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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2013
Fair Value Disclosures |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis by the fair value hierarchy (in thousands): September 30, 2013
| Fair Value Measurements |  | Netting(1) |  | Assets/Liabilities at Fair Value
| Level 1 |  | Level 2 |  | Level 3 |  |
Assets |  |  |  |  |  |  |  |  |
Restricted deposits | $ | 27,952 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 27,952 |
Commodity derivative contracts | — |  |  | 58,086 |  |  | — |  |  | (34,302 | ) |  | 23,784 |
Investments | 14,139 |  |  | — |  |  | — |  |  | — |  |  | 14,139 |
| $ | 42,091 |  |  | $ | 58,086 |  |  | $ | — |  |  | $ | (34,302 | ) |  | $ | 65,875 |
Liabilities |  |  |  |  |  |  |  |  |
Commodity derivative contracts | $ | — |  |  | $ | 95,315 |  |  | $ | — |  |  | $ | (34,302 | ) |  | $ | 61,013 |
| $ | — |  |  | $ | 95,315 |  |  | $ | — |  |  | $ | (34,302 | ) |  | $ | 61,013 |
December 31, 2012
| Fair Value Measurements |  | Netting(1) |  | Assets/Liabilities at Fair Value
| Level 1 |  | Level 2 |  | Level 3 |  |
Assets |  |  |  |  |  |  |  |  |
Restricted deposits | $ | 27,947 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 27,947 |
Commodity derivative contracts | — |  |  | 130,220 |  |  | 183 |  |  | (35,764 | ) |  | 94,639 |
Investments | 10,348 |  |  | — |  |  | — |  |  | — |  |  | 10,348 |
| $ | 38,295 |  |  | $ | 130,220 |  |  | $ | 183 |  |  | $ | (35,764 | ) |  | $ | 132,934 |
Liabilities |  |  |  |  |  |  |  |  |
Commodity derivative contracts | $ | — |  |  | $ | 107,321 |  |  | $ | 695 |  |  | $ | (35,764 | ) |  | $ | 72,252 |
Interest rate swap | — |  |  | 2,395 |  |  | — |  |  | — |  |  | 2,395 |
| $ | — |  |  | $ | 109,716 |  |  | $ | 695 |  |  | $ | (35,764 | ) |  | $ | 74,647 |
____________________ (1)Represents the impact of netting assets and liabilities with counterparties with which the right of offset exists.
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings | The table below sets forth a reconciliation of the Company’s commodity derivative contracts measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three-month period ended September 30, 2012 and nine-month periods ended September 30, 2013 and 2012 (in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2012 |  | 2013 |  | 2012
Beginning balance of Level 3 |  | $ | 5,013 |  |  | $ | (512 | ) |  | $ | (4,253 | )
Loss on derivative contracts |  | (4,261 | ) |  | (133 | ) |  | (3,872 | )
Purchases |  | — |  |  | — |  |  | 5,697 |
Settlements (received) paid |  | (569 | ) |  | 645 |  |  | 2,611 |
Ending balance of Level 3 |  | $ | 183 |  |  | $ | — |  |  | $ | 183 |
Senior Notes Carrying Amount and Fair Value Table | The estimated fair values and carrying values of the Company’s senior notes at September 30, 2013 and December 31, 2012 were as follows (in thousands):
| September 30, 2013 |  | December 31, 2012
| Fair Value |  | Carrying Value |  | Fair Value |  | Carrying Value
9.875% Senior Notes due 2016(1) | $ | — |  |  | $ | — |  |  | $ | 392,913 |  |  | $ | 356,657 |
8.0% Senior Notes due 2018 | — |  |  | — |  |  | 790,313 |  |  | 750,000 |
8.75% Senior Notes due 2020(2) | 477,000 |  |  | 444,580 |  |  | 490,500 |  |  | 444,127 |
7.5% Senior Notes due 2021(3) | 1,198,500 |  |  | 1,179,027 |  |  | 1,257,250 |  |  | 1,179,328 |
8.125% Senior Notes due 2022 | 766,875 |  |  | 750,000 |  |  | 823,125 |  |  | 750,000 |
7.5% Senior Notes due 2023(4) | 829,125 |  |  | 821,177 |  |  | 882,750 |  |  | 820,971 |
____________________ (1)Carrying value is net of $8,843 discount at December 31, 2012. (2)Carrying value is net of $5,420 and $5,873 discount at September 30, 2013 and December 31, 2012, respectively. (3)Carrying value includes a premium, applicable to notes issued in August 2012, of $4,027 and $4,328 at September 30, 2013 and December 31, 2012, respectively. (4)Carrying value is net of $3,823 and $4,029 discount at September 30, 2013 and December 31, 2012, respectively.
Fair Value Measurements Level 3 |
Fair Value Disclosures |
Significant Unobservable Inputs | The significant unobservable inputs and the range and weighted average of these inputs used in the fair value measurements of the Company’s oil basis swaps at December 31, 2012 are included in the table below. All of the outstanding oil basis swaps at December 31, 2012 contractually matured prior to June 30, 2013.
Unobservable Input |  | Range |  | Weighted Average |  | Fair Value
|  | (price per Bbl) |  | (price per Bbl) |  | (in thousands)
Oil basis differential forward curve |  | $10.00 | – | $21.98 |  | $14.74 |  | $ | (512 | )

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- Definition Tabular disclosure of the amount of gains or losses for the period included in earnings or resulted in a change to net assets, have arisen from the use of significant unobservable inputs (level 3) to measure the fair value of assets, liabilities, and financial instruments classified in shareholders' equity. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1),(d) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13433-108611 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13467-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13476-108611 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610 + Details
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- Definition Tabular disclosure of quantitative information about the inputs used in the fair value measurement of liabilities. This disclosure may include, but is not limited to, the fair value of the liability, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258 + Details
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