2014 Q4 Form 10-K Financial Statement

#000127344115000011 Filed on March 02, 2015

View on sec.gov

Income Statement

Concept 2014 Q4 2013 Q4 2013
Revenue $98.90M $139.6M $720.5M
YoY Change -29.15% 114.44% 23.56%
Cost Of Revenue $32.80M $29.10M $149.1M
YoY Change 12.71% 609.76% 19.38%
Gross Profit $66.10M $110.6M $571.4M
YoY Change -40.24% 81.31% 24.71%
Gross Profit Margin 66.84% 79.23% 79.31%
Selling, General & Admin $11.10M $11.20M $53.40M
YoY Change -0.89% 3633.33% -9.34%
% of Gross Profit 16.79% 10.13% 9.35%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $45.80M $43.60M $194.2M
YoY Change 5.05% 246.03% 41.65%
% of Gross Profit 69.29% 39.42% 33.99%
Operating Expenses $54.90M $54.70M $324.9M
YoY Change 0.37% 130.8% 34.87%
Operating Profit $11.20M $55.90M $246.5M
YoY Change -79.96% 49.87% 13.44%
Interest Expense $26.70M $1.100M $15.40M
YoY Change 2327.27% -237.5% -152.74%
% of Operating Profit 238.39% 1.97% 6.25%
Other Income/Expense, Net $0.00 $0.00 $0.00
YoY Change -1700.0% -50.0% -100.0%
Pretax Income -$227.2M $54.90M -$13.57M
YoY Change -513.84% -3.17% -2.53%
Income Tax $42.60M $23.70M $128.3M
% Of Pretax Income 43.17%
Net Earnings -$269.8M -$12.50M $126.3M
YoY Change 2058.4% -129.55% 26.72%
Net Earnings / Revenue -272.8% -8.95% 17.53%
Basic Earnings Per Share $0.45
Diluted Earnings Per Share -$942.4K -$44.14K $0.44
COMMON SHARES
Basic Shares Outstanding 276.1M shares 272.2M shares 282.8M shares
Diluted Shares Outstanding 286.1M shares

Balance Sheet

Concept 2014 Q4 2013 Q4 2013
SHORT-TERM ASSETS
Cash & Short-Term Investments $339.4M $428.8M $428.8M
YoY Change -20.84% 101.69% 101.69%
Cash & Equivalents $331.8M $428.8M
Short-Term Investments $7.586M $0.00 $20.20M
Other Short-Term Assets $7.836M $10.20M $10.20M
YoY Change -23.18% 27.5% 27.5%
Inventory $17.30M $13.73M $13.70M
Prepaid Expenses $6.000M $6.450M
Receivables $83.23M $49.70M $46.10M
Other Receivables $15.90M $10.00M $13.60M
Total Short-Term Assets $463.6M $512.4M $512.4M
YoY Change -9.51% 23.81% 23.8%
LONG-TERM ASSETS
Property, Plant & Equipment $1.129B $1.260B $1.260B
YoY Change -10.41% 4.54% 4.55%
Goodwill $102.6M $102.6M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $9.203M $7.163M $10.90M
YoY Change 28.48% 8.19% 13.54%
Total Long-Term Assets $1.250B $1.392B $1.392B
YoY Change -10.18% 5.54% 5.55%
TOTAL ASSETS
Total Short-Term Assets $463.6M $512.4M $512.4M
Total Long-Term Assets $1.250B $1.392B $1.392B
Total Assets $1.714B $1.905B $1.905B
YoY Change -10.0% 9.91% 9.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $112.4M $72.40M $72.40M
YoY Change 55.25% -29.2% -29.23%
Accrued Expenses $75.43M $89.57M $89.60M
YoY Change -15.78% 34.85% 34.94%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $224.3M $266.6M $266.6M
YoY Change -15.85% 39.28% 39.29%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $36.70M $31.00M $31.00M
YoY Change 18.39% 42.2% 42.2%
Total Long-Term Liabilities $213.0M $208.1M $31.00M
YoY Change 2.38% -16.79% 42.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $224.3M $266.6M $266.6M
Total Long-Term Liabilities $213.0M $208.1M $31.00M
Total Liabilities $437.4M $474.6M $474.6M
YoY Change -7.85% 7.52% 7.52%
SHAREHOLDERS EQUITY
Retained Earnings $239.6M $411.0M
YoY Change -41.69% 44.36%
Common Stock $10.19M $10.19M
YoY Change 0.03% 27.56%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.277B $1.430B $1.430B
YoY Change
Total Liabilities & Shareholders Equity $1.714B $1.905B $1.905B
YoY Change -10.0% 9.91% 9.91%

