | ' |
Other | 226 | ' | ' | 226 | ' | ' | ' | ' | ' | ' | ' |
Balance as of end of period at Dec. 31, 2011 | 846,309 | 270 | 0 | 690,131 | 157,242 | 3,620 | -1,084 | -3,870 | ' | ' | ' |
Balance as of end of period (in shares) at Dec. 31, 2011 | ' | 45,714,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -104,589 | ' | ' | ' | -104,589 | ' | ' | ' | ' | ' | ' |
Dividends paid | -5,176 | ' | ' | ' | -5,176 | ' | ' | ' | ' | ' | ' |
Dividends declared | -1,687 | ' | ' | ' | -1,687 | ' | ' | ' | ' | ' | ' |
Issuance of stock (in shares) | ' | 9,200,000 | ' | ' | ' | ' | ' | ' | ' | 1,150,000 | ' |
Issuance of stock | 43,350 | 92 | ' | 43,258 | ' | ' | ' | ' | 110,462 | ' | 109,312 |
Share-based compensation (in shares) | ' | 80,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation | 6,347 | 1 | ' | 6,346 | ' | ' | ' | ' | ' | ' | ' |
Deferred compensation (in shares) | ' | 35,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred compensation | -2 | ' | ' | ' | ' | -509 | ' | 507 | ' | ' | ' |
Exercise of stock options (in shares) | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock unit vesting (in shares) | ' | 88,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock unit vesting | 0 | 1 | ' | -1 | ' | ' | ' | ' | ' | ' | ' |
Change in pension and postretirement benefit obligations | 102 | ' | ' | ' | ' | ' | 102 | ' | ' | ' | ' |
Balance as of end of period at Dec. 31, 2012 | 895,116 | 364 | 1,150 | 849,046 | 45,790 | 3,111 | -982 | -3,363 | ' | ' | ' |
Balance as of end of period (in shares) at Dec. 31, 2012 | ' | 55,117,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -143,070 | ' | ' | ' | -143,070 | ' | ' | ' | ' | ' | ' |
Dividends declared | -6,900 | ' | ' | ' | -6,900 | ' | ' | ' | ' | ' | ' |
Issuance of stock (in shares) | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of stock | 42,141 | 100 | ' | 42,041 | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation (in shares) | ' | 78,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation | 5,781 | 1 | ' | 5,780 | ' | ' | ' | ' | ' | ' | ' |
Deferred compensation (in shares) | ' | 31,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred compensation | -677 | ' | ' | -679 | ' | -319 | ' | 321 | ' | ' | ' |
Exercise of stock options (in shares) | 2,820 | 3,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options | 16 | ' | ' | 16 | ' | ' | ' | ' | ' | ' | ' |
Restricted stock unit vesting (in shares) | ' | 78,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock unit vesting | -251 | 1 | ' | -252 | ' | ' | ' | ' | ' | ' | ' |
Change in pension and postretirement benefit obligations | 1,249 | ' | ' | ' | ' | ' | 1,249 | ' | ' | ' | ' |
Other | -4,601 | ' | ' | -4,601 | 0 | 0 | 0 | 0 | ' | ' | ' |
Balance as of end of period at Dec. 31, 2013 | $788,804 | $466 | $1,150 | $891,351 | ($104,180) | $2,792 | $267 | ($3,042) | ' | ' | ' |
Balance as of end of period (in shares) at Dec. 31, 2013 | ' | 65,307,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_SHA1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Common stock dividends paid, per share | ' | $0.11 | $0.23 |
Preferred Stock, Dividends, Per Share, Cash Paid | $600 | ' | ' |
Preferred stock dividends declared per share | ' | $146.67 | ' |
Nature_of_Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Nature of Operations | ' |
Nature of Operations | |
Penn Virginia Corporation (“Penn Virginia,” the “Company,” “we,” “us” or “our”) is an independent oil and gas company engaged in the exploration, development and production of oil, natural gas liquids (“NGLs”) and natural gas in various onshore regions of the United States. Our current operations consist primarily of the drilling of unconventional horizontal development wells in shale formations and are currently concentrated in the Eagle Ford Shale in South Texas. We also have operations in the Granite Wash in the Mid-Continent (primarily Oklahoma), the Haynesville Shale and Cotton Valley in East Texas and the Selma Chalk in Mississippi. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | |
Principles of Consolidation | |
Our Consolidated Financial Statements include the accounts of Penn Virginia and all of its subsidiaries. Intercompany balances and transactions have been eliminated. | |
Use of Estimates | |
Preparation of our Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in our Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Such estimates include certain asset and liability valuations as further described in these Notes. Actual results could differ from those estimates. | |
Cash and Cash Equivalents | |
We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. | |
Derivative Instruments | |
From time to time, we utilize derivative instruments to mitigate our financial exposure to commodity price and interest rate volatility. The derivative instruments, which are placed with financial institutions that we believe are of acceptable credit risk, take the form of collars, swaps and swaptions. All derivative transactions are subject to our risk management policy, which has been reviewed and approved by our board of directors. | |
All derivative instruments are recognized in our Consolidated Financial Statements at fair value. The fair values of our derivative instruments are determined based on discounted cash flows derived from quoted forward prices. Our derivative instruments are not formally designated as hedges. We recognize changes in fair value in earnings currently as a component of the Derivatives caption on our Consolidated Statements of Operations. We have experienced and could continue to experience significant changes in the amount of derivative gains or losses recognized due to fluctuations in the value of these commodity derivative contracts, which fluctuate with changes in crude oil and natural gas prices and interest rates. | |
Oil and Gas Properties | |
We use the successful efforts method to account for our oil and gas properties. Under this method, costs of acquiring properties, costs of drilling successful exploration wells and development costs are capitalized. Geological and geophysical costs, delay rentals and costs to drill exploratory wells that do not find proved reserves are expensed as oil and gas exploration. We will carry the costs of an exploratory well as an asset if the well has found a sufficient quantity of reserves to justify its completion as a producing well and as long as we are making sufficient progress assessing the reserves and the economic and operating viability of the project. For certain projects, it may take us more than one year to evaluate the future potential of the exploratory well and make a determination of its economic viability. Our ability to move forward on a project may be dependent on gaining access to transportation or processing facilities or obtaining permits and government or partner approval, the timing of which is beyond our control. In such cases, exploratory well costs remain suspended as long as we are actively pursuing access to the necessary facilities or receiving such permits and approvals and believe that they will be obtained. We assess the status of suspended exploratory well costs on a quarterly basis. | |
Depreciation, depletion and amortization (“DD&A”) of proved producing properties is computed using the units-of-production method. Natural gas is converted to a liquids equivalent on the basis that six thousand cubic feet of natural gas is equivalent to one barrel of liquids. Historically, we have adjusted our depletion rate throughout the year as new data becomes available and in the fourth quarter based on our year-end reserve report. | |
Other Property and Equipment | |
Other property and equipment consists primarily of gathering systems and related support equipment. Property and equipment are carried at cost and include expenditures for additions and improvements, such as roads and land improvements, which increase the productive lives of existing assets. Maintenance and repair costs are charged to expense as incurred. Renewals and betterments, which extend the useful life of the properties, are capitalized. | |
We compute depreciation and amortization of property and equipment using the straight-line balance method over the estimated useful life of each asset as follows: Gathering systems - fifteen to twenty years and Other property and equipment - three to twenty years. | |
Impairment of Long-Lived and Other Assets | |
We review assets for impairment when events or circumstances indicate a possible decline in the recoverability of the carrying value of such property. If the carrying value of the asset is determined to be impaired, we reduce the asset to its fair value. Fair value may be estimated using comparable market data, a discounted cash flow method, or a combination of the two. In the discounted cash flow method, estimated future cash flows are based on management’s expectations for the future and could include estimates of future production, commodity prices based on published forward commodity price curves as of the date of the estimate, operating and development costs, intent to develop properties and a risk-adjusted discount rate. | |
We review oil and gas properties for impairment periodically when events and circumstances indicate a decline in the recoverability of the carrying value of such properties, such as a downward revision of the reserve estimates or lower commodity prices. We estimate the future cash flows expected in connection with the properties and compare such future cash flows to the carrying amounts of the properties to determine if the carrying amounts are recoverable. Performing the impairment evaluations requires use of judgments and estimates since the results are dependent on future events. Such events include estimates of proved and unproved reserves, future commodity prices, the timing of future production, capital expenditures and intent to develop properties, among others. We cannot predict whether impairment charges will be required in the future. | |
The costs of unproved leaseholds, including associated interest costs for the period activities were in progress to bring projects to their intended use, are capitalized pending the results of exploration efforts. Unproved properties whose acquisition costs are insignificant to total oil and gas properties are amortized in the aggregate over the lesser of five years or the average remaining lease term and the amortization is charged to exploration expense. We assess unproved properties whose acquisition costs are relatively significant, if any, for impairment on a stand-alone basis. As exploration work progresses and the reserves on properties are proven, capitalized costs of these properties are subject to depreciation and depletion. If the exploration work is unsuccessful, the capitalized costs of the properties related to the unsuccessful work is charged to exploration expense. The timing of any write-downs of any significant unproved properties depends upon the nature, timing and extent of future exploration and development activities and their results. | |
Asset Retirement Obligations | |
We recognize the fair value of a liability for an asset retirement obligation (“ARO”) in the period in which it is incurred. Associated asset retirement costs are capitalized as part of the carrying cost of the asset. Our AROs relate to the plugging and abandonment of oil and gas wells and the associated asset is recorded as a component of oil and gas properties. After recording these amounts, the ARO is accreted to its future estimated value, and the additional capitalized costs are depreciated over the productive life of the assets. Both the accretion of the ARO and the depreciation of the related long-lived assets are included in the DD&A expense caption on our Consolidated Statements of Operations. | |
Income Taxes | |
We recognize deferred tax liabilities and assets for the expected future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. Using this method, deferred tax liabilities and assets are determined based on the difference between the financial statement carrying amounts and tax bases of assets and liabilities using enacted tax rates. In assessing our deferred tax assets, we consider whether a valuation allowance should be recorded for some or all of the deferred tax assets which may not be realized. The ultimate realization of deferred tax assets is assessed at each reporting period and is dependent upon the generation of future taxable income and our ability to utilize tax credits and operating loss carryforwards during the periods in which the temporary differences become deductible. We also consider the scheduled reversal of deferred tax liabilities and available tax planning strategies. We recognize interest attributable to income taxes, to the extent they arise, as a component of interest expense and penalties as a component of income tax expense. | |
Due to the geographic scope of our operations, we are subject to ongoing tax examinations in numerous domestic jurisdictions. Accordingly, we may record incremental tax expense based upon the more-likely-than-not outcomes of uncertain tax positions. In addition, when applicable, we adjust the previously recorded tax expense to reflect examination results when the position is effectively settled. Our ongoing assessments of the more-likely-than-not outcomes of the examinations and related tax positions require judgment and can increase or decrease our effective tax rate, as well as impact our operating results. The specific timing of when the resolution of each tax position will be reached is uncertain. | |
Revenue Recognition | |
We record revenues associated with sales of crude oil, NGLs and natural gas when title passes to the customer. We recognize natural gas sales revenues from properties in which we have an interest with other producers on the basis of our net revenue interest (“entitlement” method of accounting). Natural gas imbalances occur when we sell more or less than our entitled ownership percentage of natural gas production. We treat any amount received in excess of our share as a liability. If we take less than we are entitled to take, we record the under-delivery as a receivable. As a result of the numerous requirements necessary to gather information from purchasers or various measurement locations, calculate volumes produced, perform field and wellhead allocations and distribute and disburse funds to various working interest partners and royalty owners, the collection of revenues from oil and gas production may take up to 60 days following the month of production. Therefore, we make accruals for revenues and accounts receivable based on estimates of our share of production, particularly from properties that are operated by our partners. We record any differences, which historically have not been significant, between the actual amounts ultimately received and the original estimates in the period they become finalized. | |
Share-Based Compensation | |
Our stock compensation plans permit the grant of incentive and nonqualified stock options, common stock, deferred common stock units, restricted stock and restricted stock units to our employees and directors. We measure the cost of employee services received in exchange for an award of equity-classified instruments based on the grant-date fair value of the award. Compensation cost associated with the liability-classified awards is measured at the end of each reporting period and recognized based on the period of time that has elapsed during the applicable performance period. | |
Recent Accounting Standards | |
Effective January 1, 2013, we adopted Accounting Standards Update No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (“ASU 2013-02”). The disclosures required by ASU 2013-02 are included in Note 13 to our Consolidated Financial Statements. The adoption of ASU 2013-02 did not have a significant impact on our Consolidated Financial Statements and Notes to the Consolidated Financial Statements. | |
Subsequent Events | |
Management has evaluated all activities of the Company, through the date upon which our Consolidated Financial Statements were issued, and concluded that, except for recent developments regarding an arbitration process with respect to our Eagle Ford Shale acquisition in 2013 (the “2013 EF Acquisition”) and the completion of the sale of our natural gas gathering assets in South Texas as discussed in Note 3, no subsequent events have occurred that would require recognition in our Consolidated Financial Statements or disclosure in the Notes to Consolidated Financial Statements. |
Acquisitions_and_Divestitures
Acquisitions and Divestitures | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Acquisitions and Divestitures [Abstract] | ' | |||||||||||
Acquisitions and Divestitures | ' | |||||||||||
Acquisitions and Divestitures | ||||||||||||
Acquisitions | ||||||||||||
On April 24, 2013 (the “Acquisition Date”), we acquired producing properties and undeveloped leasehold interests in the Eagle Ford Shale play in connection with the 2013 EF Acquisition. The 2013 EF Acquisition was originally valued at $401 million with an effective date of January 1, 2013 (the “Effective Date”). On the Acquisition Date, we paid approximately $380 million in cash, including approximately $19 million of initial purchase price adjustments related to the period from the Effective Date to the Acquisition Date utilizing a portion of the proceeds from the private placement of $775 million of 8.5% Senior Notes due 2020 (the “2020 Senior Notes”), and issued to the seller 10 million shares of our common stock (the “Shares”) with a fair value of $4.23 per Share. Shortly after the Acquisition Date, certain of our joint interest partners exercised preferential rights related to the 2013 EF Acquisition. We received approximately $21 million from the exercise of these rights, which was recorded as a decrease to our purchase price for the 2013 EF Acquisition. | ||||||||||||
We incurred $2.6 million of transaction costs associated with the 2013 EF Acquisition, including advisory, legal, due diligence and other professional fees. These costs, as well as fees that we paid to the seller for certain transition services, have been included in the General and administrative caption on our Consolidated Statements of Operations. | ||||||||||||
Since 2013, we have been involved in an arbitration with Magnum Hunter Resources Corporation (“MHR”), the seller in our 2013 EF Acquisition. The arbitration relates to disputes we have with MHR regarding contractual adjustments to the purchase price for the 2013 EF Acquisition and suspense funds that we believe MHR is obligated to transfer to us. On February 3, 2014, both we and MHR submitted initial briefs describing our respective positions to the arbitrator. MHR has acknowledged that it owes us approximately $26.5 million; we believe the amount is higher. Both parties are scheduled to submit rebuttals to the initial briefs on March 3, 2014. We expect this matter to be resolved early during the second quarter of 2014. | ||||||||||||
We accounted for the 2013 EF Acquisition by applying the acquisition method of accounting as of the Acquisition Date. The initial accounting for the 2013 EF Acquisition as presented below is based upon preliminary information and was not complete, due primarily to the aforementioned arbitration, as of the date our Consolidated Financial Statements were issued. | ||||||||||||
In the three months ended December 31, 2013, we recorded certain measurement period adjustments based on the receipt of additional information which had the effect of decreasing the fair value of our oil and gas properties by $14 million offset by increases to accounts receivable of $46 million and accounts payable and accrued expenses of $32 million. Accordingly, we have updated the preliminary fair values of net assets acquired from those that were disclosed in our Quarterly Report on Form 10-Q for the period ended September 30, 2013. The following table represents the fair values assigned to the net assets acquired as of the Acquisition Date and the consideration transferred: | ||||||||||||
Assets | ||||||||||||
Oil and gas properties - proved | $ | 277,888 | ||||||||||
Oil and gas properties - unproved | 119,709 | |||||||||||
Accounts receivable, net | 97,145 | |||||||||||
Other current assets | 2,068 | |||||||||||
496,810 | ||||||||||||
Liabilities | ||||||||||||
Accounts payable and accrued expenses | 94,771 | |||||||||||
Other liabilities | 1,500 | |||||||||||
96,271 | ||||||||||||
Net assets acquired | $ | 400,539 | ||||||||||
Cash, net of amounts received for preferential rights | $ | 358,239 | ||||||||||
Fair value of the Shares issued to seller | 42,300 | |||||||||||
Consideration transferred | $ | 400,539 | ||||||||||
The fair values of the acquired net assets were measured using valuation techniques that convert future cash flows to a single discounted amount. Significant inputs to valuation of oil and gas properties include estimates of: (i) reserves, (ii) future operating and development costs, (iii) future commodity prices, (iv) future cash flows and (v) a market-based weighted-average cost of capital. Because many of these inputs are not observable, we have classified the initial fair value estimates as Level 3 inputs as that term is defined in U.S. GAAP. | ||||||||||||
The results of operations attributable to the 2013 EF Acquisition have been included in our Consolidated Financial Statements from the Acquisition Date. The following table presents unaudited summary pro forma financial information for the periods presented assuming the 2013 EF Acquisition and the related financing occurred as of January 1, 2012. The pro forma financial information does not purport to represent what our results of operations would have been if the 2013 EF Acquisition had occurred as of this date or the results of operations for any future periods. | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Total revenues | $ | 457,811 | $ | 389,260 | ||||||||
Net loss attributable to common shareholders | $ | (148,272 | ) | $ | (106,059 | ) | ||||||
Loss per share - basic and diluted | $ | (2.27 | ) | $ | (1.83 | ) | ||||||
Divestitures | ||||||||||||
In December 2013, we entered into an agreement to sell our natural gas gathering assets in South Texas. The transaction closed in January 2014 and resulted in the receipt of proceeds of approximately $94 million, net to our working interest. | ||||||||||||
In July 2012, we sold substantially all of our natural gas assets in West Virginia, Kentucky and Virginia, which comprised a significant portion of our operations in Appalachia, for approximately $100 million, excluding transaction costs and before customary purchase and sale adjustments. We received proceeds of $95.7 million, net of transaction costs and customary closing adjustments, and recognized a gain of $3.3 million in connection with the transaction. An impairment charge of $28.6 million was recognized in the second quarter of 2012 with respect to these assets. | ||||||||||||
In December 2011, we sold approximately 2,700 net undeveloped acres in Butler and Armstrong Counties in Pennsylvania for proceeds of $8.1 million, net of transaction costs. We recognized a gain of $3.3 million in connection with this transaction. In August 2011, we sold a substantial portion of our Arkoma Basin assets, including primarily natural gas and coal bed methane properties in Oklahoma and Texas, for approximately $30 million, excluding transaction costs and customary purchase and sale adjustments. Upon the final settlement, we recognized an insignificant loss in connection with the transaction, following an impairment of approximately $71 million in the second quarter of 2011. | ||||||||||||
