2014 Form 10-K Financial Statement

#000152812915000032 Filed on February 26, 2015

View on sec.gov

Income Statement

Concept 2014 2013 Q4 2013 Q3
Revenue $793.9M $153.4M $170.8M
YoY Change 19.34% 1.38% 18.77%
Cost Of Revenue $208.8M $25.70M $32.70M
YoY Change 65.98% -15.18% 13.54%
Gross Profit $585.1M $127.7M $138.2M
YoY Change 8.45% 5.54% 20.17%
Gross Profit Margin 73.7% 83.24% 80.89%
Selling, General & Admin $106.6M $25.20M $24.40M
YoY Change 18.84% 58.49% 71.83%
% of Gross Profit 18.22% 19.73% 17.66%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $246.5M $47.30M $55.98M
YoY Change 5.36% -29.93% -11.51%
% of Gross Profit 42.13% 37.04% 40.51%
Operating Expenses $354.8M $72.70M $80.70M
YoY Change 9.14% -12.52% 3.73%
Operating Profit $226.4M $55.01M $57.42M
YoY Change 5.61% 45.15% 54.33%
Interest Expense $121.2M $58.70M $24.93M
YoY Change 20.78% -379.52% 2.07%
% of Operating Profit 53.52% 106.7% 43.42%
Other Income/Expense, Net $203.5M -$35.56M
YoY Change -974.51% -26.79%
Pretax Income $429.9M $111.6M $21.87M
YoY Change 124.96% 564.29% -292.46%
Income Tax $164.3M $43.30M $10.05M
% Of Pretax Income 38.22% 38.8% 45.95%
Net Earnings $265.6M $68.20M $12.50M
YoY Change 125.06% 477.97% -268.92%
Net Earnings / Revenue 33.45% 44.45% 7.32%
Basic Earnings Per Share $1.88 $0.48 $0.09
Diluted Earnings Per Share $1.85 $0.48 $0.09
COMMON SHARES
Basic Shares Outstanding 141.3M shares 142.6M shares 134.5M shares
Diluted Shares Outstanding 143.6M shares 136.5M shares

Balance Sheet

Concept 2014 2013 Q4 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $29.30M $198.2M $265.3M
YoY Change -85.22% 496.99% 811.68%
Cash & Equivalents $29.30M $198.2M $265.3M
Short-Term Investments
Other Short-Term Assets $209.0M $12.70M $7.014M
YoY Change 551.09% 321.02% 219.25%
Inventory $9.633M
Prepaid Expenses $3.065M
Receivables $125.9M $77.32M $77.78M
Other Receivables $1.000M $3.042M $636.0K
Total Short-Term Assets $365.3M $307.6M $352.8M
YoY Change 18.76% 123.82% 175.36%
LONG-TERM ASSETS
Property, Plant & Equipment $3.354B $2.204B $2.056B
YoY Change 52.16% 4.28% 5.47%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $58.30M $5.913M $3.221M
YoY Change 888.14%
Other Assets $133.1M $255.0K $261.0K
YoY Change 25.68% -95.41% -95.19%
Total Long-Term Assets $3.545B $2.316B $2.127B
YoY Change 53.07% 5.24% 3.95%
TOTAL ASSETS
Total Short-Term Assets $365.3M $307.6M $352.8M
Total Long-Term Assets $3.545B $2.316B $2.127B
Total Assets $3.911B $2.624B $2.480B
YoY Change 49.05% 12.21% 14.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $39.00M $16.00M $30.86M
YoY Change 100.0% -67.12% -41.52%
Accrued Expenses $237.3M $177.9M $121.4M
YoY Change 33.39% 11.12% -12.28%
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 $353.8M $254.0M $207.8M
YoY Change 39.29% -3.09% -10.58%
LONG-TERM LIABILITIES
Long-Term Debt $1.779B $1.052B $1.052B
YoY Change 69.22% -13.58% -4.56%
Other Long-Term Liabilities $37.30M $5.546M $7.867M
YoY Change 25.59% 64.42% 174.3%
Total Long-Term Liabilities $1.817B $1.057B $1.059B
YoY Change 68.03% -13.36% -4.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $353.8M $254.0M $207.8M
Total Long-Term Liabilities $1.817B $1.057B $1.059B
Total Liabilities $2.348B $1.352B $1.285B
YoY Change 73.7% -10.29% -5.34%
SHAREHOLDERS EQUITY
Retained Earnings -$12.98M -$81.22M
YoY Change -90.09% -43.13%
Common Stock $1.285B $1.426M
YoY Change 100074.28% 11.23%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00 $4.000K
YoY Change -100.0% 0.0%
Treasury Stock Shares 0.000 shares 7.609K shares
Shareholders Equity $1.563B $1.272B $1.195B
YoY Change
Total Liabilities & Shareholders Equity $3.911B $2.624B $2.480B
YoY Change 49.05% 12.21% 14.05%

Cashflow Statement

Concept 2014 2013 Q4 2013 Q3
OPERATING ACTIVITIES
Net Income $265.6M $68.20M $12.50M
YoY Change 125.06% 477.97% -268.92%
Depreciation, Depletion And Amortization $246.5M $47.30M $55.98M
YoY Change 5.36% -29.93% -11.51%
Cash From Operating Activities $498.3M $89.30M $97.10M
YoY Change 36.62% -4.29% 16.01%
INVESTING ACTIVITIES
Capital Expenditures -$1.354B -$175.3M -$208.4M
YoY Change 74.26% -14.03% -16.97%
Acquisitions
YoY Change
Other Investing Activities -$53.40M $20.40M $429.7M
YoY Change -111.95% 20300.0%
Cash From Investing Activities -$1.407B -$154.9M $221.3M
YoY Change 326.5% -24.03% -188.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $4.242M $298.1M
YoY Change -101.43%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $739.9M -1.500M -96.80M
YoY Change 468.75% -101.31% -293.6%
NET CHANGE
Cash From Operating Activities $498.3M 89.30M 97.10M
Cash From Investing Activities -$1.407B -154.9M 221.3M
Cash From Financing Activities $739.9M -1.500M -96.80M
Net Change In Cash -$168.8M -67.10M 221.6M
YoY Change -202.37% -1736.59% -288.76%
FREE CASH FLOW
Cash From Operating Activities $498.3M $89.30M $97.10M
Capital Expenditures -$1.354B -$175.3M -$208.4M
Free Cash Flow $1.852B $264.6M $305.5M
YoY Change 62.23% -10.97% -8.72%

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AllocatedShareBasedCompensationExpense
10056000 USD
CY2013 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
21433000 USD
CY2014 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
23079000 USD
CY2013Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
700000 USD
CY2014Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
800000 USD
CY2012Q4 us-gaap Amortization Expense Per Physical Unit Of Production
AmortizationExpensePerPhysicalUnitOfProduction
20.98
CY2013Q4 us-gaap Amortization Expense Per Physical Unit Of Production
AmortizationExpensePerPhysicalUnitOfProduction
20.34
CY2014Q4 us-gaap Amortization Expense Per Physical Unit Of Production
AmortizationExpensePerPhysicalUnitOfProduction
20.21
CY2012 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
-202000 USD
CY2013 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
-222000 USD
CY2014 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
-243000 USD
CY2012 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
4940000 USD
CY2013 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
4926000 USD
CY2014 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
4433000 USD
CY2012Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
21505000 USD
CY2013Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
21743000 USD
CY2014Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
32198000 USD
CY2012 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
1200000 USD
CY2013 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
1475000 USD
CY2014 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
1787000 USD
CY2013 us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
2709000 USD
CY2014 us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
6370000 USD
CY2013 us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
7801000 USD
