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Subsequent Events | 9 Months Ended
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Sep. 30, 2015
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events The Company has evaluated the period after the balance sheet date, noting no subsequent events or transactions that required recognition or disclosure in the financial statements, other than as noted below. Credit facility borrowing base. On October 6, 2015, the Lenders completed their regular semi-annual redetermination of the borrowing base of the Second Amended Credit Facility, resulting in a borrowing base decrease from $1,700.0 million to $1,525.0 million, which equals the Lenders’ current aggregate elected commitment. Consent solicitations. On October 26, 2015, the Company, the Company’s Guarantors, and U.S. Bank National Association, as trustee, entered into supplemental indentures respecting amendments (the “Amendments”) to the Indentures governing the Company’s outstanding 7.25% senior unsecured notes due 2019, 6.5% senior unsecured notes due 2021 and 6.875% senior unsecured notes due 2023 (collectively, the “Consent Notes”) following the Company’s receipt of requisite consents of the holders of the Consent Notes pursuant to consent solicitations that commenced on October 6, 2015. The Amendments amend the basket for secured credit facilities indebtedness in each of the Indentures by (i) adding a provision that allows the Company to incur secured credit facilities indebtedness up to the amount of the Company’s borrowing base at the time of the incurrence, but not to exceed the current borrowing base of $1,525.0 million and (ii) adding, deleting or revising several related definitions in the Indentures, which changes generally restrict the Company’s ability to incur second-lien indebtedness. Derivative instruments. In October 2015, the Company entered into new swap agreements with a weighted average price of $52.19 per barrel for total notional amounts of 120,000 barrels, 3,139,000 barrels, 1,615,000 barrels and 124,000 barrels, which settle in 2015, 2016, 2017 and 2018, respectively, based on the WTI crude oil index price. These derivative instruments do not qualify for and were not designated as hedging instruments for accounting purposes. Drilling contracts. In October 2015, the Company extended a drilling rig contract, increasing the amount the Company would be obligated to pay in the event of early termination under its drilling rig contracts with initial terms greater than one year to $7.1 million as of October 1, 2015 for the days remaining through the end of the contracts. Volume commitment agreements. In October and November 2015, the Company entered into new sales agreements with an aggregate requirement to deliver approximately 7.1 MMBbl within specified timeframes, all of which are less than two years. The future commitment under these agreements is based on WTI at the time of delivery, and therefore, cannot be estimated. Cost sharing agreements. In October 2015, the Company entered into an additional agreement to share the cost to construct and install electrical facilities. The Company’s estimated future commitment under this agreement was $4.9 million.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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