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Variable Interest Entities (Tables) | 12 Months Ended
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Dec. 31, 2013
Variable Interest Entity [Line Items] |
Open Oil and Natural Gas Commodity Derivative Contracts | At December 31, 2013, the Company’s open commodity derivative contracts consisted of the following: Oil Price Swaps
| Notional (MBbls) |  | Weighted Average Fixed Price
January 2014 — December 2014 | 8,813 |  |  | $ | 92.98 |
January 2015 — December 2015 | 7,979 |  |  | $ | 86.13 |
Natural Gas Price Swaps
| Notional (MMcf) |  | Weighted Average Fixed Price
January 2014 — December 2014 | 35,490 |  |  | $ | 4.20 |
Oil Collars - Three-way
| Notional (MBbls) |  | Sold Put | Purchased Put | Sold Call
January 2014 — December 2014 | 8,213 |  |  | $70.00 | $90.20 | $100.00
January 2015 — December 2015 | 2,920 |  |  | $73.13 | $90.82 | $103.13
Natural Gas Collars
| Notional (MMcf) |  | Collar Range
January 2014 — December 2014 | 937 |  |  | $4.00 | — | $7.78
January 2015 — December 2015 | 1,010 |  |  | $4.00 | — | $8.55
Grey Ranch Plant, L.P |
Variable Interest Entity [Line Items] |
Schedule Of Variable Interest Entities Assets Liabilities | GRLP’s assets and liabilities, after considering the effects of intercompany eliminations, included in the accompanying consolidated balance sheets at December 31, 2013 and 2012 consisted of the following (in thousands):
| December 31,
| 2013 |  | 2012
Cash and cash equivalents | $ | 132 |  |  | $ | 1,080 |
Accounts receivable, net | 16 |  |  | 20 |
Prepaid expenses | 32 |  |  | 64 |
Other current assets | 109 |  |  | 109 |
Total current assets | 289 |  |  | 1,273 |
Other property, plant and equipment, net | 1,163 |  |  | 1,246 |
Total assets | $ | 1,452 |  |  | $ | 2,519 |
Accounts payable and accrued expenses | $ | 129 |  |  | $ | 274 |
Total liabilities | $ | 129 |  |  | $ | 274 |
Royalty Trusts |
Variable Interest Entity [Line Items] |
Schedule Of Variable Interest Entities Assets Liabilities | The Royalty Trusts’ assets and liabilities, after considering the effects of intercompany eliminations, included in the accompanying consolidated balance sheets at December 31, 2013 and 2012 consisted of the following (in thousands):
| December 31,
| 2013 |  | 2012
Cash and cash equivalents(1) | $ | 7,912 |  |  | $ | 7,445 |
Accounts receivable | 22,540 |  |  | 28,596 |
Derivative contracts | 4,983 |  |  | 10,286 |
Total current assets | 35,435 |  |  | 46,327 |
Investment in royalty interests(2) | 1,325,942 |  |  | 1,325,942 |
Less: accumulated depletion | (186,095 | ) |  | (103,746 | )
| 1,139,847 |  |  | 1,222,196 |
Derivative contracts | 1,476 |  |  | 7,660 |
Total assets | $ | 1,176,758 |  |  | $ | 1,276,183 |
Accounts payable and accrued expenses | $ | 3,393 |  |  | $ | 1,101 |
Total liabilities | $ | 3,393 |  |  | $ | 1,101 |
____________________
(1) | Includes $3.0 million held by the trustee at December 31, 2013 and 2012 as reserves for future general and administrative expenses.
(2) | Investment in royalty interests is included in oil and natural gas properties in the accompanying consolidated balance sheets, and was determined by allocating the historical net book value of the Company’s full cost pool based on the fair value of each Royalty Trust’s royalty interests relative to the fair value of the Company’s full cost pool at the time of conveyance.
