XML 35 R25.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Fair Value Measurements (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2016
Fair Value Disclosures [Abstract] |
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 September 30, 2016 and December 31, 2015 are included in the table below.
Unobservable Input |  | Range |  | Weighted Average |  | Fair Value
|  | (Price per Mcf) |  | (In thousands)
September 30, 2016 |  |  |  |  |  |  |  |
Natural gas basis differential forward curve |  | $ | (0.13 | ) | – | $ | (0.25 | ) |  | $ | (0.20 | ) |  | $ | (170 | )
December 31, 2015 |  |  |  |  |  |  |  |
Natural gas basis differential forward curve |  | $ | (0.06 | ) | – | $ | (0.28 | ) |  | $ | (0.22 | ) |  | $ | (1,748 | )
Significant Unobservable Inputs - Liabilities | The significant unobservable inputs and range and weighted average of these inputs used in the fair value measurement of the conversion options at December 31, 2015 are included in the table below.
Unobservable Input |  | Range |  | Weighted Average |  | Fair Value
|  |  |  | (In thousands)
Debt conversion feature hazard rate |  | 114.0 | % | – | 135.2 | % |  | 119.2 | % |  | $ | 29,355 |
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, 2016
| Fair Value Measurements |  | Netting(1) |  | Assets/Liabilities at Fair Value
| Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |
Commodity derivative contracts | $ | — |  |  | $ | 11,429 |  |  | $ | — |  |  | $ | (1,167 | ) |  | $ | 10,262 |
Investments | 7,263 |  |  | — |  |  | — |  |  | — |  |  | 7,263 |
| $ | 7,263 |  |  | $ | 11,429 |  |  | $ | — |  |  | $ | (1,167 | ) |  | $ | 17,525 |
Liabilities |  |  |  |  |  |  |  |  |
Commodity derivative contracts | $ | — |  |  | $ | 4,914 |  |  | $ | 170 |  |  | $ | (1,167 | ) |  | $ | 3,917 |
| $ | — |  |  | $ | 4,914 |  |  | $ | 170 |  |  | $ | (1,167 | ) |  | $ | 3,917 |
December 31, 2015
| Fair Value Measurements |  | Netting(1) |  | Assets/Liabilities at Fair Value
| Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |
Commodity derivative contracts | $ | — |  |  | $ | 85,524 |  |  | $ | — |  |  | $ | (1,175 | ) |  | $ | 84,349 |
Investments | 10,106 |  |  | — |  |  | — |  |  | — |  |  | 10,106 |
| $ | 10,106 |  |  | $ | 85,524 |  |  | $ | — |  |  | $ | (1,175 | ) |  | $ | 94,455 |
Liabilities |  |  |  |  |  |  |  |  |
Commodity derivative contracts | $ | — |  |  | $ | — |  |  | $ | 1,748 |  |  | $ | (1,175 | ) |  | $ | 573 |
Debt holder conversion feature | — |  |  | — |  |  | 29,355 |  |  | — |  |  | 29,355 |
Mandatory prepayment feature - PGC Senior Secured Notes | — |  |  | 2,941 |  |  | — |  |  | — |  |  | 2,941 |
| $ | — |  |  | $ | 2,941 |  |  | $ | 31,103 |  |  | $ | (1,175 | ) |  | $ | 32,869 |
____________________ (1)Represents the effect of netting assets and liabilities for counterparties with which the right of offset exists.
Fair Value, Reconciliation of Level 3 Fair Value Measurements for Commodity Derivatives | The table below sets forth a reconciliation of the Company’s Level 3 fair value measurements for commodity derivative contracts during the three and nine-month periods ended September 30, 2016 and 2015 (in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2016 |  | 2015 |  | 2016 |  | 2015
Beginning balance |  | $ | (356 | ) |  | $ | (2,207 | ) |  | $ | (1,748 | ) |  | $ | 350 |
Purchases |  | — |  |  | — |  |  | — |  |  | (2,894 | )
Gain (loss) on commodity derivative contracts |  | 186 |  |  | (1,229 | ) |  | 1,578 |  |  | (892 | )
Ending balance |  | $ | (170 | ) |  | $ | (3,436 | ) |  | $ | (170 | ) |  | $ | (3,436 | )
Fair Value, Reconciliation of Level 3 Fair Value Measurements - Liabilities | The table below sets forth a reconciliation of the Company’s Level 3 fair value measurements for debt holder conversion features during the three and nine-month periods ended September 30, 2015 and the nine-month period ended September 30, 2016 (in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2015 |  | 2016 |  | 2015
Beginning balance |  | $ | — |  |  | $ | 29,355 |  |  | $ | — |
Issuances |  | 16,994 |  |  | — |  |  | 16,994 |
Gain on derivative holder conversion feature |  | (10,146 | ) |  | (880 | ) |  | (10,146 | )
Conversions |  | (1,374 | ) |  | (21,194 | ) |  | (1,374 | )
Write off of derivative holder conversion feature to reorganization items |  | — |  |  | (7,281 | ) |  | — |
Ending balance |  | $ | 5,474 |  |  | $ | — |  |  | $ | 5,474 |
Senior Notes Carrying Amount and Fair Value Table | The estimated fair values and carrying values of the Company’s senior notes at September 30, 2016 and December 31, 2015 were as follows (in thousands):
| September 30, 2016 (1) |  | December 31, 2015
| Fair Value |  | Carrying Value |  | Fair Value |  | Carrying Value
8.75% Senior Secured Notes | $ | 487,207 |  |  | $ | 1,328,000 |  |  | $ | 403,098 |  |  | $ | 1,265,814 |
Senior Unsecured Notes |  |  |  |  |  |  |
8.75% Senior Notes due 2020 | $ | 28,579 |  |  | $ | 395,935 |  |  | $ | 39,740 |  |  | $ | 389,232 |
7.5% Senior Notes due 2021 | $ | 47,019 |  |  | $ | 757,767 |  |  | $ | 79,812 |  |  | $ | 751,087 |
8.125% Senior Notes due 2022 | $ | 30,047 |  |  | $ | 527,737 |  |  | $ | 57,749 |  |  | $ | 518,693 |
7.5% Senior Notes due 2023 | $ | 34,589 |  |  | $ | 543,561 |  |  | $ | 58,799 |  |  | $ | 534,869 |
Convertible Senior Unsecured Notes |  |  |  |  |  |  |
8.125% Convertible Senior Notes due 2022 | $ | 2,339 |  |  | $ | 40,694 |  |  | $ | 44,199 |  |  | $ | 78,290 |
7.5% Convertible Senior Notes due 2023 | $ | 28 |  |  | $ | 46,900 |  |  | $ | 15,125 |  |  | $ | 24,393 |
____________________
(1) | Includes write-off of discounts and derivatives associated with the 8.75% Senior Secured Notes and the Convertible Senior Unsecured Notes, discounts associated with the 8.75% Senior Notes due 2020 and the 7.5% Senior Notes due 2023, and premium associated with the 7.5% Senior Notes due 2021 due to the Company's Chapter 11 proceedings.

X
- 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 (d) -URI http://asc.fasb.org/extlink&oid=66048111&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 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisGainLossIncludedInEarningsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13476-108611 Reference 2: 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=66048111&loc=d3e19207-110258 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=73719730&loc=d3e13467-108611 Reference 4: 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 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 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13433-108611 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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=66048111&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueInputsAssetsQuantitativeInformationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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=66048111&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueInputsLiabilitiesQuantitativeInformationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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=66048111&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=66048111&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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=66048111&loc=d3e19190-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration