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Debt and Credit Agreements | 9 Months Ended
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Sep. 30, 2014
Debt Disclosure [Abstract] |
Debt and Credit Agreements | Debt and Credit Agreements The Company’s debt and credit agreements consisted of the following:
(In thousands) |  | September 30, 2014 |  | December 31, 2013
Long-Term Debt |  |  |  |  |  |
7.33% weighted-average fixed rate notes |  | $ | 20,000 |  |  | $ | 20,000 |
6.51% weighted-average fixed rate notes |  | 425,000 |  |  | 425,000 |
9.78% notes |  | 67,000 |  |  | 67,000 |
5.58% weighted-average fixed rate notes |  | 175,000 |  |  | 175,000 |
3.65% weighted-average fixed rate notes |  | 925,000 |  |  | — |
Revolving credit facility |  | — |  |  | 460,000 |
|  | $ | 1,612,000 |  |  | $ | 1,147,000 |
Effective April 15, 2014, the lenders under the Company’s revolving credit facility approved an increase in the Company’s borrowing base from $2.3 billion to $3.1 billion as part of the annual redetermination under the terms of the revolving credit facility agreement. The commitments under the revolving credit facility remain unchanged at $1.4 billion. At September 30, 2014, the Company had no borrowings outstanding under its revolving credit facility and had $1.4 billion available for future borrowings. The Company’s weighted-average effective interest rate for the three months ended September 30, 2014 and 2013 was approximately 2.2% and for the nine months ended September 30, 2014 and 2013 was approximately 2.2% and 2.3%, respectively. The Company was in compliance with all restrictive financial covenants for both the revolving credit facility and fixed rate notes as of September 30, 2014. 3.65% Weighted-Average Fixed Rate Notes In September 2014, the Company issued $925 million principal amount of senior unsecured fixed-rate notes to a group of 24 investors in a private placement. The notes have bullet maturities and were issued in three separate tranches as follows:
|  | Principal |  | Term |  | Maturity Date |  | Coupon
Tranche 1 |  | $100,000,000 |  | 7 years |  | September 2021 |  | 3.24 | %
Tranche 2 |  | $575,000,000 |  | 10 years |  | September 2024 |  | 3.67 | %
Tranche 3 |  | $250,000,000 |  | 12 years |  | September 2026 |  | 3.77 | %
Interest on each series of the 3.65% weighted‑average fixed rate notes is payable semi‑annually. The Company may prepay all or any portion of the notes of each series on any date at a price equal to the principal amount thereof plus accrued and unpaid interest plus a make‑whole premium. The notes contain restrictions on the merger of the Company or any subsidiary with a third party other than under certain limited conditions. There are also various other restrictive covenants customarily found in such debt instruments. Those covenants include a required asset coverage ratio (present value of proved reserves to debt and other liabilities) of at least 1.75 to 1.0 and a minimum annual coverage ratio of operating cash flow to interest expense for the trailing four quarters of 2.8 to 1.0. The notes are also subject to customary events of default.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 + Details
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