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Exploration and Production Activities (Unaudited) (Tables) | 12 Months Ended
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Dec. 31, 2014
Oil and Gas Exploration and Production Industries Disclosures [Abstract] |
Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure | The following table sets forth capitalized costs and accumulated depreciation, depletion and amortization related to oil and natural gas producing activities at December 31:
| 2014 |  | 2013 |  | 2012 |
| (In thousands)
Subject to amortization | $ | 3,205,036 |  | $ | 2,893,010 |  | $ | 2,531,562 |
Not subject to amortization | 132,141 |  | 124,869 |  | 191,794 |
Total capitalized costs | 3,337,177 |  | 3,017,879 |  | 2,723,356 |
Less accumulated depreciation, depletion and amortization | 1,752,566 |  | 1,562,116 |  | 1,383,386 |
Net capitalized costs | $ | 1,584,611 |  | $ | 1,455,763 |  | $ | 1,339,970 |
Note: | Net capitalized costs reflect noncash write-downs of the Company's oil and natural gas properties, as discussed in Note 1.
Cost incurred in oil and gas property acquisition, exploration, and development activities disclosure | Capital expenditures, including those not subject to amortization, related to oil and natural gas producing activities were as follows:
Years ended December 31, | 2014 |  | * | 2013 |  | * | 2012 |  | *
| (In thousands) |
Acquisitions: |  |  |  |  |  |  |  |  |
Proved properties | $ | 87,919 |  |  | $ | 1,817 |  |  | $ | 839 |  |
Unproved properties | 138,683 |  |  | 4,608 |  |  | 31,109 |  |
Exploration | 16,879 |  |  | 26,975 |  |  | 235,906 |  |
Development | 331,400 |  |  | 355,421 |  |  | 275,959 |  |
Total capital expenditures | $ | 574,881 |  |  | $ | 388,821 |  |  | $ | 543,813 |  |
* | Excludes net additions/(reductions) to property, plant and equipment related to the recognition of future liabilities for asset retirement obligations associated with the plugging and abandonment of oil and natural gas wells, as discussed in Note 10, of $(9.0) million, $(10.7) million and $(200,000) for the years ended December 31, 2014, 2013 and 2012, respectively.
Results of operations for oil and gas producing activities disclosure | The following summary reflects income resulting from the Company's operations of oil and natural gas producing activities, excluding corporate overhead and financing costs:
Years ended December 31, | 2014 |  | 2013 |  | 2012 |
|  | (In thousands) |  |
Revenues: |  |  |
Sales to affiliates | $ | 47,045 |  | $ | 45,099 |  | $ | 35,966 |
Sales to external customers | 468,668 |  | 497,018 |  | 379,647 |
Realized gain on commodity derivatives | 8,458 |  | 173 |  | 33,628 |
Unrealized gain (loss) on commodity derivatives | 23,400 |  | (6,267 | ) | (624 | )
Production costs | 146,793 |  | 144,136 |  | 134,795 |
Depreciation, depletion and amortization* | 193,944 |  | 182,352 |  | 157,078 |
Write-downs of oil and natural gas properties | — |  | — |  | 391,800 |
Pretax income (loss) | 206,834 |  | 209,535 |  | (235,056 | )
Income tax expense (benefit) | 75,483 |  | 75,836 |  | (88,612 | )
Results of operations for producing activities | $ | 131,351 |  | $ | 133,699 |  | $ | (146,444 | )
*Includes accretion of discount for asset retirement obligations of $3.5 million, $3.6 million and $3.3 million for the years ended December 31, 2014, 2013 and 2012, respectively, as discussed in Note 10.
