Document and Entity Information - USD ($) |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2010 |
Oct. 25, 2010 |
Jun. 30, 2009 |
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Document and Entity Information [Abstract] | |||
Entity Registrant Name | RANGE RESOURCES CORP | ||
Entity Central Index Key | 0000315852 | ||
Document Type | 10-Q | ||
Document Period End Date | Sep. 30, 2010 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2010 | ||
Document Fiscal Period Focus | Q3 | ||
Company Fiscal Year End Date | --12-31 | ||
Entity Well Known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 6,361,198,000 | ||
Entity Common Stock Shares Outstanding | 160,071,797 |
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- Definition If the value is true, then the document as an amendment to previously-filed/accepted document. No definition available.
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- Definition End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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- Definition This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Definition The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements this will be the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type should be limited to the same value as the supporting SEC submission type. The acceptable values are as follows: S-1, S-3, S-4, S-11, F-1, F-3, F-4, F-9, F-10, 6-K, 8-K, 10, 10-K, 10-Q, 20-F, 40-F, N-1A, 485BPOS, NCSR, N-Q, and Other. No definition available.
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- Definition Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, Instrument No definition available.
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- Definition Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K. No definition available.
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- Definition Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No definition available.
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Consolidated Balance Sheets (Parenthetical) - USD ($) |
Sep. 30, 2010 |
Dec. 31, 2009 |
---|---|---|
Current assets: | ||
Allowance for doubtful accounts on accounts receivables | $ 1,386,000 | $ 2,176,000 |
Stockholders' Equity | ||
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 475,000,000 | 475,000,000 |
Common stock, shares issued | 160,062,048 | 158,336,264 |
Common stock held in treasury shares | 210,269 | 217,327 |
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Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2010 |
Sep. 30, 2009 |
Sep. 30, 2010 |
Sep. 30, 2009 |
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Revenues and other income | ||||
Natural gas, NGL and oil sales | $ 219,560 | $ 202,122 | $ 663,104 | $ 597,834 |
Transportation and gathering | (1,634) | 2,444 | 1,133 | 4,091 |
Derivative fair value income (loss) | 9,981 | (482) | 58,860 | 65,209 |
Gain on the sale of assets | 67 | 32 | 79,111 | 39 |
Other | (1,013) | (475) | (1,951) | (6,663) |
Total revenues and other income | 226,961 | 203,641 | 800,257 | 660,510 |
Costs and expenses | ||||
Direct operating | 34,287 | 31,111 | 95,102 | 101,480 |
Production and ad valorem taxes | 8,873 | 7,600 | 25,033 | 23,421 |
Exploration | 15,236 | 10,902 | 44,344 | 35,609 |
Abandonment and impairment of unproved properties | 20,534 | 24,053 | 46,438 | 84,579 |
General and administrative | 36,523 | 29,928 | 100,529 | 83,941 |
Termination costs | 840 | 7,938 | 840 | |
Deferred compensation plan | (5,347) | 16,445 | (25,194) | 29,635 |
Interest expense | 33,806 | 30,633 | 94,872 | 86,817 |
Loss on early extinguishment of debt | 5,351 | 5,351 | ||
Depletion, depreciation and amortization | 91,768 | 97,208 | 271,391 | 270,241 |
Impairment of proved properties | 6,505 | |||
Total costs and expenses | 241,031 | 248,720 | 672,309 | 716,563 |
(Loss) income from operations | (14,070) | (45,079) | 127,948 | (56,053) |
Income tax (benefit) expense | ||||
Current | (10) | (695) | (10) | (76) |
Deferred | (5,892) | (14,566) | 49,495 | (18,884) |
Total income tax (benefit) expense | (5,902) | (15,261) | 49,485 | (18,960) |
Net (loss) income | $ (8,168) | $ (29,818) | $ 78,463 | $ (37,093) |
(Loss) income per common share: | ||||
Basic | $ (0.05) | $ (0.19) | $ 0.49 | $ (0.24) |
Diluted | (0.05) | (0.19) | 0.49 | (0.24) |
Dividends per common share | $ 0.04 | $ 0.04 | $ 0.12 | $ 0.12 |
Weighted average common shares outstanding: | ||||
Basic | 157,109 | 154,653 | 156,777 | 154,257 |
Diluted | 157,109 | 154,653 | 158,493 | 154,257 |
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- Definition Depletion, Depreciation, Amortization and Impairment of Oil and Gas Properties. No definition available.
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Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2010 |
Sep. 30, 2009 |
Sep. 30, 2010 |
Sep. 30, 2009 |
|||
Consolidated Statements of Comprehensive Income (Loss) [Abstract] | ||||||
Net (loss) income | $ (8,168) | $ (29,818) | $ 78,463 | $ (37,093) | ||
Other comprehensive (loss) income: | ||||||
Realized gain on hedge derivative contract settlements reclassified into earnings from other comprehensive income, net of taxes | [1] | (9,602) | (34,248) | (21,726) | (100,070) | |
Change in unrealized deferred hedging gains (losses), net of taxes | 66,968 | (1,218) | 115,293 | 41,965 | ||
Total comprehensive income (loss) | $ 49,198 | $ (65,284) | $ 172,030 | $ (95,198) | ||
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Organization and Nature of Business |
9 Months Ended |
---|---|
Sep. 30, 2010 | |
Organization and Nature of Business [Abstract] | |
ORGANIZATION AND NATURE OF BUSINESS |
(1) ORGANIZATION AND NATURE OF BUSINESS
We
are a Fort Worth, Texas-based independent natural gas company engaged
in the exploration, development and acquisition of primarily natural
gas properties in the Southwestern and the Appalachian regions of the
United States. Our objective is to build stockholder value through
consistent growth in reserves and production on a cost-efficient
basis.
Range Resources Corporation is a Delaware corporation with our common
stock listed and traded on the New York Stock Exchange under the symbol “RRC.”
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Basis of Presentation |
9 Months Ended |
---|---|
Sep. 30, 2010 | |
Basis of Presentation [Abstract] | |
BASIS OF PRESENTATION |
(2) BASIS OF PRESENTATION
These interim financial statements should be read in conjunction with the consolidated
financial statements and notes thereto included in the Range Resources 2009 Annual Report on Form
10-K filed on February 24, 2010. These consolidated financial statements are unaudited but, in the
opinion of management, reflect all adjustments necessary for fair presentation of the results for
the periods presented. All adjustments are of a normal recurring nature unless disclosed
otherwise. These consolidated financial statements, including selected notes, have been prepared
in accordance with the applicable rules of the Securities and Exchange Commission (“SEC”) and do
not include all of the information and disclosures required by accounting principles generally
accepted in the United States of America for complete financial statements.
Certain reclassifications have been made to the presentation of prior periods to conform to
the current year presentation, which includes the reclassification of severance costs associated
with the closing of our Houston office from exploration expense ($200,000) and general and
administrative expense ($640,000) to termination costs included in the accompanying consolidated
statement of operations.
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New Accounting Standards |
9 Months Ended |
---|---|
Sep. 30, 2010 | |
New Accounting Standards [Abstract] | |
NEW ACCOUNTING STANDARDS |
(3) NEW ACCOUNTING STANDARDS
Recently Adopted
Accounting standards for variable interest entities were amended by the Financial Accounting
Standards Board (the “FASB”) in September 2009. The new accounting standards replace the existing
quantitative-based risks and rewards calculation for determining which enterprise has a controlling
financial interest in a variable interest entity with an approach focused on identifying which
enterprise has the power to direct the activities of a variable interest entity. In addition, the
concept of qualifying special-purpose entities has been eliminated. Ongoing assessments of whether
an enterprise is the primary beneficiary of a variable interest entity are also required. The
amended accounting standard for variable interest entities requires reconsideration for determining
whether an entity is a variable interest entity when changes in facts and circumstances occur such
that the holders of the equity investment at risk, as a group, lack the power from voting rights or
similar rights to direct the activities of the entity. Enhanced disclosures are required for any
enterprise that holds a variable interest in a variable interest entity. The adoption of this
guidance did not have an impact on our consolidated results of operations, financial position or
cash flows.