CY2014 us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
0 USD
CY2013 us-gaap Asset Retirement Obligation Revision Of Estimate
AssetRetirementObligationRevisionOfEstimate
4081000 USD
CY2014 us-gaap Asset Retirement Obligation Revision Of Estimate
AssetRetirementObligationRevisionOfEstimate
2748000 USD
CY2013Q4 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
21478000 USD
CY2014Q4 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
31042000 USD
CY2013Q4 us-gaap Assets
Assets
2623760000 USD
CY2014Q4 us-gaap Assets
Assets
3932549000 USD
CY2013Q4 us-gaap Assets Current
AssetsCurrent
307609000 USD
CY2014Q4 us-gaap Assets Current
AssetsCurrent
365253000 USD
CY2012 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
30590000 USD
CY2013 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
-5284000 USD
CY2014 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
31913000 USD
CY2012Q4 us-gaap Capitalized Costs Accumulated Depreciation Depletion Amortization And Valuation Allowance For Relating To Oil And Gas Producing Activities
CapitalizedCostsAccumulatedDepreciationDepletionAmortizationAndValuationAllowanceForRelatingToOilAndGasProducingActivities
1121273000 USD
CY2013Q4 us-gaap Capitalized Costs Accumulated Depreciation Depletion Amortization And Valuation Allowance For Relating To Oil And Gas Producing Activities
CapitalizedCostsAccumulatedDepreciationDepletionAmortizationAndValuationAllowanceForRelatingToOilAndGasProducingActivities
1349315000 USD
CY2014Q4 us-gaap Capitalized Costs Accumulated Depreciation Depletion Amortization And Valuation Allowance For Relating To Oil And Gas Producing Activities
CapitalizedCostsAccumulatedDepreciationDepletionAmortizationAndValuationAllowanceForRelatingToOilAndGasProducingActivities
1586237000 USD
CY2011 us-gaap Capitalized Costs Of Unproved Properties Excluded From Amortization
CapitalizedCostsOfUnprovedPropertiesExcludedFromAmortization
10308000 USD
CY2012 us-gaap Capitalized Costs Of Unproved Properties Excluded From Amortization
CapitalizedCostsOfUnprovedPropertiesExcludedFromAmortization
24373000 USD
CY2013 us-gaap Capitalized Costs Of Unproved Properties Excluded From Amortization
CapitalizedCostsOfUnprovedPropertiesExcludedFromAmortization
47095000 USD
CY2014 us-gaap Capitalized Costs Of Unproved Properties Excluded From Amortization
CapitalizedCostsOfUnprovedPropertiesExcludedFromAmortization
260955000 USD
CY2012Q4 us-gaap Capitalized Costs Of Unproved Properties Excluded From Amortization Cumulative
CapitalizedCostsOfUnprovedPropertiesExcludedFromAmortizationCumulative
159946000 USD
CY2013Q4 us-gaap Capitalized Costs Of Unproved Properties Excluded From Amortization Cumulative
CapitalizedCostsOfUnprovedPropertiesExcludedFromAmortizationCumulative
208085000 USD
CY2014Q4 us-gaap Capitalized Costs Of Unproved Properties Excluded From Amortization Cumulative
CapitalizedCostsOfUnprovedPropertiesExcludedFromAmortizationCumulative
342731000 USD
CY2012Q4 us-gaap Capitalized Costs Oil And Gas Producing Activities Gross
CapitalizedCostsOilAndGasProducingActivitiesGross
3153212000 USD
CY2013Q4 us-gaap Capitalized Costs Oil And Gas Producing Activities Gross
CapitalizedCostsOilAndGasProducingActivitiesGross
3484663000 USD
CY2014Q4 us-gaap Capitalized Costs Oil And Gas Producing Activities Gross
CapitalizedCostsOilAndGasProducingActivitiesGross
4789512000 USD
CY2012Q4 us-gaap Capitalized Costs Oil And Gas Producing Activities Net
CapitalizedCostsOilAndGasProducingActivitiesNet
2031939000 USD
CY2013Q4 us-gaap Capitalized Costs Oil And Gas Producing Activities Net
CapitalizedCostsOilAndGasProducingActivitiesNet
2135348000 USD
CY2014Q4 us-gaap Capitalized Costs Oil And Gas Producing Activities Net
CapitalizedCostsOilAndGasProducingActivitiesNet
3203275000 USD
CY2012Q4 us-gaap Capitalized Costs Proved Properties
CapitalizedCostsProvedProperties
2993266000 USD
CY2013Q4 us-gaap Capitalized Costs Proved Properties
CapitalizedCostsProvedProperties
3276578000 USD
CY2014Q4 us-gaap Capitalized Costs Proved Properties
CapitalizedCostsProvedProperties
4446781000 USD
CY2011Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
28002000 USD
CY2012Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
33224000 USD
CY2013Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
198153000 USD
CY2014Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
29321000 USD
CY2012 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
5222000 USD
CY2013 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
164929000 USD
CY2014 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-168832000 USD
CY2014Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
56800000 USD
CY2013Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2014Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2013Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2014Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2013Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
450000000 shares
CY2014Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
450000000 shares
CY2013Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
142671436 shares
CY2014Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
143686491 shares
CY2013Q4 us-gaap Common Stock Value
CommonStockValue
1427000 USD
CY2012 us-gaap Cost Of Purchased Oil And Gas
CostOfPurchasedOilAndGas
0 USD
CY2013 us-gaap Cost Of Purchased Oil And Gas
CostOfPurchasedOilAndGas
0 USD
CY2014 us-gaap Cost Of Purchased Oil And Gas
CostOfPurchasedOilAndGas
53967000 USD
CY2014Q4 us-gaap Common Stock Value
CommonStockValue
1437000 USD
CY2013 us-gaap Costs Incurred Acquisition Of Unproved Oil And Gas Properties
CostsIncurredAcquisitionOfUnprovedOilAndGasProperties
27087000 USD
CY2014 us-gaap Costs Incurred Acquisition Of Unproved Oil And Gas Properties
CostsIncurredAcquisitionOfUnprovedOilAndGasProperties
9925000 USD
CY2012 us-gaap Costs Incurred Asset Retirement Obligation Incurred
CostsIncurredAssetRetirementObligationIncurred
7400000 USD
CY2013 us-gaap Costs Incurred Development Costs
CostsIncurredDevelopmentCosts
654452000 USD
CY2013 us-gaap Costs Incurred Asset Retirement Obligation Incurred
CostsIncurredAssetRetirementObligationIncurred
6800000 USD
CY2014 us-gaap Costs Incurred Asset Retirement Obligation Incurred
CostsIncurredAssetRetirementObligationIncurred
6900000 USD
CY2012 us-gaap Costs Incurred Development Costs
CostsIncurredDevelopmentCosts
839118000 USD
CY2012 us-gaap Costs And Expenses
CostsAndExpenses
411954000 USD
CY2013 us-gaap Costs And Expenses
CostsAndExpenses
450906000 USD
CY2014 us-gaap Costs And Expenses
CostsAndExpenses
567499000 USD
CY2012 us-gaap Costs Incurred Acquisition Of Oil And Gas Properties With Proved Reserves
CostsIncurredAcquisitionOfOilAndGasPropertiesWithProvedReserves
16925000 USD