Royalty Trust Initial Public Offerings | The following table summarizes information about each Royalty Trust upon completion of its initial public offering:
|  | Mississippian Trust I |  | Permian Trust |  | Mississippian Trust II
Net proceeds of offering (in thousands) |  | $ | 336,893 |  |  | $ | 580,635 |  |  | $ | 587,087 |
Total outstanding common units |  | 21,000,000 |  |  | 39,375,000 |  |  | 37,293,750 |
Total outstanding subordinated units |  | 7,000,000 |  |  | 13,125,000 |  |  | 12,431,250 |
Beneficial interest owned by Company(1) |  | 38.4 | % |  | 34.3 | % |  | 39.9 | %
Liquidation date(2) |  | 12/31/2030 |  |  | 3/31/2031 |  |  | 12/31/2031 |
____________________
(1) | Subsequent to the initial public offerings, the Company sold common units of the Royalty Trusts it owned in transactions exempt from registration under Rule 144 under the Securities Act. These transactions decreased the Company’s beneficial interests in the Royalty Trusts. See further discussion of the unit sales below.
(2) | At the time each Royalty Trust terminates, 50% of the royalty interests conveyed to the Royalty Trust will automatically revert to the Company, and the remaining 50% will be sold with the proceeds distributed to the Royalty Trust unitholders.
Royalty Trusts Distributions | The Royalty Trusts declared and paid quarterly distributions during the years ended December 31, 2013, 2012 and 2011 as follows (in thousands):
|  | Year Ended December 31,
|  | 2013(1) |  | 2012(2) |  | 2011(2)
Total distributions |  | $ | 299,674 |  |  | $ | 274,979 |  |  | $ | 91,162 |
Distributions to third-party unitholders |  | $ | 206,470 |  |  | $ | 181,727 |  |  | $ | 57,449 |
____________________
(1) | Subordination thresholds were not met for the Mississippian Trust I’s second and third quarter 2013 distributions or for the Permian Trust’s second quarter 2013 distribution, resulting in reduced distributions to the Company on its subordinated units for these periods.
(2) | The Company received incentive distributions from the Mississippian Trust I during the first and second quarters of 2012 and the third quarter of 2011.
The following distributions will be paid on February 28, 2014 to holders of record as of the close of business on February 14, 2014 (in thousands):
Royalty Trust |  | Total Distribution |  | Amount to be Distributed to Third-Party Unitholders
Mississippian Trust I |  | $ | 10,508 |  |  | $ | 10,242 |
Permian Trust |  | 33,677 |  |  | 25,239 |
Mississippian Trust II |  | 24,160 |  |  | 17,637 |
Total |  | $ | 68,345 |  |  | $ | 53,118 |
Open Oil and Natural Gas Commodity Derivative Contracts | The combined volume in the tables below reflects the total volume of the Royalty Trusts’ open oil and natural gas commodity derivative contracts. Oil Price Swaps Underlying the Royalty Trust Derivatives Agreements
| Notional (MBbls) |  | Weighted Average Fixed Price
January 2014 — December 2014 | 1,862 |  |  | $ | 100.70 |
January 2015 — December 2015 | 630 |  |  | $ | 101.03 |
Natural Gas Collars Underlying the Royalty Trust Derivatives Agreements
| Notional (MMcf) |  | Collar Range
January 2014 — December 2014 | 937 |  |  | $ | 4.00 |  | — | $ | 7.78 |
January 2015 — December 2015 | 1,010 |  |  | $ | 4.00 |  | — | $ | 8.55 |
Oil Price Swaps Underlying the Derivatives Agreements and Novated to the Royalty Trusts
| Notional (MBbls) |  | Weighted Average Fixed Price
January 2014 — December 2014 | 991 |  |  | $ | 100.79 |
January 2015 — March 2015 | 141 |  |  | $ | 100.90 |
Royalty Trusts Ownership Interest | The Company’s beneficial interests in the Royalty Trusts at December 31, 2013 and 2012 were as follows:
| December 31,
| 2013 |  | 2012
Mississippian Trust I | 26.9 | % |  | 26.9 | %
Permian Trust | 28.5 | % |  | 30.5 | %
Mississippian Trust II | 37.6 | % |  | 39.9 | %
Pinon Gathering Company LLC |
Variable Interest Entity [Line Items] |
Amounts Due To/From PGC | Amounts due from and due to PGC as of December 31, 2013 and 2012 included in the accompanying consolidated balance sheets are as follows (in thousands):
| December 31,
| 2013 |  | 2012
Accounts receivable due from PGC | $ | 741 |  |  | $ | 1,976 |
Accounts payable due to PGC | $ | 3,634 |  |  | $ | 5,053 |

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