Schedule of proved developed and undeveloped oil and gas reserve quantities | The changes in the Company's estimated quantities of proved oil, NGL and natural gas reserves for the year ended December 31, 2014, were as follows:
| Oil (MBbls) |  | NGL (MBbls) |  | Natural Gas (MMcf) |  | Total (MBOE) |
Proved developed and undeveloped reserves: |  |  |  |
Balance at beginning of year | 41,019 |  | 6,602 |  | 198,445 |  | 80,695 |
Production | (4,919 | ) | (609 | ) | (20,822 | ) | (8,998 | )
Extensions and discoveries | 9,654 |  | 3,634 |  | 64,420 |  | 24,025 |
Improved recovery | — |  | — |  | — |  | — |
Purchases of proved reserves | 5,463 |  | — |  | 7,711 |  | 6,748 |
Sales of proved reserves | (4,945 | ) | (3,109 | ) | (40,451 | ) | (14,796 | )
Revisions of previous estimates | (2,354 | ) | 669 |  | 35,708 |  | 4,266 |
Balance at end of year | 43,918 |  | 7,187 |  | 245,011 |  | 91,940 |
Significant changes in proved reserves for the year ended December 31, 2014, include:
• | Extensions and discoveries of 24.0 MMBOE, primarily due to drilling activity at the Company's East Texas, Bakken and Powder River Basin properties
• | Purchases of proved reserves of 6.7 MMBOE, primarily due to the purchase of working interests and leasehold positions in the Powder River Basin
• | Sales of proved reserves of (14.8) MMBOE, primarily at the Company's South Texas and Bakken properties
• | Revisions of previous estimates of 4.3 MMBOE, largely the result of higher natural gas prices and well performance revisions
The changes in the Company's estimated quantities of proved oil, NGL and natural gas reserves for the year ended December 31, 2013, were as follows:
| Oil (MBbls) |  | NGL (MBbls) |  | Natural Gas (MMcf) |  | Total (MBOE) |
Proved developed and undeveloped reserves: |  |  |  |
Balance at beginning of year | 33,453 |  | 7,153 |  | 239,278 |  | 80,486 |
Production | (4,815 | ) | (781 | ) | (28,008 | ) | (10,264 | )
Extensions and discoveries | 13,313 |  | 1,333 |  | 26,428 |  | 19,050 |
Improved recovery | — |  | — |  | — |  | — |
Purchases of proved reserves | — |  | — |  | — |  | — |
Sales of proved reserves | (1,286 | ) | (25 | ) | (40,055 | ) | (7,987 | )
Revisions of previous estimates | 354 |  | (1,078 | ) | 802 |  | (590 | )
Balance at end of year | 41,019 |  | 6,602 |  | 198,445 |  | 80,695 |
Significant changes in proved reserves for the year ended December 31, 2013, include:
• | Extension and discoveries of 19.1 MMBOE, primarily due to drilling activity and new PUD locations at the Company's Bakken and Paradox Basin properties, as well as new PUD locations at Big Horn and East Texas
• | Sales of proved reserves of (8.0) MMBOE, primarily at the Company's Green River Basin property
The changes in the Company's estimated quantities of proved oil, NGL and natural gas reserves for the year ended December 31, 2012, were as follows:
| Oil (MBbls) |  | NGL (MBbls) |  | Natural Gas (MMcf) |  | Total (MBOE) |
Proved developed and undeveloped reserves: |  |  |  |
Balance at beginning of year | 27,005 |  | 7,342 |  | 379,827 |  | 97,651 |
Production | (3,694 | ) | (828 | ) | (33,214 | ) | (10,058 | )
Extensions and discoveries | 9,874 |  | 1,817 |  | 18,386 |  | 14,756 |
Improved recovery | — |  | — |  | — |  | — |
Purchases of proved reserves | — |  | — |  | — |  | — |
Sales of proved reserves | (39 | ) | — |  | (2,307 | ) | (423 | )
Revisions of previous estimates | 307 |  | (1,178 | ) | (123,414 | ) | (21,440 | )
Balance at end of year | 33,453 |  | 7,153 |  | 239,278 |  | 80,486 |
Significant changes in proved reserves for the year ended December 31, 2012, include:
• | Extensions and discoveries of 14.8 MMBOE, primarily due to drilling activity at the Company's Bakken, South Texas and Paradox properties
• | Revisions of previous estimates of (21.4) MMBOE, largely the result of lower natural gas prices resulting in a reduction of PDP and PUD reserves principally in the Company's Coalbed, Baker, Bowdoin, East Texas and Green River Basin natural gas properties
The following table summarizes the breakdown of the Company's proved reserves between proved developed and PUD reserves at December 31:
| 2014 |  | 2013 |  | 2012 |
Proved developed reserves: |  |  |
Oil (MBbls) | 30,130 |  | 31,394 |  | 27,412 |
NGL (MBbls) | 4,217 |  | 5,322 |  | 5,342 |
Natural Gas (MMcf) | 184,437 |  | 176,546 |  | 218,259 |
Total (MBOE) | 65,086 |  | 66,140 |  | 69,131 |
PUD reserves: |  |  |
Oil (MBbls) | 13,788 |  | 9,625 |  | 6,041 |
NGL (MBbls) | 2,970 |  | 1,280 |  | 1,811 |
Natural Gas (MMcf) | 60,574 |  | 21,899 |  | 21,019 |
Total (MBOE) | 26,854 |  | 14,555 |  | 11,355 |
Total proved reserves: |  |  |
Oil (MBbls) | 43,918 |  | 41,019 |  | 33,453 |
NGL (MBbls) | 7,187 |  | 6,602 |  | 7,153 |
Natural Gas (MMcf) | 245,011 |  | 198,445 |  | 239,278 |
Total (MBOE) | 91,940 |  | 80,695 |  | 80,486 |
Standardized measure of discounted future cash flows relating to proved reserves disclosure | The standardized measure of the Company's estimated discounted future net cash flows of total proved reserves associated with its various oil and natural gas interests at December 31 was as follows:
| 2014 |  | 2013 |  | 2012 |
|  | (In thousands) |  |
Future cash inflows | $ | 5,185,500 |  | $ | 4,507,000 |  | $ | 3,696,200 |
Future production costs | 1,856,900 |  | 1,734,800 |  | 1,536,500 |
Future development costs | 570,200 |  | 403,000 |  | 301,600 |
Future net cash flows before income taxes | 2,758,400 |  | 2,369,200 |  | 1,858,100 |
Future income tax expense | 686,100 |  | 545,200 |  | 304,900 |
Future net cash flows | 2,072,300 |  | 1,824,000 |  | 1,553,200 |
10% annual discount for estimated timing of cash flows | 997,400 |  | 810,000 |  | 669,800 |
Discounted future net cash flows relating to proved oil, NGL and natural gas reserves | $ | 1,074,900 |  | $ | 1,014,000 |  | $ | 883,400 |