CY2013 us-gaap Costs Incurred Acquisition Of Oil And Gas Properties With Proved Reserves
CostsIncurredAcquisitionOfOilAndGasPropertiesWithProvedReserves
9652000 USD
CY2014 us-gaap Costs Incurred Acquisition Of Oil And Gas Properties With Proved Reserves
CostsIncurredAcquisitionOfOilAndGasPropertiesWithProvedReserves
3873000 USD
CY2012 us-gaap Costs Incurred Acquisition Of Unproved Oil And Gas Properties
CostsIncurredAcquisitionOfUnprovedOilAndGasProperties
3693000 USD
CY2014 us-gaap Costs Incurred Development Costs
CostsIncurredDevelopmentCosts
1049317000 USD
CY2012 us-gaap Costs Incurred Exploration Costs
CostsIncurredExplorationCosts
93266000 USD
CY2013 us-gaap Costs Incurred Exploration Costs
CostsIncurredExplorationCosts
48763000 USD
CY2014 us-gaap Costs Incurred Exploration Costs
CostsIncurredExplorationCosts
242284000 USD
CY2012 us-gaap Costs Incurred Oil And Gas Property Acquisition Exploration And Development Activities
CostsIncurredOilAndGasPropertyAcquisitionExplorationAndDevelopmentActivities
953002000 USD
CY2013 us-gaap Costs Incurred Oil And Gas Property Acquisition Exploration And Development Activities
CostsIncurredOilAndGasPropertyAcquisitionExplorationAndDevelopmentActivities
739954000 USD
CY2014 us-gaap Costs Incurred Oil And Gas Property Acquisition Exploration And Development Activities
CostsIncurredOilAndGasPropertyAcquisitionExplorationAndDevelopmentActivities
1305399000 USD
CY2012 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0 USD
CY2013 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0 USD
CY2014 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0 USD
CY2012 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
0 USD
CY2013 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
0 USD
CY2014 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
0 USD
CY2012 us-gaap Decrease Due To Sales Of Minerals In Place
DecreaseDueToSalesOfMineralsInPlace
0 USD
CY2013 us-gaap Decrease Due To Sales Of Minerals In Place
DecreaseDueToSalesOfMineralsInPlace
239148000 USD
CY2014 us-gaap Decrease Due To Sales Of Minerals In Place
DecreaseDueToSalesOfMineralsInPlace
0 USD
CY2013Q4 us-gaap Deferred Compensation Liability Current
DeferredCompensationLiabilityCurrent
16711000 USD
CY2014Q4 us-gaap Deferred Compensation Liability Current
DeferredCompensationLiabilityCurrent
13034000 USD
CY2012 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
31390000 USD
CY2013 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
64034000 USD
CY2014 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
147445000 USD
CY2013Q4 us-gaap Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
25933000 USD
CY2014Q4 us-gaap Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
28463000 USD
CY2012 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
33003000 USD
CY2013 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
74507000 USD
CY2014 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
164286000 USD
CY2013Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
16293000 USD
CY2014Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
176945000 USD
CY2012 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
1613000 USD
CY2013 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
10473000 USD
CY2014 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
16841000 USD
CY2013Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
-12659000 USD
CY2014Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
-176945000 USD
CY2013Q4 us-gaap Deferred Tax Assets Liabilities Net Current
DeferredTaxAssetsLiabilitiesNetCurrent
3634000 USD
CY2014Q4 us-gaap Deferred Tax Assets Liabilities Net Current
DeferredTaxAssetsLiabilitiesNetCurrent
0 USD
CY2013Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
3634000 USD
CY2014Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0 USD
CY2013Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
284890000 USD
CY2014Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
353724000 USD
CY2013Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Bonuses
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeBonuses
3740000 USD
CY2014Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Bonuses
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeBonuses
3256000 USD
CY2013Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
6578000 USD
CY2014Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
10718000 USD
CY2013Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Other
DeferredTaxAssetsTaxDeferredExpenseOther
2099000 USD
CY2014Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Other
DeferredTaxAssetsTaxDeferredExpenseOther
3049000 USD
CY2013Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
132000 USD
CY2014Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1299000 USD
CY2013Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
12659000 USD
CY2014Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
176945000 USD
CY2013Q4 us-gaap Deferred Tax Liabilities Current
DeferredTaxLiabilitiesCurrent
0 USD
CY2014Q4 us-gaap Deferred Tax Liabilities Current
DeferredTaxLiabilitiesCurrent
71191000 USD
CY2013Q4 us-gaap Deferred Tax Liabilities Derivatives
DeferredTaxLiabilitiesDerivatives
30859000 USD
CY2014Q4 us-gaap Deferred Tax Liabilities Derivatives
DeferredTaxLiabilitiesDerivatives
121365000 USD
CY2013Q4 us-gaap Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
16293000 USD
CY2014Q4 us-gaap Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
105754000 USD
CY2013Q4 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
240000 USD
CY2014Q4 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
316000 USD
CY2013Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
278735000 USD
CY2014Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
424712000 USD
CY2012 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
1293000 USD
CY2013 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
1886000 USD
CY2014 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
2202000 USD
CY2014 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
0.06
CY2014 us-gaap Defined Contribution Plan Employers Matching Contribution Annual Vesting Percentage
DefinedContributionPlanEmployersMatchingContributionAnnualVestingPercentage
1
CY2014 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
1
CY2012 us-gaap Depletion Of Oil And Gas Properties
DepletionOfOilAndGasProperties
237100000 USD
CY2013 us-gaap Depletion Of Oil And Gas Properties
DepletionOfOilAndGasProperties
228000000 USD
CY2014 us-gaap Depletion Of Oil And Gas Properties
DepletionOfOilAndGasProperties
237100000 USD
CY2012 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
241072000 USD
CY2013 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
233944000 USD
CY2014 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
246474000 USD
CY2013Q4 us-gaap Derivative Assets Current