A standard to improve disclosures about fair value measurements was issued by the FASB in
January 2010. The additional disclosures required include: (1) the different classes of assets
and liabilities measured at fair value, (2) the significant inputs and techniques used to measure
Level 2 and Level 3 assets and liabilities for both recurring and nonrecurring fair value
measurements, (3) the gross presentation of purchases, sales, issuances and settlements for the
roll forward of Level 3 activity, and (4) the transfers in and out of Levels 1 and 2. We adopted
all aspects of this standard in first quarter 2010. This adoption did not have a significant
impact on our consolidated results of operations, financial position or cash flows. See Note 12
for our disclosures about fair value measurements.
In February 2010, the FASB amended guidance on subsequent events to alleviate potential
conflicts between FASB guidance and SEC requirements. Under this amended guidance, SEC filers are
no longer required to disclose the date through which subsequent events have been evaluated in
originally issued and revised financial statements. This guidance was effective immediately and we
adopted these new requirements in first quarter 2010. The adoption of this guidance did not
have an impact on our financial statements.
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Dispositions And Acquisitions |
9 Months Ended |
---|---|
Sep. 30, 2010 | |
Dispositions and Acquisitions [Abstract] | |
DISPOSITIONS AND ACQUISITIONS |
(4) DISPOSITIONS AND ACQUISITIONS
2010 Asset Sales
In February 2010, we entered into an agreement to sell our tight gas sand properties in Ohio.
We closed approximately 90% of the sale in March 2010 and closed the remainder in June 2010. Total
proceeds received were approximately $323.0 million and we recorded a gain of $77.4 million. The
agreement had an effective date of January 1, 2010, and consequently
operating
net revenues after January 1, 2010 were a downward adjustments to the selling price.
The proceeds we received were placed in
a like-kind exchange account and in June 2010 we used a portion of the proceeds to purchase proved
and unproved natural gas properties in Virginia. In
September 2010, the like-kind exchange account was closed and the balance of these proceeds
($135.0 million) was used to repay amounts outstanding under our bank credit facility.
2009 Asset Sales
In fourth quarter 2009, we sold natural gas properties in New York for proceeds of $36.3
million. The proceeds were credited to natural gas and oil properties included in our consolidated
balance sheets, with no gain or loss recognized, as the sale did not materially impact the
depletion rate of the remaining properties in the amortization base.
In second quarter 2009, we sold oil properties located in West Texas for proceeds of $182.0
million. The proceeds were credited to natural gas and oil properties included in our consolidated
balance sheets, with no gain or loss recognized, as the sale did not materially impact the
depletion rate of the remaining properties in the amortization base.
2010 Acquisitions
In June 2010, we purchased proved and unproved natural gas properties in Virginia for
approximately $135.0 million. After recording asset retirement obligations, the purchase price
allocated to proved property was $132.9 million and unproved property was $2.6 million. The
purchase price allocation is preliminary and subject to revision pending finalization of closing
adjustments and additional leasehold evaluations. We used proceeds from our like-kind exchange
account to fund this acquisition (see 2010 Asset Sales above).
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Income Taxes |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INCOME TAXES |
(5) INCOME TAXES
Income
tax (benefit) expense was as follows (in thousands):
We compute our quarterly taxes under the effective tax rate method based on applying an
anticipated annual effective rate to our year-to-date income, except for discrete items. Income
taxes for discrete items are computed and recorded in the period that the specific transaction
occurs. For the three months and the nine months ended September 30, 2010 and 2009, our overall
effective tax rate on pre-tax income from operations was different than the statutory rate of 35%
due primarily to state income taxes, valuation allowances and other
permanent differences. The three months and the nine months ended
September 30, 2010 include a tax benefit for the release of valuation
allowances reserved for capital losses. The three months and the nine
months ended September 30, 2009 includes additional tax expense to
increase valuation allowances.
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(Loss) Income Per Common Share |
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Sep. 30, 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Loss) Income Per Common Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(LOSS) INCOME PER COMMON SHARE |
(6) (LOSS) INCOME PER COMMON SHARE
Basic
net (loss) income per share attributable to common shareholders is computed as (i) net
(loss) income (ii) less income allocable to participating securities (iii) divided by weighted
average basic shares outstanding. Diluted net (loss) income per share attributable to common
shareholders is computed as (i) basic net (loss) income attributable to common shareholders (ii)
plus diluted adjustments to income allocable to participating securities divided by weighted
average diluted shares outstanding. The following table sets forth a reconciliation of net (loss) income to basic net (loss) income attributable to common shareholders and to diluted net (loss) income attributable to common shareholders and a reconciliation of basic weighted average common
shares outstanding to diluted weighted average common shares outstanding (in thousands except per
share amounts):
The weighted average common shares – basic amount for the three months ended September
30, 2010 excludes 2.9 million shares of restricted stock
compared to 2.8 million
shares of restricted stock excluded at September 30, 2009 which
are held in our deferred compensation plans (although
all restricted stock is issued and outstanding upon grant). Weighted average common shares – basic
for the nine months ended September 30, 2010 excludes 2.8 million of shares of restricted stock
compared to 2.5 million shares of restricted stock excluded for the nine months ended
September 30, 2009. Stock appreciation rights (“SARs”)
of 2.0 million for the nine months ended September 30, 2010 were
outstanding but not included in the
computations of diluted net income per share because the grant prices
of the SARs were greater than the average market price of the common
shares and would be anti-dilutive to the computations.
Due to our net loss from operations
for the three months ended September 30, 2010 and the three months and the nine months ended
September 30, 2009, we excluded all outstanding stock options, stock appreciation rights and
restricted stock from the computations of diluted net income per share because the effect would
have been anti-dilutive.
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- References No definition available.
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X | ||||||||||
- References No definition available.
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Suspended Exploratory Well Costs |
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Sep. 30, 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Suspended Exploratory Well Costs [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SUSPENDED EXPLORATORY WELL COSTS |
(7) SUSPENDED EXPLORATORY WELL COSTS
The following table reflects the changes in capitalized exploratory well costs for the nine
months ended September 30, 2010 and the year ended December 31, 2009 (in thousands):
The $12.0 million of capitalized exploratory well costs at September 30, 2010 was incurred in
2010 ($5.8 million), in 2009 ($4.0 million) and in 2008 ($2.2 million). Of the four projects that
have exploratory costs capitalized for more than one year, all are Marcellus Shale wells and are
waiting on the completion of pipelines.
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- Definition Suspended Exploratory Well Costs. No definition available.
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- References No definition available.
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Indebtedness |
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Indebtedness [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INDEBTEDNESS |
(8) INDEBTEDNESS
We had the following debt outstanding as of the dates shown below (in thousands) (bank debt
interest rate at September 30, 2010 is shown parenthetically). No interest expense was capitalized
during the three months or the nine months ended September 30, 2010 and 2009.
