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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2013
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] |
Assets and Liabilities Measured at Fair Value 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): December 31, 2013
| Fair Value Measurements |  | Netting(1) |  | Assets/Liabilities at Fair Value
| Level 1 |  | Level 2 |  | Level 3 |  |
Assets |  |  |  |  |  |  |  |  |
Restricted deposits | $ | 27,955 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 27,955 |
Commodity derivative contracts | — |  |  | 50,274 |  |  | — |  |  | (23,369 | ) |  | 26,905 |
Investments | 13,708 |  |  | — |  |  | — |  |  | — |  |  | 13,708 |
| $ | 41,663 |  |  | $ | 50,274 |  |  | $ | — |  |  | $ | (23,369 | ) |  | $ | 68,568 |
Liabilities |  |  |  |  |  |  |  |  |
Commodity derivative contracts | $ | — |  |  | $ | 78,200 |  |  | $ | — |  |  | $ | (23,369 | ) |  | $ | 54,831 |
| $ | — |  |  | $ | 78,200 |  |  | $ | — |  |  | $ | (23,369 | ) |  | $ | 54,831 |
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.
Reconciliation of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis using Significant Unobservable Inputs | 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 years ended December 31, 2011, 2012 and 2013 (in thousands):
|  | Commodity Derivative Contracts |  | Interest Rate Swaps |  |
|  |  |  | Total
Balance of Level 3 at December 31, 2010 |  | $ | (205,860 | ) |  | $ | (16,694 | ) |  | $ | (222,554 | )
Gain (loss) on derivative contracts |  | 44,075 |  |  | (3,168 | ) |  | 40,907 |
Cash paid on settlements |  | 50,713 |  |  | 9,414 |  |  | 60,127 |
Transfers(1) |  | 106,820 |  |  | 10,448 |  |  | 117,268 |
Balance of Level 3 at December 31, 2011 |  | $ | (4,252 | ) |  | $ | — |  |  | $ | (4,252 | )
Loss on derivative contracts |  | (5,460 | ) |  | — |  |  | (5,460 | )
Purchases |  | 5,697 |  |  | — |  |  | 5,697 |
Cash paid on settlements |  | 3,503 |  |  | — |  |  | 3,503 |
Balance of Level 3 at December 31, 2012 |  | $ | (512 | ) |  | $ | — |  |  | $ | (512 | )
Loss on derivative contracts |  | (133 | ) |  | — |  |  | (133 | )
Cash paid on settlements |  | 645 |  |  | — |  |  | 645 |
Balance of Level 3 at December 31, 2013 |  | $ | — |  |  | $ | — |  |  | $ | — |
____________________
(1) | Fair values related to the Company’s oil and natural gas fixed price swaps, natural gas collars and interest rate swap were transferred from Level 3 to Level 2 in the fourth quarter of 2011 due to enhancements to the Company’s internal valuation process, including the use of observable inputs to assess the fair value. During the years ended December 31, 2013 and 2012, the Company did not have any transfers between Level 1, Level 2 or Level 3 fair value measurements.
Estimated Fair Value and Carrying Value of Senior Notes | The estimated fair values and carrying values of the Company’s senior notes at December 31, 2013 and 2012 were as follows (in thousands):
| December 31, 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) | 486,000 |  |  | 444,736 |  |  | 490,500 |  |  | 444,127 |
7.5% Senior Notes due 2021(3) | 1,230,813 |  |  | 1,178,922 |  |  | 1,257,250 |  |  | 1,179,328 |
8.125% Senior Notes due 2022 | 795,000 |  |  | 750,000 |  |  | 823,125 |  |  | 750,000 |
7.5% Senior Notes due 2023(4) | 837,375 |  |  | 821,249 |  |  | 882,750 |  |  | 820,971 |
____________________
(1) | Carrying value is net of $8,843 discount at December 31, 2012.
(2) | Carrying value is net of $5,264 and $5,873 discount at December 31, 2013 and 2012, respectively.
(3) | Carrying value includes a premium, applicable to notes issued in August 2012, of $3,922 and $4,328 at December 31, 2013 and 2012, respectively.
(4) | Carrying value is net of $3,751 and $4,029 discount at December 31, 2013 and 2012, respectively.
Fair Value Measurements Level 3 |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] |
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 during 2013.
Unobservable Input |  | Range |  | Weighted Average |  | Fair Value
|  | (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 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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