During 2013, the payment of post-closing adjustments attributable to sales of properties from prior years were partially offset by net proceeds from the sale of individually insignificant oil and gas properties and tubular inventory and well materials resulting in net payments of $0.1 million and a recognized loss on the sale of assets of $0.3 million. During 2012 and 2011, we also received net proceeds of $1.0 million and $1.2 million and recognized a net gain of $1.0 million and a net loss of $0.7 million, respectively, from the sale of various non-core oil and gas properties and tubular inventory and well materials. |
Accounts_Receivable_and_Major_
Accounts Receivable and Major Customers | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Receivables [Abstract] | ' | |||||||
Accounts Receivable and Major Customers | ' | |||||||
Accounts Receivable and Major Customers | ||||||||
The following table summarizes our accounts receivable by type as of the dates presented: | ||||||||
As of December 31, | ||||||||
2013 | 2012 | |||||||
Customers | $ | 93,288 | $ | 43,967 | ||||
Joint interest partners | 76,199 | 16,154 | ||||||
Other 1 | 25,538 | 4,523 | ||||||
195,025 | 64,644 | |||||||
Less: Allowance for doubtful accounts | (622 | ) | (1,666 | ) | ||||
$ | 194,403 | $ | 62,978 | |||||
____________________ | ||||||||
1 Amounts as of December 31, 2013 are comprised substantially of amounts due from the seller and other parties for purchase price adjustments attributable to the 2013 EF Acquisition. | ||||||||
For the year ended December 31, 2013, three customers accounted for $181.7 million, or approximately 42% of our consolidated product revenues. The revenues generated from these customers during 2013 were $70.4 million, $55.9 million and $55.4 million or 16%, 13% and 13% of the consolidated total, respectively. As of December 31, 2013, $34.8 million, or approximately 37% of our consolidated accounts receivable from customers was related to these customers. For the year ended December 31, 2012, four customers accounted for $182.0 million, or approximately 59% of our consolidated product revenues. The revenues generated from these customers during 2012 were $60.1 million, $46.7 million, $41.5 million and $33.8 million, or approximately 19%, 15%, 13% and 11% of the consolidated total, respectively. As of December 31, 2012, $21.6 million, or approximately 49% of our consolidated accounts receivable from customers was related to these customers. No significant uncertainties exist related to the collectability of amounts owed to us by any of these customers. |
Derivative_Instruments
Derivative Instruments | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||
Derivative Instruments | ' | ||||||||||||||||||||
Derivative Instruments | |||||||||||||||||||||
We utilize derivative instruments to mitigate our financial exposure to crude oil and natural gas price volatility as well as the volatility in interest rates attributable to our debt instruments. Our derivative instruments are not formally designated as hedges. The disclosures included herein incorporate the requirements of Accounting Standards Update No. 2011-11, Disclosures about Offsetting Assets and Liabilities as amended by Accounting Standards Update No. 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. | |||||||||||||||||||||
Commodity Derivatives | |||||||||||||||||||||
We utilize collars, swaps and swaptions, which are placed with financial institutions that we believe are acceptable credit risks, to hedge against the variability in cash flows associated with anticipated sales of our future oil and gas production. While the use of derivative instruments limits the risk of adverse price movements, such use may also limit future revenues from favorable price movements. | |||||||||||||||||||||
The counterparty to a collar or swap contract is required to make a payment to us if the settlement price for any settlement period is below the floor or swap price for such contract. We are required to make a payment to the counterparty if the settlement price for any settlement period is above the ceiling or swap price for such contract. Neither party is required to make a payment to the other party if the settlement price for any settlement period is equal to or greater than the floor price and equal to or less than the ceiling price for such contract. A swaption contract gives our counterparties the option to enter into a fixed price swap with us at a future date. If the forward commodity price for the term of the swaption is higher than or equal to the swaption strike price on the exercise date, the counterparty will exercise its option to enter into a fixed-price swap at the swaption strike price for the term of the swaption, at which point the contract functions as a fixed-price swap. If the forward commodity price for the term of the swaption is lower than the swaption strike price on the exercise date, the option expires and no fixed-price swap is in effect. | |||||||||||||||||||||
We determine the fair values of our commodity derivative instruments based on discounted cash flows derived from third-party quoted forward prices for NYMEX Henry Hub gas and West Texas Intermediate crude oil closing prices as of the end of the reporting period. The discounted cash flows utilize discount rates adjusted for the credit risk of our counterparties if the derivative is in an asset position, and our own credit risk if the derivative is in a liability position. | |||||||||||||||||||||
The following table sets forth our commodity derivative positions as of December 31, 2013: | |||||||||||||||||||||
Average | |||||||||||||||||||||
Volume Per | Weighted Average Price | Fair Value | |||||||||||||||||||
Instrument | Day | Floor/Swap | Ceiling | Asset | Liability | ||||||||||||||||
Crude Oil: | (barrels) | ($/barrel) | |||||||||||||||||||
First quarter 2014 | Collars | 1,500 | $ | 93.33 | $ | 102.8 | $ | — | $ | 28 | |||||||||||
Second quarter 2014 | Collars | 1,500 | $ | 93.33 | 102.8 | 128 | — | ||||||||||||||
First quarter 2014 | Swaps | 8,500 | $ | 94 | — | 3,352 | |||||||||||||||
Second quarter 2014 | Swaps | 8,500 | $ | 94 | — | 2,280 | |||||||||||||||
Third quarter 2014 | Swaps | 9,000 | $ | 93.38 | — | 1,025 | |||||||||||||||
Fourth quarter 2014 | Swaps | 9,000 | $ | 93.38 | 607 | — | |||||||||||||||
First quarter 2015 | Swaps | 3,000 | $ | 91.92 | 88 | — | |||||||||||||||
Second quarter 2015 | Swaps | 3,000 | $ | 91.92 | 435 | — | |||||||||||||||
Third quarter 2015 | Swaps | 2,000 | $ | 91.48 | 410 | — | |||||||||||||||
Fourth quarter 2015 | Swaps | 2,000 | $ | 91.48 | 556 | — | |||||||||||||||
Natural Gas: | (in MMBtu) | ($/MMBtu) | |||||||||||||||||||
First quarter 2014 | Collars | 5,000 | $ | 4 | $ | 4.5 | — | 3 | |||||||||||||
First quarter 2014 | Swaps | 10,000 | $ | 4.28 | 1 | — | |||||||||||||||
Second quarter 2014 | Swaps | 15,000 | $ | 4.1 | — | 1 | |||||||||||||||
Third quarter 2014 | Swaps | 15,000 | $ | 4.1 | — | 60 | |||||||||||||||
Fourth quarter 2014 | Swaps | 5,000 | $ | 4.5 | 125 | — | |||||||||||||||
First quarter 2015 | Swaps | 5,000 | $ | 4.5 | 64 | — | |||||||||||||||
Settlements to be paid in subsequent period | — | 423 | |||||||||||||||||||
Interest Rate Swaps | |||||||||||||||||||||
In February 2012, we entered into an interest rate swap agreement to establish variable interest rates on approximately one-third of the outstanding obligation under our 7.25% Senior Notes due 2019 (the “2019 Senior Notes”). In May 2012, we terminated this agreement and received $1.2 million in cash proceeds. | |||||||||||||||||||||
In December 2009, we entered into an interest rate swap agreement to establish variable rates on approximately one-third of the face amount of the outstanding obligation under our 10.375% Senior Notes due 2016 (the “2016 Senior Notes”). In August 2011, we terminated this agreement and received $2.9 million in cash proceeds. | |||||||||||||||||||||
As of December 31, 2013, we had no interest rate derivative instruments outstanding. | |||||||||||||||||||||
Financial Statement Impact of Derivatives | |||||||||||||||||||||
The impact of our derivatives activities on income is included in the Derivatives caption on our Consolidated Statements of Operations. The following table summarizes the effects of our derivative activities for the periods presented: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Impact by contract type: | |||||||||||||||||||||
Commodity contracts | $ | (20,852 | ) | $ | 34,781 | $ | 14,422 | ||||||||||||||
Interest rate contracts | — | 1,406 | 1,229 | ||||||||||||||||||
$ | (20,852 | ) | $ | 36,187 | $ | 15,651 | |||||||||||||||
Cash settlements and gains (losses): | |||||||||||||||||||||
Cash received (paid) for: | |||||||||||||||||||||
Commodity contract settlements | $ | (1,042 | ) | $ | 28,317 | $ | 23,562 | ||||||||||||||
Interest rate contract settlements | — | 1,406 | 3,818 | ||||||||||||||||||
(1,042 | ) | 29,723 | 27,380 | ||||||||||||||||||
Gains (losses) attributable to: | |||||||||||||||||||||
Commodity contracts | (19,810 | ) | 6,464 | (9,140 | ) | ||||||||||||||||
Interest rate contracts | — | — | (2,589 | ) | |||||||||||||||||
(19,810 | ) | 6,464 | (11,729 | ) | |||||||||||||||||
$ | (20,852 | ) | $ | 36,187 | $ | 15,651 | |||||||||||||||
The effects of derivative gains and (losses) and cash settlements of our commodity and interest rate derivatives are reported as adjustments to reconcile net income (loss) to net cash provided by operating activities. These items are recorded in the Derivative contracts section of our Consolidated Statements of Cash Flows under the Net gains and Cash settlements captions. | |||||||||||||||||||||
The following table summarizes the fair value of our derivative instruments, as well as the locations of these instruments, on our Consolidated Balance Sheets as of the dates presented: | |||||||||||||||||||||
Fair Values as of | |||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||
Derivative | Derivative | Derivative | Derivative | ||||||||||||||||||
Type | Balance Sheet Location | Assets | Liabilities | Assets | Liabilities | ||||||||||||||||
Commodity contracts | Derivative assets/liabilities - current | $ | 3,830 | $ | 10,141 | $ | 11,292 | $ | — | ||||||||||||
Interest rate contracts | Derivative assets/liabilities - current | — | — | — | — | ||||||||||||||||
3,830 | 10,141 | 11,292 | — | ||||||||||||||||||
Commodity contracts | Derivative assets/liabilities - noncurrent | 1,552 | — | 5,181 | 1,421 | ||||||||||||||||
Interest rate contracts | Derivative assets/liabilities - noncurrent | — | — | — | — | ||||||||||||||||
1,552 | — | 5,181 | 1,421 | ||||||||||||||||||
$ | 5,382 | $ | 10,141 | $ | 16,473 | $ | 1,421 | ||||||||||||||
As of December 31, 2013, we reported a commodity derivative asset of $5.4 million. The contracts associated with this position are with five counterparties, all of which are investment grade financial institutions, and are substantially concentrated with three of those counterparties. This concentration may impact our overall credit risk, either positively or negatively, in that these counterparties may be similarly affected by changes in economic or other conditions. We have neither paid to, nor received from our counterparties any cash collateral in connection with our derivative positions. No significant uncertainties exist related to the collectability of amounts that may be owed to us by these counterparties. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||||||||||
Property and Equipment | ' | ||||||||||||||||||||
Property and Equipment | |||||||||||||||||||||
The following table summarizes our property and equipment as of the dates presented: | |||||||||||||||||||||
As of December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Oil and gas properties: | |||||||||||||||||||||
Proved | $ | 2,970,047 | $ | 2,277,811 | |||||||||||||||||
Unproved | 101,520 | 60,746 | |||||||||||||||||||
Total oil and gas properties | 3,071,567 | 2,338,557 | |||||||||||||||||||
Other property and equipment | 105,421 | 93,648 | |||||||||||||||||||
Total property and equipment | 3,176,988 | 2,432,205 | |||||||||||||||||||
Accumulated depreciation, depletion and amortization | (939,684 | ) | (708,846 | ) | |||||||||||||||||
$ | 2,237,304 | $ | 1,723,359 | ||||||||||||||||||
The following table describes the changes in capitalized exploratory drilling costs that are pending the determination of proved reserves for the periods presented: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Number | Cost | Number | Cost | Number | Cost | ||||||||||||||||
of Wells | of Wells | of Wells | |||||||||||||||||||
Balance at beginning of year | 1 | $ | 4,435 | — | $ | — | 1 | $ | 6,180 | ||||||||||||
Additions pending determination of proved reserves | — | — | 1 | 4,435 | — | — | |||||||||||||||
Reclassification to wells, equipment and facilities based on the determination of proved reserves | (1 | ) | (4,435 | ) | — | — | — | — | |||||||||||||
Charged to exploration expense | — | — | — | — | (1 | ) | (6,180 | ) | |||||||||||||
Balance at end of year | — | $ | — | 1 | $ | 4,435 | — | $ | — | ||||||||||||
Asset_Retirement_Obligations
Asset Retirement Obligations | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | |||||||
Asset Retirement Obligations | ' | |||||||
Asset Retirement Obligations | ||||||||
The following table reconciles our AROs as of the dates presented, which are included in the Other liabilities caption on our Consolidated Balance Sheets: | ||||||||
As of December 31, | ||||||||
2013 | 2012 | |||||||
Balance at beginning of year | $ | 4,513 | $ | 6,283 | ||||
Liabilities incurred1 | 1,675 | 57 | ||||||
Liabilities settled | (220 | ) | (236 | ) | ||||
Sale of properties | — | (1,976 | ) | |||||
Accretion expense | 469 | 385 | ||||||
Balance at end of year | $ | 6,437 | $ | 4,513 | ||||
____________________ | ||||||||
1 Includes $1.5 million recognized in connection with the 2013 EF Acquisition. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
Long-Term Debt | ||||||||
The following table summarizes our long-term debt as of the dates presented: | ||||||||
As of December 31, | ||||||||
2013 | 2012 | |||||||
Revolving credit facility | $ | 206,000 | $ | — | ||||
Senior notes due 2016, net of discount (principal amount of $300,000) | — | 294,759 | ||||||
Senior notes due 2019 | 300,000 | 300,000 | ||||||
Senior notes due 2020 | 775,000 | — | ||||||
$ | 1,281,000 | $ | 594,759 | |||||
Revolving Credit Facility | ||||||||
The revolving credit facility (the “Revolver”) provides for a $400 million revolving commitment and has a borrowing base of $425 million. The Revolver has an accordion feature that allows us to increase the commitment by up to an additional $200 million upon receiving additional commitments from one or more lenders. The Revolver also includes a $20 million sublimit for the issuance of letters of credit. The Revolver is governed by a borrowing base calculation, which is redetermined semi-annually, and the availability under the Revolver may not exceed the lesser of the aggregate commitments and the borrowing base. The next semi-annual redetermination is scheduled for May 2014. The Revolver allows for the administrative agent to replace any lender who fails to approve a borrowing base increase approved by lenders representing two thirds of the aggregate commitment. The Revolver is available to us for general purposes including working capital, capital expenditures and acquisitions. The Revolver matures in September 2017. We had letters of credit of $2.7 million outstanding as of December 31, 2013. As of December 31, 2013, our available borrowing capacity under the Revolver was $191.3 million. | ||||||||
Borrowings under the Revolver bear interest, at our option, at either (i) a rate derived from the London Interbank Offered Rate, as adjusted for statutory reserve requirements for Eurocurrency liabilities (“Adjusted LIBOR”), plus an applicable margin (ranging from 1.500% to 2.500%) or (ii) the greater of (a) the prime rate, (b) the federal funds effective rate plus 0.5% or (c) the one-month Adjusted LIBOR plus 1.0%, and, in each case, plus an applicable margin (ranging from 0.500% to 1.500%). The applicable margin is determined based on the ratio of our outstanding borrowings to the available Revolver capacity. As of December 31, 2013, the actual interest rate on the outstanding borrowings under the Revolver was 2.1875% which is derived from an Adjusted LIBOR rate of 0.1875% plus an applicable margin of 2.00%. Commitment fees are charged at 0.375% to 0.500% on the undrawn portion of the Revolver depending on our ratio of outstanding borrowings to the available Revolver capacity. As of December 31, 2013, commitment fees were charged at a rate of 0.500%. | ||||||||
The Revolver is guaranteed by Penn Virginia and all of our material subsidiaries (the “Guarantor Subsidiaries”). The obligations under the Revolver are secured by a first priority lien on substantially all of our proved oil and gas reserves and a pledge of the equity interests in the Guarantor Subsidiaries. | ||||||||
The Revolver includes both current ratio and leverage ratio financial covenants. The current ratio is defined in the Revolver to include, among other things, adjustments for undrawn availability and may not be less than 1.0 to 1.0. The ratio of total net debt to EBITDAX, a non-GAAP financial measure defined in the Revolver, may not exceed 4.5 to 1.0 through June 30, 2014, 4.25 to 1.0 through December 31, 2014 and then 4.0 to 1.0 through maturity. | ||||||||
2016 Senior Notes | ||||||||
In May 2013, we completed a tender offer and redemption (the “Tender Offer and the Redemption”) for all of our outstanding 2016 Senior Notes. We paid a total of $330.9 million including consent payments and accrued interest in connection with the Tender Offer and the Redemption and recognized a loss on the extinguishment of debt of $29.2 million. The loss on extinguishment of debt included non-cash charges of $10.0 million attributable to the write-off of unamortized debt issuance costs and the remaining debt discount associated with the 2016 Senior Notes. | ||||||||
2019 Senior Notes | ||||||||
The 2019 Senior Notes, which were issued at par in April 2011, bear interest at an annual rate of 7.25% payable on April 15 and October 15 of each year. Beginning in April 2015, we may redeem all or part of the 2019 Senior Notes at a redemption price starting at 103.625% of the principal amount and reducing to 100% in June 2017 and thereafter. The 2019 Senior Notes are senior to our existing and future subordinated indebtedness and are effectively subordinated to all of our secured indebtedness, including the Revolver, to the extent of the collateral securing that indebtedness. The obligations under the 2019 Senior Notes are fully and unconditionally guaranteed by the Guarantor Subsidiaries. | ||||||||
2020 Senior Notes | ||||||||
On April 24, 2013, we completed a private placement of the 2020 Senior Notes. In July 2013, we completed an exchange offer that resulted in the registration of all of the 2020 Senior Notes. The 2020 Senior Notes were priced at par and interest is payable on June 15 and December 15 of each year. The 2020 Senior Notes are fully and unconditionally guaranteed by the Guarantor Subsidiaries. Approximately $380 million of the net proceeds from the private placement, together with the Shares, were used to finance the 2013 EF Acquisition, including purchase price adjustments. The remaining net proceeds were used to pay down borrowings under the Revolver and to fund a portion of the Tender Offer and the Redemption. | ||||||||
The guarantees provided by Penn Virginia, which is the parent company, and the Guarantor Subsidiaries under the Revolver and the senior indebtedness described above are full and unconditional and joint and several. Substantially all of our consolidated assets are held by the Guarantor Subsidiaries. The parent company and its non-guarantor subsidiaries have no material independent assets or operations. There are no significant restrictions on the ability of the parent company or any of the Guarantor Subsidiaries to obtain funds through dividends or other means, including advances and intercompany notes, among others. | ||||||||
Debt Maturities | ||||||||
We have no debt maturities until September 2017 when the Revolver matures. The 2019 Senior Notes are due in April 2019 and the 2020 Senior Notes are due in May 2020. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||||
Income Taxes | |||||||||||||||||||||
The following table summarizes our provision for income taxes for the periods presented: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Current income taxes (benefit) | |||||||||||||||||||||
Federal | $ | — | $ | — | $ | 1,279 | |||||||||||||||
State | — | (26 | ) | (3,933 | ) | ||||||||||||||||
— | (26 | ) | (2,654 | ) | |||||||||||||||||
Deferred income tax benefit | |||||||||||||||||||||
Federal | (77,046 | ) | (60,676 | ) | (80,529 | ) | |||||||||||||||
State | (650 | ) | (8,000 | ) | (4,972 | ) | |||||||||||||||
(77,696 | ) | (68,676 | ) | (85,501 | ) | ||||||||||||||||
$ | (77,696 | ) | $ | (68,702 | ) | $ | (88,155 | ) | |||||||||||||
The following table reconciles the difference between the income taxes computed by applying the statutory tax rate to income from continuing operations before income taxes and our reported income tax expense for the periods presented: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Computed at federal statutory rate | $ | (77,268 | ) | (35.0 | )% | $ | (60,652 | ) | (35.0 | )% | $ | (77,374 | ) | (35.0 | )% | ||||||
State income taxes, net of federal income tax benefit | (650 | ) | (0.3 | )% | (8,026 | ) | (4.6 | )% | (4,825 | ) | (2.2 | )% | |||||||||
Other, net | 222 | 0.1 | % | (24 | ) | — | % | (5,956 | ) | (2.7 | )% | ||||||||||
$ | (77,696 | ) | (35.2 | )% | $ | (68,702 | ) | (39.6 | )% | $ | (88,155 | ) | (39.9 | )% | |||||||
The following table summarizes the principal components of our net deferred income tax liability as of the dates presented: | |||||||||||||||||||||
As of December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||
Property and equipment | $ | 248,164 | $ | 311,002 | |||||||||||||||||
Fair value of derivative instruments | — | 5,268 | |||||||||||||||||||
Total deferred tax liabilities | 248,164 | 316,270 | |||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||
Fair value of derivative instruments | 1,665 | — | |||||||||||||||||||
Pension and postretirement benefits | 2,248 | 2,864 | |||||||||||||||||||
Share-based compensation | 6,907 | 10,760 | |||||||||||||||||||
Net operating loss (“NOL”) carryforwards | 115,355 | 102,407 | |||||||||||||||||||
Other | 18,029 | 15,788 | |||||||||||||||||||
144,204 | 131,819 | ||||||||||||||||||||
Less: Valuation allowance | (35,727 | ) | (26,686 | ) | |||||||||||||||||
Total deferred tax assets | 108,477 | 105,133 | |||||||||||||||||||
Net deferred tax liability | $ | 139,687 | $ | 211,137 | |||||||||||||||||
As of December 31, 2013, we had federal NOL carryforwards of approximately $225.3 million, which expire starting in 2031, and state NOL carryforwards of approximately $56.2 million, which expire between 2024 and 2033. As of December 31, 2013 and 2012, valuation allowances of $55.0 million and $41.0 million, respectively, had been recorded for deferred tax assets associated with state NOL carryforwards that were not more-likely-than-not to be realized. | |||||||||||||||||||||