Bank Debt
In October 2006, we entered into an amended and restated revolving bank facility, which we
refer to as our bank debt or our bank credit facility, which is secured by substantially all of our
assets. The bank credit facility provides for an initial commitment equal to the lesser of the
facility amount or the borrowing base. On September 30, 2010, the borrowing base was $1.5 billion
and our facility amount was $1.25 billion. The bank credit facility provides for a borrowing base
subject to redeterminations semi-annually and for event-driven unscheduled redeterminations. As
part of our semi-annual bank review completed October 8, 2010, our borrowing base was reaffirmed at
$1.5 billion and our facility amount was also reaffirmed at $1.25 billion. Our current bank group
is comprised of twenty-six commercial banks with no one bank holding
more than 5% of the total
facility. The facility amount may be increased up to the borrowing base amount with twenty days
notice, subject to payment of a mutually acceptable commitment fee to those banks agreeing to
participate in the facility amount increase. At September 30, 2010, the outstanding balance under
the bank credit facility was $165.0 million and we had $5.4 million of undrawn letters of credit
leaving $1.1 billion of borrowing capacity available under the facility amount. The loan matures
October 2012. Borrowing under the bank credit facility can either be the Alternate Base Rate (as
defined) plus a spread
ranging from 0.875% to 1.625% or LIBOR borrowings at the adjusted LIBOR Rate (as defined) plus a
spread ranging from 1.75% to 2.5%. The applicable spread is dependent upon borrowings relative to
the borrowing base. We may elect, from time to time, to convert all or any part of our LIBOR loans
to base rate loans or to convert all or any part of the base rate loans to LIBOR loans. The
weighted average interest rate on the bank credit facility was 2.3% for the three months ended
September 30, 2010 compared to 2.2% for the three months ended September 30, 2009. The weighted
average interest rate on the bank credit facility was 2.2% for the nine months ended September 30,
2010 compared to 2.5% for the nine months ended September 30, 2009. A commitment fee is paid on
the undrawn balance based on an annual rate of between 0.375% and 0.50%. At September 30, 2010,
the commitment fee was 0.375% and the interest rate margin was 1.75% on our LIBOR loans and 0.875%
on our base rate loans. At October 25, 2010, the interest rate
(including applicable margin) was 2.2%.
Senior Subordinated Notes
In
August 2010, we issued $500.0 million aggregate principal amount of 6.75% senior subordinated
notes due 2020 (“6.75% Notes”) for net proceeds after underwriting discounts and commissions of
$491.3 million. The 6.75% Notes were issued at par. Interest on the 6.75% Notes is payable
semi-annually in February and August and is guaranteed by
substantially all of our subsidiaries. We may
redeem the 6.75% Notes, in whole or in part, at any time on or after August 1, 2015, at redemption
prices of 103.375% of the principal amount as of August 1, 2015 declining to 100.0% on August 1, 2018
and thereafter. Before August 1, 2013, we may redeem up to 35% of the original aggregate principal
amount of the 6.75% Notes at a redemption price equal to 106.75% of the principal amount thereof,
plus accrued and unpaid interest, if any, with the proceeds of certain equity offerings, provided
that at least 65% of the original aggregate principal amount of the 6.75% Notes remain outstanding
immediately after the occurrence of such redemption and also provided such redemption shall occur
within 60 days of the date of the closing of the equity offering. We used $287.1 million of the
proceeds to repay outstanding borrowings under our credit facility and $204.2 million to redeem our
7.375% senior subordinated notes due 2013.
In
August 2010, we redeemed our 7.375% senior subordinated notes due 2013 at a redemption
price equal to 101.229%. We recorded a loss on extinguishment of debt of $5.4 million including
the transaction call premium costs as well as the expensing of related deferred financing cost on the
repurchased debt.
Debt Covenants
Our bank credit facility contains negative covenants that limit our ability, among other
things, to pay cash dividends, incur additional indebtedness, sell assets, enter into certain
hedging contracts, change the nature of our business or operations, merge, consolidate, or make
investments. In addition, we are required to maintain a ratio of debt to EBITDAX (as defined in
the credit agreement) of no greater than 4.0 to 1.0 and a current ratio (as defined in the credit
agreement) of no less than 1.0 to 1.0. We were in compliance with our covenants under the bank
credit facility at September 30, 2010.
The indentures governing our senior subordinated notes contain various restrictive covenants
that are substantially identical to each other and may limit our ability to, among other things,
pay cash dividends, incur additional indebtedness, sell assets, enter into transactions with
affiliates or change the nature of our business. At September 30, 2010, we were in compliance with
these covenants.
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- Definition Indebtedness. No definition available.
|
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- References No definition available.
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Asset Retirement Obligations |
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Asset Retirement Obligations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSET RETIREMENT OBLIGATIONS |
(9) ASSET RETIREMENT OBLIGATIONS
Our asset retirement obligations primarily represent the estimated present value of the amount
we will incur to plug, abandon and remediate our producing properties at the end of their
productive lives. Significant inputs used in determining such obligations include estimates of
plugging and abandonment costs, estimated future inflation rates and well life. A reconciliation
of our liability for plugging, abandonment and remediation costs for the nine months ended
September 30, 2010 is as follows (in thousands):
Accretion expense is recognized as a component of depreciation, depletion and amortization
expense on our consolidated statements of operations.
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- Definition Asset Retirement Obligations. No definition available.
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- Definition Asset Retirement Obligations Disclosure. No definition available.
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Capital Stock |
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Capital Stock [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CAPITAL STOCK |
(10) CAPITAL STOCK
We have authorized capital stock of 485 million shares, which includes 475 million shares of
common stock and 10 million shares of preferred stock. The following is a summary of changes in
the number of common shares outstanding since the beginning of 2009:
Treasury Stock
The Board of Directors has approved up to $10.0 million of repurchases of common stock based
on market conditions and opportunities. During 2008, we repurchased 78,400 shares of common stock
at an average price of $41.11 for a total of $3.2 million. We have $6.8 million remaining under
this authorization.
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- Definition Capital Stock. No definition available.
|
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- References No definition available.
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Derivative Activities |
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Derivative Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVE ACTIVITIES |
(11) DERIVATIVE ACTIVITIES
We use commodity–based derivative contracts to manage exposures to commodity price
fluctuations. We do not enter into these arrangements for speculative or trading purposes. We
typically utilize commodity derivative contracts to (1) reduce the effect of price volatility of
the commodities we produce and sell and (2) support our annual capital budget and expenditure
plans. Historically, our derivative activities have consisted of collars and fixed price swaps.
In September 2010, we entered into call option derivative
contracts under which we sold call options on crude oil in exchange for a
cash premium received from the counterparty. At the time of
settlement of these monthly call options, if the
market price exceeds the fixed price of the call option, we will pay the counterparty such excess
and if the market prices settles below the fixed price of the call option, no payment is due from
either party. We do not utilize complex derivatives such as swaptions, knockouts or extendable
swaps. At September 30, 2010, we had collars covering 209.5 Bcf of gas at weighted average floor
and cap prices of $5.55 to $6.56 per mcf and 0.8 million barrels of oil at weighted average floor
and cap prices of $70.56 to $81.54 per barrel. At September 30,
2010, we had sold call options for
3.1 million barrels of oil at a weighted average price of $81.77. The fair value of these
commodity derivatives, represented by the estimated amount that would be realized upon termination,
based on a comparison of the contract prices and a reference price, generally New York Mercantile
Exchange (“NYMEX”), on September 30, 2010, was a net
unrealized pre-tax gain of $201.0 million.
These contracts expire monthly through December 2012. We
currently have not entered into any natural gas liquids
(“NGLs”) derivative contracts.
