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Acquisitions and Divestitures - Arena Acquisition - Final Valuation of Assets Acquired and Liabilities Assumed (Details) (Arena Acquisition, USD $)
In Thousands, unless otherwise specified
Jul. 16, 2010
Arena Acquisition
  
Business Acquisition [Line Items]  
Current assets $ 83,563
Oil and natural gas properties 1,587,630 [1]
Other property, plant and equipment 5,963
Long-term deferred tax assets 48,997
Other long-term assets 16,181
Goodwill 235,396 [2]
Amount attributable to assets acquired 1,977,730
Current liabilities 38,964
Long-term deferred tax liability 503,483 [2]
Other long-term liabilities 8,851
Amount attributable to liabilities assumed 551,298
Total identifiable net assets $ 1,426,432
[1] Weighted average commodity prices utilized in the determination of the fair value of oil and natural gas properties were $105.58 per barrel of oil and $8.56 per Mcf of natural gas, after adjustment for transportation fees and regional price differentials. The prices utilized were based upon forward commodity strip prices, as of July 16, 2010, for the first four years and escalated for inflation at a rate of 2.5% annually beginning with the fifth year through the end of production, which was more than 50 years. These assumptions represent Level 3 inputs. Approximately 91.0% of the fair value allocated to oil and natural gas properties is attributed to oil reserves.
[2] The Company received carryover tax basis in Arena’s assets and liabilities because the merger was not a taxable transaction under the Internal Revenue Code (“IRC”). Based upon the final purchase price allocation, a step-up in basis related to the property acquired from Arena resulted in a net deferred tax liability of approximately $454.5 million, which in turn contributed to an excess of the consideration transferred to acquire Arena over the estimated fair value on the acquisition date of the net assets acquired, or goodwill.