DerivativeAssetsCurrent
15806000 USD
CY2014Q4 us-gaap Derivative Assets Current
DerivativeAssetsCurrent
194601000 USD
CY2013Q4 us-gaap Derivative Assets Noncurrent
DerivativeAssetsNoncurrent
79726000 USD
CY2014Q4 us-gaap Derivative Assets Noncurrent
DerivativeAssetsNoncurrent
117788000 USD
CY2013Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
10795000 USD
CY2014Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
115000 USD
CY2013Q4 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
2680000 USD
CY2014Q4 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
0 USD
CY2014Q4 us-gaap Derivative Number Of Instruments Held
DerivativeNumberOfInstrumentsHeld
31 contract
CY2012 us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodBeforeIncomeTax
-161000 USD
CY2013 us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodBeforeIncomeTax
2204000 USD
CY2012 us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Net Of Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax
-107000 USD
CY2013 us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Net Of Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax
1423000 USD
CY2012 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
-54000 USD
CY2013 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
781000 USD
CY2014 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
0 USD
CY2012 us-gaap Discontinued Operation Tax Effect Of Income Loss From Discontinued Operation During Phase Out Period
DiscontinuedOperationTaxEffectOfIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriod
-54000 USD
CY2013 us-gaap Discontinued Operation Tax Effect Of Income Loss From Discontinued Operation During Phase Out Period
DiscontinuedOperationTaxEffectOfIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriod
781000 USD
CY2012 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
4186000 USD
CY2013 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
4020000 USD
CY2013Q4 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
3489000 USD
CY2014Q4 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
3443000 USD
CY2012 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.49
CY2013Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.01
CY2013Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.28
CY2013Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.09
CY2013Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.48
CY2013 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.89
CY2014Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.00
CY2014Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.13
CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.59
CY2014Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.42
CY2014 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.88
CY2012 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.48
CY2013Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.01
CY2013Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.27
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.09
CY2013Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.48
CY2013 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.88
CY2014Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.00
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.13
CY2014Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.58
CY2014Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.40
CY2014 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.85
CY2012 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.35
CY2013 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.39
CY2014 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.38
CY2012 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.34
CY2013 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.34
CY2014 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2012 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
0 USD
CY2013 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
0 USD
CY2014 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
4650000 USD
CY2013Q4 us-gaap Equity Method Investments
EquityMethodInvestments
5913000 USD
CY2014Q4 us-gaap Equity Method Investments
EquityMethodInvestments
58288000 USD
CY2012 us-gaap Extensions Discoveries Additions And Improved Recovery Less Related Costs
ExtensionsDiscoveriesAdditionsAndImprovedRecoveryLessRelatedCosts
1287952000 USD
CY2013 us-gaap Extensions Discoveries Additions And Improved Recovery Less Related Costs
ExtensionsDiscoveriesAdditionsAndImprovedRecoveryLessRelatedCosts
1166481000 USD
CY2014 us-gaap Extensions Discoveries Additions And Improved Recovery Less Related Costs
ExtensionsDiscoveriesAdditionsAndImprovedRecoveryLessRelatedCosts
1340022000 USD
CY2012Q4 us-gaap Future Net Cash Flows Relating To Proved Oil And Gas Reserves Cash Inflows
FutureNetCashFlowsRelatingToProvedOilAndGasReservesCashInflows
11636926000 USD
CY2013Q4 us-gaap Future Net Cash Flows Relating To Proved Oil And Gas Reserves Cash Inflows
FutureNetCashFlowsRelatingToProvedOilAndGasReservesCashInflows
13337798000 USD
CY2014Q4 us-gaap Future Net Cash Flows Relating To Proved Oil And Gas Reserves Cash Inflows
FutureNetCashFlowsRelatingToProvedOilAndGasReservesCashInflows
16663685000 USD
CY2012Q4 us-gaap Future Net Cash Flows Relating To Proved Oil And Gas Reserves Development Costs
FutureNetCashFlowsRelatingToProvedOilAndGasReservesDevelopmentCosts
2252559000 USD
CY2013Q4 us-gaap Future Net Cash Flows Relating To Proved Oil And Gas Reserves Development Costs
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2250950000 USD
CY2014Q4 us-gaap Future Net Cash Flows Relating To Proved Oil And Gas Reserves Development Costs
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2471985000 USD
CY2012Q4 us-gaap Future Net Cash Flows Relating To Proved Oil And Gas Reserves Income Tax Expense
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1433373000 USD
CY2013Q4 us-gaap Future Net Cash Flows Relating To Proved Oil And Gas Reserves Income Tax Expense
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2150983000 USD
CY2014Q4 us-gaap Future Net Cash Flows Relating To Proved Oil And Gas Reserves Income Tax Expense
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2827763000 USD
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4787623000 USD
CY2013Q4 us-gaap Future Net Cash Flows Relating To Proved Oil And Gas Reserves Net Cash Flows
FutureNetCashFlowsRelatingToProvedOilAndGasReservesNetCashFlows
5876497000 USD
CY2014Q4 us-gaap Future Net Cash Flows Relating To Proved Oil And Gas Reserves Net Cash Flows
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7747162000 USD
CY2012Q4 us-gaap Future Net Cash Flows Relating To Proved Oil And Gas Reserves Production Costs
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3163371000 USD