The following table sets forth our derivative volumes and average hedge prices as of September
30, 2010:
Every
derivative instrument is recorded on our consolidated balance
sheets as either an asset or a liability
measured at its fair value. Fair value is generally determined based on the difference between the
fixed contract price and the underlying estimated market price at the determination date. Changes
in the fair value of derivatives that qualify for hedge accounting are recorded as a component of
accumulated other comprehensive income (“AOCI”) in the stockholders’ equity section of the
accompanying consolidated balance sheets, which is later transferred to natural gas, NGL and oil
sales when the underlying physical transaction occurs and the hedging contract is settled. Amounts
included in AOCI at September 30, 2010 and December 31,
2009 relate solely to our commodity derivative
activities. As of September 30, 2010, an unrealized pre-tax derivative gain of $162.6 million was
recorded in AOCI. This gain is expected to be reclassified into earnings as a $27.5 million gain
in 2010, a $127.8 million gain in 2011 and a $7.3 million gain in 2012. The actual
reclassification to earnings will be based on market prices at the contract settlement date.
For those derivative instruments that qualify for hedge accounting, settled transaction gains
and losses are determined monthly, and are included as increases or decreases to natural gas, NGL
and oil sales in the period the hedged production is sold. Natural gas, NGL and oil sales include
$15.6 million of gains in the three months ended September 30, 2010 compared to gains of $54.4
million in the same period of 2009 related to settled hedging transactions. Natural gas, NGL and
oil sales include $35.2 million of gains in the nine months ended September 30, 2010 compared to
gains of $158.8 million in the nine months ended September 30, 2009 related to settled hedging
transactions. Any ineffectiveness associated with these hedge derivatives is included in
derivative fair value income (loss) in the accompanying
consolidated statements of operations. The
ineffective portion is calculated as the difference between the change in fair value of the
derivative and the estimated change in future cash flows from the item hedged.
The three months ended September 30, 2010 includes ineffective gains
(unrealized and realized) of $2.4 million compared to gains of $1.2 million in the same period of 2009.
The nine months
ended September 30, 2010 includes ineffective gains (unrealized and realized) of $2.0 million
compared to gains of $2.7 million in the same period of 2009.
Through
September 30, 2010, we have elected to designate our commodity derivative instruments that
qualify for hedge accounting as cash flow hedges. To designate a derivative as a cash flow hedge,
we document at the hedge’s inception our assessment that the derivative will be highly effective in
offsetting expected changes in cash flows from the item hedged. This assessment, which is updated
at least quarterly, is generally based on the most recent relevant historical correlation between
the derivative and the item hedged. The ineffective portion of the hedge is calculated as the
difference between the change in fair value of the derivative and the estimated change in cash
flows from the item hedged. If, during the derivative’s term, we determine the hedge is no longer
highly effective, hedge accounting is prospectively discontinued and any remaining unrealized gains
or losses, based on the effective portion of the derivative at that date, are reclassified to
earnings as natural gas, NGL and oil sales when the underlying transaction occurs. If it is
determined that the designated hedge transaction is not probable to occur, any unrealized gains or
losses are recognized immediately in derivative fair value income (loss) in the accompanying
consolidated statements of operations. During the first nine months of 2010, there were no gains or
losses recorded due to the discontinuance of hedge accounting treatment for these derivatives.
During the first nine months of 2009, there were gains of $5.4 million reclassified into earnings
as a result of the discontinuance of hedge accounting treatment for some of our derivatives due to
asset sales.
Some of our derivatives do not qualify for hedge accounting or are not designated as a hedge
but provide an economic hedge of our exposure to commodity price risk associated with anticipated
future natural gas and oil production. These contracts are accounted for using the mark-to-market
accounting method. We recognize all unrealized and realized gains and losses related to these
contracts in derivative fair value income (loss) in the
accompanying consolidated statements of
operations (for additional information see table below).
In addition to the collars and call options discussed above, we have entered into basis swap
agreements, which do not qualify for hedge accounting and are marked to market. The price we
receive for our gas production can be more or less than the NYMEX price because of adjustments for
delivery location (“basis”), relative quality and other factors; therefore, we have entered into
basis swap agreements that effectively fix a portion of our basis adjustments. The fair value of
the basis swaps was a net unrealized pre-tax loss of $2.9 million at September 30, 2010 and expire
through the first quarter of 2011.
Derivative Fair Value Income (Loss)
The following table presents information about the components of derivative fair value income
(loss) in the three months and the nine months ended September 30, 2010 and 2009 (in thousands):
The combined fair value of derivatives included in the accompanying consolidated balance
sheets as of September 30, 2010 and December 31, 2009 is summarized below (in thousands). We
conduct commodity derivative activities with fourteen financial institutions, thirteen of which are
secured lenders in our bank credit facility. We believe all of these institutions are acceptable
credit risks. At times, such risks may be concentrated with certain counterparties. The credit
worthiness of our counterparties is subject to periodic review. In our accompanying consolidated
balance sheets, derivative assets and liabilities are netted where derivatives with both gain and
loss positions are held by a single counterparty.
The table below provides data about the fair value of our derivative contracts. Derivative
assets and liabilities shown below are presented as gross assets and liabilities, without regard to
master netting arrangements, which are considered in the presentation of derivative assets and
liabilities in our accompanying consolidated balance sheets (in thousands):
The
effects of our cash flow hedges (or those derivatives that qualify
for hedge accounting) on accumulated other comprehensive income (loss)
included in our consolidated balance sheets is summarized below (in
thousands):
The effects of our non-hedge derivatives
(or those derivatives that do not qualify
for hedge accounting) and the ineffective portion of our hedge
derivatives included in our consolidated statements of operations is
summarized below (in
thousands):
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- References No definition available.
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- References No definition available.
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Fair Value Measurements |
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Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS |
(12) FAIR VALUE MEASUREMENTS
Fair Values-Recurring
We use a market approach for our fair value measurements and endeavor to use the best
information available. Accordingly, valuation techniques that maximize the use of observable
impacts are favored. The following presents the fair value hierarchy table for assets and
liabilities measured at fair value, on a recurring basis (in thousands):
These items are classified in their entirety based on the lowest priority level of input that
is significant to the fair value measurement. The assessment of the significance of a particular
input to the fair value measurement requires judgment and may affect the placement of assets and
liabilities within the levels of the fair value hierarchy. Our trading securities in Level 1 are
exchange-traded and measured at fair value with a market approach using September 30, 2010 market
values. Derivatives in Level 2 are measured at fair value with a market approach using third-party
pricing services, which have been corroborated with data from active markets or broker quotes.
Our trading securities held in the deferred compensation plan are accounted for using the
mark-to-market accounting method and are included in other assets in
our accompanying consolidated
balance sheets. We elected to adopt the fair value option to simplify our accounting for the
investments in our deferred compensation plan. Interest, dividends and mark-to-market gains/losses
are included in deferred compensation plan expense in our consolidated statements of
operations. For the three months ended September 30, 2010, interest and dividends were $44,000 and
mark-to-market was a gain of $3.5 million. For the three months ended September 30, 2009, interest
and dividends were $45,000 and mark-to-market was a gain of $5.7 million. For the nine months
ended September 30, 2010, interest and dividends were $118,000 and mark-to-market was a gain of
$8.2 million. For the nine months ended September 30, 2009, interest and dividends were $138,000
and mark-to-market was a gain of $9.1 million. For additional information on the accounting for
our deferred compensation plan, see Note 13.
Fair Values-Nonrecurring
The following table shows the values of assets measured at fair value on a nonrecurring basis
in periods subsequent to their initial recognition (in
thousands).
In
first quarter 2010, we recorded natural gas and oil property impairment of $6.5 million.