The following are the sources of change in the standardized measure of discounted future net cash flows by year:
| 2014 |  | 2013 |  | 2012 |
|  | (In thousands) |  |
Beginning of year | $ | 1,014,000 |  | $ | 883,400 |  | $ | 978,800 |
Net revenues from production | (368,900 | ) | (398,000 | ) | (280,800 | )
Net change in sales prices and production costs related to future production | 86,300 |  | 162,200 |  | (406,300 | )
Extensions and discoveries, net of future production-related costs | 231,900 |  | 366,500 |  | 355,300 |
Improved recovery, net of future production-related costs | — |  | — |  | — |
Purchases of proved reserves, net of future production-related costs | 103,800 |  | — |  | — |
Sales of proved reserves | (219,300 | ) | (37,800 | ) | (2,600 | )
Changes in estimated future development costs | 65,100 |  | 6,700 |  | 37,600 |
Development costs incurred during the current year | 104,600 |  | 141,500 |  | 77,700 |
Accretion of discount | 109,400 |  | 94,600 |  | 121,400 |
Net change in income taxes | (33,400 | ) | (141,400 | ) | 110,000 |
Revisions of previous estimates | (16,300 | ) | (55,800 | ) | (100,700 | )
Other | (2,300 | ) | (7,900 | ) | (7,000 | )
Net change | 60,900 |  | 130,600 |  | (95,400 | )
End of year | $ | 1,074,900 |  | $ | 1,014,000 |  | $ | 883,400 |

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- Definition Tabular disclosure of aggregate capitalized costs relating to an enterprise's oil and gas producing activities and the aggregate related accumulated depreciation, depletion, amortization, and valuation allowances. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e61929-109447 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e61926-109447 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 55 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=34713648&loc=d3e63019-109448 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e61901-109447 + Details
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- Definition Tabular disclosure of the aggregate of costs (whether the costs are capitalized or charged to expense at the time they are incurred ) incurred for the year in oil and gas property acquisition, exploration and development activities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=6392692&loc=d3e7535-110849 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 55 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=34713648&loc=d3e63042-109448 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 20 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e62059-109447 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e62038-109447 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 18 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e62014-109447 + Details
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- Definition Tabular disclosure of the results of operations for oil and gas producing activities for the year. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 55 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=34713648&loc=d3e63071-109448 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c)(3) -URI http://asc.fasb.org/extlink&oid=6392692&loc=d3e7535-110849 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 23 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e62136-109447 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 24 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e62246-109447 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 27 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e62352-109447 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-10.(a)(17)(ii),(c)(3)(ii)(A)(1)) -URI http://asc.fasb.org/extlink&oid=27015464&loc=d3e511914-122862 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e62259-109447 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e62299-109447 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e62094-109447 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e62395-109447 + Details
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- Definition Tabular disclosure of the net quantities of an enterprise's interests in proved developed and undeveloped reserves of (a) crude oil (including condensate and natural gas liquids), (b) natural gas (including coal bed methane), (c) synthetic oil, (d) synthetic gas, and (e) other nonrenewable natural resources that are intended to be upgraded during the period as of the beginning of the period, changes in quantities during the period, and as of the end of the period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e61858-109447 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e61797-109447 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e61869-109447 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e61831-109447 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e61884-109447 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e61872-109447 + Details
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- Definition Tabular disclosure of the future net cash flows relating to proved oil and gas reserves and oil and gas subject to purchase under long-term agreements in which the enterprise participates in the operation of the properties on which the oil and gas is located or otherwise serves as the producer. This information is presented in aggregate and for each geographic area for which reserve quantities are disclosed. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 36 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e62536-109447 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e62479-109447 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e62424-109447 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e62455-109447 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e62500-109447 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e62476-109447 + Details
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