Cashflow Statement

Concept 2014 Q4 2013 Q4 2013
OPERATING ACTIVITIES
Net Income -$269.8M -$12.50M $126.3M
YoY Change 2058.4% -129.55% 26.72%
Depreciation, Depletion And Amortization $45.80M $43.60M $194.2M
YoY Change 5.05% 246.03% 41.65%
Cash From Operating Activities $76.40M $174.5M $523.6M
YoY Change -56.22% 24.29% 234.93%
INVESTING ACTIVITIES
Capital Expenditures -$140.9M -$96.30M -$367.3M
YoY Change 46.31% 498.14% 33.03%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $43.60M -$100.0K $58.90M
YoY Change -43700.0% -99.75% -349.58%
Cash From Investing Activities -$97.40M -$96.40M -$308.5M
YoY Change 1.04% 72.45% 2.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$3.771M
YoY Change -186.89%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -100.0K 300.0K $3.771M
YoY Change -133.33% -40.0% -13.11%
NET CHANGE
Cash From Operating Activities 76.40M 174.5M $523.6M
Cash From Investing Activities -97.40M -96.40M -$308.5M
Cash From Financing Activities -100.0K 300.0K $3.771M
Net Change In Cash -21.10M 78.40M $218.9M
YoY Change -126.91% -7.76% -257.39%
FREE CASH FLOW
Cash From Operating Activities $76.40M $174.5M $523.6M
Capital Expenditures -$140.9M -$96.30M -$367.3M
Free Cash Flow $217.3M $270.8M $890.9M
YoY Change -19.76% 73.04% 106.02%