CY2013Q4 us-gaap Future Net Cash Flows Relating To Proved Oil And Gas Reserves Production Costs
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3059368000 USD
CY2014Q4 us-gaap Future Net Cash Flows Relating To Proved Oil And Gas Reserves Production Costs
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3616775000 USD
CY2012Q4 us-gaap Future Net Cash Flows Relating To Proved Oil And Gas Reserves Ten Percent Annual Discount For Estimated Timing Of Cash Flows
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2910167000 USD
CY2013Q4 us-gaap Future Net Cash Flows Relating To Proved Oil And Gas Reserves Ten Percent Annual Discount For Estimated Timing Of Cash Flows
FutureNetCashFlowsRelatingToProvedOilAndGasReservesTenPercentAnnualDiscountForEstimatedTimingOfCashFlows
3554293000 USD
CY2014Q4 us-gaap Future Net Cash Flows Relating To Proved Oil And Gas Reserves Ten Percent Annual Discount For Estimated Timing Of Cash Flows
FutureNetCashFlowsRelatingToProvedOilAndGasReservesTenPercentAnnualDiscountForEstimatedTimingOfCashFlows
4500434000 USD
CY2012 us-gaap Gain Loss On Derivative Instruments Net Pretax
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8388000 USD
CY2013 us-gaap Gain Loss On Derivative Instruments Net Pretax
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79878000 USD
CY2014 us-gaap Gain Loss On Derivative Instruments Net Pretax
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327920000 USD
CY2012 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-51000 USD
CY2013 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-1508000 USD
CY2014 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-3252000 USD
CY2012 us-gaap Gain Loss On Interest Rate Derivative Instruments Not Designated As Hedging Instruments
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-412000 USD
CY2013 us-gaap Gain Loss On Interest Rate Derivative Instruments Not Designated As Hedging Instruments
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-24000 USD
CY2014 us-gaap Gain Loss On Interest Rate Derivative Instruments Not Designated As Hedging Instruments
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0 USD
CY2012 us-gaap Gain Loss On Price Risk Derivative Instruments Not Designated As Hedging Instruments
GainLossOnPriceRiskDerivativeInstrumentsNotDesignatedAsHedgingInstruments
8800000 USD
CY2013 us-gaap Gain Loss On Price Risk Derivative Instruments Not Designated As Hedging Instruments
GainLossOnPriceRiskDerivativeInstrumentsNotDesignatedAsHedgingInstruments
79902000 USD
CY2014 us-gaap Gain Loss On Price Risk Derivative Instruments Not Designated As Hedging Instruments
GainLossOnPriceRiskDerivativeInstrumentsNotDesignatedAsHedgingInstruments
327920000 USD
CY2012 us-gaap Gas Gathering Transportation Marketing And Processing Revenue
GasGatheringTransportationMarketingAndProcessingRevenue
325000 USD
CY2013 us-gaap Gas Gathering Transportation Marketing And Processing Revenue
GasGatheringTransportationMarketingAndProcessingRevenue
413000 USD
CY2014 us-gaap Gas Gathering Transportation Marketing And Processing Revenue
GasGatheringTransportationMarketingAndProcessingRevenue
2245000 USD
CY2012 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
62106000 USD
CY2013 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
89696000 USD
CY2014 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
106044000 USD
CY2012 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 USD
CY2013 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 USD
CY2014 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
3904000 USD
CY2012 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
61761000 USD
CY2013 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
116577000 USD
CY2014 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
265573000 USD
CY2012 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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94764000 USD
CY2013 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
191084000 USD
CY2014 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
429859000 USD
CY2012 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.49
CY2013 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.88
CY2014 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
1.88
CY2012 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.48
CY2013 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.87
CY2014 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.85
CY2012 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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-107000 USD
CY2013 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
1423000 USD
CY2014 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
0 USD
CY2012 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.00
CY2013 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.01
CY2014 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.00
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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0.01
CY2014 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.00
CY2012 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
0 USD
CY2013 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
29000 USD
CY2014 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-192000 USD
CY2012 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
33003000 USD
CY2013 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
74507000 USD
CY2014 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
164286000 USD
CY2012 us-gaap Income Tax Expense Benefit Intraperiod Tax Allocation
IncomeTaxExpenseBenefitIntraperiodTaxAllocation
32949000 USD
CY2013 us-gaap Income Tax Expense Benefit Intraperiod Tax Allocation
IncomeTaxExpenseBenefitIntraperiodTaxAllocation
75288000 USD
CY2014 us-gaap Income Tax Expense Benefit Intraperiod Tax Allocation
IncomeTaxExpenseBenefitIntraperiodTaxAllocation
164286000 USD
CY2012 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-583000 USD
CY2013 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
63000 USD
CY2014 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
1139000 USD
CY2012 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
32219000 USD
CY2013 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
64969000 USD
CY2014 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
150450000 USD
CY2012 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
1177000 USD
CY2013 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
1070000 USD
CY2014 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
509000 USD
CY2012 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
88000 USD
CY2013 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
314000 USD
CY2014 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
823000 USD
CY2012 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