As of December 31, 2011, we classified $31.2 million of deferred tax assets as a current income tax receivable attributable to the federal NOL expected to be utilized. In 2012, we received a federal tax refund of approximately $32 million from the carryback of the 2011 federal NOL, and the remainder of the NOL is available for carryforward. | |||||||||||||||||||||
We have no liability for unrecognized tax benefits as of December 31, 2013 and 2012. There were no interest and penalty charges recognized during the years ended December 31, 2013, 2012 and 2011. Tax years from 2010 forward remain open for examination by the Internal Revenue Service and various state jurisdictions. |
Additional_Balance_Sheet_Detai
Additional Balance Sheet Detail | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||
Additional Balance Sheet Detail | ' | |||||||
Additional Balance Sheet Detail | ||||||||
The following table summarizes components of selected balance sheet accounts as of the dates presented: | ||||||||
As of December 31, | ||||||||
2013 | 2012 | |||||||
Other current assets: | ||||||||
Tubular inventory and well materials | $ | 2,271 | $ | 4,033 | ||||
Prepaid expenses | 3,653 | 562 | ||||||
$ | 5,924 | $ | 4,595 | |||||
Other assets: | ||||||||
Debt issuance costs | $ | 30,239 | $ | 13,186 | ||||
Assets of supplemental employee retirement plan 1 | 3,734 | 3,237 | ||||||
Other | 562 | 1,511 | ||||||
$ | 34,535 | $ | 17,934 | |||||
Accounts payable and accrued liabilities: | ||||||||
Trade accounts payable | $ | 120,278 | $ | 37,835 | ||||
Drilling and other lease operating costs | 51,529 | 37,703 | ||||||
Royalties | 39,929 | 14,390 | ||||||
Production and franchise taxes | 5,338 | 2,874 | ||||||
Compensation - related 2, 3 | 8,584 | 6,853 | ||||||
Interest | 15,718 | 5,828 | ||||||
Preferred stock dividends | 1,725 | 1,687 | ||||||
Other | 4,903 | 4,485 | ||||||
$ | 248,004 | $ | 111,655 | |||||
Other liabilities: | ||||||||
Firm transportation obligation | $ | 13,245 | $ | 14,333 | ||||
Asset retirement obligations | 6,437 | 4,513 | ||||||
Defined benefit pension obligations 2 | 1,579 | 1,821 | ||||||
Postretirement health care benefit obligations 2 | 1,023 | 2,634 | ||||||
Deferred compensation - supplemental employee retirement plan obligation and other 1 | 3,883 | 3,310 | ||||||
Other | 7,219 | 2,290 | ||||||
$ | 33,386 | $ | 28,901 | |||||
____________________ | ||||||||
1 Includes the assets and liabilities of the Penn Virginia Corporation Supplemental Employee Retirement Plan (“SERP”) which is a nonqualified supplemental employee retirement savings plan. Assets of the SERP are held in a Rabbi Trust. Shares of our common stock held by the Rabbi Trust are presented for financial reporting purposes as treasury stock carried at cost. | ||||||||
2 Includes the combined unfunded benefit obligations under our defined benefit pension and postretirement health care plans of $3.0 million and $5.1 million as of December 31, 2013 and 2012. The expense recognized with respect to these plans was $0.3 million, $0.3 million and $0.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||
3 Includes employer matching obligations under our defined contribution retirement plan of $0.2 million and $0.2 million as of December 31, 2013 and 2012, respectively. The expense recognized with respect to this plan was $1.0 million, $0.9 million and $1.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Fair Value Measurements | |||||||||||||||||
We apply the authoritative accounting provisions for measuring fair value of both our financial and nonfinancial assets and liabilities. Fair value is an exit price representing the expected amount we would receive upon the sale of an asset or that we would expect to pay to transfer a liability in an orderly transaction with market participants at the measurement date. | |||||||||||||||||
We use a hierarchy that prioritizes the inputs we use to measure fair value into three distinct categories based upon whether such inputs are observable in active markets or unobservable. We classify assets and liabilities in their entirety based on the lowest level of input that is significant to the fair value measurement. Our methodology for categorizing assets and liabilities that are measured at fair value pursuant to this hierarchy gives the highest priority to unadjusted quoted prices in active markets and the lowest level to unobservable inputs as outlined below. | |||||||||||||||||
Fair value measurements are classified and disclosed in one of the following three categories: | |||||||||||||||||
• | Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 1 inputs generally provide the most reliable evidence of fair value. | ||||||||||||||||
• | Level 2: Quoted prices in markets that are not active or inputs, which are observable, either directly or indirectly, for substantially the full term of the asset or liability. | ||||||||||||||||
• | Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). | ||||||||||||||||
Our financial instruments that are subject to fair value disclosure consist of cash and cash equivalents, accounts receivable, accounts payable, derivatives and long-term debt. As of December 31, 2013, the carrying values of all of these financial instruments, except the portion of long-term debt with fixed interest rates, approximated fair value. | |||||||||||||||||
The following table summarizes the fair value of our long-term debt with fixed interest rates, which is estimated based on the published market prices for these debt obligations as of the dates presented: | |||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||
Fair | Carrying | Fair | Carrying | ||||||||||||||
Value | Value | Value | Value | ||||||||||||||
Senior Notes due 2016 | $ | — | $ | — | $ | 316,500 | $ | 294,759 | |||||||||
Senior Notes due 2019 | 307,500 | 300,000 | 286,500 | 300,000 | |||||||||||||
Senior Notes due 2020 | 837,969 | 775,000 | — | — | |||||||||||||
$ | 1,145,469 | $ | 1,075,000 | $ | 603,000 | $ | 594,759 | ||||||||||
Recurring Fair Value Measurements | |||||||||||||||||
Certain financial assets and liabilities are measured at fair value on a recurring basis in our Consolidated Balance Sheets. The following tables summarize the valuation of those assets and liabilities as of the dates presented: | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
Fair Value | Fair Value Measurement Classification | ||||||||||||||||
Description | Measurement | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | |||||||||||||||||
Commodity derivative assets - current | $ | 3,830 | $ | — | $ | 3,830 | $ | — | |||||||||
Commodity derivative assets - noncurrent | 1,552 | — | 1,552 | — | |||||||||||||
Assets of SERP | 3,734 | 3,734 | — | — | |||||||||||||
Liabilities: | |||||||||||||||||
Commodity derivative liabilities - current | — | — | — | — | |||||||||||||
Commodity derivative liabilities - noncurrent | (10,141 | ) | — | (10,141 | ) | — | |||||||||||
Deferred compensation - SERP obligation and other | (3,879 | ) | (3,879 | ) | — | — | |||||||||||
As of December 31, 2012 | |||||||||||||||||
Fair Value | Fair Value Measurement Classification | ||||||||||||||||
Description | Measurement | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | |||||||||||||||||
Commodity derivative assets - current | $ | 11,292 | $ | — | $ | 11,292 | $ | — | |||||||||
Commodity derivative assets - noncurrent | 5,181 | — | 5,181 | — | |||||||||||||
Assets of SERP | 3,237 | 3,237 | — | — | |||||||||||||
Liabilities: | |||||||||||||||||
Commodity derivative liabilities - current | — | — | — | — | |||||||||||||
Commodity derivative liabilities - noncurrent | (1,421 | ) | — | (1,421 | ) | — | |||||||||||
Deferred compensation - SERP obligation and other | (3,305 | ) | (3,305 | ) | — | — | |||||||||||
Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one level of the fair value hierarchy to another level. In such instances, the transfer is deemed to have occurred at the beginning of the quarterly period in which the event or change in circumstances that caused the transfer occurred. There were no transfers during the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||
We used the following methods and assumptions to estimate fair values for the financial assets and liabilities described below: | |||||||||||||||||
• | Commodity derivatives: We determine the fair values of our commodity derivative instruments based on discounted cash flows derived from third-party quoted forward prices for West Texas Intermediate crude oil and NYMEX Henry Hub gas closing prices as of the end of the reporting periods. We generally use the income approach, using valuation techniques that convert future cash flows to a single discounted value. Each of these is a level 2 input. | ||||||||||||||||
• | Assets of SERP: We hold various publicly traded equity securities in a Rabbi Trust as assets for funding certain deferred compensation obligations. The fair values are based on quoted market prices, which are level 1 inputs. | ||||||||||||||||
• | Deferred compensation - SERP obligations: Certain of our deferred compensation obligations are ultimately to be settled in cash based on the underlying fair value of certain assets, including those held in the Rabbi Trust. The fair values are based on quoted market prices, which are level 1 inputs. | ||||||||||||||||
Non-Recurring Fair Value Measurements | |||||||||||||||||
The most significant non-recurring fair value measurements utilized in the preparation of our Consolidated Financial Statements are those attributable to the recognition and measurement of net assets acquired, the recognition and measurement of asset impairments and the initial determination of AROs. The factors used to determine fair value for purposes of recognizing and measuring net assets acquired and asset impairments include, but are not limited to, estimates of proved and probable reserves, future commodity prices, indicative sales prices for properties, the timing of future production and capital expenditures and a discount rate commensurate with the risk reflective of the lives remaining for the respective oil and gas properties. Because these significant fair value inputs are typically not observable, we have categorized the amounts as level 3 inputs. | |||||||||||||||||
The determination of the fair value of AROs is based upon regional market and facility specific information. The amount of an ARO and the costs capitalized represent the estimated future cost to satisfy the abandonment obligation using current prices that are escalated by an assumed inflation factor after discounting the future cost back to the date that the abandonment obligation was incurred using a rate commensurate with the risk, which approximates our cost of funds. Because these significant fair value inputs are typically not observable, we have categorized the initial estimates as level 3 inputs. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||||
Commitments and Contingencies | ' | |||||||||||||||
Commitments and Contingencies | ||||||||||||||||
The following table sets forth our significant commitments as of December 31, 2013, by category, for the next five years and thereafter: | ||||||||||||||||
Year | Minimum | Drilling and Completion | Firm | Other Commitments | ||||||||||||
Rentals | Transportation | |||||||||||||||
2014 | $ | 1,884 | $ | 88,398 | $ | 2,002 | $ | 4,021 | ||||||||
2015 | 1,808 | 4,615 | 2,002 | 4,429 | ||||||||||||
2016 | 1,702 | — | 1,095 | 5,138 | ||||||||||||
2017 | 652 | — | 1,095 | — | ||||||||||||
2018 | 666 | — | 1,095 | — | ||||||||||||
Thereafter | 681 | — | 10,767 | — | ||||||||||||
Total | $ | 7,393 | $ | 93,013 | $ | 18,056 | $ | 13,588 | ||||||||
Rental Commitments | ||||||||||||||||
Operating lease rental expense in the years ended December 31, 2013, 2012 and 2011 was $9.4 million, $11.0 million and $11.4 million, respectively, related primarily to field equipment, office equipment and office leases. | ||||||||||||||||
Drilling and Completion Commitments | ||||||||||||||||
We have agreements to purchase oil and gas well drilling and well completion services from third parties with original terms of up to two years. As of December 31, 2013, there were no well drilling or well completion agreements with terms that extended beyond December 31, 2014. The well drilling agreements include early termination provisions that would require us to pay penalties if we terminate the agreements prior to the end of their original terms. The amount of penalty is based on the number of days remaining in the contractual term. As of December 31, 2013, the penalty amount would have been $19.0 million if we had terminated our agreements on that date. | ||||||||||||||||
Firm Transportation Commitments | ||||||||||||||||
We have entered into contracts that provide firm transportation capacity rights for specified volumes per day on various pipeline systems with terms that range from 1 to 15 years. The contracts require us to pay transportation demand charges regardless of the amount of pipeline capacity we use. We may sell excess capacity to third parties at our discretion. | ||||||||||||||||
Other Commitments | ||||||||||||||||
We have entered into certain contractual arrangements for other products and services. We have purchase commitments for certain bulk equipment and materials utilized in the construction of our production facilities, minimum commitments under a natural gas gathering and compression service agreement for a portion of our natural gas and NGL production, information technology licensing and service agreements and certain consulting agreements, among others. | ||||||||||||||||
Legal | ||||||||||||||||
We are involved, from time to time, in various legal proceedings arising in the ordinary course of business. While the ultimate results of these proceedings cannot be predicted with certainty, our management believes that these claims will not have a material effect on our financial position, results of operations or cash flows. During 2010, we established a $0.9 million reserve for a litigation matter pertaining to certain properties that remains outstanding as of December 31, 2013. In addition to the reserve for litigation, we maintain a suspense account which includes approximately $1.9 million representing the excess of revenues received over costs incurred attributable to these properties. As discussed in Note 3, we are involved in an arbitration with the seller in connection with our 2013 EF Acquisition. | ||||||||||||||||
Environmental Compliance | ||||||||||||||||
Extensive federal, state and local laws govern oil and gas operations, regulate the discharge of materials into the environment or otherwise relate to the protection of the environment. Numerous governmental departments issue rules and regulations to implement and enforce such laws that are often difficult and costly to comply with and which carry substantial administrative, civil and even criminal penalties for failure to comply. Some laws, rules and regulations relating to protection of the environment may, in certain circumstances, impose “strict liability” for environmental contamination, rendering a person liable for environmental and natural resource damages and cleanup costs without regard to negligence or fault on the part of such person. Other laws, rules and regulations may restrict the rate of oil and gas production below the rate that would otherwise exist or even prohibit exploration or production activities in sensitive areas. In addition, state laws often require some form of remedial action to prevent pollution from former operations, such as plugging of abandoned wells. As of December 31, 2013, we have recorded AROs of $6.4 million attributable to these activities. The regulatory burden on the oil and gas industry increases its cost of doing business and consequently affects its profitability. These laws, rules and regulations affect our operations, as well as the oil and gas exploration and production industry in general. We believe that we are in substantial compliance with current applicable environmental laws, rules and regulations and that continued compliance with existing requirements will not have a material impact on our financial condition or results of operations. Nevertheless, changes in existing environmental laws or the adoption of new environmental laws, including any significant limitation on the use of hydraulic fracturing, have the potential to adversely affect our operations. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2013 | |
Equity [Abstract] | ' |
Shareholders' Equity | ' |
Shareholders’ Equity | |
Preferred Stock | |
In October 2012, we completed a registered offering of 11,500 shares of our 6% Series A Convertible Perpetual Preferred Stock (the “6% Preferred Stock”) that provided $110.3 million of proceeds, net of underwriting fees and issuance costs. | |
The annual dividend on each share of the 6% Preferred Stock is 6.00% per annum on the liquidation preference of $10,000 per share and is payable quarterly, in arrears, on January 15, April 15, July 15 and October 15 of each year, commencing on January 15, 2013. We may, at our option, pay dividends in cash, common stock or a combination thereof. Our board of directors declared quarterly cash dividends of $150 per share for each of the quarterly periods in the year ended December 31, 2013. In December 2012, the board of directors declared a quarterly cash dividend of $146.67 per share for the period from the original issue date of October 17, 2012 through January 14, 2013. | |
Each share of the 6% Preferred Stock is convertible, at the option of the holder, into a number of shares of our common stock equal to the liquidation preference of $10,000 divided by the conversion price, which is initially $6.00 per share and is subject to specified anti-dilution adjustments. The initial conversion rate is equal to 1,666.67 shares of our common stock for each share of the 6% Preferred Stock. The initial conversion price represents a premium of 20 percent relative to the 2012 common stock offering price of $5.00 per share. The 6% Preferred Stock is not redeemable by us or the holders at any time. At any time on or after October 15, 2017, we may, at our option, cause all outstanding shares of the 6% Preferred Stock to be automatically converted into shares of our common stock at the then-applicable conversion price if the closing sale price of our common stock exceeds 130% of the then-applicable conversion price for a specified period prior to conversion. If a holder elects to convert shares of the 6% Preferred Stock upon the occurrence of certain specified fundamental changes, we may be obligated to deliver an additional number of shares above the applicable conversion rate to compensate the holder for lost option value. | |
Common Stock | |
As discussed in Note 3, we issued the Shares to the seller in April 2013 as part of the consideration paid in connection with the 2013 EF Acquisition. In connection with the Shares issued to the seller, we entered into a Registration Rights, Lock-Up and Buy-Back Agreement and a Standstill Agreement (collectively, the “Share Agreements”) which provided for certain rights and obligations. In September 2013, the seller sold the Shares to institutional investors in a series of private transactions. Accordingly, the Share Agreements no longer have effect. | |
Concurrent with the 6% Preferred Stock offering in October 2012, we completed a registered offering of 9.2 million shares of our common stock that provided $43.5 million of proceeds, net of underwriting fees and issuance costs. The proceeds from the combined offerings were used to repay outstanding borrowings under the Revolver and for general corporate purposes. | |
In July 2012, we discontinued the quarterly dividend on our common stock. | |
Accumulated Other Comprehensive Income (Loss) | |
Accumulated other comprehensive income and losses are entirely attributable to our pension and postretirement benefit obligations. The accumulated income (losses), net of tax, were $0.3 million, $(1.0) million and $(1.1) million as of December 31, 2013, 2012 and 2011, respectively. | |
Treasury Stock | |
Prior to 2012, certain of our employees made elective deferrals of compensation under the SERP, a portion of which was invested, at the employee’s direction, in our common stock. In addition, a portion of the compensation paid to certain non-employee members of our board of directors is paid in deferred common stock units. Each deferred common stock unit represents one share of common stock, vests immediately upon issuance, and is available to the holder upon retirement from our board of directors. | |
Shares of our common stock held by the SERP and deferred common stock units that have not been converted into common stock are presented for financial reporting purposes as treasury stock carried at cost. A total of 233,063 and 218,320 shares have been recorded as treasury stock as of December 31, 2013 and 2012, respectively. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Share-Based Compensation | ' | ||||||||||||
Share-Based Compensation | |||||||||||||
The Penn Virginia Corporation 2013 Amended and Restated Long-Term Incentive Plan (the “LTI Plan”) permits the grant of incentive and nonqualified stock options, common stock, deferred common stock units, restricted stock and restricted stock units to our employees and directors. As of December 31, 2013, there were 3,364,758 shares available for issuance to employees and directors pursuant to the LTI Plan. | |||||||||||||
With the exception of performance-based restricted stock units (“PBRSUs”), all of the awards issued under our LTI Plan are classified as equity instruments because they result in the issuance of common stock on the date of grant, upon exercise or are otherwise payable in common stock upon vesting, as applicable. The compensation cost attributable to these awards is measured at the grant date and recognized over the applicable vesting period as a non-cash item of expense. Because the PBRSUs are payable in cash, they are considered liability-classified awards and are included in the Other liabilities caption on our Consolidated Balance Sheets. Compensation cost associated with the PBRSUs is measured at the end of each reporting period and recognized based on the period of time that has elapsed during each of the individual performance periods. | |||||||||||||
The following table summarizes share-based compensation expense recognized for the periods presented: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Equity-classified awards: | |||||||||||||
Stock option awards | $ | 3,123 | $ | 4,424 | $ | 5,477 | |||||||
Common, deferred, restricted and restricted unit awards | 2,658 | 1,923 | 1,953 | ||||||||||
5,781 | $ | 6,347 | $ | 7,430 | |||||||||
Liability-classified awards | 4,116 | 714 | — | ||||||||||
$ | 9,897 | $ | 7,061 | $ | 7,430 | ||||||||
Stock Options | |||||||||||||
