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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2014
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): March 31, 2014
| Fair Value Measurements |  | Netting(1) |  | Assets/Liabilities at Fair Value
| Level 1 |  | Level 2 |  | Level 3 |  |
Assets |  |  |  |  |  |  |  |  |
Commodity derivative contracts | $ | — |  |  | $ | 30,803 |  |  | $ | — |  |  | $ | (3,753 | ) |  | $ | 27,050 |
Investments | 12,030 |  |  | — |  |  | — |  |  | — |  |  | 12,030 |
| $ | 12,030 |  |  | $ | 30,803 |  |  | $ | — |  |  | $ | (3,753 | ) |  | $ | 39,080 |
Liabilities |  |  |  |  |  |  |  |  |
Guarantees | $ | — |  |  | $ | — |  |  | $ | 9,480 |  |  | $ | — |  |  | $ | 9,480 |
Commodity derivative contracts | — |  |  | 17,928 |  |  | — |  |  | (3,753 | ) |  | 14,175 |
| $ | — |  |  | $ | 17,928 |  |  | $ | 9,480 |  |  | $ | (3,753 | ) |  | $ | 23,655 |
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 |
____________________ (1)Represents the impact of netting assets and liabilities with counterparties with which the right of offset exists.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The tables below set forth a reconciliation of the Company’s Level 3 fair value measurements during the three-month periods ended March 31, 2014 and 2013 (in thousands):
Level 3 Fair Value Measurements - Guarantees | Three Months Ended March 31, 2014
Beginning balance | $ | — |
Issuances(1) | 9,446 |
Loss on guarantees | 34 |
Ending balance | $ | 9,480 |
____________________
(1) | Represents the fair value of the guarantees of certain plugging and abandonment obligations on behalf of Fieldwood as of February 25, 2014, the closing date for the sale of the Gulf Properties.
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings |
Level 3 Fair Value Measurements - Commodity Derivative Contracts | Three Months Ended March 31, 2013
Beginning balance | $ | (512 | )
Loss on derivative contracts | (873 | )
Settlements paid | 1,174 |
Ending balance | $ | (211 | )
Senior Notes Carrying Amount and Fair Value Table | The estimated fair values and carrying values of the Company’s senior notes at March 31, 2014 and December 31, 2013 were as follows (in thousands):
| March 31, 2014 |  | December 31, 2013
| Fair Value |  | Carrying Value |  | Fair Value |  | Carrying Value
8.75% Senior Notes due 2020(1) | $ | 484,875 |  |  | $ | 444,899 |  |  | $ | 486,000 |  |  | $ | 444,736 |
7.5% Senior Notes due 2021(2) | 1,251,375 |  |  | 1,178,816 |  |  | 1,230,813 |  |  | 1,178,922 |
8.125% Senior Notes due 2022 | 815,625 |  |  | 750,000 |  |  | 795,000 |  |  | 750,000 |
7.5% Senior Notes due 2023(3) | 878,625 |  |  | 821,321 |  |  | 837,375 |  |  | 821,249 |
____________________ (1)Carrying value is net of $5,101 and $5,264 discount at March 31, 2014 and December 31, 2013, respectively. (2)Carrying value includes a premium, applicable to notes issued in August 2012, of $3,816 and $3,922 at March 31, 2014 and December 31, 2013, respectively. (3)Carrying value is net of $3,679 and $3,751 discount at March 31, 2014 and December 31, 2013, respectively.
Fair Value Measurements Level 3 |
Fair Value Disclosures |
Significant Unobservable Inputs | The significant unobservable input used in the fair value measurement of the Company’s financial guarantee liability at March 31, 2014 is included in the table below (in thousands).
Unobservable Input |  |
Estimated future payments for plugging and abandonment |  | $ | 426,661 |

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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 the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -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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