102000 USD
CY2013 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
7532000 USD
CY2014 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
11099000 USD
CY2012 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
2665000 USD
CY2013 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-32581000 USD
CY2014 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
23006000 USD
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InterestCostsCapitalized
627000 USD
CY2013 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
255000 USD
CY2014 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
150000 USD
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86199000 USD
CY2012 us-gaap Increase Decrease In Accounts Receivable
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9705000 USD
CY2013 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-6825000 USD
CY2014 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
49953000 USD
CY2012 us-gaap Increase Decrease In Estimated Future Development Costs
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-3917000 USD
CY2013 us-gaap Increase Decrease In Estimated Future Development Costs
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921000 USD
CY2014 us-gaap Increase Decrease In Estimated Future Development Costs
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-22961000 USD
CY2012 us-gaap Increase Decrease In Future Income Tax Expense Estimates On Future Cash Flows Related To Proved Oil And Gas Reserves
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-101955000 USD
CY2013 us-gaap Increase Decrease In Future Income Tax Expense Estimates On Future Cash Flows Related To Proved Oil And Gas Reserves
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-259991000 USD
CY2014 us-gaap Increase Decrease In Future Income Tax Expense Estimates On Future Cash Flows Related To Proved Oil And Gas Reserves
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-266757000 USD
CY2012 us-gaap Increase Decrease In Interest Payable Net
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5994000 USD
CY2013 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
-221000 USD
CY2014 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
11804000 USD
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7849000 USD
CY2013 us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
16458000 USD
CY2014 us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
23837000 USD
CY2012 us-gaap Increase Decrease In Other Noncurrent Liabilities
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98000 USD
CY2013 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
499000 USD
CY2014 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
2825000 USD
CY2012 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
414000 USD
CY2013 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
7438000 USD
CY2014 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
16688000 USD
CY2012 us-gaap Increase Due To Purchases Of Minerals In Place
IncreaseDueToPurchasesOfMineralsInPlace
25041000 USD
CY2013 us-gaap Increase Due To Purchases Of Minerals In Place
IncreaseDueToPurchasesOfMineralsInPlace
7604000 USD
CY2014 us-gaap Increase Due To Purchases Of Minerals In Place
IncreaseDueToPurchasesOfMineralsInPlace
6100000 USD
CY2012 us-gaap Interest And Other Income
InterestAndOtherIncome
59000 USD
CY2013 us-gaap Interest And Other Income
InterestAndOtherIncome
163000 USD
CY2014 us-gaap Interest And Other Income
InterestAndOtherIncome
294000 USD
CY2013 us-gaap Interest Costs Incurred
InterestCostsIncurred
100582000 USD
CY2014 us-gaap Interest Costs Incurred
InterestCostsIncurred
121323000 USD
CY2012 us-gaap Interest Expense
InterestExpense
85572000 USD
CY2013 us-gaap Interest Expense
InterestExpense
100327000 USD
CY2014 us-gaap Interest Expense
InterestExpense
121173000 USD
CY2012 us-gaap Interest Expense Debt
InterestExpenseDebt
75265000 USD
CY2013 us-gaap Interest Expense Debt
InterestExpenseDebt
95877000 USD
CY2014 us-gaap Interest Expense Debt
InterestExpenseDebt
105086000 USD
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InterestIncomeExpenseNet
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CY2013 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
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CY2014 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
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InterestPaidCapitalized
627000 USD
CY2013 us-gaap Interest Paid Capitalized
InterestPaidCapitalized
255000 USD
CY2014 us-gaap Interest Paid Capitalized
InterestPaidCapitalized
150000 USD
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InterestPaidNet
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CY2014 us-gaap Interest Paid Net
InterestPaidNet
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CY2013 us-gaap Interest Paid Net
InterestPaidNet
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67325000 USD
CY2013 us-gaap Lease Operating Expense
LeaseOperatingExpense
79136000 USD
CY2014 us-gaap Lease Operating Expense
LeaseOperatingExpense
96503000 USD
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Liabilities
1351504000 USD
CY2014Q4 us-gaap Liabilities
Liabilities
2369348000 USD
CY2013Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
2623760000 USD
CY2014Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
3932549000 USD
CY2013Q4 us-gaap Liabilities Current
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253969000 USD
CY2014Q4 us-gaap Liabilities Current
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425025000 USD
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1051538000 USD
CY2014Q4 us-gaap Long Term Debt Noncurrent
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1801295000 USD
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NetCashProvidedByUsedInFinancingActivities
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CY2013 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
130084000 USD
CY2014 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
739852000 USD
CY2012 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2013 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2014 us-gaap Net Cash Provided By Used In Investing Activities
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CY2012 us-gaap Net Cash Provided By Used In Operating Activities
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376776000 USD
CY2013 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
364729000 USD
CY2014 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
498277000 USD
CY2012 us-gaap Net Income Loss Available To Common Stockholders Basic
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61654000 USD
CY2013Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1409000 USD