The exercise price of all stock options granted under the LTI Plan is equal to the fair market value of our common stock on the date of the grant. Options may be exercised at any time after vesting and prior to ten years following the date of grant. Options vest upon terms established by the compensation and benefits committee of our board of directors (the “Committee”). Generally, options vest over a three-year period, with one-third vesting in each year. In addition, all options will vest upon a change of control of us, as defined in the LTI Plan. In the case of employees, if a grantee’s employment terminates (i) for cause, all of the grantee’s options, whether vested or unvested, will be forfeited, (ii) by reason of death or disability, the grantee’s options will vest and remain exercisable for one year and (iii) for any other reason, the grantee’s unvested options will be forfeited and the grantee’s vested options will remain exercisable for 90 days. If a grantee is or becomes retirement eligible (age 62 and providing 10 consecutive years of service), all of the grantee’s options will vest. We have historically issued new shares to satisfy stock option exercises. | |||||||||||||
The fair value of each option award is estimated on the date of grant using the Black-Scholes-Merton option-pricing formula that uses the assumptions noted in the following table. Expected volatilities are based on historical changes in the market value of our stock. Separate groups of employees that have similar historical exercise behavior are considered separately to estimate expected lives. Options granted have a maximum term of ten years. We base the risk-free interest rate on the U.S. Treasury rate for the week of the grant having a term equal to the expected life of the option. | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Expected volatility | 56.9% to 70.1% | 67.3% to 72.9% | 61.7% to 71.9% | ||||||||||
Dividend yield | 0.00% to 0.00% | 2.25% to 4.98% | 1.25% to 2.25% | ||||||||||
Expected life | 3.5 to 4.6 years | 3.5 to 4.6 years | 3.5 to 4.6 years | ||||||||||
Risk-free interest rate | 0.34% to 0.58% | 0.36% to 0.51% | 0.39% to 2.18% | ||||||||||
The following table summarizes activity for our most recent fiscal year with respect to stock options: | |||||||||||||
Shares Under | Weighted- | Weighted- | Aggregate | ||||||||||
Options | Average | Average | Intrinsic Value | ||||||||||
Exercise Price | Remaining | ||||||||||||
Contractual | |||||||||||||
Term | |||||||||||||
Outstanding at beginning of year | 2,286,734 | $ | 21.14 | ||||||||||
Granted | 934,067 | 4.32 | |||||||||||
Exercised | (2,820 | ) | 5.67 | ||||||||||
Forfeited | (88,912 | ) | 20.5 | ||||||||||
Outstanding at end of year | 3,129,069 | $ | 16.15 | 6.7 | $ | 1,413 | |||||||
Exercisable at end of year | 2,167,686 | $ | 20.39 | 5.8 | $ | 443 | |||||||
The weighted-average grant-date fair value of options granted during the years ended December 31, 2013, 2012 and 2011 was $2.35, $2.54 and $7.30 per option. The total intrinsic value of options exercised during the years ended December 31, 2013 and 2011 was less than $0.1 million and $0.4 million. There were no options exercised during 2012. | |||||||||||||
As of December 31, 2013, we had $1.7 million of unrecognized compensation cost related to unvested stock options. We expect that cost to be recognized over a weighted-average period of 0.8 years. The total grant-date fair values of stock options that vested in 2013, 2012 and 2011 were $2.7 million, $4.7 million and $3.7 million, respectively. | |||||||||||||
Common Stock | |||||||||||||
A portion of the compensation paid to certain non-employee members of our board of directors is paid in common stock. Each share of common stock granted as compensation vests immediately upon issuance. In 2013 and 2012, we granted 77,598 and 79,700 shares of common stock to our non-employee directors at a weighted-average grant date fair value of $5.39 and $5.33 per share. | |||||||||||||
Deferred Common Stock Units | |||||||||||||
A portion of the compensation paid to certain non-employee members of our board of directors is paid in deferred common stock units. Each deferred common stock unit represents one share of common stock, vests immediately upon issuance, and is available to the holder upon termination or retirement from our board of directors. Deferred common stock units awarded to directors receive all cash or other dividends we pay on shares of our common stock. | |||||||||||||
The following table summarizes activity for our most recent fiscal year with respect to awarded deferred common stock units: | |||||||||||||
Deferred | Weighted-Average | ||||||||||||
Common Stock | Grant Date | ||||||||||||
Units | Fair Value | ||||||||||||
Balance at beginning of year | 202,876 | $ | 15.33 | ||||||||||
Granted | 46,134 | 5.58 | |||||||||||
Converted | (31,302 | ) | 18.43 | ||||||||||
Balance at end of year | 217,708 | $ | 13.01 | ||||||||||
As of December 31, 2013, 2012 and 2011, shareholders’ equity included deferred compensation obligations of $2.8 million, $3.1 million and $3.6 million, respectively, and corresponding amounts for treasury stock. | |||||||||||||
Restricted Stock | |||||||||||||
Restricted stock vests upon terms established by the Committee and as specified in the award agreement. In addition, all restricted stock will vest upon a change of control of us. If a grantee’s employment terminates for any reason other than death or disability, the grantee’s restricted stock will be forfeited unless otherwise determined by the Committee and specified in the award agreement. If a grantee’s employment terminates by reason of death or disability, or if a grantee becomes retirement eligible, the grantee’s restricted stock will vest. Except as disallowed by the Committee, a grantee shall be entitled to receive any dividends declared on our common stock. Restricted stock vests generally over a three-year period, with one-third vesting in each year. We recognize compensation expense on a straight-line basis over the vesting period. | |||||||||||||
The total grant-date fair value of restricted stock that vested in 2011 was $0.5 million. There were no unvested restricted stock awards outstanding during 2013 and 2012, and no restricted stock awards vested during 2013 and 2012. | |||||||||||||
Restricted Stock Units | |||||||||||||
A restricted stock unit entitles the grantee to receive a share of common stock upon the vesting of the restricted stock unit or, at the discretion of the Committee, the cash equivalent of the fair market value of a share of common stock. The Committee determines the time period over which restricted stock units will vest. In addition, all restricted stock units will vest upon a change of control of us. Unless and to the extent the Committee determines otherwise, (i) If an employee’s employment with us or our affiliates terminates for any reason other than death, disability or retirement after becoming retirement eligible, the grantee’s restricted stock units will be forfeited and (ii) if a grantee dies, becomes disabled or becomes retirement eligible, the grantee’s restricted stock units will vest. If restricted stock units vest early on account of retirement eligibility, payment on the restricted stock units will be made when the restricted stock units would have originally vested, even if that is after retirement. Restricted stock units generally vest over a three-year period, with one-third vesting in each year. Prior to 2013, the Committee, in its discretion, could grant tandem dividend equivalent rights with respect to restricted stock units. Beginning in 2013, the Committee may not grant dividend equivalent rights. A dividend equivalent right is a right to receive an amount in cash equal to, and 30 days after, the cash dividends made with respect to a share of common stock during the period such restricted stock unit is outstanding. Payments of dividend equivalent rights associated with restricted stock units that are expected to vest are recorded as dividends; payments associated with restricted stock units that are not expected to vest are recorded as compensation expense. | |||||||||||||
The following table summarizes activity for our most recent fiscal year with respect to awarded restricted stock units: | |||||||||||||
Restricted Stock | Weighted-Average | ||||||||||||
Units | Grant Date | ||||||||||||
Fair Value | |||||||||||||
Balance at beginning of year 1 | 91,971 | $ | 10.08 | ||||||||||
Granted | 754,474 | 3.91 | |||||||||||
Vested | (345,595 | ) | 4.81 | ||||||||||
Forfeited | — | — | |||||||||||
Balance at end of year 1 | 500,850 | $ | 4.42 | ||||||||||
_____________________ | |||||||||||||
1 Excludes 78,864 units at the beginning of the year and 346,777 units at the end of year that have vested due to retirement eligibility, but have not yet been settled or converted to common shares. | |||||||||||||
As of December 31, 2013, we had $1.5 million of unrecognized compensation cost attributable to unvested restricted stock units. We expect that cost to be recognized over a weighted-average period of 1.1 years. The total grant-date fair values of restricted stock units that vested in 2013, 2012 and 2011 were $1.7 million, $1.4 million and $0.9 million, respectively. | |||||||||||||
Performance-Based Restricted Stock Units | |||||||||||||
In May 2013 and February 2012, we granted PBRSUs to certain executive officers. Vested PBRSUs are payable solely in cash on the third anniversary of the date of grant based upon the achievement of specified market-based performance metrics with respect to each of a one-year, two-year and three-year performance period, in each case commencing on the date of grant. The number of PBRSUs vested can range from 0% to 200% of the initial grant. The PBRSUs do not have voting rights and do not participate in dividends. | |||||||||||||
Except as noted below, if the grantee’s employment terminates for any reason prior to the third anniversary of the grant date, then the grantee’s PBRSUs will be forfeited and no cash will be payable with respect to any PBRSUs. If the grantee is or becomes retirement eligible and his or her employment terminates for any reason other than cause prior to the third anniversary of the grant date, then all of the grantee’s PBRSUs will vest and become payable in the amount and at the time the PBRSUs would have otherwise vested and been payable. If the grantee dies or becomes disabled prior to the third anniversary of the grant date, a pro-rated share (based on the number of days employed during the three-year vesting period) of the PBRSUs will vest and the grantee will be paid for such PBRSUs at the target percentage at the end of the end of the original three-year vesting period. In the event of a change in control of us, all of the grantee’s PBRSUs will immediately vest and the grantee will be paid for such PBRSUs following the change in control at the target percentage (regardless of our actual market-based performance) and using the value of our common stock on the effective date of the change in control (calculated as the closing price of our common stock on the effective date of the change in control). | |||||||||||||
The compensation cost of the PBRSUs is based on the fair value derived from a Monte Carlo model. The Monte Carlo model is a binomial valuation model that utilizes certain assumptions, including expected volatility, dividend yield, risk-free interest rates and a measure of total shareholder return. | |||||||||||||
The ranges for the assumptions used in the Monte Carlo model for the PBRSUs granted in 2013 and 2012 are as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
Expected volatility | 51.3% to 66.7% | 29.3% to 78.0% | |||||||||||
Dividend yield | 0.0% to 0.0% | 0.0% to 5.3% | |||||||||||
Risk-free interest rate | 0.01% to 0.78% | 0.02% to 0.43% | |||||||||||
The following table summarizes activity for our most recent fiscal year with respect to PBRSUs: | |||||||||||||
Performance-Based Restricted Stock | Weighted-Average | ||||||||||||
Units | Fair Value | ||||||||||||
Balance at beginning of year | 200,824 | $ | 6.67 | ||||||||||
Granted | 360,486 | 4.91 | |||||||||||
Forfeited | — | — | |||||||||||
Balance at end of year | 561,310 | $ | 16.07 | ||||||||||
As of December 31, 2013, $4.8 million, which represents the fair value of the outstanding PBRSUs, is included in the Other liabilities caption on our Consolidated Balance Sheets. |
Restructuring_Activities
Restructuring Activities | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||
Restructuring Activities | ' | |||||||||||
Restructuring Activities | ||||||||||||
In 2012, we completed an organizational restructuring in conjunction with the sale of our natural gas assets in West Virginia, Kentucky and Virginia. We terminated approximately 30 employees and closed our regional office in Canonsburg, Pennsylvania. We recorded a charge in connection with the early termination of the lease of that office. In addition, we have a contractual commitment for certain firm transportation capacity in the Appalachian region that expires in 2022 and, as a result of the sale, we no longer have production to satisfy this commitment. While we intend to sell our unused firm transportation in the future to the extent possible, we recognized an obligation representing the liability for estimated discounted future net cash outflows over the remaining term of the contract. The undiscounted amount payable on an annual basis for the each of the next five years is $2.7 million and a combined amount of $10.3 million will be payable for 2019 through expiration in 2022. | ||||||||||||
During 2011, we completed an organizational restructuring due primarily to our sale of Arkoma Basin properties and consolidation of certain operations functions in our Houston, Texas location. We terminated approximately 40 employees and closed our regional office in Tulsa, Oklahoma. Accordingly, we recorded a charge and recognized an obligation in connection with the long-term lease of that office. In addition to the accrual of these costs, we adjusted the lease obligation associated with the Tulsa office as a result of a change in estimated sub-lease rental income. | ||||||||||||
The following table summarizes our restructuring and exit activity-related obligations and the changes therein for the years ended December 31: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance at beginning of period | $ | 17,263 | $ | 576 | $ | 64 | ||||||
Employee, office and other costs accrued, net | 7 | 1,284 | 2,351 | |||||||||
Firm transportation charge | — | 17,332 | — | |||||||||
Accretion of obligations | 1,674 | 570 | — | |||||||||
Cash payments, net | (2,854 | ) | (2,499 | ) | (1,839 | ) | ||||||
Balance at end of period | $ | 16,090 | $ | 17,263 | $ | 576 | ||||||
Restructuring charges are included in the General and administrative caption on our Consolidated Statements of Operations. The initial charge for the firm transportation commitment was presented as a separate caption on our Consolidated Statements of Operations for the year ended December 31, 2012. The accretion of this obligation, net of any recoveries from the periodic sale of our contractual capacity, is charged as an offset to Other revenue. | ||||||||||||
The current portion of these restructuring and exit cost obligations is included in the Accounts payable and accrued expenses caption and the noncurrent portion is included in the Other liabilities caption on our Consolidated Balance Sheets. As of December 31, 2013, $2.7 million of the total obligations are classified as current while the remaining $13.4 million are classified as noncurrent. |
Impairments
Impairments | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Impairements | ' | |||||||||||||||
Impairments | ||||||||||||||||
The following table summarizes impairment charges recorded during the periods presented: | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Oil and gas properties | $ | 132,224 | $ | 103,417 | $ | 104,688 | ||||||||||
Other - tubular inventory and well materials | — | 1,067 | — | |||||||||||||
$ | 132,224 | $ | 104,484 | $ | 104,688 | |||||||||||
The following table summarizes the aggregate fair values of the assets described below, by asset category and the classification of inputs within the fair value measurement hierarchy, at the respective dates of impairment: | ||||||||||||||||
Fair Value | ||||||||||||||||
Measurement | Level 1 | Level 2 | Level 3 | |||||||||||||
Year ended December 31, 2013: | ||||||||||||||||
Long-lived assets held for use | $ | 93,945 | $ | — | $ | — | $ | 93,945 | ||||||||
Year ended December 31, 2012: | ||||||||||||||||
Long-lived assets held for use | $ | 14,801 | $ | — | $ | — | $ | 14,801 | ||||||||
Long-lived assets sold during the year | 96,099 | — | — | 96,099 | ||||||||||||
Year ended December 31, 2011: | ||||||||||||||||
Long-lived assets held for use | $ | 26,625 | — | — | 26,625 | |||||||||||
Long-lived assets sold during the year | 30,342 | — | — | 30,342 | ||||||||||||
In 2013, we recognized oil and gas impairments of $121.8 million in the Granite Wash in the Mid-Continent, $9.5 million in the Marcellus Shale in Pennsylvania and $0.9 million in the Selma Chalk in Mississippi, in each case due primarily to market declines in current and expected future commodity prices. In 2012, we recognized a $28.4 million impairment of our assets in West Virginia, Kentucky and Virginia triggered by the expected disposition of these properties, and a $75.0 million impairment of our Marcellus Shale assets due primarily to market declines in natural gas prices and the resultant reduction in proved natural gas reserves. In 2012, we also recognized an impairment of certain tubular inventory and well materials due primarily to declines in asset quality. In 2011, we recognized an impairment of our Arkoma Basin assets for $71.1 million, which was triggered by the expected disposition of these properties. Also during 2011, we recognized impairments of our horizontal coal bed methane properties in the Appalachian region for $26.6 million and certain dry-gas properties in Mississippi for $6.8 million, in each case due primarily to market declines in gas prices. |
Interest_Expense
Interest Expense | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Banking and Thrift [Abstract] | ' | |||||||||||
Interest Expense | ' | |||||||||||
Interest Expense | ||||||||||||
The following table summarizes the components of interest expense for the periods presented: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Interest on borrowings and related fees | $ | 80,263 | $ | 56,080 | $ | 51,392 | ||||||
Accretion of original issue discount 1 | 431 | 1,367 | 3,427 | |||||||||
Amortization of debt issuance costs | 3,413 | 2,695 | 3,380 | |||||||||
Capitalized interest 2 | (5,266 | ) | (803 | ) | (1,983 | ) | ||||||
$ | 78,841 | $ | 59,339 | $ | 56,216 | |||||||
______________________ | ||||||||||||
1 Includes accretion of original issue discount attributable to the 2016 Senior Notes that were retired in 2013 and the 4.50% Convertible Senior Subordinated Notes due 2012 (“Convertible Notes”) that were retired in 2012. | ||||||||||||
2 The increase in capitalized interest in 2013 is attributable to a significant increase in qualifying activities that are in process to bring our Eagle Ford Shale unproved and proved undeveloped properties, including those acquired in the 2013 EF Acquisition, into production. |
Earnings_per_Share
Earnings per Share | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings per Share | ' | |||||||||||
Earnings per Share | ||||||||||||
The following table provides a reconciliation of the components used in the calculation of basic and diluted earnings per share for the periods presented: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net loss | $ | (143,070 | ) | $ | (104,589 | ) | $ | (132,915 | ) | |||
Less: Preferred stock dividends 1 | (6,900 | ) | (1,687 | ) | — | |||||||
Loss attributable to common shareholders - Basic and Diluted | $ | (149,970 | ) | $ | (106,276 | ) | $ | (132,915 | ) | |||
Weighted-average shares - Basic | 62,335 | 47,919 | 45,784 | |||||||||
Effect of dilutive securities 2 | — | — | — | |||||||||
Weighted-average shares - Diluted | 62,335 | 47,919 | 45,784 | |||||||||
______________________ | ||||||||||||
1 Preferred stock dividends were excluded for diluted earnings per share as the assumed conversion of the 6% Preferred Stock would have been anti-dilutive. | ||||||||||||
2 For 2013, 2012 and 2011, approximately 19.8 million, 19.2 million and 0.1 million potentially dilutive securities, including the 6% Preferred Stock, Convertible Notes, stock options, restricted stock and restricted stock units had the effect of being anti-dilutive and were excluded from the calculation of diluted earnings per common share. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
Schedule of Policies [Line Items] | ' | |
Principles of Consolidation | ' | |
Principles of Consolidation | ||
Our Consolidated Financial Statements include the accounts of Penn Virginia and all of its subsidiaries. Intercompany balances and transactions have been eliminated. | ||
Use of Estimates | ' | |
Use of Estimates | ||
Preparation of our Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in our Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Such estimates include certain asset and liability valuations as further described in these Notes. Actual results could differ from those estimates. | ||
Cash and Cash Equivalents | ' | |
Cash and Cash Equivalents | ||
We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. | ||
Derivative Instruments | ' | |
Derivative Instruments | ||
From time to time, we utilize derivative instruments to mitigate our financial exposure to commodity price and interest rate volatility. The derivative instruments, which are placed with financial institutions that we believe are of acceptable credit risk, take the form of collars, swaps and swaptions. All derivative transactions are subject to our risk management policy, which has been reviewed and approved by our board of directors. | ||
All derivative instruments are recognized in our Consolidated Financial Statements at fair value. The fair values of our derivative instruments are determined based on discounted cash flows derived from quoted forward prices. Our derivative instruments are not formally designated as hedges. We recognize changes in fair value in earnings currently as a component of the Derivatives caption on our Consolidated Statements of Operations. We have experienced and could continue to experience significant changes in the amount of derivative gains or losses recognized due to fluctuations in the value of these commodity derivative contracts, which fluctuate with changes in crude oil and natural gas prices and interest rates. | ||
Oil and Gas Properties | ' | |
Oil and Gas Properties | ||
We use the successful efforts method to account for our oil and gas properties. Under this method, costs of acquiring properties, costs of drilling successful exploration wells and development costs are capitalized. Geological and geophysical costs, delay rentals and costs to drill exploratory wells that do not find proved reserves are expensed as oil and gas exploration. We will carry the costs of an exploratory well as an asset if the well has found a sufficient quantity of reserves to justify its completion as a producing well and as long as we are making sufficient progress assessing the reserves and the economic and operating viability of the project. For certain projects, it may take us more than one year to evaluate the future potential of the exploratory well and make a determination of its economic viability. Our ability to move forward on a project may be dependent on gaining access to transportation or processing facilities or obtaining permits and government or partner approval, the timing of which is beyond our control. In such cases, exploratory well costs remain suspended as long as we are actively pursuing access to the necessary facilities or receiving such permits and approvals and believe that they will be obtained. We assess the status of suspended exploratory well costs on a quarterly basis. | ||
