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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2014
Fair Value Disclosures [Abstract] |
Significant Unobservable Inputs - Guarantees | The significant unobservable input used in the fair value measurement of the Company’s financial guarantee liability at December 31, 2014 is included in the table below (in thousands).
Unobservable Input |  |
Estimated future payments for plugging and abandonment |  | $ | 372,034 |
Significant Unobservable Inputs - Derivative Contracts | The significant unobservable inputs and the range and weighted average of these inputs used in the fair value measurements of the Company’s natural gas basis swaps at December 31, 2014 are included in the table below. All of the outstanding oil basis swaps contractually matured during December 31, 2013.
Unobservable Input |  | Range |  | Weighted Average |  | Fair Value
|  | (Price per Mcf) |  | (In thousands)
December 31, 2014 |  |  |  |  |  |  |  |
Natural gas basis differential forward curve |  | $ | (0.03 | ) | – | $ | (0.38 | ) |  | $ | (0.29 | ) |  | $ | 350 |
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, 2014
| Fair Value Measurements |  | Netting(1) |  | Assets/Liabilities at Fair Value
| Level 1 |  | Level 2 |  | Level 3 |  |
Assets |  |  |  |  |  |  |  |  |
Commodity derivative contracts | $ | — |  |  | $ | 338,067 |  |  | $ | 350 |  |  | $ | — |  |  | $ | 338,417 |
Investments | 11,106 |  |  | — |  |  | — |  |  | — |  |  | 11,106 |
| $ | 11,106 |  |  | $ | 338,067 |  |  | $ | 350 |  |  | $ | — |  |  | $ | 349,523 |
Liabilities |  |  |  |  |  |  |  |  |
Guarantees | $ | — |  |  | $ | — |  |  | $ | 5,104 |  |  | $ | — |  |  | $ | 5,104 |
| $ | — |  |  | $ | — |  |  | $ | 5,104 |  |  | $ | — |  |  | $ | 5,104 |
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 table below sets forth a reconciliation of the Company’s Level 3 fair value measurements for guarantees during the year ended December 31, 2014 (in thousands):
Level 3 Fair Value Measurements - Guarantees | Year Ended December 31, 2014
Beginning balance | $ | — |
Issuances(1) | 9,446 |
Gain on guarantees | (4,342 | )
Ending balance | $ | 5,104 |
____________________
(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.
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 Level 3 fair value measurements for commodity derivative contracts during the years ended December 31, 2014, 2013 and 2012 (in thousands):
| 2014 |  | 2013 |  | 2012
Level 3 commodity derivative contracts at January 1 | $ | — |  |  | $ | (512 | ) |  | $ | (4,252 | )
Loss on derivative contracts | — |  |  | (133 | ) |  | (5,460 | )
Purchases | 350 |  |  | — |  |  | 5,697 |
Settlements paid | — |  |  | 645 |  |  | 3,503 |
Level 3 commodity derivative contracts at December 31 | $ | 350 |  |  | $ | — |  |  | $ | (512 | )
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, 2014 and 2013 were as follows (in thousands):
| December 31, 2014 |  | December 31, 2013
| Fair Value |  | Carrying Value |  | Fair Value |  | Carrying Value
8.75% Senior Notes due 2020(1) | $ | 303,750 |  |  | $ | 445,402 |  |  | $ | 486,000 |  |  | $ | 444,736 |
7.5% Senior Notes due 2021(2) | $ | 752,000 |  |  | $ | 1,178,486 |  |  | $ | 1,230,813 |  |  | $ | 1,178,922 |
8.125% Senior Notes due 2022 | $ | 472,500 |  |  | $ | 750,000 |  |  | $ | 795,000 |  |  | $ | 750,000 |
7.5% Senior Notes due 2023(3) | $ | 519,750 |  |  | $ | 821,548 |  |  | $ | 837,375 |  |  | $ | 821,249 |
___________________
(1) | Carrying value is net of $4,598 and $5,264 discount at December 31, 2014 and 2013, respectively.
(2) | Carrying value includes a premium, applicable to notes issued in August 2012, of $3,486 and $3,922 at December 31, 2014 and 2013, respectively.
(3) | Carrying value is net of $3,452 and $3,751 discount at December 31, 2014 and 2013, respectively.

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- Definition Tabular disclosure of quantitative information about the inputs used in the fair value measurement of assets. This disclosure may include, but is not limited to, the fair value of the asset, 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=36462937&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 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 2: 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=36462937&loc=d3e19279-110258 + Details
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