CY2013Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
35812000 USD
CY2013Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
12543000 USD
CY2013Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
68236000 USD
CY2013 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
118000000 USD
CY2014Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-213000 USD
CY2014Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-18899000 USD
CY2014Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
83407000 USD
CY2014Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
201278000 USD
CY2014 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
265573000 USD
CY2012 us-gaap Net Increase Decrease In Sales And Transfer Prices And Production Costs
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194921000 USD
CY2013 us-gaap Net Increase Decrease In Sales And Transfer Prices And Production Costs
NetIncreaseDecreaseInSalesAndTransferPricesAndProductionCosts
313947000 USD
CY2014 us-gaap Net Increase Decrease In Sales And Transfer Prices And Production Costs
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145740000 USD
CY2012 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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CY2013 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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CY2014 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
203473000 USD
CY2013Q4 us-gaap Oil And Gas Joint Interest Billing Receivables Current
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16629000 USD
CY2014Q4 us-gaap Oil And Gas Joint Interest Billing Receivables Current
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33808000 USD
CY2013Q4 us-gaap Oil And Gas Property Full Cost Method Depletion
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1300000000 USD
CY2014Q4 us-gaap Oil And Gas Property Full Cost Method Depletion
OilAndGasPropertyFullCostMethodDepletion
1600000000 USD
CY2013Q4 us-gaap Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
2135348000 USD
CY2014Q4 us-gaap Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
3203275000 USD
CY2012 us-gaap Oil And Gas Sales Revenue
OilAndGasSalesRevenue
583569000 USD
CY2013 us-gaap Oil And Gas Sales Revenue
OilAndGasSalesRevenue
664844000 USD
CY2014 us-gaap Oil And Gas Sales Revenue
OilAndGasSalesRevenue
737203000 USD
CY2012 us-gaap Operating Income Loss
OperatingIncomeLoss
171940000 USD
CY2013Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
44505000 USD
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
57414000 USD
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
57420000 USD
CY2013Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
55012000 USD
CY2013 us-gaap Operating Income Loss
OperatingIncomeLoss
214351000 USD
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
60038000 USD
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
64561000 USD
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
69164000 USD
CY2014Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
32623000 USD
CY2014 us-gaap Operating Income Loss
OperatingIncomeLoss
226386000 USD
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23845000 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due Current
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2477000 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
2399000 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
3141000 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
3224000 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
3095000 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
9509000 USD
CY2012 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1339000 USD
CY2013 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1923000 USD
CY2014 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
3042000 USD
CY2013Q4 us-gaap Other Accrued Liabilities Current
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18998000 USD
CY2014Q4 us-gaap Other Accrued Liabilities Current
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34903000 USD
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12698000 USD
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OtherAssetsCurrent
14402000 USD
CY2013Q4 us-gaap Other Assets Noncurrent
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255000 USD
CY2014Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
8675000 USD
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72231000 USD
CY2014Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
97589000 USD
CY2013Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
5546000 USD
CY2014Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
6232000 USD
CY2012 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-19000 USD
CY2013 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
37000 USD
CY2014 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
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CY2012 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
8337000 USD
CY2013 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
76897000 USD
CY2014 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
324352000 USD
CY2013Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
3042000 USD
CY2014Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
17134000 USD
CY2012 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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CY2013 us-gaap Payments For Repurchase Of Common Stock
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CY2014 us-gaap Payments For Repurchase Of Common Stock
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CY2014 us-gaap Provision For Doubtful Accounts
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CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Number Of Employees Affected
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CY2014Q4 us-gaap Standardized Measure Of Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves
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3246728000 USD
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CY2012 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2013 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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134378000 shares
CY2014 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2013 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2014 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2012 us-gaap Well Service Expense
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CY2014 us-gaap Well Service Expense
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CY2014 us-gaap Concentration Risk Credit Risk