Depreciation, depletion and amortization (“DD&A”) of proved producing properties is computed using the units-of-production method. Natural gas is converted to a liquids equivalent on the basis that six thousand cubic feet of natural gas is equivalent to one barrel of liquids. Historically, we have adjusted our depletion rate throughout the year as new data becomes available and in the fourth quarter based on our year-end reserve report. | ||
Impairment of Long-Lived and Other Assets | ' | |
Impairment of Long-Lived and Other Assets | ||
We review assets for impairment when events or circumstances indicate a possible decline in the recoverability of the carrying value of such property. If the carrying value of the asset is determined to be impaired, we reduce the asset to its fair value. Fair value may be estimated using comparable market data, a discounted cash flow method, or a combination of the two. In the discounted cash flow method, estimated future cash flows are based on management’s expectations for the future and could include estimates of future production, commodity prices based on published forward commodity price curves as of the date of the estimate, operating and development costs, intent to develop properties and a risk-adjusted discount rate. | ||
We review oil and gas properties for impairment periodically when events and circumstances indicate a decline in the recoverability of the carrying value of such properties, such as a downward revision of the reserve estimates or lower commodity prices. We estimate the future cash flows expected in connection with the properties and compare such future cash flows to the carrying amounts of the properties to determine if the carrying amounts are recoverable. Performing the impairment evaluations requires use of judgments and estimates since the results are dependent on future events. Such events include estimates of proved and unproved reserves, future commodity prices, the timing of future production, capital expenditures and intent to develop properties, among others. We cannot predict whether impairment charges will be required in the future. | ||
The costs of unproved leaseholds, including associated interest costs for the period activities were in progress to bring projects to their intended use, are capitalized pending the results of exploration efforts. Unproved properties whose acquisition costs are insignificant to total oil and gas properties are amortized in the aggregate over the lesser of five years or the average remaining lease term and the amortization is charged to exploration expense. We assess unproved properties whose acquisition costs are relatively significant, if any, for impairment on a stand-alone basis. As exploration work progresses and the reserves on properties are proven, capitalized costs of these properties are subject to depreciation and depletion. If the exploration work is unsuccessful, the capitalized costs of the properties related to the unsuccessful work is charged to exploration expense. The timing of any write-downs of any significant unproved properties depends upon the nature, timing and extent of future exploration and development activities and their results. | ||
Other Property and Equipment | ' | |
Other Property and Equipment | ||
Other property and equipment consists primarily of gathering systems and related support equipment. Property and equipment are carried at cost and include expenditures for additions and improvements, such as roads and land improvements, which increase the productive lives of existing assets. Maintenance and repair costs are charged to expense as incurred. Renewals and betterments, which extend the useful life of the properties, are capitalized. | ||
We compute depreciation and amortization of property and equipment using the straight-line balance method over the estimated useful life of each asset as follows: Gathering systems - fifteen to twenty years and Other property and equipment - three to twenty years. | ||
Asset Retirement Obligations | ' | |
Asset Retirement Obligations | ||
We recognize the fair value of a liability for an asset retirement obligation (“ARO”) in the period in which it is incurred. Associated asset retirement costs are capitalized as part of the carrying cost of the asset. Our AROs relate to the plugging and abandonment of oil and gas wells and the associated asset is recorded as a component of oil and gas properties. After recording these amounts, the ARO is accreted to its future estimated value, and the additional capitalized costs are depreciated over the productive life of the assets. Both the accretion of the ARO and the depreciation of the related long-lived assets are included in the DD&A expense caption on our Consolidated Statements of Operations. | ||
Income Taxes | ' | |
Income Taxes | ||
We recognize deferred tax liabilities and assets for the expected future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. Using this method, deferred tax liabilities and assets are determined based on the difference between the financial statement carrying amounts and tax bases of assets and liabilities using enacted tax rates. In assessing our deferred tax assets, we consider whether a valuation allowance should be recorded for some or all of the deferred tax assets which may not be realized. The ultimate realization of deferred tax assets is assessed at each reporting period and is dependent upon the generation of future taxable income and our ability to utilize tax credits and operating loss carryforwards during the periods in which the temporary differences become deductible. We also consider the scheduled reversal of deferred tax liabilities and available tax planning strategies. We recognize interest attributable to income taxes, to the extent they arise, as a component of interest expense and penalties as a component of income tax expense. | ||
Due to the geographic scope of our operations, we are subject to ongoing tax examinations in numerous domestic jurisdictions. Accordingly, we may record incremental tax expense based upon the more-likely-than-not outcomes of uncertain tax positions. In addition, when applicable, we adjust the previously recorded tax expense to reflect examination results when the position is effectively settled. Our ongoing assessments of the more-likely-than-not outcomes of the examinations and related tax positions require judgment and can increase or decrease our effective tax rate, as well as impact our operating results. The specific timing of when the resolution of each tax position will be reached is uncertain. | ||
Revenue Recognition | ' | |
Revenue Recognition | ||
We record revenues associated with sales of crude oil, NGLs and natural gas when title passes to the customer. We recognize natural gas sales revenues from properties in which we have an interest with other producers on the basis of our net revenue interest (“entitlement” method of accounting). Natural gas imbalances occur when we sell more or less than our entitled ownership percentage of natural gas production. We treat any amount received in excess of our share as a liability. If we take less than we are entitled to take, we record the under-delivery as a receivable. As a result of the numerous requirements necessary to gather information from purchasers or various measurement locations, calculate volumes produced, perform field and wellhead allocations and distribute and disburse funds to various working interest partners and royalty owners, the collection of revenues from oil and gas production may take up to 60 days following the month of production. Therefore, we make accruals for revenues and accounts receivable based on estimates of our share of production, particularly from properties that are operated by our partners. We record any differences, which historically have not been significant, between the actual amounts ultimately received and the original estimates in the period they become finalized. | ||
Share-Based Compensation | ' | |
Share-Based Compensation | ||
Our stock compensation plans permit the grant of incentive and nonqualified stock options, common stock, deferred common stock units, restricted stock and restricted stock units to our employees and directors. We measure the cost of employee services received in exchange for an award of equity-classified instruments based on the grant-date fair value of the award. | ||
Recent Accounting Standards | ' | |
Recent Accounting Standards | ||
Effective January 1, 2013, we adopted Accounting Standards Update No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (“ASU 2013-02”). The disclosures required by ASU 2013-02 are included in Note 13 to our Consolidated Financial Statements. The adoption of ASU 2013-02 did not have a significant impact on our Consolidated Financial Statements and Notes to the Consolidated Financial Statements. | ||
Subsequent Events | ' | |
Subsequent Events | ||
Management has evaluated all activities of the Company, through the date upon which our Consolidated Financial Statements were issued, and concluded that, except for recent developments regarding an arbitration process with respect to our Eagle Ford Shale acquisition in 2013 (the “2013 EF Acquisition”) and the completion of the sale of our natural gas gathering assets in South Texas as discussed in Note 3, no subsequent events have occurred that would require recognition in our Consolidated Financial Statements or disclosure in the Notes to Consolidated Financial Statements. | ||
Fair Value of Financial Instruments | ' | |
We apply the authoritative accounting provisions for measuring fair value of both our financial and nonfinancial assets and liabilities. Fair value is an exit price representing the expected amount we would receive upon the sale of an asset or that we would expect to pay to transfer a liability in an orderly transaction with market participants at the measurement date. | ||
We use a hierarchy that prioritizes the inputs we use to measure fair value into three distinct categories based upon whether such inputs are observable in active markets or unobservable. We classify assets and liabilities in their entirety based on the lowest level of input that is significant to the fair value measurement. Our methodology for categorizing assets and liabilities that are measured at fair value pursuant to this hierarchy gives the highest priority to unadjusted quoted prices in active markets and the lowest level to unobservable inputs as outlined below. | ||
Fair value measurements are classified and disclosed in one of the following three categories: | ||
• | Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 1 inputs generally provide the most reliable evidence of fair value. | |
• | Level 2: Quoted prices in markets that are not active or inputs, which are observable, either directly or indirectly, for substantially the full term of the asset or liability. | |
• | Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). | |
Fair Value, Measurements, Recurring | ' | |
Schedule of Policies [Line Items] | ' | |
Fair Value of Financial Instruments | ' | |
We used the following methods and assumptions to estimate fair values for the financial assets and liabilities described below: | ||
• | Commodity derivatives: We determine the fair values of our commodity derivative instruments based on discounted cash flows derived from third-party quoted forward prices for West Texas Intermediate crude oil and NYMEX Henry Hub gas closing prices as of the end of the reporting periods. We generally use the income approach, using valuation techniques that convert future cash flows to a single discounted value. Each of these is a level 2 input. | |
• | Assets of SERP: We hold various publicly traded equity securities in a Rabbi Trust as assets for funding certain deferred compensation obligations. The fair values are based on quoted market prices, which are level 1 inputs. | |
• | Deferred compensation - SERP obligations: Certain of our deferred compensation obligations are ultimately to be settled in cash based on the underlying fair value of certain assets, including those held in the Rabbi Trust. The fair values are based on quoted market prices, which are level 1 inputs. |
Acquisitions_and_Divestitures_
Acquisitions and Divestitures Acquisitions and Divestitures (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Acquisitions and Divestitures [Abstract] | ' | |||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | |||||||||||
The following table represents the fair values assigned to the net assets acquired as of the Acquisition Date and the consideration transferred: | ||||||||||||
Assets | ||||||||||||
Oil and gas properties - proved | $ | 277,888 | ||||||||||
Oil and gas properties - unproved | 119,709 | |||||||||||
Accounts receivable, net | 97,145 | |||||||||||
Other current assets | 2,068 | |||||||||||
496,810 | ||||||||||||
Liabilities | ||||||||||||
Accounts payable and accrued expenses | 94,771 | |||||||||||
Other liabilities | 1,500 | |||||||||||
96,271 | ||||||||||||
Net assets acquired | $ | 400,539 | ||||||||||
Cash, net of amounts received for preferential rights | $ | 358,239 | ||||||||||
Fair value of the Shares issued to seller | 42,300 | |||||||||||
Consideration transferred | $ | 400,539 | ||||||||||
Business Acquisition, Pro Forma Information | ' | |||||||||||
The results of operations attributable to the 2013 EF Acquisition have been included in our Consolidated Financial Statements from the Acquisition Date. The following table presents unaudited summary pro forma financial information for the periods presented assuming the 2013 EF Acquisition and the related financing occurred as of January 1, 2012. The pro forma financial information does not purport to represent what our results of operations would have been if the 2013 EF Acquisition had occurred as of this date or the results of operations for any future periods. | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Total revenues | $ | 457,811 | $ | 389,260 | ||||||||
Net loss attributable to common shareholders | $ | (148,272 | ) | $ | (106,059 | ) | ||||||
Loss per share - basic and diluted | $ | (2.27 | ) | $ | (1.83 | ) |
Accounts_Receivable_and_Major_1
Accounts Receivable and Major Customers (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Receivables [Abstract] | ' | |||||||
Summary of Accounts Receivable | ' | |||||||
The following table summarizes our accounts receivable by type as of the dates presented: | ||||||||
As of December 31, | ||||||||
2013 | 2012 | |||||||
Customers | $ | 93,288 | $ | 43,967 | ||||
Joint interest partners | 76,199 | 16,154 | ||||||
Other 1 | 25,538 | 4,523 | ||||||
195,025 | 64,644 | |||||||
Less: Allowance for doubtful accounts | (622 | ) | (1,666 | ) | ||||
$ | 194,403 | $ | 62,978 | |||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||
Commodity Derivative Positions | ' | ||||||||||||||||||||
The following table sets forth our commodity derivative positions as of December 31, 2013: | |||||||||||||||||||||
Average | |||||||||||||||||||||
Volume Per | Weighted Average Price | Fair Value | |||||||||||||||||||
Instrument | Day | Floor/Swap | Ceiling | Asset | Liability | ||||||||||||||||
Crude Oil: | (barrels) | ($/barrel) | |||||||||||||||||||
First quarter 2014 | Collars | 1,500 | $ | 93.33 | $ | 102.8 | $ | — | $ | 28 | |||||||||||
Second quarter 2014 | Collars | 1,500 | $ | 93.33 | 102.8 | 128 | — | ||||||||||||||
First quarter 2014 | Swaps | 8,500 | $ | 94 | — | 3,352 | |||||||||||||||
Second quarter 2014 | Swaps | 8,500 | $ | 94 | — | 2,280 | |||||||||||||||
Third quarter 2014 | Swaps | 9,000 | $ | 93.38 | — | 1,025 | |||||||||||||||
Fourth quarter 2014 | Swaps | 9,000 | $ | 93.38 | 607 | — | |||||||||||||||
First quarter 2015 | Swaps | 3,000 | $ | 91.92 | 88 | — | |||||||||||||||
Second quarter 2015 | Swaps | 3,000 | $ | 91.92 | 435 | — | |||||||||||||||
Third quarter 2015 | Swaps | 2,000 | $ | 91.48 | 410 | — | |||||||||||||||
Fourth quarter 2015 | Swaps | 2,000 | $ | 91.48 | 556 | — | |||||||||||||||
Natural Gas: | (in MMBtu) | ($/MMBtu) | |||||||||||||||||||
First quarter 2014 | Collars | 5,000 | $ | 4 | $ | 4.5 | — | 3 | |||||||||||||
First quarter 2014 | Swaps | 10,000 | $ | 4.28 | 1 | — | |||||||||||||||
Second quarter 2014 | Swaps | 15,000 | $ | 4.1 | — | 1 | |||||||||||||||
Third quarter 2014 | Swaps | 15,000 | $ | 4.1 | — | 60 | |||||||||||||||
Fourth quarter 2014 | Swaps | 5,000 | $ | 4.5 | 125 | — | |||||||||||||||
First quarter 2015 | Swaps | 5,000 | $ | 4.5 | 64 | — | |||||||||||||||
Settlements to be paid in subsequent period | — | 423 | |||||||||||||||||||
Impact of Derivative Activities on Condensed Consolidated Statements of Income | ' | ||||||||||||||||||||
The impact of our derivatives activities on income is included in the Derivatives caption on our Consolidated Statements of Operations. The following table summarizes the effects of our derivative activities for the periods presented: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Impact by contract type: | |||||||||||||||||||||
Commodity contracts | $ | (20,852 | ) | $ | 34,781 | $ | 14,422 | ||||||||||||||
Interest rate contracts | — | 1,406 | 1,229 | ||||||||||||||||||
$ | (20,852 | ) | $ | 36,187 | $ | 15,651 | |||||||||||||||
Cash settlements and gains (losses): | |||||||||||||||||||||
Cash received (paid) for: | |||||||||||||||||||||
Commodity contract settlements | $ | (1,042 | ) | $ | 28,317 | $ | 23,562 | ||||||||||||||
Interest rate contract settlements | — | 1,406 | 3,818 | ||||||||||||||||||
(1,042 | ) | 29,723 | 27,380 | ||||||||||||||||||
Gains (losses) attributable to: | |||||||||||||||||||||
Commodity contracts | (19,810 | ) | 6,464 | (9,140 | ) | ||||||||||||||||
Interest rate contracts | — | — | (2,589 | ) | |||||||||||||||||
(19,810 | ) | 6,464 | (11,729 | ) | |||||||||||||||||
$ | (20,852 | ) | $ | 36,187 | $ | 15,651 | |||||||||||||||
Fair Value of Derivative Instruments on Condensed Consolidated Balance Sheets | ' | ||||||||||||||||||||
The following table summarizes the fair value of our derivative instruments, as well as the locations of these instruments, on our Consolidated Balance Sheets as of the dates presented: | |||||||||||||||||||||
Fair Values as of | |||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||
Derivative | Derivative | Derivative | Derivative | ||||||||||||||||||
Type | Balance Sheet Location | Assets | Liabilities | Assets | Liabilities | ||||||||||||||||
Commodity contracts | Derivative assets/liabilities - current | $ | 3,830 | $ | 10,141 | $ | 11,292 | $ | — | ||||||||||||
Interest rate contracts | Derivative assets/liabilities - current | — | — | — | — | ||||||||||||||||
3,830 | 10,141 | 11,292 | — | ||||||||||||||||||
Commodity contracts | Derivative assets/liabilities - noncurrent | 1,552 | — | 5,181 | 1,421 | ||||||||||||||||
Interest rate contracts | Derivative assets/liabilities - noncurrent | — | — | — | — | ||||||||||||||||
1,552 | — | 5,181 | 1,421 | ||||||||||||||||||
$ | 5,382 | $ | 10,141 | $ | 16,473 | $ | 1,421 | ||||||||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||||||||||
Summary of Property and Equipment | ' | ||||||||||||||||||||
The following table summarizes our property and equipment as of the dates presented: | |||||||||||||||||||||
As of December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Oil and gas properties: | |||||||||||||||||||||
Proved | $ | 2,970,047 | $ | 2,277,811 | |||||||||||||||||
Unproved | 101,520 | 60,746 | |||||||||||||||||||
Total oil and gas properties | 3,071,567 | 2,338,557 | |||||||||||||||||||
Other property and equipment | 105,421 | 93,648 | |||||||||||||||||||
Total property and equipment | 3,176,988 | 2,432,205 | |||||||||||||||||||
Accumulated depreciation, depletion and amortization | (939,684 | ) | (708,846 | ) | |||||||||||||||||
$ | 2,237,304 | $ | 1,723,359 | ||||||||||||||||||
Capitalized Exploratory Well Costs, Roll Forward | ' | ||||||||||||||||||||
The following table describes the changes in capitalized exploratory drilling costs that are pending the determination of proved reserves for the periods presented: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Number | Cost | Number | Cost | Number | Cost | ||||||||||||||||
of Wells | of Wells | of Wells | |||||||||||||||||||
Balance at beginning of year | 1 | $ | 4,435 | — | $ | — | 1 | $ | 6,180 | ||||||||||||
Additions pending determination of proved reserves | — | — | 1 | 4,435 | — | — | |||||||||||||||
Reclassification to wells, equipment and facilities based on the determination of proved reserves | (1 | ) | (4,435 | ) | — | — | — | — | |||||||||||||
Charged to exploration expense | — | — | — | — | (1 | ) | (6,180 | ) | |||||||||||||
Balance at end of year | — | $ | — | 1 | $ | 4,435 | — | $ | — | ||||||||||||
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | |||||||
Reconciliation of Asset Retirement Obligations which are Included in Other Liabilities | ' | |||||||
The following table reconciles our AROs as of the dates presented, which are included in the Other liabilities caption on our Consolidated Balance Sheets: | ||||||||
As of December 31, | ||||||||
2013 | 2012 | |||||||
Balance at beginning of year | $ | 4,513 | $ | 6,283 | ||||
Liabilities incurred1 | 1,675 | 57 | ||||||
Liabilities settled | (220 | ) | (236 | ) | ||||
Sale of properties | — | (1,976 | ) | |||||
Accretion expense | 469 | 385 | ||||||
Balance at end of year | $ | 6,437 | $ | 4,513 | ||||
____________________ | ||||||||
1 Includes $1.5 million recognized in connection with the 2013 EF Acquisition. |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Carrying Amount of Components of Long-term Debt | ' | |||||||
following table summarizes our long-term debt as of the dates presented: | ||||||||
As of December 31, | ||||||||
2013 | 2012 | |||||||
Revolving credit facility | $ | 206,000 | $ | — | ||||
Senior notes due 2016, net of discount (principal amount of $300,000) | — | 294,759 | ||||||
Senior notes due 2019 | 300,000 | 300,000 | ||||||
Senior notes due 2020 | 775,000 | — | ||||||
$ | 1,281,000 | $ | 594,759 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||
Summary of Provision for Income Taxes from Continuing Operations | ' | ||||||||||||||||||||
The following table summarizes our provision for income taxes for the periods presented: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Current income taxes (benefit) | |||||||||||||||||||||
Federal | $ | — | $ | — | $ | 1,279 | |||||||||||||||
State | — | (26 | ) | (3,933 | ) | ||||||||||||||||
— | (26 | ) | (2,654 | ) | |||||||||||||||||
Deferred income tax benefit | |||||||||||||||||||||
Federal | (77,046 | ) | (60,676 | ) | (80,529 | ) | |||||||||||||||
State | (650 | ) | (8,000 | ) | (4,972 | ) | |||||||||||||||
(77,696 | ) | (68,676 | ) | (85,501 | ) | ||||||||||||||||
$ | (77,696 | ) | $ | (68,702 | ) | $ | (88,155 | ) | |||||||||||||
Income Taxes Reconciliation | ' | ||||||||||||||||||||
The following table reconciles the difference between the income taxes computed by applying the statutory tax rate to income from continuing operations before income taxes and our reported income tax expense for the periods presented: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Computed at federal statutory rate | $ | (77,268 | ) | (35.0 | )% | $ | (60,652 | ) | (35.0 | )% | $ | (77,374 | ) | (35.0 | )% | ||||||
State income taxes, net of federal income tax benefit | (650 | ) | (0.3 | )% | (8,026 | ) | (4.6 | )% | (4,825 | ) | (2.2 | )% | |||||||||
Other, net | 222 | 0.1 | % | (24 | ) | — | % | (5,956 | ) | (2.7 | )% | ||||||||||
$ | (77,696 | ) | (35.2 | )% | $ | (68,702 | ) | (39.6 | )% | $ | (88,155 | ) | (39.9 | )% | |||||||
Summary of Principal Components of Net Deferred Income Tax Liability | ' | ||||||||||||||||||||
The following table summarizes the principal components of our net deferred income tax liability as of the dates presented: | |||||||||||||||||||||
As of December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||
Property and equipment | $ | 248,164 | $ | 311,002 | |||||||||||||||||
Fair value of derivative instruments | — | 5,268 | |||||||||||||||||||
Total deferred tax liabilities | 248,164 | 316,270 | |||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||
Fair value of derivative instruments | 1,665 | — | |||||||||||||||||||
Pension and postretirement benefits | 2,248 | 2,864 | |||||||||||||||||||
Share-based compensation | 6,907 | 10,760 | |||||||||||||||||||
Net operating loss (“NOL”) carryforwards | 115,355 | 102,407 | |||||||||||||||||||
Other | 18,029 | 15,788 | |||||||||||||||||||
144,204 | 131,819 | ||||||||||||||||||||
Less: Valuation allowance | (35,727 | ) | (26,686 | ) | |||||||||||||||||
Total deferred tax assets | 108,477 | 105,133 | |||||||||||||||||||
Net deferred tax liability | $ | 139,687 | $ | 211,137 | |||||||||||||||||
Additional_Balance_Sheet_Detai1
Additional Balance Sheet Detail (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||
Components of Selected Balance Sheet Accounts | ' | |||||||
The following table summarizes components of selected balance sheet accounts as of the dates presented: | ||||||||
As of December 31, | ||||||||
2013 | 2012 | |||||||
Other current assets: | ||||||||
Tubular inventory and well materials | $ | 2,271 | $ | 4,033 | ||||
Prepaid expenses | 3,653 | 562 | ||||||
$ | 5,924 | $ | 4,595 | |||||
Other assets: | ||||||||
Debt issuance costs | $ | 30,239 | $ | 13,186 | ||||
Assets of supplemental employee retirement plan 1 | 3,734 | 3,237 | ||||||
Other | 562 | 1,511 | ||||||
$ | 34,535 | $ | 17,934 | |||||
Accounts payable and accrued liabilities: | ||||||||
Trade accounts payable | $ | 120,278 | $ | 37,835 | ||||
Drilling and other lease operating costs | 51,529 | 37,703 | ||||||
Royalties | 39,929 | 14,390 | ||||||
Production and franchise taxes | 5,338 | 2,874 | ||||||
Compensation - related 2, 3 | 8,584 | 6,853 | ||||||
Interest | 15,718 | 5,828 | ||||||
Preferred stock dividends | 1,725 | 1,687 | ||||||
Other | 4,903 | 4,485 | ||||||
$ | 248,004 | $ | 111,655 | |||||
Other liabilities: | ||||||||
Firm transportation obligation | $ | 13,245 | $ | 14,333 | ||||
Asset retirement obligations | 6,437 | 4,513 | ||||||
Defined benefit pension obligations 2 | 1,579 | 1,821 | ||||||
Postretirement health care benefit obligations 2 | 1,023 | 2,634 | ||||||
Deferred compensation - supplemental employee retirement plan obligation and other 1 | 3,883 | 3,310 | ||||||
Other | 7,219 | 2,290 | ||||||
$ | 33,386 | $ | 28,901 | |||||
____________________ | ||||||||
1 Includes the assets and liabilities of the Penn Virginia Corporation Supplemental Employee Retirement Plan (“SERP”) which is a nonqualified supplemental employee retirement savings plan. Assets of the SERP are held in a Rabbi Trust. Shares of our common stock held by the Rabbi Trust are presented for financial reporting purposes as treasury stock carried at cost. | ||||||||
2 Includes the combined unfunded benefit obligations under our defined benefit pension and postretirement health care plans of $3.0 million and $5.1 million as of December 31, 2013 and 2012. The expense recognized with respect to these plans was $0.3 million, $0.3 million and $0.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||
3 Includes employer matching obligations under our defined contribution retirement plan of $0.2 million and $0.2 million as of December 31, 2013 and 2012, respectively. The expense recognized with respect to this plan was $1.0 million, $0.9 million and $1.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Summary of Long-Term Debt with Fixed Interest Rates | ' | ||||||||||||||||
The following table summarizes the fair value of our long-term debt with fixed interest rates, which is estimated based on the published market prices for these debt obligations as of the dates presented: | |||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||
Fair | Carrying | Fair | Carrying | ||||||||||||||
Value | Value | Value | Value | ||||||||||||||
Senior Notes due 2016 | $ | — | $ | — | $ | 316,500 | $ | 294,759 | |||||||||
Senior Notes due 2019 | 307,500 | 300,000 | 286,500 | 300,000 | |||||||||||||
Senior Notes due 2020 | 837,969 | 775,000 | — | — | |||||||||||||
$ | 1,145,469 | $ | 1,075,000 | $ | 603,000 | $ | 594,759 | ||||||||||
Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||
The following tables summarize the valuation of those assets and liabilities as of the dates presented: | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
Fair Value | Fair Value Measurement Classification | ||||||||||||||||
Description | Measurement | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | |||||||||||||||||
Commodity derivative assets - current | $ | 3,830 | $ | — | $ | 3,830 | $ | — | |||||||||
Commodity derivative assets - noncurrent | 1,552 | — | 1,552 | — | |||||||||||||
Assets of SERP | 3,734 | 3,734 | — | — | |||||||||||||
Liabilities: | |||||||||||||||||
Commodity derivative liabilities - current | — | — | — | — | |||||||||||||
Commodity derivative liabilities - noncurrent | (10,141 | ) | — | (10,141 | ) | — | |||||||||||
Deferred compensation - SERP obligation and other | (3,879 | ) | (3,879 | ) | — | — | |||||||||||
As of December 31, 2012 | |||||||||||||||||
Fair Value | Fair Value Measurement Classification | ||||||||||||||||
Description | Measurement | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | |||||||||||||||||
Commodity derivative assets - current | $ | 11,292 | $ | — | $ | 11,292 | $ | — | |||||||||
Commodity derivative assets - noncurrent | 5,181 | — | 5,181 | — | |||||||||||||
Assets of SERP | 3,237 | 3,237 | — | — | |||||||||||||
Liabilities: | |||||||||||||||||
Commodity derivative liabilities - current | — | — | — | — | |||||||||||||
Commodity derivative liabilities - noncurrent | (1,421 | ) | — | (1,421 | ) | — | |||||||||||
Deferred compensation - SERP obligation and other | (3,305 | ) | (3,305 | ) | — | — | |||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Loss Contingencies by Contingency | ' | |||||||||||||||
The following table sets forth our significant commitments as of December 31, 2013, by category, for the next five years and thereafter: | ||||||||||||||||
Year | Minimum | Drilling and Completion | Firm | Other Commitments | ||||||||||||
Rentals | Transportation | |||||||||||||||
2014 | $ | 1,884 | $ | 88,398 | $ | 2,002 | $ | 4,021 | ||||||||
2015 | 1,808 | 4,615 | 2,002 | 4,429 | ||||||||||||
2016 | 1,702 | — | 1,095 | 5,138 | ||||||||||||
2017 | 652 | — | 1,095 | — | ||||||||||||
2018 | 666 | — | 1,095 | — | ||||||||||||
Thereafter | 681 | — | 10,767 | — | ||||||||||||
Total | $ | 7,393 | $ | 93,013 | $ | 18,056 | $ | 13,588 | ||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||
Summary of Share-Based Compensation Expense | ' | ||||||||||||
The following table summarizes share-based compensation expense recognized for the periods presented: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Equity-classified awards: | |||||||||||||
Stock option awards | $ | 3,123 | $ | 4,424 | $ | 5,477 | |||||||
Common, deferred, restricted and restricted unit awards | 2,658 | 1,923 | 1,953 | ||||||||||
5,781 | $ | 6,347 | $ | 7,430 | |||||||||
Liability-classified awards | 4,116 | 714 | — | ||||||||||
$ | 9,897 | $ | 7,061 | $ | 7,430 | ||||||||
Fair Value of Each Option Award Estimated on Date of Grant Using Black-Scholes-Merton Option-Pricing Formula | ' | ||||||||||||
The fair value of each option award is estimated on the date of grant using the Black-Scholes-Merton option-pricing formula that uses the assumptions noted in the following table. Expected volatilities are based on historical changes in the market value of our stock. Separate groups of employees that have similar historical exercise behavior are considered separately to estimate expected lives. Options granted have a maximum term of ten years. We base the risk-free interest rate on the U.S. Treasury rate for the week of the grant having a term equal to the expected life of the option. | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Expected volatility | 56.9% to 70.1% | 67.3% to 72.9% | 61.7% to 71.9% | ||||||||||
Dividend yield | 0.00% to 0.00% | 2.25% to 4.98% | 1.25% to 2.25% | ||||||||||
Expected life | 3.5 to 4.6 years | 3.5 to 4.6 years | 3.5 to 4.6 years | ||||||||||
Risk-free interest rate | 0.34% to 0.58% | 0.36% to 0.51% | 0.39% to 2.18% | ||||||||||
Activity of Awarded Options | ' | ||||||||||||
The following table summarizes activity for our most recent fiscal year with respect to stock options: | |||||||||||||
Shares Under | Weighted- | Weighted- | Aggregate | ||||||||||
Options | Average | Average | Intrinsic Value | ||||||||||
Exercise Price | Remaining | ||||||||||||
Contractual | |||||||||||||
Term | |||||||||||||
Outstanding at beginning of year | 2,286,734 | $ | 21.14 | ||||||||||
Granted | 934,067 | 4.32 | |||||||||||
Exercised | (2,820 | ) | 5.67 | ||||||||||
Forfeited | (88,912 | ) | 20.5 | ||||||||||
Outstanding at end of year | 3,129,069 | $ | 16.15 | 6.7 | $ | 1,413 | |||||||
Exercisable at end of year | 2,167,686 | $ | 20.39 | 5.8 | $ | 443 | |||||||
Activity of Awarded Deferred Common Stock Units | ' | ||||||||||||
The following table summarizes activity for our most recent fiscal year with respect to awarded deferred common stock units: | |||||||||||||
Deferred | Weighted-Average | ||||||||||||
Common Stock | Grant Date | ||||||||||||
Units | Fair Value | ||||||||||||
Balance at beginning of year | 202,876 | $ | 15.33 | ||||||||||
Granted | 46,134 | 5.58 | |||||||||||
Converted | (31,302 | ) | 18.43 | ||||||||||
Balance at end of year | 217,708 | $ | 13.01 | ||||||||||
Restricted Stock Units (RSUs) | ' | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||
Activity of Awarded Restricted Stock Units | ' | ||||||||||||
The following table summarizes activity for our most recent fiscal year with respect to awarded restricted stock units: | |||||||||||||
Restricted Stock | Weighted-Average | ||||||||||||
Units | Grant Date | ||||||||||||
Fair Value | |||||||||||||
Balance at beginning of year 1 | 91,971 | $ | 10.08 | ||||||||||
Granted | 754,474 | 3.91 | |||||||||||
Vested | (345,595 | ) | 4.81 | ||||||||||
Forfeited | — | — | |||||||||||
Balance at end of year 1 | 500,850 | $ | 4.42 | ||||||||||
_____________________ | |||||||||||||
1 Excludes 78,864 units at the beginning of the year and 346,777 units at the end of year that have vested due to retirement eligibility, but have not yet been settled or converted to common shares. | |||||||||||||
Performance Based Restricted Stock Units (PBRSUs) | ' | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||
Activity of Awarded Restricted Stock Units | ' | ||||||||||||
The following table summarizes activity for our most recent fiscal year with respect to PBRSUs: | |||||||||||||
Performance-Based Restricted Stock | Weighted-Average | ||||||||||||
Units | Fair Value | ||||||||||||
Balance at beginning of year | 200,824 | $ | 6.67 | ||||||||||
Granted | 360,486 | 4.91 | |||||||||||
Forfeited | — | — | |||||||||||
Balance at end of year | 561,310 | $ | 16.07 | ||||||||||
Schedule of Share-based Payment Award, Equity Instruments Other than Options, Valuation Assumptions | ' | ||||||||||||
The ranges for the assumptions used in the Monte Carlo model for the PBRSUs granted in 2013 and 2012 are as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
Expected volatility | 51.3% to 66.7% | 29.3% to 78.0% | |||||||||||
Dividend yield | 0.0% to 0.0% | 0.0% to 5.3% | |||||||||||
Risk-free interest rate | 0.01% to 0.78% | 0.02% to 0.43% |
Restructuring_Activities_Table
Restructuring Activities (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||
Summary of Restructuring Related Obligations | ' | |||||||||||
The following table summarizes our restructuring and exit activity-related obligations and the changes therein for the years ended December 31: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance at beginning of period | $ | 17,263 | $ | 576 | $ | 64 | ||||||
Employee, office and other costs accrued, net | 7 | 1,284 | 2,351 | |||||||||
Firm transportation charge | — | 17,332 | — | |||||||||
Accretion of obligations | 1,674 | 570 | — | |||||||||
Cash payments, net | (2,854 | ) | (2,499 | ) | (1,839 | ) | ||||||
Balance at end of period | $ | 16,090 | $ | 17,263 | $ | 576 | ||||||
Impairments_Tables
Impairments (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Details of Impairment of Long-Lived Assets Held and Used by Asset | ' | |||||||||||||||
The following table summarizes impairment charges recorded during the periods presented: | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Oil and gas properties | $ | 132,224 | $ | 103,417 | $ | 104,688 | ||||||||||
Other - tubular inventory and well materials | — | 1,067 | — | |||||||||||||
$ | 132,224 | $ | 104,484 | $ | 104,688 | |||||||||||
Fair Value Measurements, Nonrecurring | ' | |||||||||||||||
The following table summarizes the aggregate fair values of the assets described below, by asset category and the classification of inputs within the fair value measurement hierarchy, at the respective dates of impairment: | ||||||||||||||||
Fair Value | ||||||||||||||||
Measurement | Level 1 | Level 2 | Level 3 | |||||||||||||
Year ended December 31, 2013: | ||||||||||||||||
Long-lived assets held for use | $ | 93,945 | $ | — | $ | — | $ | 93,945 | ||||||||
Year ended December 31, 2012: | ||||||||||||||||
Long-lived assets held for use | $ | 14,801 | $ | — | $ | — | $ | 14,801 | ||||||||
Long-lived assets sold during the year | 96,099 | — | — | 96,099 | ||||||||||||
Year ended December 31, 2011: | ||||||||||||||||
Long-lived assets held for use | $ | 26,625 | — | — | 26,625 | |||||||||||
Long-lived assets sold during the year | 30,342 | — | — | 30,342 | ||||||||||||
Interest_Expense_Tables
Interest Expense (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Banking and Thrift [Abstract] | ' | |||||||||||
Components of Interest Expense | ' | |||||||||||
The following table summarizes the components of interest expense for the periods presented: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Interest on borrowings and related fees | $ | 80,263 | $ | 56,080 | $ | 51,392 | ||||||
Accretion of original issue discount 1 | 431 | 1,367 | 3,427 | |||||||||
Amortization of debt issuance costs | 3,413 | 2,695 | 3,380 | |||||||||
Capitalized interest 2 | (5,266 | ) | (803 | ) | (1,983 | ) | ||||||
$ | 78,841 | $ | 59,339 | $ | 56,216 | |||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Components of Calculation of Basic and Diluted Earnings Per Share | ' | |||||||||||
The following table provides a reconciliation of the components used in the calculation of basic and diluted earnings per share for the periods presented: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net loss | $ | (143,070 | ) | $ | (104,589 | ) | $ | (132,915 | ) | |||
Less: Preferred stock dividends 1 | (6,900 | ) | (1,687 | ) | — | |||||||
Loss attributable to common shareholders - Basic and Diluted | $ | (149,970 | ) | $ | (106,276 | ) | $ | (132,915 | ) | |||
Weighted-average shares - Basic | 62,335 | 47,919 | 45,784 | |||||||||
Effect of dilutive securities 2 | — | — | — | |||||||||
Weighted-average shares - Diluted | 62,335 | 47,919 | 45,784 | |||||||||
______________________ | ||||||||||||
1 Preferred stock dividends were excluded for diluted earnings per share as the assumed conversion of the 6% Preferred Stock would have been anti-dilutive. | ||||||||||||
2 For 2013, 2012 and 2011, approximately 19.8 million, 19.2 million and 0.1 million potentially dilutive securities, including the 6% Preferred Stock, Convertible Notes, stock options, restricted stock and restricted stock units had the effect of being anti-dilutive and were excluded from the calculation of diluted earnings per common share. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Boe | |
Property, Plant and Equipment [Line Items] | ' |
Barrel of liquids equivalents of natural gas | 0.006 |
Oil And Gas Unproved Properties | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful lives | 'over the lesser of five years or the average remaining lease term |
Useful life | '5 years |
Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Evaluation period of future potential exploratory well for determination of economic viability | '1 year |
Minimum | Gathering systems | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life | '15 years |
Minimum | Other property and equipment | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life | '3 years |
Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Revenue collection period | '60 days |
Maximum | Gathering systems | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life | '20 years |
Maximum | Other property and equipment | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life | '20 years |
Acquisitions_and_Divestitures_1
Acquisitions and Divestitures - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 4 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||
Share data in Millions, except Per Share data, unless otherwise specified | Apr. 24, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Apr. 24, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2012 | Jul. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2013 | Aug. 31, 2011 | Jun. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Counties of Butler and Armstrong in Pennsylvania | Counties of Butler and Armstrong in Pennsylvania | Appalachian Region except Marcellus Shale | Appalachian Region except Marcellus Shale | Appalachian Region except Marcellus Shale | Arkoma Divestiture Restructuring | Arkoma Divestiture Restructuring | Arkoma Divestiture Restructuring | Subsequent Event | Senior Notes Due 2020 [Member] | Senior Notes Due 2020 [Member] | ||||||||
acre | South Texas Gathering Assets | |||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Gross | $380,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proved | 277,888,000 | ' | ' | 277,888,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unproved | 119,709,000 | ' | ' | 119,709,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | ' | ' | ' | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Price | $4.23 | ' | ' | $4.23 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferential Purchase Right Settlement | ' | ' | 21,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Acquired Receivables, Fair Value | 97,145,000 | ' | ' | 97,145,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 2,068,000 | ' | ' | 2,068,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 496,810,000 | ' | ' | 496,810,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 94,771,000 | ' | ' | 94,771,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 1,500,000 | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 96,271,000 | ' | ' | 96,271,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Acquisition Related Costs | ' | ' | ' | ' | 2,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred | 400,539,000 | ' | ' | 400,539,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | 358,239,000 | ' | ' | ' | -358,239,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 42,300,000 | ' | ' | ' | 42,300,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of oil and gas property | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | 94,000,000 | ' | ' |
Proceeds from sale net transaction costs and closing adjustments | ' | ' | ' | ' | ' | ' | ' | 8,100,000 | ' | ' | ' | 95,700,000 | ' | ' | ' | ' | ' | ' |
Gain on sale of oil and gas property | ' | ' | ' | ' | ' | ' | ' | 3,300,000 | ' | ' | ' | 3,300,000 | ' | ' | ' | ' | ' | ' |
Impairment of property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,600,000 | ' | ' | 71,000,000 | 71,100,000 | ' | ' | ' |
Number of net acres sold | ' | ' | ' | ' | ' | ' | ' | ' | 2,700 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of property interests being sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred | 400,539,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination Purchase Price Adjustments | ' | ' | ' | 19,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Undisputed Contractual Adjustments, in Arbitration | ' | ' | ' | ' | 26,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Payments on Post Closing Adjustments from Property Sales in Prior Years | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss (gain) on sales of assets, net | ' | ' | ' | ' | 266,000 | -4,282,000 | -2,474,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (Loss) on Disposition of Property, Plant and Equipment due to Post-close Adjustment | ' | ' | ' | ' | ' | 1,000,000 | -700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Proceeds from Post Closing Adjustments from Property Sales in Prior Years | ' | ' | ' | ' | ' | 1,000,000 | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Notes, Noncurrent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 775,000,000 | 0 |
Annual interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.50% | ' |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | ' | 14,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets | ' | 46,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Liabilities | ' | $32,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_and_Divestitures_2
Acquisitions and Divestitures Business Acquisition, Pro-Forma Information (Details) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Business Combinations, Pro-Forma Information [Abstract] | ' | ' |
Business Acquisition, Pro Forma Revenue | $457,811 | $389,260 |
Business Acquisition, Pro Forma Net Income (Loss) | ($148,272) | ($106,059) |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | ($2.27) | ($1.83) |
Acquisitions_and_Divestitures_3
Acquisitions and Divestitures Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Business Combinations, Provisional Information [Abstract] | ' |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | $14 |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets | 46 |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Liabilities | $32 |
Summary_of_Accounts_Receivable
Summary of Accounts Receivable (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Customers | $93,288 | $43,967 |
Joint interest partners | 76,199 | 16,154 |
Other | 25,538 | 4,523 |
Accounts Receivable, Gross, Current, Total | 195,025 | 64,644 |
Less: Allowance for doubtful accounts | -622 | -1,666 |
Accounts receivable, net of allowance for doubtful accounts | $194,403 | $62,978 |
Accounts_Receivable_and_Major_2
Accounts Receivable and Major Customers - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Customer | Customer | |
Sales Revenue | Customer Concentration Risk | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Number of major customers | 3 | 4 |