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us-gaap Capitalized Costs Of Unproved Properties Excluded From Amortization
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us-gaap Capitalized Costs Of Unproved Properties Excluded From Amortization
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27438000 USD
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0.001
CY2014Q4 us-gaap Common Stock Par Or Stated Value Per Share
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0.001
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339845000 USD
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579388000 USD
CY2013Q4 us-gaap Crude Oil And Natural Gas Liquids
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11700000 USD
CY2014Q4 us-gaap Crude Oil And Natural Gas Liquids
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15200000 USD
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1233000 USD
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1250000 USD
CY2014 us-gaap Current Federal Tax Expense Benefit
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1260000 USD
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34894000 USD
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20369000 USD
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142322000 USD
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207568000 USD
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68220000 USD
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155876000 USD
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91605000 USD
CY2012 us-gaap Current Income Tax Expense Benefit
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69453000 USD
CY2013 us-gaap Current Income Tax Expense Benefit
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157126000 USD
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26814000 USD
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34350000 USD
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26814000 USD
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34350000 USD
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4769000 USD
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29984000 USD
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145985000 USD
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3663000 USD
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2153000 USD
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2256000 USD
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1552000 USD
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1407000 USD
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601000 USD
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47154000 USD
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1193000 USD
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1040000 USD
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137100000 USD
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194200000 USD
CY2014 us-gaap Depreciation Depletion And Amortization
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187900000 USD
CY2012 us-gaap Derivative Gain Loss On Derivative Net
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0 USD
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1604000 USD
CY2013Q4 us-gaap Derivative Instruments And Hedges Liabilities
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3057000 USD
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0 USD
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1015000 USD
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1438000 USD
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1458000 USD
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0 USD
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0 USD
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1045000 USD
CY2013Q4 us-gaap Disposal Group Including Discontinued Operation Cash And Cash Equivalents
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21200000 USD
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1839000 USD
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CY2012 us-gaap Disposal Group Including Discontinued Operation Revenue
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0.35
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0.35
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0.44
CY2014 us-gaap Earnings Per Share Diluted
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CY2012 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.35
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0.35
CY2014 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.35
CY2013Q4 us-gaap Employee Related Liabilities Current And Noncurrent
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16525000 USD
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10900000 USD
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1110000 USD
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2436000 USD
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1815000 USD
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11100000 USD
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P2Y3M18D
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18693000 USD
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39535000 USD
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18799000 USD
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38441000 USD
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46659000 USD
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41115000 USD
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51249000 USD
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102581000 USD
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100082000 USD
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181023000 USD
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-13918000 USD
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CY2014 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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-19744000 USD
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210267000 USD
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322850000 USD
CY2014 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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2610000 USD
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196349000 USD
CY2013 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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309284000 USD
CY2014 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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CY2012 us-gaap Income Loss From Continuing Operations Per Basic Share
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0.35
CY2013 us-gaap Income Loss From Continuing Operations Per Basic Share
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0.64
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-0.51
CY2012 us-gaap Income Loss From Continuing Operations Per Diluted Share
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0.35
CY2013 us-gaap Income Loss From Continuing Operations Per Diluted Share
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0.63
CY2014 us-gaap Income Loss From Continuing Operations Per Diluted Share
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-0.51
CY2012 us-gaap Income Loss From Discontinued Operations Net Of Tax
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-26990000 USD
CY2012 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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-423000 USD
CY2013 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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-54735000 USD
CY2014 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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-26990000 USD
CY2012 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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0.00
CY2013 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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-0.19
CY2014 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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-0.09
CY2013 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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12041260 shares
CY2012 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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0.00
CY2013 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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-0.19
CY2014 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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-0.09
CY2012 us-gaap Income Tax Expense Benefit
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96267000 USD
CY2013 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
128261000 USD
CY2014 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
127215000 USD
CY2012 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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351000 USD
CY2013 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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21423000 USD
CY2014 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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94922000 USD
CY2012 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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-2992000 USD
CY2013 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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-3596000 USD
CY2014 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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27910000 USD
CY2012 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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68722000 USD
CY2013 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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108249000 USD
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-5997000 USD
CY2012 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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3753000 USD
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2724000 USD
CY2014 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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2232000 USD
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CY2013 us-gaap Income Tax Reconciliation Other Adjustments
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7400000 USD
CY2012 us-gaap Income Tax Reconciliation Other Reconciling Items
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8307000 USD
CY2013 us-gaap Income Tax Reconciliation Other Reconciling Items
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CY2014 us-gaap Income Tax Reconciliation Other Reconciling Items
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1119000 USD
CY2012 us-gaap Income Tax Reconciliation State And Local Income Taxes
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938000 USD
CY2013 us-gaap Income Tax Reconciliation State And Local Income Taxes
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3673000 USD
CY2014 us-gaap Income Tax Reconciliation State And Local Income Taxes
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4433000 USD
CY2012 us-gaap Income Taxes Paid
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143498000 USD
CY2013 us-gaap Income Taxes Paid
IncomeTaxesPaid
51183000 USD
CY2014 us-gaap Income Taxes Paid
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101179000 USD
CY2013Q4 us-gaap Income Taxes Receivable
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9980000 USD
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15843000 USD
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18535000 USD
CY2014Q4 us-gaap Income Taxes Receivable Noncurrent
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9684000 USD
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-88253000 USD
CY2013 us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
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84687000 USD
CY2014 us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
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18253000 USD
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CY2014 us-gaap Increase Decrease In Inventories
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2891000 USD
CY2012 us-gaap Increase Decrease In Prepaid Expense
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416000 USD
CY2013 us-gaap Increase Decrease In Prepaid Expense
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2458000 USD
CY2014 us-gaap Increase Decrease In Prepaid Expense
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-4000 USD
CY2012 us-gaap Increase Decrease In Restricted Cash
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-10954000 USD
CY2013 us-gaap Increase Decrease In Restricted Cash
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1590000 USD
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CY2014 us-gaap Nature Of Operations
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Description of Business</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Gran Tierra Energy Inc., a Nevada corporation (the &#8220;Company&#8221; or &#8220;Gran Tierra&#8221;), is a publicly traded oil and gas company engaged in the acquisition, exploration, development and production of oil and natural gas properties. The Company&#8217;s principal business activities are in Colombia, Peru and Brazil. Until June 25, 2014, the Company also had business activities in Argentina (Note 3).</font></div></div>
CY2014 us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of estimates </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates made by management include: oil and natural gas reserves and related present value of future cash flows; depreciation, depletion, amortization and impairment (&#8220;DD&amp;A&#8221;); impairment assessments of goodwill; timing of transfers from oil and gas properties not subject to depletion to the depletable base; asset retirement obligations; determining the value of the consideration transferred and the net identifiable assets acquired and liabilities assumed in connection with business combinations and determining goodwill; income taxes; legal and other contingencies; stock-based compensation; and determining the fair value of foreign currency derivatives. Although management believes these estimates are reasonable, changes in facts and circumstances or discovery of new information may result in revised estimates and actual results may differ from these estimates. </font></div></div>

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