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Credit risk</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's oil and natural gas sales are made to a variety of purchasers, including intrastate and interstate pipelines or their marketing affiliates and independent marketing companies. The Company's joint operations accounts receivable are from a number of oil and natural gas companies, partnerships, individuals and others who own interests in the oil and natural gas properties operated by the Company. Management believes that any credit risk imposed by a concentration in the oil and natural gas industry is offset by the creditworthiness of the Company's customer base and industry partners. The Company routinely assesses the recoverability of all material trade and other receivables to determine collectability.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company uses derivatives to hedge its exposure to oil and natural gas price volatility and its exposure to interest rate risk associated with the Senior Secured Credit Facility. These transactions expose the Company to potential credit risk from its counterparties. In accordance with the Company's standard practice, its derivatives are subject to counterparty netting under agreements governing such derivatives; therefore, the credit risk associated with its derivative counterparties is somewhat mitigated.</font></div></div>
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%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Organization</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company (defined below) is an independent energy company focused on the acquisition, exploration and development of oil and natural gas properties primarily in the Permian Basin in West Texas. On August 1, 2013, the Company sold its properties in the Mid-Continent region of the United States (as further described below).</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Laredo Petroleum,&#160;Inc. ("Laredo"), formerly known as Laredo Petroleum Holdings, Inc., was formed pursuant to the laws of the State of Delaware on August&#160;12, 2011 for purposes of a Corporate Reorganization (defined below) and initial public offering of its common stock (the "IPO"). On December 19, 2011, Laredo Petroleum, LLC ("Laredo LLC"), a Delaware limited liability company, was merged with and into Laredo, with Laredo surviving the merger (the "Corporate Reorganization"). As a holding company, Laredo's management operations were conducted through its wholly-owned subsidiary, Laredo Petroleum, Inc. ("Laredo Inc"), a Delaware corporation, and Laredo Inc's subsidiaries, Laredo Petroleum Texas,&#160;LLC ("Laredo Texas"), a Texas limited liability company, Laredo Gas Services,&#160;LLC ("Laredo Gas"), a Delaware limited liability company, and Laredo Petroleum&#8212;Dallas,&#160;Inc. ("Laredo Dallas"), a Delaware corporation. </font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Effective December 31, 2013, an internal corporate reorganization was completed, which simplified the corporate structure. Two of Laredo Inc's subsidiaries, Laredo Texas and Laredo Dallas, were merged with and into Laredo Inc. The sole remaining wholly-owned subsidiary of Laredo Inc at the time of the internal corporate reorganization, Laredo Gas, changed its name to Laredo Midstream Services, LLC ("Laredo Midstream"). Laredo Inc merged with and into Laredo with Laredo surviving and changing its name to "Laredo Petroleum, Inc." (the events described in this paragraph collectively, the "Internal Consolidation").</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On October 24, 2014, Laredo formed Garden City Minerals, LLC ("GCM"), a Delaware limited liability company, for the purpose of holding its mineral interests. GCM is wholly owned by Laredo. GCM and Laredo Midstream (together, the "Guarantors") guarantee all of Laredo's debt instruments.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In these notes, the "Company," (i) when used in the present tense, prospectively or as of December 31, 2014, refers to Laredo, Laredo Midstream and GCM collectively; (ii) when used for historical periods from December 31, 2013 to October 23, 2014, refers to Laredo and Laredo Midstream collectively; (iii) when used for historical periods from December 19, 2011 to December 30, 2013, refers to Laredo and its subsidiaries, collectively; and (iv) when used for historical periods prior to December&#160;19, 2011 refers to Laredo&#160;LLC, Laredo Inc and its subsidiaries, collectively, unless the context indicates otherwise. All amounts, dollars and percentages presented in these consolidated financial statements and the related notes are rounded and therefore approximate.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"></font></div></div>
CY2014 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain amounts in the accompanying consolidated financial statements have been reclassified to conform to the 2014 presentation. These reclassifications had no impact to previously reported total assets, total liabilities, net income, stockholders' equity or cash flows. </font></div></div>
CY2014 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of estimates in the preparation of consolidated financial statements</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although management believes these estimates are reasonable, actual results could differ.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Significant estimates include, but are not limited to, (i) estimates of the Company's reserves of oil and natural gas, (ii) future cash flows from oil and natural gas properties, (iii) depletion, depreciation and amortization, (iv) asset retirement obligations, (v) stock-based compensation, (vi) deferred income taxes, (vii) fair value of assets acquired and liabilities assumed in an acquisition and (viii) fair values of commodity derivatives, interest rate derivatives, commodity deferred premiums and performance unit awards. As fair value is a market-based measurement, it is determined based on the assumptions that market participants would use. These estimates and assumptions are based on management's best judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. Such estimates and assumptions are adjusted when facts and circumstances dictate. Illiquid credit markets and volatile equity and energy markets have combined to increase the uncertainty inherent in such estimates and assumptions. Management believes its estimates and assumptions to be reasonable under the circumstances. As future events and their effects cannot be determined with precision, actual values and results could differ from these estimates. Any changes in estimates resulting from future changes in the economic environment will be reflected in the financial statements in future periods.</font></div></div>

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