Revenues, major customers | $181.70 | $182 |
Concentration risk, percentage | 42.00% | 59.00% |
Sales Revenue | Customer Concentration Risk | Major Customer 1 | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Revenues, major customers | 70.4 | 60.1 |
Concentration risk, percentage | 16.00% | 19.00% |
Sales Revenue | Customer Concentration Risk | Major Customer 2 | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Revenues, major customers | 55.9 | 46.7 |
Concentration risk, percentage | 13.00% | 15.00% |
Sales Revenue | Customer Concentration Risk | Major Customer 3 | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Revenues, major customers | 55.4 | 41.5 |
Concentration risk, percentage | 13.00% | 13.00% |
Sales Revenue | Customer Concentration Risk | Major Customer 4 | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Revenues, major customers | ' | 33.8 |
Concentration risk, percentage | ' | 11.00% |
Accounts Receivable | Credit Concentration Risk | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Concentration risk, percentage | 37.00% | 49.00% |
Accounts receivable, major customers | $34.80 | $21.60 |
Derivative_Instruments_Additio
Derivative Instruments - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2011 | Dec. 31, 2009 | 31-May-12 | Dec. 31, 2013 | Feb. 29, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
10.375% Senior Unsecured Notes due 2016 | 10.375% Senior Unsecured Notes due 2016 | 7.25% Senior Unsecured Notes due 2019 | 7.25% Senior Unsecured Notes due 2019 | 7.25% Senior Unsecured Notes due 2019 | Commodity contracts | Commodity contracts | Commodity contracts | Commodity contracts | |||
Entity | Credit Concentration Risk | Natural Gas | Crude Oil | ||||||||
Entity | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Third-party quoted forward prices | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'NYMEX Henry Hub gas | 'West Texas Intermediate crude oil |
Debt hedged by interest rate derivatives | ' | ' | ' | 33.33% | ' | ' | 33.33% | ' | ' | ' | ' |
Annual interest rate | ' | ' | ' | 10.38% | ' | 7.25% | 7.25% | ' | ' | ' | ' |
Cash proceeds from termination of interest rate swap | ' | ' | $2,900,000 | ' | $1,200,000 | ' | ' | ' | ' | ' | ' |
Entered interest rate swap | ' | ' | ' | 'establish variable rates on approximately one-third of the face amount of the outstanding obligation | ' | ' | ' | ' | ' | ' | ' |
Derivative assets | $5,382,000 | $16,473,000 | ' | ' | ' | ' | ' | $5,400,000 | ' | ' | ' |
Number of derivative counterparty | ' | ' | ' | ' | ' | ' | ' | 5 | 3 | ' | ' |
Commodity_Derivative_Positions
Commodity Derivative Positions (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
bbl | |
Settlements to be paid in subsequent period | ' |
Derivative Instruments Related to Oil and Gas Production [Line Items] | ' |
Fair Value Asset | $0 |
Fair Value Liability | 423 |
Crude Oil | Group Three | ' |
Derivative Instruments Related to Oil and Gas Production [Line Items] | ' |
Term | 31-Mar-13 |
Instrument | 'Swaps |
Derivative, Nonmonetary Notional Amount | 3,000 |
Derivative, Swap Type, Average Fixed Price | 91.92 |
Fair Value Asset | 88 |
Fair Value Liability | 0 |
Crude Oil | Group Four | ' |
Derivative Instruments Related to Oil and Gas Production [Line Items] | ' |
Term | 30-Jun-13 |
Instrument | 'Swaps |
Derivative, Nonmonetary Notional Amount | 3,000 |
Derivative, Swap Type, Average Fixed Price | 91.92 |
Fair Value Asset | 435 |
Fair Value Liability | 0 |
Crude Oil | Group Five | ' |
Derivative Instruments Related to Oil and Gas Production [Line Items] | ' |
Term | 30-Sep-13 |
Instrument | 'Swaps |
Derivative, Nonmonetary Notional Amount | 2,000 |
Derivative, Swap Type, Average Fixed Price | 91.48 |
Fair Value Asset | 410 |
Fair Value Liability | 0 |
Crude Oil | Group Six | ' |
Derivative Instruments Related to Oil and Gas Production [Line Items] | ' |
Term | 31-Dec-13 |
Instrument | 'Collars |
Derivative, Nonmonetary Notional Amount | 1,500 |
Weighted Average Price, Floor/Swap | 93.33 |
Weighted Average Price, Ceiling | 102.8 |
Fair Value Asset | 0 |
Fair Value Liability | 28 |
Crude Oil | Group Seven | ' |
Derivative Instruments Related to Oil and Gas Production [Line Items] | ' |
Term | 31-Mar-13 |
Instrument | 'Collars |
Derivative, Nonmonetary Notional Amount | 1,500 |
Weighted Average Price, Floor/Swap | 93.33 |
Weighted Average Price, Ceiling | 102.8 |
Fair Value Asset | 128 |
Fair Value Liability | 0 |
Crude Oil | Group Eight | ' |
Derivative Instruments Related to Oil and Gas Production [Line Items] | ' |
Term | 30-Jun-13 |
Instrument | 'Swaps |
Derivative, Nonmonetary Notional Amount | 2,000 |
Derivative, Swap Type, Average Fixed Price | 91.48 |
Fair Value Asset | 556 |
Fair Value Liability | 0 |
Crude Oil | Group Nine | ' |
Derivative Instruments Related to Oil and Gas Production [Line Items] | ' |
Term | 30-Sep-13 |
Crude Oil | Group Ten | ' |
Derivative Instruments Related to Oil and Gas Production [Line Items] | ' |
Term | 31-Dec-13 |
Crude Oil | Group Eleven | ' |
Derivative Instruments Related to Oil and Gas Production [Line Items] | ' |
Term | 31-Mar-14 |
Instrument | 'Swaps |
Derivative, Nonmonetary Notional Amount | 8,500 |
Derivative, Swap Type, Average Fixed Price | 94 |
Fair Value Asset | 0 |
Fair Value Liability | 3,352 |
Crude Oil | Group Twelve | ' |
Derivative Instruments Related to Oil and Gas Production [Line Items] | ' |
Term | 30-Jun-14 |
Instrument | 'Swaps |
Derivative, Nonmonetary Notional Amount | 8,500 |
Derivative, Swap Type, Average Fixed Price | 94 |
Fair Value Asset | 0 |
Fair Value Liability | 2,280 |
Crude Oil | Group Thirteen | ' |
Derivative Instruments Related to Oil and Gas Production [Line Items] | ' |
Term | 30-Sep-14 |
Instrument | 'Swaps |
Derivative, Nonmonetary Notional Amount | 9,000 |
Derivative, Swap Type, Average Fixed Price | 93.38 |
Fair Value Asset | 0 |
Fair Value Liability | 1,025 |
Crude Oil | Group Fourteen | ' |
Derivative Instruments Related to Oil and Gas Production [Line Items] | ' |
Term | 31-Dec-14 |
Instrument | 'Swaps |
Derivative, Nonmonetary Notional Amount | 9,000 |
Derivative, Swap Type, Average Fixed Price | 93.38 |
Fair Value Asset | 607 |
Fair Value Liability | 0 |
Crude Oil | Group Fifteen | ' |
Derivative Instruments Related to Oil and Gas Production [Line Items] | ' |
Term | 31-Mar-14 |
Crude Oil | Group Sixteen | ' |
Derivative Instruments Related to Oil and Gas Production [Line Items] | ' |
Term | 30-Jun-14 |
Crude Oil | Group Seventeen | ' |
Derivative Instruments Related to Oil and Gas Production [Line Items] | ' |
Term | 30-Sep-14 |
Crude Oil | Group Eighteen | ' |
Derivative Instruments Related to Oil and Gas Production [Line Items] | ' |
Term | 31-Dec-14 |
Natural Gas | Group Nine | ' |
Derivative Instruments Related to Oil and Gas Production [Line Items] | ' |
Instrument | 'Swaps |
Derivative, Nonmonetary Notional Amount | 5,000 |
Derivative, Swap Type, Average Fixed Price | 4.5 |
Fair Value Asset | 64 |
Fair Value Liability | 0 |
Natural Gas | Group Nineteen | ' |
Derivative Instruments Related to Oil and Gas Production [Line Items] | ' |
Term | 31-Mar-13 |
Instrument | 'Collars |
Derivative, Nonmonetary Notional Amount | 5,000 |
Weighted Average Price, Floor/Swap | 4 |
Weighted Average Price, Ceiling | 4.5 |
Fair Value Asset | 0 |
Fair Value Liability | 3 |
Natural Gas | Group Twenty | ' |
Derivative Instruments Related to Oil and Gas Production [Line Items] | ' |
Term | 30-Jun-13 |
Natural Gas | Group Twenty One | ' |
Derivative Instruments Related to Oil and Gas Production [Line Items] | ' |
Term | 30-Sep-13 |
Natural Gas | Group Twenty Two | ' |
Derivative Instruments Related to Oil and Gas Production [Line Items] | ' |
Term | 31-Dec-13 |
Natural Gas | Group Twenty Three [Member] | ' |
Derivative Instruments Related to Oil and Gas Production [Line Items] | ' |
Term | 31-Mar-14 |
Natural Gas | Group Twenty Four | ' |
Derivative Instruments Related to Oil and Gas Production [Line Items] | ' |
Term | 31-Mar-13 |
Instrument | 'Swaps |
Derivative, Nonmonetary Notional Amount | 10,000 |
Derivative, Swap Type, Average Fixed Price | 4.28 |
Fair Value Asset | 1 |
Fair Value Liability | 0 |
Natural Gas | Group Twenty Five | ' |
Derivative Instruments Related to Oil and Gas Production [Line Items] | ' |
Term | 30-Jun-13 |
Instrument | 'Swaps |
Derivative, Nonmonetary Notional Amount | 15,000 |
Derivative, Swap Type, Average Fixed Price | 4.1 |
Fair Value Asset | 0 |
Fair Value Liability | 1 |
Natural Gas | Group Twenty Six | ' |
Derivative Instruments Related to Oil and Gas Production [Line Items] | ' |
Term | 30-Sep-13 |
Instrument | 'Swaps |
Derivative, Nonmonetary Notional Amount | 15,000 |
Derivative, Swap Type, Average Fixed Price | 4.1 |
Fair Value Asset | 0 |
Fair Value Liability | 60 |
Natural Gas | Group Twenty Seven | ' |
Derivative Instruments Related to Oil and Gas Production [Line Items] | ' |
Term | 31-Dec-13 |
Instrument | 'Swaps |
Derivative, Nonmonetary Notional Amount | 5,000 |
Derivative, Swap Type, Average Fixed Price | 4.5 |
Fair Value Asset | 125 |
Fair Value Liability | $0 |
Impact_of_Derivative_Activitie
Impact of Derivative Activities on Condensed Consolidated Statements of Income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivatives | ($20,852) | $36,187 | $15,651 |
Cash received | -1,042 | 29,723 | 27,380 |
Unrealized gains (losses) | -19,810 | 6,464 | -11,729 |
Commodity contracts | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivatives | -20,852 | 34,781 | 14,422 |
Cash received | -1,042 | 28,317 | 23,562 |
Unrealized gains (losses) | -19,810 | 6,464 | -9,140 |
Interest rate contracts | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivatives | 0 | 1,406 | 1,229 |
Cash received | 0 | 1,406 | 3,818 |
Unrealized gains (losses) | $0 | $0 | ($2,589) |
Fair_Value_of_Derivative_Instr
Fair Value of Derivative Instruments on Condensed Consolidated Balance Sheets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative assets, current | $3,830 | $11,292 |
Derivative assets, noncurrent | 1,552 | 5,181 |
Derivative assets | 5,382 | 16,473 |
Derivative liabilities, current | 10,141 | 0 |
Derivative liabilities, noncurrent | 0 | 1,421 |
Derivative liabilities | 10,141 | 1,421 |
Commodity contracts | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative assets | 5,400 | ' |
Commodity contracts | Derivative assets/liabilities - current | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative assets, current | 3,830 | 11,292 |
Derivative liabilities, current | 10,141 | 0 |
Commodity contracts | Derivative assets/liabilities - noncurrent | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative assets, noncurrent | 1,552 | 5,181 |
Derivative liabilities, noncurrent | 0 | 1,421 |
Interest rate contracts | Derivative assets/liabilities - current | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative assets, current | 0 | 0 |
Derivative liabilities, current | 0 | 0 |
Interest rate contracts | Derivative assets/liabilities - noncurrent | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative assets, noncurrent | 0 | 0 |
Derivative liabilities, noncurrent | $0 | $0 |
Summary_of_Property_and_Equipm
Summary of Property and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Oil and gas properties: | ' | ' |
Proved | $2,970,047 | $2,277,811 |
Unproved | 101,520 | 60,746 |
Total oil and gas properties | 3,071,567 | 2,338,557 |
Other property and equipment | 105,421 | 93,648 |
Total property and equipment | 3,176,988 | 2,432,205 |
Accumulated depreciation, depletion and amortization | -939,684 | -708,846 |
Property and equipment, net (successful efforts method) | $2,237,304 | $1,723,359 |
Property_and_Equipment_Changes
Property and Equipment Changes in Capitalized Exploratory Drilling Costs (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 |
Well | Well | Well | Well | |
Number of Wells | ' | ' | ' | ' |
Balance at beginning of year (in wells) | 1 | 0 | ' | 1 |
Additions pending determination of proved reserves (in wells) | 0 | 1 | 0 | ' |
Reclassification to wells, equipment and facilities based on the determination of proved reserves (in wells) | -1 | 0 | 0 | ' |
Charged to exploration expense (in wells) | 0 | 0 | -1 | ' |
Balance at end of year (in wells) | 0 | 1 | 0 | 1 |
Cost | ' | ' | ' | ' |
Balance at beginning of year | $4,435 | $0 | ' | $6,180 |
Additions pending determination of proved reserves | 0 | 4,435 | 0 | ' |
Reclassification to wells, equipment and facilities based on the determination of proved reserves | -4,435 | 0 | 0 | ' |
Charged to exploration expense | 0 | 0 | -6,180 | ' |
Balance at end of year | $0 | $4,435 | $0 | $6,180 |
Reconciliation_of_Asset_Retire
Reconciliation of Asset Retirement Obligations which are Included in Other Liabilities (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ' | ' | ||
Balance at beginning of year | $4,513 | $6,283 | ||
Liabilities incurred | 1,675 | [1] | 57 | [1] |
Liabilities settled | -220 | -236 | ||
Sale of properties | 0 | -1,976 | ||
Accretion expense | 469 | 385 | ||
Balance at end of year | 6,437 | 4,513 | ||
Eagle Ford Shale | ' | ' | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ' | ' | ||
Liabilities incurred | $1,500 | ' | ||
[1] | Includes $1.5 million recognized in connection with the 2013 EF Acquisition. |
Summary_of_LongTerm_Debt_Detai
Summary of Long-Term Debt (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 29, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | 10.375% Senior Unsecured Notes due 2016 | 10.375% Senior Unsecured Notes due 2016 | 10.375% Senior Unsecured Notes due 2016 | 7.25% Senior Unsecured Notes due 2019 | 7.25% Senior Unsecured Notes due 2019 | 7.25% Senior Unsecured Notes due 2019 | Senior Notes Due 2020 [Member] | Senior Notes Due 2020 [Member] | ||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility | $206,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes | ' | ' | 0 | 294,759 | ' | 300,000 | 300,000 | ' | 775,000 | 0 |
Long-term debt | 1,281,000 | 594,759 | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount | ' | ' | $0 | $300,000 | ' | ' | ' | ' | ' | ' |
Annual interest rate | ' | ' | ' | ' | 10.38% | 7.25% | ' | 7.25% | 8.50% | ' |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Sep. 30, 2012 | Dec. 31, 2009 | Dec. 31, 2013 | Feb. 29, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
10.375% Senior Unsecured Notes due 2016 | 10.375% Senior Unsecured Notes due 2016 | 10.375% Senior Unsecured Notes due 2016 | Senior Notes Due 2020 [Member] | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Previous Revolving Credit Facility | Previous Revolving Credit Facility | 10.375% Senior Unsecured Notes due 2016 | 7.25% Senior Unsecured Notes due 2019 | 7.25% Senior Unsecured Notes due 2019 | 7.25% Senior Unsecured Notes due 2019 | 7.25% Senior Unsecured Notes due 2019 | |||||
Minimum | Maximum | through December 31, 2013 | through June 30, 2014 | through maturity | Group Twelve | Group Thirteen | Letter of Credit | Group One | Group Two | ||||||||||||||||
Maximum | Maximum | Maximum | |||||||||||||||||||||||
Debt Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | $400,000,000 | ' | ' | ' | ' | ' | ' | ' | $20,000,000 | ' | ' | ' | ' | ' | ' | ' |
Optional additional borrowing | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Initial Borrowing Capacity Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 425,000,000 | ' | ' | ' | ' | ' |
Letter of credit amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,700,000 | ' | ' | ' | ' | ' | ' |
Available borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 191,300,000 | ' | ' | ' | ' | ' | ' |
Debt issuance costs paid | ' | 25,634,000 | 2,032,000 | 8,854,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write off of deferred debt issuance cost | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility interest rate description | ' | ' | ' | ' | ' | ' | ' | ' | 'Borrowings under the Revolver bear interest, at our option, at either (i) a rate derived from the London Interbank Offered Rate, as adjusted for statutory reserve requirements for Eurocurrency liabilities (the “Adjusted LIBORâ€), plus an applicable margin ranging from 1.500% to 2.500% or (ii) the greater of (a) the prime rate, (b) the federal funds effective rate plus 0.5% or (c) the one-month Adjusted LIBOR plus 1.0%, and, in each case, plus an applicable margin (ranging from 0.500% to 1.500%). The applicable margin is determined based on the ratio of our outstanding borrowings to the available Revolver capacity. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility interest rate option one, applicable margin rate over Adjusted LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility interest rate option two, base rate over federal funds effective rate | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Description of Variable Rate Basis | ' | 'one-month Adjusted LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility interest rate option two, base rate over one-month Adjusted LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility interest rate option two, applicable margin rate | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | 0.50% | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Interest Rate at Period End | ' | ' | ' | ' | ' | ' | ' | ' | 2.19% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line Of Credit Facility, Interest Rate at Period End, LIBOR Component | ' | ' | ' | ' | ' | ' | ' | ' | 0.19% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fees for undrawn credit facility | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.38% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' |
Current ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt to EBITDAX ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.5 | 4.25 | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.38% | 7.25% | 7.25% | ' | ' |
Redemption option, percent of principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 103.63% | 100.00% |
Cash paid to repurchase principal | ' | ' | ' | ' | 330,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss On extinguishment of debt ross | ' | ' | ' | ' | ' | ' | -29,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on extinguishment of debt | ' | 29,174,000 | 3,164,000 | 25,421,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Proceeds Used For Cash Consideration, Business Acquisition | ' | ' | ' | ' | ' | ' | ' | $380,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Provision_for_Incom
Summary of Provision for Income Taxes from Continuing Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current income taxes (benefit) | ' | ' | ' |
Federal | $0 | $0 | $1,279 |
State | 0 | -26 | -3,933 |
Current Income Tax Expense (Benefit), Total | 0 | -26 | -2,654 |
Deferred income tax benefit | ' | ' | ' |
Federal | -77,046 | -60,676 | -80,529 |
State | -650 | -8,000 | -4,972 |
Deferred Income Tax Expense (Benefit), Total | -77,696 | -68,676 | -85,501 |
Income tax benefit | ($77,696) | ($68,702) | ($88,155) |
Intra_Period_Allocation_of_Inc
Intra Period Allocation of Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Continuing operations | ($77,696) | ($68,702) | ($88,155) |
Income_Taxes_Reconciliation_De
Income Taxes Reconciliation (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | ' | ' | ' |
Computed at federal statutory rate | ($77,268) | ($60,652) | ($77,374) |
State income taxes, net of federal income tax benefit | -650 | -8,026 | -4,825 |
Other, net | 222 | -24 | -5,956 |
Income tax benefit | ($77,696) | ($68,702) | ($88,155) |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | ' | ' | ' |
Computed at federal statutory rate | -35.00% | -35.00% | -35.00% |
State income taxes, net of federal income tax benefit | -0.30% | -4.60% | -2.20% |
Other, net | 0.10% | 0.00% | -2.70% |
Effective Income Tax Rate, Continuing Operations, Total | -35.20% | -39.60% | -39.90% |
Summary_of_Principal_Component
Summary of Principal Components of Net Deferred Income Tax Liability (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax liabilities: | ' | ' |
Property and equipment | $248,164 | $311,002 |
Fair value of derivative instruments | 0 | 5,268 |
Total deferred tax liabilities | 248,164 | 316,270 |
Deferred Tax Assets, Derivative Instruments | 1,665 | 0 |
Deferred tax assets: | ' | ' |
Pension and postretirement benefits | 2,248 | 2,864 |
Share-based compensation | 6,907 | 10,760 |
Net operating loss (“NOLâ€) carryforwards | 115,355 | 102,407 |
Other | 18,029 | 15,788 |
Deferred Tax Assets, Gross, Total | 144,204 | 131,819 |
Less: Valuation allowance | -35,727 | -26,686 |
Total deferred tax assets | 108,477 | 105,133 |
Net deferred tax liability | $139,687 | $211,137 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Valuation Allowance [Line Items] | ' | ' | ' |
Federal net operating loss carryforward | $225.30 | ' | $31.20 |
State net operating loss carryforwards | 56.2 | ' | ' |
Valuation allowance before taxes | 55 | 41 | ' |
Proceeds from income tax returns due to operating loss carryforwards | 32 | ' | ' |
Liabilities for unrecognized tax benefits | 0 | 0 | ' |
Interest and penalty charges | $0 | $0 | $0 |
Federal | ' | ' | ' |
Valuation Allowance [Line Items] | ' | ' | ' |
Operating loss carryforward Expiration Date | '2031 | ' | ' |
State and Local Jurisdiction | Minimum | ' | ' | ' |
Valuation Allowance [Line Items] | ' | ' | ' |
Operating loss carryforward Expiration Date | '2024 | ' | ' |
State and Local Jurisdiction | Maximum | ' | ' | ' |
Valuation Allowance [Line Items] | ' | ' | ' |
Operating loss carryforward Expiration Date | '2033 | ' | ' |
Components_of_Selected_Balance
Components of Selected Balance Sheet Accounts (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Other current assets: | ' | ' | ||
Tubular inventory and well materials | $2,271 | $4,033 | ||
Prepaid expenses | 3,653 | 562 | ||
Prepaid Expense and Other Assets, Current, Total | 5,924 | 4,595 | ||
Other assets: | ' | ' | ||
Debt issuance costs | 30,239 | 13,186 | ||
Assets of supplemental employee retirement plan ("SERP") | 3,734 | [1] | 3,237 | [1] |
Other | 562 | 1,511 | ||
Other assets | 34,535 | 17,934 | ||
Accounts payable and accrued liabilities: | ' | ' | ||
Trade accounts payable | 120,278 | 37,835 | ||
Drilling and other lease operating costs | 51,529 | 37,703 | ||
Royalties | 39,929 | 14,390 | ||
Production and franchise taxes | 5,338 | 2,874 | ||
Compensation - related | 8,584 | [2],[3] | 6,853 | [2],[3] |
Interest | 15,718 | 5,828 | ||
Preferred stock dividends | 1,725 | 1,687 | ||
Other | 4,903 | 4,485 | ||
Accounts payable and accrued liabilities | 248,004 | 111,655 | ||
Other liabilities: | ' | ' | ||
Firm transportation obligation | 13,245 | 14,333 | ||
Asset retirement obligations | 6,437 | 4,513 | ||
Defined benefit pension obligations | 1,579 | [2] | 1,821 | [2] |
Postretirement health care benefit obligations | 1,023 | [2] | 2,634 | [2] |
Deferred compensation - SERP obligation and other | 3,883 | [1] | 3,310 | [1] |
Other | 7,219 | 2,290 | ||
Other liabilities | $33,386 | $28,901 | ||
[1] | s the assets and liabilities of the Penn Virginia Corporation Supplemental Employee Retirement Plan (“SERPâ€) which is a nonqualified supplemental employee retirement savings plan. Assets of the SERP are held in a Rabbi Trust. Shares of our common stock held by the Rabbi Trust are presented for financial reporting purposes as treasury stock carried at cost. | |||
[2] | Includes the combined unfunded benefit obligations under our defined benefit pension and postretirement health care plans of $3.0 million and $5.1 million as of December 31, 2013 and 2012. The expense recognized with respect to these plans was $0.3 million, $0.3 million and $0.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||
[3] | Includes employer matching obligations under our defined contribution retirement plan of $0.2 million and $0.2 million as of December 31, 2013 and 2012, respectively. The expense recognized with respect to this plan was $1.0 million, $0.9 million and $1.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. |
Components_of_Selected_Balance1
Components of Selected Balance Sheet Accounts (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Compensation | $8,584,000 | [1],[2] | $6,853,000 | [1],[2] | ' |
Unfunded Defined Benefit Plan | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined benefit pension and postretirement health care plans | 3,000,000 | 5,100,000 | ' | ||
Pension and postretirement benefit expense | 300,000 | 300,000 | 400,000 | ||
Defined Contribution Retirement Plan | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Compensation | 200,000 | 200,000 | ' | ||
Recognized expense | $1,000,000 | $900,000 | $1,200,000 | ||
[1] | Includes the combined unfunded benefit obligations under our defined benefit pension and postretirement health care plans of $3.0 million and $5.1 million as of December 31, 2013 and 2012. The expense recognized with respect to these plans was $0.3 million, $0.3 million and $0.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||
[2] | Includes employer matching obligations under our defined contribution retirement plan of $0.2 million and $0.2 million as of December 31, 2013 and 2012, respectively. The expense recognized with respect to this plan was $1.0 million, $0.9 million and $1.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. |
Fair_Value_Summary_of_LongTerm
Fair Value Summary of Long-Term Debt with Fixed Interest Rates (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt with fixed interest rates | $1,145,469 | $603,000 |
Fair Value | 10.375% Senior Unsecured Notes due 2016 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt with fixed interest rates | 0 | 316,500 |
Fair Value | 7.25% Senior Unsecured Notes due 2019 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt with fixed interest rates | 307,500 | 286,500 |
Fair Value | 8.50% Senior Unsecured Notes due 2020 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt with fixed interest rates | 837,969 | 0 |
Carrying Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt with fixed interest rates | 1,075,000 | 594,759 |
Carrying Value | 10.375% Senior Unsecured Notes due 2016 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt with fixed interest rates | 0 | 294,759 |
Carrying Value | 7.25% Senior Unsecured Notes due 2019 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt with fixed interest rates | 300,000 | 300,000 |
Carrying Value | 8.50% Senior Unsecured Notes due 2020 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt with fixed interest rates | $775,000 | $0 |
Assets_and_Liabilities_Measure
Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Commodity derivative assets - current | $3,830 | $11,292 |
Commodity derivative assets - noncurrent | 1,552 | 5,181 |
Liabilities: | ' | ' |
Commodity derivative liabilities - current | -10,141 | 0 |
Commodity derivative liabilities - noncurrent | 0 | -1,421 |
Fair Value, Measurements, Recurring | ' | ' |
Assets: | ' | ' |
Assets of SERP | 3,734 | 3,237 |
Liabilities: | ' | ' |
Deferred compensation - SERP obligation and other | -3,879 | -3,305 |
Fair Value, Measurements, Recurring | Level 1 | ' | ' |
Assets: | ' | ' |
Assets of SERP | 3,734 | 3,237 |
Liabilities: | ' | ' |
Deferred compensation - SERP obligation and other | -3,879 | -3,305 |
Fair Value, Measurements, Recurring | Level 2 | ' | ' |
Assets: | ' | ' |
Assets of SERP | 0 | 0 |
Liabilities: | ' | ' |
Deferred compensation - SERP obligation and other | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | ' | ' |
Assets: | ' | ' |
Assets of SERP | 0 | 0 |
Liabilities: | ' | ' |
Deferred compensation - SERP obligation and other | 0 | 0 |
Fair Value, Measurements, Recurring | Commodity contracts | ' | ' |
Assets: | ' | ' |
Commodity derivative assets - current | 3,830 | 11,292 |
Commodity derivative assets - noncurrent | 1,552 | 5,181 |
Liabilities: | ' | ' |
Commodity derivative liabilities - current | 0 | 0 |
Commodity derivative liabilities - noncurrent | -10,141 | -1,421 |
Fair Value, Measurements, Recurring | Commodity contracts | Level 1 | ' | ' |
Assets: | ' | ' |
Commodity derivative assets - current | 0 | 0 |
Commodity derivative assets - noncurrent | 0 | 0 |
Liabilities: | ' | ' |
Commodity derivative liabilities - current | 0 | 0 |
Commodity derivative liabilities - noncurrent | 0 | 0 |
Fair Value, Measurements, Recurring | Commodity contracts | Level 2 | ' | ' |
Assets: | ' | ' |
Commodity derivative assets - current | 3,830 | 11,292 |
Commodity derivative assets - noncurrent | 1,552 | 5,181 |
Liabilities: | ' | ' |
Commodity derivative liabilities - current | 0 | 0 |
Commodity derivative liabilities - noncurrent | -10,141 | -1,421 |
Fair Value, Measurements, Recurring | Commodity contracts | Level 3 | ' | ' |
Assets: | ' | ' |
Commodity derivative assets - current | 0 | 0 |
Commodity derivative assets - noncurrent | 0 | 0 |
Liabilities: | ' | ' |
Commodity derivative liabilities - current | 0 | 0 |
Commodity derivative liabilities - noncurrent | $0 | $0 |
Significant_Commitments_by_Cat
Significant Commitments by Category (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Minimum Rental Commitments | ' |
2013 | $1,884 |
2014 | 1,808 |
2015 | 1,702 |
2016 | 652 |
2017 | 666 |
Thereafter | 681 |
Total | 7,393 |
Drilling Commitments | ' |
Commitments | ' |
2013 | 88,398 |
2014 | 4,615 |
2015 | 0 |
2016 | 0 |
2017 | 0 |
Thereafter | 0 |
Total | 93,013 |
Firm Transportation Commitments | ' |
Commitments | ' |
2013 | 2,002 |
2014 | 2,002 |
2015 | 1,095 |
2016 | 1,095 |
2017 | 1,095 |
Thereafter | 10,767 |
Total | 18,056 |
Other Commitments | ' |
Commitments | ' |
2013 | 4,021 |
2014 | 4,429 |
2015 | 5,138 |
2016 | 0 |
2017 | 0 |
Thereafter | 0 |
Total | $13,588 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Environmental Compliance | Legal Reserve | Contract Drilling | Maximum | Minimum | ||||
Firm Transportation | Firm Transportation | |||||||
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Operating lease rental expense | $9,400,000 | $11,000,000 | $11,400,000 | ' | ' | ' | ' | ' |
Contract term | ' | ' | ' | ' | ' | ' | '15 years | '1 year |
Contract termination claims description | ' | ' | ' | ' | ' | 'early termination provisions that would require us to pay penalties if we terminate the agreements prior to the end of their original terms. | ' | ' |
Loss on contract termination for default | ' | ' | ' | ' | ' | 19,000,000 | ' | ' |
Reserve established for contingency matters | ' | ' | ' | ' | 900,000 | ' | ' | ' |
Suspense account | 1,900,000 | ' | ' | ' | ' | ' | ' | ' |
Asset retirement obligations | $6,437,000 | $4,513,000 | $6,283,000 | $6,400,000 | ' | ' | ' | ' |
Shareholders_Equity_Additional
Shareholders' Equity - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ' | ' | ' | ' |
Depositary shares issued during period, (in shares) | 11,500 | ' | ' | ' |
Preferred stock dividend rate | 6.00% | 6.00% | ' | ' |
Proceeds from the issuance of preferred stock, net | $110,300,000 | $0 | $110,337,000 | $0 |
Preferred stock dividends declared per share | ' | ' | $146.67 | ' |
Preferred stock liquidation preference (in dollars per share) | ' | $10,000 | ' | ' |
Quarterly dividends per share (in dollars per share) | ' | $150 | ' | ' |
Conversion price (in dollars per share) | ' | $6 | ' | ' |
Conversion rate, convertible preferred stock into common | ' | 1,666.67 | ' | ' |
Premium for conversion price to concurrent common stock offering price | ' | 20.00% | ' | ' |
Common stock offering price, new issue (in dollars per share) | ' | $5 | ' | ' |
Conversion ratio into common stock if closing sale price exceed prior period conversion price | ' | 130.00% | ' | ' |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ' | ' | ' | ' |
Issuance of common stock (in shares) | 9,200,000 | ' | ' | ' |
Proceeds from issuance of common stock | 43,500,000 | ' | ' | ' |
Common stock, shares authorized | ' | 128,000,000 | 128,000,000 | ' |
Accumulated other comprehensive losses attributable to pension and postretirement benefit obligations, net of tax | ' | $300,000 | ($1,000,000) | ($1,100,000) |
Treasury stock (in shares) | ' | 233,063 | 218,320 | ' |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted-average grant-date fair value of options granted during period | $2.35 | $2.54 | $7.30 |
Total intrinsic value of options exercised | $100,000 | ' | $400,000 |
Exercised (in shares) | -2,820 | 0 | ' |
Deferred compensation obligation | -677,000 | -2,000 | 257,000 |
Maximum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period | '10 years | ' | ' |
Stock Options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period | '3 years | ' | ' |
Employees retirement age | '62 years | ' | ' |
Years of service | '10 years | ' | ' |
Unrecognized compensation cost | 1,700,000 | ' | ' |
Unrecognized compensation cost weighted-average recognition period | '0 years 9 months 18 days | ' | ' |
Total grant-date fair values of stock that vested | 2,700,000 | 4,700,000 | 3,700,000 |
Restricted Stock | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period | '3 years | ' | ' |
Total grant-date fair values of stock that vested | ' | ' | 500,000 |
Deferred Common Stock Units | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Granted (in shares) | 46,134 | ' | ' |
Granted (in dollars per share) | $5.58 | ' | ' |
Deferred compensation obligation | 2,800,000 | 3,100,000 | 3,600,000 |
Restricted Stock Units (RSUs) | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period | '3 years | ' | ' |
Unrecognized compensation cost | 1,500,000 | ' | ' |
Unrecognized compensation cost weighted-average recognition period | '1 year 1 month 6 days | ' | ' |
Total grant-date fair values of stock that vested | 1,700,000 | 1,400,000 | 900,000 |
Granted (in shares) | 754,474 | ' | ' |
Granted (in dollars per share) | $3.91 | ' | ' |
Incremental common shares attributable to participating nonvested shares with non-forfeitable dividend rights, vesting period | '30 days | ' | ' |
Performance Based Restricted Stock Units (PBRSUs) | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period | '3 years | ' | ' |
Granted (in shares) | 360,486 | ' | ' |
Granted (in dollars per share) | $4.91 | ' | ' |
Performance Based Restricted Stock Units (PBRSUs) | Other Noncurrent Liabilities | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total fair value | $4,800,000 | ' | ' |
Performance Based Restricted Stock Units (PBRSUs) | Minimum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares expected to vest at grant date | 0.00% | ' | ' |
Performance Based Restricted Stock Units (PBRSUs) | Maximum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares expected to vest at grant date | 200.00% | ' | ' |
Vests rateably over 3 years | Stock Options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting description | 'One-third vesting in each year | ' | ' |
Award vesting rights percentage | 33.33% | ' | ' |
Vests rateably over 3 years | Restricted Stock | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting description | 'One-third vesting in each year | ' | ' |
Award vesting rights percentage | 33.33% | ' | ' |
Vests rateably over 3 years | Restricted Stock Units (RSUs) | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting description | 'One-third vesting in each year | ' | ' |
Award vesting rights percentage | 33.33% | ' | ' |
Performance Period 1 | Performance Based Restricted Stock Units (PBRSUs) | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Performance period | '1 year | ' | ' |
Performance Period 2 | Performance Based Restricted Stock Units (PBRSUs) | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Performance period | '2 years | ' | ' |
Performance Period 3 | Performance Based Restricted Stock Units (PBRSUs) | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Performance period | '3 years | ' | ' |
Employee | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares available for issuance | 3,364,758 | ' | ' |
Non-employee Director | Common Stock | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Granted (in shares) | 77,598 | 79,700 | ' |
Granted (in dollars per share) | $5.39 | $5.33 | ' |
Summary_of_ShareBased_Compensa
Summary of Share-Based Compensation Expense (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] | ' | ' | ' |
Stock option awards | $3,123 | $4,424 | $5,477 |
Common, deferred, restricted and restricted unit awards | 2,658 | 1,923 | 1,953 |
Share-based compensation | 5,781 | 6,347 | 7,430 |
Allocated Share-based Compensation Expense | 9,897 | 7,061 | 7,430 |
Liability-classified awards | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Share-based compensation | $4,116 | $714 | $0 |
Fair_Value_of_Each_Award_Estim
Fair Value of Each Award Estimated on Date of Grant Using Black-Scholes-Merton Option-Pricing Formula (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Options | ' | ' | ' |
Schedule of Benefit Obligations Weighted Average Assumptions [Line Items] | ' | ' | ' |
Expected volatility, min | 56.90% | 67.30% | 61.70% |
Expected volatility, max | 70.10% | 72.90% | 71.90% |
Dividend yield, min | 0.00% | 2.25% | 1.25% |
Dividend yield, max | 0.00% | 4.98% | 2.25% |
Risk-free interest rate, min | 0.34% | 0.36% | 0.39% |
Risk-free interest rate, max | 0.58% | 0.51% | 2.18% |
Stock Options | Minimum | ' | ' | ' |
Schedule of Benefit Obligations Weighted Average Assumptions [Line Items] | ' | ' | ' |
Expected life | '3 years 6 months | '3 years 6 months | '3 years 6 months |
Stock Options | Maximum | ' | ' | ' |
Schedule of Benefit Obligations Weighted Average Assumptions [Line Items] | ' | ' | ' |
Expected life | '4 years 7 months 6 days | '4 years 7 months 6 days | '4 years 7 months 6 days |
Performance Based Restricted Stock Units (PBRSUs) | ' | ' | ' |
Schedule of Benefit Obligations Weighted Average Assumptions [Line Items] | ' | ' | ' |
Expected volatility, min | 29.30% | ' | ' |
Expected volatility, max | 78.00% | ' | ' |
Dividend yield, min | 0.00% | ' | ' |
Dividend yield, max | 5.30% | ' | ' |
Risk-free interest rate, min | 0.02% | ' | ' |
Risk-free interest rate, max | 0.43% | ' | ' |
Activity_of_Awarded_Options_De
Activity of Awarded Options (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Shares Under Options | ' | ' |
Outstanding at beginning of year (in shares) | 2,286,734 | ' |
Granted (in shares) | 934,067 | ' |
Exercised (in shares) | -2,820 | 0 |
Forfeited (in shares) | -88,912 | ' |
Outstanding at end of year (in shares) | 3,129,069 | 2,286,734 |
Exercisable at end of year (in shares) | 2,167,686 | ' |
Weighted- Average Exercise Price | ' | ' |
Outstanding at beginning of year (in dollars per share) | $21.14 | ' |
Granted (in dollars per share) | $4.32 | ' |
Exercised (in dollars per share) | $5.67 | ' |
Forfeited (in dollars per share) | $20.50 | ' |
Outstanding at end of year (in dollars per share) | $16.15 | $21.14 |
Exercisable at end of year (in dollars per share) | $20.39 | ' |
Weighted- Average Remaining Contractual Term | ' | ' |
Outstanding at end of year | '6 years 8 months 12 days | ' |
Exercisable at end of year | '5 years 9 months 18 days | ' |
Aggregate Intrinsic Value | ' | ' |
Outstanding at end of year | $1,413 | ' |
Exercisable at end of year | $443 | ' |
Activity_of_Awarded_Deferred_C
Activity of Awarded Deferred Common Stock Units (Detail) (Deferred Common Stock Units, USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Deferred Common Stock Units | ' |
Number of shares | ' |
Balance at beginning of year (in shares) | 202,876 |
Granted (in shares) | 46,134 |
Converted (in shares) | -31,302 |
Balance at end of year (in shares) | 217,708 |
Weighted-Average Grant Date Fair Value | ' |
Balance at beginning of year (in dollars per share) | $15.33 |
Granted (in dollars per share) | $5.58 |
Converted (in dollars per share) | $18.43 |
Balance at end of year (in dollars per share) | $13.01 |
Activity_of_Awarded_Restricted
Activity of Awarded Restricted Stock Units (Detail) (USD $) | 12 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | ||
Restricted Stock Units (RSUs) | Performance Based Restricted Stock Units (PBRSUs) | Retirement Eligible Employees, Equity Award | Retirement Eligible Employees, Equity Award | Minimum | Maximum | ||
Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Performance Based Restricted Stock Units (PBRSUs) | Performance Based Restricted Stock Units (PBRSUs) | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' | ' | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Shares, Expected to Vest, Percentage | ' | ' | ' | ' | 0.00% | 200.00% | |
Number of shares | ' | ' | ' | ' | ' | ' | |
Balance at beginning of year (in shares) | 91,971 | [1] | 200,824 | 346,777 | 78,864 | ' | ' |
Granted (in shares) | 754,474 | 360,486 | ' | ' | ' | ' | |
Vested (in shares) | -345,595 | ' | ' | ' | ' | ' | |
Forfeited (in shares) | 0 | 0 | ' | ' | ' | ' | |
Balance at end of year (in shares) | 500,850 | [1] | 561,310 | 346,777 | 78,864 | ' | ' |
Weighted-Average Grant Date Fair Value | ' | ' | ' | ' | ' | ' | |
Balance at beginning of year (in dollars per share) | $10.08 | [1] | $6.67 | ' | ' | ' | ' |
Granted (in dollars per share) | $3.91 | $4.91 | ' | ' | ' | ' | |
Vested (in dollars per share) | $4.81 | ' | ' | ' | ' | ' | |
Forfeited (in dollars per share) | $0 | $0 | ' | ' | ' | ' | |
Balance at end of year (in dollars per share) | $4.42 | [1] | $16.07 | ' | ' | ' | ' |
[1] | Excludes 78,864 units at the beginning of the year and 346,777 units at the end of year that have vested due to retirement eligibility, but have not yet been settled or converted to common shares. |
Restructuring_Activities_Addit
Restructuring Activities - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
Canonsburg, Pennsylvania | Tulsa, Oklahoma | Accounts Payable and Accrued Liabilities | Other Noncurrent Liabilities | |||
Person | Person | |||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' |
Organization restructuring, termination of employees | ' | ' | 30 | 40 | ' | ' |
Restructuring and related costs in 2013 | ' | ' | $2,700,000 | ' | ' | ' |
Restructuring and related costs in 2014 | ' | ' | 2,800,000 | ' | ' | ' |
Restructuring and related costs in 2015 | ' | ' | 2,800,000 | ' | ' | ' |
Restructuring and related costs in 2016 | ' | ' | 2,800,000 | ' | ' | ' |
Restructuring and related costs in 2017 | ' | ' | 2,800,000 | ' | ' | ' |
Restructuring and related costs due 2018 - 2022 | ' | ' | 10,300,000 | ' | ' | ' |
Restructuring reserve, current | ' | ' | ' | ' | 2,700,000 | ' |
Restructuring reserve, noncurrent | $13,245,000 | $14,333,000 | ' | ' | ' | $13,400,000 |
Summary_of_Restructuring_Relat
Summary of Restructuring Related Obligations (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | $17,263 | $576 | ' | $64 |
Employee, office and other costs accrued, net | 7 | 1,284 | 2,351 | ' |
Firm transportation charge | 0 | 17,332 | 0 | ' |
Accretion of obligations | 1,674 | 570 | 0 | ' |
Cash payments, net | -2,854 | -2,499 | -1,839 | ' |
Balance at end of period | $16,090 | $17,263 | $576 | $64 |
Impairments_Details
Impairments (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Jun. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | |
Granite Wash | Selma Chalk | Appalachian | Appalachian | Marcellus Shale | Marcellus Shale | Arkoma Basin | Arkoma Basin | Mississippian Properties | ||||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Oil and gas properties | $132,224,000 | $103,417,000 | $104,688,000 | $121,800,000 | $900,000 | $28,400,000 | ' | $75,000,000 | $9,500,000 | ' | ' | ' |
Other - tubular inventory and well materials | 0 | 1,067,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total impairments | 132,224,000 | 104,484,000 | 104,688,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairement of oil and gas properties | ' | ' | ' | ' | ' | ' | $26,600,000 | ' | ' | $71,000,000 | $71,100,000 | $6,800,000 |
Impairments_Impairments_Fair_V
Impairments Impairments Fair Value Nonrecurring (Details) (Fair Value, Measurements, Nonrecurring, USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Long-lived assets held for use | Fair Value Measurement | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Assets, fair value | $93,945 | $14,801 | $26,625 |
Long-lived assets held for use | Level 1 | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Assets, fair value | 0 | 0 | 0 |
Long-lived assets held for use | Level 2 | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Assets, fair value | 0 | 0 | 0 |
Long-lived assets held for use | Level 3 | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Assets, fair value | 93,945 | 14,801 | 26,625 |
Long-lived assets sold during the year | Fair Value Measurement | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Assets, fair value | ' | 96,099 | 30,342 |
Long-lived assets sold during the year | Level 1 | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Assets, fair value | ' | 0 | 0 |
Long-lived assets sold during the year | Level 2 | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Assets, fair value | ' | 0 | 0 |
Long-lived assets sold during the year | Level 3 | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Assets, fair value | ' | $96,099 | $30,342 |
Components_of_Interest_Expense
Components of Interest Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Banking and Thrift [Abstract] | ' | ' | ' |
Interest on borrowings and related fees | $80,263 | $56,080 | $51,392 |
Accretion of original issue discount 1 | 431 | 1,367 | 3,427 |
Amortization of debt issuance costs | 3,413 | 2,695 | 3,380 |
Capitalized interest 2 | -5,266 | -803 | -1,983 |
Interest expense | $78,841 | $59,339 | $56,216 |
Components_of_Calculation_of_B
Components of Calculation of Basic and Diluted Earnings Per Share (Detail) (USD $) | 1 Months Ended | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Oct. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Earnings Per Share [Abstract] | ' | ' | ' | ' | |||
Net loss | ' | ($143,070) | ($104,589) | ($132,915) | |||
Less: Preferred stock dividends 1 | ' | -6,900 | -1,687 | 0 | |||
Loss attributable to common shareholders - Basic and Diluted | ' | -149,970 | -106,276 | -132,915 | |||
Net loss attributable to common shareholders | ' | ($149,970) | ($106,276) | ($132,915) | |||
Weighted-average shares - Basic | ' | 62,335,000 | 47,919,000 | 45,784,000 | |||
Effect of dilutive securities | ' | 0 | [1] | 0 | [1] | 0 | [1] |
Weighted-average shares - Diluted | ' | 62,335,000 | 47,919,000 | 45,784,000 | |||
Preferred stock dividend rate | 6.00% | 6.00% | ' | ' | |||
Potentially dilutive securities with the effect of being anti-dilutive excluded from the calculation of diluted earnings per common share | ' | 19,800,000 | 19,200,000 | 100,000 | |||
[1] | For 2013, 2012 and 2011, approximately 19.8 million, 19.2 million and 0.1 million potentially dilutive securities, including the 6% Preferred Stock, Convertible Notes, stock options, restricted stock and restricted stock units had the effect of being anti-dilutive and were excluded from the calculation of diluted earnings per common share. |