Due to declining gas prices, the fair value of our Gulf Coast property depletion pool, at the time
of impairment, was measured at $16.1 million using an estimate of future cash flows with Level 3
inputs. The fair value of the assets impaired was
measured using an income approach based upon internal estimates of future production levels, prices
and discount rate, which are Level 3 inputs. In the prior year, the
fair value of our equity investments was measured using an income
approach based upon internal estimates of business activity levels,
prices and discount rate, which are level 3 inputs. Based on the
analyses, we determined our equity investment was not recoverable and
recorded an impairment.
Fair Values-Reported
The following table presents the carrying amounts and the fair values of our financial
instruments as of September 30, 2010 and December 31, 2009 (in thousands):
Concentration of Credit Risk
Most of our receivables are from a diverse group of companies, including major energy
companies, pipeline companies, local distribution companies, financial institutions and end-users
in various industries. Letters of credit or other appropriate
security are obtained as deemed necessary
to limit risk of loss. Our allowance for uncollectible receivables was $1.4 million at September
30, 2010 and $2.2 million at December 31, 2009. Commodity-based contracts expose us to the credit
risk of nonperformance by the counterparty to the contracts. As of September 30, 2010, these
contracts consist of collars, call options and basis swaps. This exposure is diversified among
major investment grade financial institutions and we have master netting agreements with the
counterparties that provide for offsetting payables against receivables from separate derivative
contracts. Our derivative counterparties include fourteen financial institutions, thirteen of
which are secured lenders in our bank credit facility. Our oil and gas assets provide collateral
under our credit facility and our derivative exposure. J. Aron & Company is the only counterparty
not in our bank group. At September 30, 2010, our net derivative payable includes a payable to J.
Aron & Company of $316,000. None of our derivative contracts have margin requirements or
collateral provisions that would require funding prior to the scheduled cash settlement date.
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- Definition Fair Value Measurements. No definition available.
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- References No definition available.
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Employee Benefit and Equity Plans |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit and Equity Plans [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EMPLOYEE BENEFIT AND EQUITY PLANS |
(13) EMPLOYEE BENEFIT AND EQUITY PLANS
We have two active equity-based stock plans. Under these plans, incentive and nonqualified
options, SARs and annual cash incentive awards may be issued to employees and directors pursuant to
decisions of the Compensation Committee, which is made up of non-employee, independent directors
from the Board of Directors. All awards granted have been issued at prevailing market prices at
the time of the grant. Since the middle of 2005, only SARs have been granted under the plans to
limit the dilutive impact of our equity plans. Information with respect to stock option and SARs
activities is summarized below:
The weighted average fair value of a SAR to purchase one share of common stock granted during
2010 was $17.02. The fair value of each SAR granted during 2010 was estimated as of the date of
grant using the Black-Scholes-Merton option-pricing model based on the following average
assumptions: risk-free interest rate of 1.6%; dividend yield of 0.3%; expected volatility of 49%
and an expected life of 3.6 years. Of the 6.8 million stock option/SARs outstanding at September
30, 2010, 785,000 are stock options and 6.0 million are SARs.
Restricted Stock Grants
During the first nine months of 2010, 392,000 shares of restricted stock (or non-vested
shares) were issued to employees at an average price of $45.85 with a three-year vesting period and
21,000 shares were granted to directors at an average price of $45.51 with immediate vesting. In
the first nine months of 2009, we issued 539,000 shares of restricted stock as compensation to
employees at an average price of $37.83 with a three-year vesting period and 22,700 shares were
granted to our directors at an average price of $41.60 with immediate vesting. We recorded
compensation expense related to restricted stock grants which is based upon the market value of the
shares on the date of grant of $16.0 million in the first nine months of 2010 compared to $13.1
million in the nine month period ended September 30, 2009. As of September 30, 2010, unrecognized
compensation cost related to restricted stock awards was $27.8 million, which is expected to be
recognized over the weighted average period of two years. Substantially all of our restricted stock
grants are held in our deferred compensation plans. All restricted stock awards held in our
deferred compensation plans are classified as a liability award and remeasured at fair value each
reporting period. This mark-to-market is included in deferred
compensation plan expense in our
accompanying consolidated statements of operations (see additional discussion below). All awards
granted have been issued at prevailing market prices at the time of the grant and the vesting of
these shares is based upon an employee’s continued employment with us.
A summary of the status of our non-vested restricted stock outstanding at September 30, 2010
is presented below:
Deferred Compensation Plan
Our deferred compensation plan gives directors, officers and key employees the ability to
defer all or a portion of their salaries and bonuses and invest such amounts in Range common stock
or make other investments at the individual’s discretion. The assets of the plan are held in a
grantor trust, which we refer to as the Rabbi Trust, and are therefore available to satisfy the
claims of our creditors in the event of bankruptcy. Our stock granted and held in
the Rabbi Trust is treated as a liability award as employees are allowed to take withdrawals either
in cash or in Range stock. The liability associated with the vested portion of the stock is
adjusted to fair value each reporting period by a charge or credit to deferred compensation plan
expense on our consolidated statements of operations. The assets of the Rabbi Trust, other than
Range common stock, are invested in marketable securities and reported at market value in other
assets in the accompanying consolidated balance sheets. Changes in the market value of the
marketable securities are charged or credited to deferred compensation plan expense each quarter.
The deferred compensation liability included in our consolidated
balance sheets reflects the vested
market value of the marketable securities and Range common stock held in the Rabbi Trust. We
recorded non-cash, mark-to-market income related to our deferred compensation plan of $5.3 million
in the three months ended September 30, 2010 compared to expense of $16.4 million in the same
period of 2009. We recorded non-cash, mark-to-market income related to our deferred compensation
plan of $25.2 million in the first nine months of 2010 compared to mark-to-market expense of $29.6 million
in the first nine months of 2009.
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- Definition Employee Benefit and Equity Plans. No definition available.
|
X | ||||||||||
- References No definition available.
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Supplemental Cash Flow Information |
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Sep. 30, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL CASH FLOW INFORMATION |
(14) SUPPLEMENTAL CASH FLOW INFORMATION
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- References No definition available.
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- References No definition available.
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Commitments and Contingencies |
9 Months Ended |
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Sep. 30, 2010 | |
Commitments and Contingencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES |
(15) COMMITMENTS AND CONTINGENCIES
Litigation
We are involved in various legal actions and claims arising in the ordinary course of our
business. While the outcome of these lawsuits cannot be predicted with certainty, we do not expect
these matters to have a material adverse effect on our financial position, cash flows or results of
operations.
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- Definition Commitments and Contingencies. No definition available.
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- References No definition available.
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Capitalized Costs and Accumulated Depreciation, Depletion and Amortization |
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Sep. 30, 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capitalized Costs and Accumulated Depreciation, Depletion and Amortization [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CAPITALIZED COSTS AND ACCUMULATED DEPRECIATION, DEPLETION AND AMORTIZATION(a) |
(16) CAPITALIZED COSTS AND ACCUMULATED DEPRECIATION, DEPLETION AND AMORTIZATION(a)
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- Definition Capitalized Costs and Accumulated Depreciation, Depletion and Amortization. No definition available.
|
X | ||||||||||
- References No definition available.
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Costs Incurred For Property Acquisitions, Exploration and Development |
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Sep. 30, 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Costs Incurred For Property Acquisitions, Exploration and Development [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COSTS INCURRED FOR PROPERTY ACQUISITIONS, EXPLORATION AND DEVELOPMENT(a) |
(17) COSTS INCURRED FOR PROPERTY ACQUISITIONS, EXPLORATION AND DEVELOPMENT(a)
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X | ||||||||||
- Definition Costs Incurred For Property Acquisitions Exploration and Development. No definition available.
|
X | ||||||||||
- References No definition available.
|
Office Closing and Exit Activities |
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Sep. 30, 2010 | ||||||||||||||||||||||||||||||||||||
Office Closing and Exit Activities [Abstract] | ||||||||||||||||||||||||||||||||||||
OFFICE CLOSING AND EXIT ACTIVITIES |
(18) OFFICE CLOSING AND EXIT ACTIVITIES
In February 2010, we entered into an agreement to sell our tight gas sand properties in Ohio.
We closed approximately 90% of the sale in March 2010 and closed the remainder of the sale in June
2010. The first quarter 2010 includes $5.1 million accrued severance costs, which is reflected in
termination costs in our accompanying consolidated statement of operations. As part of their
severance agreement, our Ohio employees’ vesting of SARs and restricted stock grants was
accelerated, increasing termination costs for stock compensation expense in first quarter 2010 by
approximately $2.8 million.
In third quarter 2009, we announced the closing of our Gulf Coast area office in Houston,
Texas. In the year ended December 31, 2009, we accrued $1.3 million of severance costs
which is reflected in termination costs in our accompanying consolidated statements of operations
of which $840,000 was recorded in third quarter 2009. The properties are now operated out of
our Southwest Area office in Fort Worth. In December 2009, we sold our natural gas properties in
New York. In fourth quarter 2009, we accrued $635,000 of severance costs related to this
divestiture.
The following table details our exit activities, which are included in accrued liabilities in
the accompanying consolidated balance sheets as of September 30, 2010 (in thousands):
|
X | ||||||||||
- Definition Office Closing and Exit Activities. No definition available.
|
X | ||||||||||
- References No definition available.
|
New Accounting Standards (Policies) |
9 Months Ended |
---|---|
Sep. 30, 2010 | |
New Accounting Standards (Policies) [Abstract] | |
Amendment of variable interest accounting standards |
Recently Adopted
Accounting standards for variable interest entities were amended by the Financial Accounting
Standards Board (the “FASB”) in September 2009. The new accounting standards replace the existing
quantitative-based risks and rewards calculation for determining which enterprise has a controlling
financial interest in a variable interest entity with an approach focused on identifying which
enterprise has the power to direct the activities of a variable interest entity. In addition, the
concept of qualifying special-purpose entities has been eliminated. Ongoing assessments of whether
an enterprise is the primary beneficiary of a variable interest entity are also required. The
amended accounting standard for variable interest entities requires reconsideration for determining
whether an entity is a variable interest entity when changes in facts and circumstances occur such
that the holders of the equity investment at risk, as a group, lack the power from voting rights or
similar rights to direct the activities of the entity. Enhanced disclosures are required for any
enterprise that holds a variable interest in a variable interest entity. The adoption of this
guidance did not have an impact on our consolidated results of operations, financial position or
cash flows.
|
Issuance of disclosures about fair value measurements |
A standard to improve disclosures about fair value measurements was issued by the FASB in
January 2010. The additional disclosures required include: (1) the different classes of assets
and liabilities measured at fair value, (2) the significant inputs and techniques used to measure
Level 2 and Level 3 assets and liabilities for both recurring and nonrecurring fair value
measurements, (3) the gross presentation of purchases, sales, issuances and settlements for the
roll forward of Level 3 activity, and (4) the transfers in and out of Levels 1 and 2. We adopted
all aspects of this standard in first quarter 2010. This adoption did not have a significant
impact on our consolidated results of operations, financial position or cash flows. See Note 12
for our disclosures about fair value measurements.
|
Amended guidance on subsequent events |
In February 2010, the FASB amended guidance on subsequent events to alleviate potential
conflicts between FASB guidance and SEC requirements. Under this amended guidance, SEC filers are
no longer required to disclose the date through which subsequent events have been evaluated in
originally issued and revised financial statements. This guidance was effective immediately and we
adopted these new requirements in first quarter 2010. The adoption of this guidance did not
have an impact on our financial statements.
|
X | ||||||||||
- Definition New Accounting Standards. No definition available.
|
X | ||||||||||
- Definition Subsequent events policy. No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- References No definition available.
|
Income Taxes (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes (Tables) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax (benefit) expense |
|
X | ||||||||||
- Definition Income tax benefit expense. No definition available.
|
X | ||||||||||
- Definition Income Taxes. No definition available.
|
(Loss) Income Per Common Share (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Loss) Income Per Common Share (Tables) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computations of basic and diluted (loss) income per common share |
|
X | ||||||||||
- Definition Computation of Basic and Diluted Loss Income Per Common Share. No definition available.
|
X | ||||||||||
- Definition Income (loss) per common share. No definition available.
|
Suspended Exploratory Well Costs (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Suspended Exploratory Well Costs (Tables) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Suspended Exploratory Well Costs |
|
X | ||||||||||
- Definition Suspended Exploratory Well Costs. No definition available.
|
X | ||||||||||
- Definition Suspended Exploratory Well Costs. No definition available.
|
Indebtedness (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indebtedness (Tables) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Outstanding |
|
X | ||||||||||
- Definition Indebtedness. No definition available.
|
X | ||||||||||
- References No definition available.
|
Asset Retirement Obligations (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Retirement Obligations (Tables) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Retirement Obligations |
|
X | ||||||||||
- Definition Asset Retirement Obligations. No definition available.
|
X | ||||||||||
- Definition Asset Retirement Obligations. No definition available.
|
Capital Stock (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Stock (Tables) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Stock |
|
X | ||||||||||
- Definition Capital Stock. No definition available.
|
X | ||||||||||
- Definition Capital Stock. No definition available.
|
Derivative Activities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Activities (Tables) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative volumes hedged and average hedge prices |
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Derivative Fair Value Income (Loss) |
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Combined fair value of derivatives, by Consolidated balance sheet |
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Derivative Gross Assets and Gross Liabilities |
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Effects of cash flow hedges and other hedges on accumulated other comprehensive income (loss) |
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Effects of non-hedge derivatives on consolidated statement of operations |
|
X | ||||||||||
- Definition Combined Fair Value Of Derivatives. No definition available.
|
X | ||||||||||
- Definition Derivative Activities. No definition available.
|
X | ||||||||||
- Definition Derivative Fair Value Income. No definition available.
|
X | ||||||||||
- Definition Derivative Volumes Hedged And Average Hedge Prices. No definition available.
|
X | ||||||||||
- Definition Effects of cash flow hedges and other hedges on accumulated other comprehensive income (loss). No definition available.
|
X | ||||||||||
- Definition Effects Of Non Hedge Derivatives On Consolidated Statement Of Operations. No definition available.
|
X | ||||||||||
- References No definition available.
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Fair Value Measurements (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements (Tables) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Hierarchy Table for Assets and Liabilities Measured at Fair Value |
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Values of assets measured at fair value on nonrecurring basis |
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Carrying Amounts and Fair Values of Financial Instruments |
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X | ||||||||||
- Definition Carrying Amounts and Fair Values of Financial Instruments. No definition available.
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X | ||||||||||
- Definition Fair Value Hierarchy Table for Assets and Liabilities Measured at Fair Value. No definition available.
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X | ||||||||||
- Definition Fair Value Measurements. No definition available.
|
X | ||||||||||
- References No definition available.
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Employee Benefit And Equity Plans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit And Equity Plans (Tables) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Option And SARs Activities |
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Non-vested restricted stock outstanding |
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X | ||||||||||
- Definition Employee Benefit And Equity Plans. No definition available.
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X | ||||||||||
- Definition Non-vested Restricted Stock Outstanding. No definition available.
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X | ||||||||||
- Definition Stock Option And SARs Activities. No definition available.
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Supplemental Cash Flow Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information (Tables) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information |
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X | ||||||||||
- Definition Supplemental Cash Flow Information. No definition available.
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X | ||||||||||
- Definition Supplemental Cash Flow Information. No definition available.
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Capitalized Costs and Accumulated Depreciation, Depletion and Amortization (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capitalized Costs and Accumulated Depreciation, Depletion and Amortization (Tables) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capitalized Costs and Accumulated Depreciation, Depletion and Amortization |
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X | ||||||||||
- Definition Capitalized Costs And Accumulated Depreciation, Depletion And Amortization. No definition available.
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X | ||||||||||
- Definition Capitalized Costs And Accumulated Depreciation, Depletion And Amortization. No definition available.
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Costs Incurred for Property Acquisitions, Exploration and Development (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Costs Incurred for Property Acquisitions, Exploration and Development (Tables) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Costs Incurred for Property Acquisitions, Exploration and Development |
|
X | ||||||||||
- Definition Costs Incurred for Property Acquisitions, Exploration and Development. No definition available.
|
X | ||||||||||
- Definition Costs Incurred for Property Acquisitions, Exploration and Development. No definition available.
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Office Closing and Exit Activities (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||
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Sep. 30, 2010 | ||||||||||||||||||||||||||||||||||||
Office Closing and Exit Activities (Tables) [Abstract] | ||||||||||||||||||||||||||||||||||||
Exit activities included in accrued liabilities in consolidated balance sheet |
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X | ||||||||||
- Definition Office Closing and Exit Activities. No definition available.
|
X | ||||||||||
- References No definition available.
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Basis of Presentation (Details) |
9 Months Ended |
---|---|
Sep. 30, 2010
USD ($)
| |
Basis of Presentation (Textuals) [Abstract] | |
Reclassification of severance costs from exploration expense to termination costs | $ 200,000 |
Reclassification of severance costs from general and administrative expense to termination costs | $ 640,000 |
X | ||||||||||
- Definition Basis of Presentation. No definition available.
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X | ||||||||||
- Definition Reclassification of Severance Costs From Exploration Expense to Other Restructuring Costs. No definition available.
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X | ||||||||||
- Definition Reclassification of Severance Costs from General and Administrative Expense to Other Restructuring Costs. No definition available.
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Dispositions and Acquisitions (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2010
USD ($)
|
Jun. 30, 2010
USD ($)
|
Mar. 31, 2010 |
Dec. 31, 2009
USD ($)
|
Jun. 30, 2009
USD ($)
|
Sep. 30, 2010
USD ($)
|
Sep. 30, 2009
USD ($)
|
||||
Dispositions and Acquisitions (Textuals) | ||||||||||
Percentage of sale closed in March, 2010 | 0.9 | |||||||||
Proceeds from the sale of tight gas sand properties in Ohio (for first six months) | $ 323,000 | |||||||||
Gain or loss on sale of properties in Ohio | 77,400 | |||||||||
Proceeds used to repay outstanding borrowings under credit facility | $ 135,000 | 943,000 | $ 877,000 | |||||||
Proceeds from disposal of assets | $ 36,300 | $ 182,000 | 327,454 | $ 182,230 | ||||||
Purchase of proved and unproved property in Virginia | $ 135,000 | |||||||||
Proved property in Virginia including asset retirement obligations | 132,900 | |||||||||
Unproved property in Virginia | $ 2,600 | $ 2,646 | [1] | |||||||
|
X | ||||||||||
- Definition Costs Incurred Acquisition Of Oil And Gas Properties With Proved Reserves And Asset Retirement Obligations. No definition available.
|
X | ||||||||||
- Definition Gain or loss on sale of properties in Ohio. No definition available.
|
X | ||||||||||
- Definition Percentage of sale closed. No definition available.
|
X | ||||||||||
- Definition Proceeds From Sale Of Properties. No definition available.
|
X | ||||||||||
- Definition Property Plant and Equipment Schedule of Significant Acquisitions and Disposals. No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- References No definition available.
|
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2010 |
Sep. 30, 2009 |
Sep. 30, 2010 |
Sep. 30, 2009 |
|
Income tax (benefit) expense | ||||
Income tax (benefit) expense | $ (5,902) | $ (15,261) | $ 49,485 | $ (18,960) |
Effective tax rate | (41.90%) | (33.90%) | 38.70% | (33.80%) |
Income Taxes (Textuals) | ||||
Statutory Tax Rate | 35.00% | 35.00% | 35.00% | 35.00% |
X | ||||||||||
- Definition Income Taxes. No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- References No definition available.
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(Loss) Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2010 |
Sep. 30, 2009 |
Sep. 30, 2010 |
Sep. 30, 2009 |
||||
Numerator: | |||||||
Net (loss) income | $ (8,168) | $ (29,818) | $ 78,463 | $ (37,093) | |||
Less: Basic income allocable to participating securities | [1] | (1,379) | |||||
Basic net (loss) income attributable to common shareholders | (8,168) | (29,818) | 77,084 | (37,093) | |||
Diluted adjustments to income allocable to participating securities | [1] | 11 | |||||
Diluted net (loss) income attributable to common shareholders | $ (8,168) | $ (29,818) | $ 77,095 | $ (37,093) | |||
Denominator: | |||||||
Weighted average common shares outstanding - basic | 157,109 | 154,653 | 156,777 | 154,257 | |||
Effect of dilutive securities: | |||||||
Employee stock options, SARs and stock held in the deferred compensation plan | 1,716 | ||||||
Weighted average common shares - diluted | 157,109 | 154,653 | 158,493 | 154,257 | |||
(Loss) income per common share: | |||||||
Basic - net (loss) income | $ (0.05) | $ (0.19) | $ 0.49 | $ (0.24) | |||
Diluted - net (loss) income | $ (0.05) | $ (0.19) | $ 0.49 | $ (0.24) | |||
(Loss) Income Per Common Share (Textuals) | |||||||
Weighted Average Common Shares, Restricted Stock | 2,900 | 2,800 | 2,800 | 2,500 | |||
Stock appreciation rights excluded from earning per share calculation | 2,000 | ||||||
|
X | ||||||||||
- Definition BasicIncome Allocable to Participating Securities. No definition available.
|
X | ||||||||||
- Definition Basic net income (loss) attributable to common shareholders. No definition available.
|
X | ||||||||||
- Definition Denominator. No definition available.
|
X | ||||||||||
- Definition Income loss per common share. No definition available.
|
X | ||||||||||
- Definition Numerator. No definition available.
|
X | ||||||||||
- Definition Weighted Average Common Shares, Restricted Stock. No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- References No definition available.
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X | ||||||||||
- References No definition available.
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X | ||||||||||
- References No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- References No definition available.
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X | ||||||||||
- References No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- References No definition available.
|
Suspended Exploratory Well Costs (Details) $ in Thousands |
9 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2010
USD ($)
|
Sep. 30, 2009
USD ($)
|
Sep. 30, 2008
USD ($)
|
Dec. 31, 2009
USD ($)
|
Sep. 30, 2010
USD ($)
|
Dec. 31, 2009
USD ($)
|
|
Suspended Exploratory Well Costs | ||||||
Beginning balance at January 1 | $ 19,052 | $ 47,623 | $ 47,623 | |||
Additions to capitalized exploratory well costs pending the determination of proved reserves | 16,948 | 26,216 | ||||
Reclassifications based on determination of proved reserves | (24,041) | (52,849) | ||||
Capitalized exploratory well costs charged to expense | (1,938) | |||||
Balance at end of period | 11,959 | 19,052 | ||||
Less exploratory well costs that have been capitalized for a period of one year or less | $ (5,834) | $ (10,778) | ||||
Capitalized exploratory well costs that have been capitalized for a period greater than one year | $ 6,125 | $ 8,274 | ||||
Number of projects that have exploratory well costs that have been capitalized for a period greater than one year | 4 | 6 | ||||
Suspended Exploratory Well Costs (Textuals) | ||||||
Capitalized exploratory well costs | 19,052 | 47,623 | $ 47,623 | $ 11,959 | $ 19,052 | |
Capitalized exploratory well costs, incurred in 2010 | $ 5,800 | |||||
Capitalized exploratory well costs, incurred in 2009 | $ 4,000 | |||||
Capitalized exploratory well costs, incurred in 2008 | $ 2,200 |
X | ||||||||||
- Definition capitalized exploratory well costs,incurred in 2009. No definition available.
|
X | ||||||||||
- Definition capitalized exploratory well costs,incurred in 2007. No definition available.
|
X | ||||||||||
- Definition capitalized exploratory well costs, incurred in 2008 No definition available.
|
X | ||||||||||
- Definition Suspended Exploratory Well Costs. No definition available.
|
X | ||||||||||
- Definition Suspended Exploratory Well Costs. No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- References No definition available.
|
Indebtedness (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2010
USD ($)
|
Aug. 31, 2010
USD ($)
|
Sep. 30, 2010
USD ($)
|
Sep. 30, 2009
USD ($)
|
Sep. 30, 2010
USD ($)
|
Sep. 30, 2009
USD ($)
|
Aug. 01, 2018 |
Aug. 01, 2015 |
Aug. 01, 2013 |
Oct. 25, 2010 |
Oct. 08, 2010
USD ($)
|
Dec. 31, 2009
USD ($)
|
|
Indebtedness | ||||||||||||
Bank debt | $ 165,000 | $ 165,000 | $ 165,000 | $ 324,000 | ||||||||
Subordinated debt: | ||||||||||||
Subordinated debt | 1,686,260 | 1,686,260 | 1,686,260 | 1,383,833 | ||||||||
Total debt | 1,851,260 | 1,851,260 | 1,851,260 | 1,707,833 | ||||||||
Indebtedness (Textuals) | ||||||||||||
Interest Costs, Capitalized During Period | 0 | $ 0 | 0 | $ 0 | ||||||||
Bank Credit facility, Borrowing base | 1,500,000 | 1,500,000 | 1,500,000 | |||||||||
Bank Credit facility, Facility amount | $ 1,250,000 | $ 1,250,000 | $ 1,250,000 | |||||||||
Reaffirmed Borrowing base | $ 1,500,000 | |||||||||||
Reaffirmed Facility amount | $ 1,250,000 | |||||||||||
Number of commercial banks included in current bank group | 26 | 26 | 26 | |||||||||
Percentage holding of commercial banks, Maximum | 5.00% | 5.00% | 5.00% | |||||||||
Notice period for increase in facility amount, in days | 20 | 20 | 20 | |||||||||
Outstanding balance under the bank credit facility | $ 165,000 | $ 165,000 | $ 165,000 | 324,000 | ||||||||
Undrawn letters of credit | $ 5,400 | $ 5,400 | $ 5,400 | |||||||||
Maturity date of loan | Oct. 01, 2012 | Oct. 01, 2012 | Oct. 01, 2012 | |||||||||
Borrowing capacity available under the facility amount | $ 1,100,000 | $ 1,100,000 | $ 1,100,000 | |||||||||
Spread for Alternate Base Rate, Minimum | 0.875% | 0.875% | 0.875% | |||||||||
Spread for Alternate Base Rate, Maximum | 1.625% | 1.625% | 1.625% | |||||||||
Spread for LIBO Rate, Minimum | 1.75% | 1.75% | 1.75% | |||||||||
Spread for LIBO Rate, Maximum | 2.50% | 2.50% | 2.50% | |||||||||
Weighted average interest rate on the bank credit facility | 2.30% | 2.20% | 2.20% | 2.50% | ||||||||
Annual rate of commitment fee paid on the undrawn balance, Minimum | 0.375% | 0.375% | 0.375% | |||||||||
Annual rate of commitment fee paid on the undrawn balance, Maximum | 0.005 | 0.005 | 0.005 | |||||||||
Commitment Fee Rate | 0.375% | 0.375% | 0.375% | |||||||||
Interest rate margin on LIBOR loans | 1.75% | 1.75% | 1.75% | |||||||||
Interest rate margin on base rate loans | 0.875% | 0.875% | 0.875% | |||||||||
Interest rate (including applicable margin) | 2.20% | |||||||||||
Maximum percentage of the original aggregate amount of the 6.75% notes that can be redeemed | 35.00% | |||||||||||
Maximum redemption price of 6.75% notes as a percentage of principal amount | 106.75% | |||||||||||
Minimum percentage of the original aggregate principal amount of the 6.75% notes to remain outstanding immediately after the redemption | 0.65 | 0.65 | 0.65 | |||||||||
Maximum number of days after the date of the closing of the equity offering that the redemption should occur | 60 | 60 | 60 | |||||||||
Net proceeds after underwriting discounts and commissions | $ 500,000 | $ 285,201 | ||||||||||
Proceeds used to repay outstanding borrowings under credit facility | $ 135,000 | 943,000 | $ 877,000 | |||||||||
Proceeds used to redeem 7.375% senior subordinated notes due 2013 | 202,458 | |||||||||||
Loss on early extinguishment of debt | $ 5,351 | $ 5,351 | ||||||||||
Ratio of debt to EBITDAX | 400.00% | 400.00% | 400.00% | |||||||||
Current ratio | 100.00% | 100.00% | 100.00% | |||||||||
Senior Subordinated Notes [Member] | ||||||||||||
Indebtedness (Textuals) | ||||||||||||
Aggregate principal amount of 6.75% senior subordinated notes due 2020 | $ 500,000 | |||||||||||
Maximum redemption price of 6.75% notes as a percentage of principal amount | 100.00% | 103.375% | ||||||||||
Net proceeds after underwriting discounts and commissions | $ 491,300 | |||||||||||
Proceeds used to repay outstanding borrowings under credit facility | $ 287,100 | |||||||||||
Proceeds used to redeem 7.375% senior subordinated notes due 2013 | 204,200 | |||||||||||
7.375% Senior Subordinated Notes due 2013, net of discount [Member] | ||||||||||||
Subordinated debt: | ||||||||||||
Subordinated debt | $ 0 | $ 0 | $ 0 | 198,362 | ||||||||
Indebtedness (Textuals) | ||||||||||||
Interest Rate on Senior Subordinated Notes | 7.375% | 7.375% | 7.375% | |||||||||
Redemption price of 7.375% notes as a percentage of principal amount | 101.229% | |||||||||||
6.375% Senior Subordinated Notes due 2015 [Member] | ||||||||||||
Subordinated debt: | ||||||||||||
Subordinated debt | $ 150,000 | $ 150,000 | $ 150,000 | 150,000 | ||||||||
7.5% Senior Subordinated Notes due 2016, net of discount [Member] | ||||||||||||
Subordinated debt: | ||||||||||||
Subordinated debt | 249,671 | 249,671 | 249,671 | 249,637 | ||||||||
7.5% Senior Subordinated Notes due 2017 [Member] | ||||||||||||
Subordinated debt: | ||||||||||||
Subordinated debt | 250,000 | 250,000 | 250,000 | 250,000 | ||||||||
7.25% Senior Subordinated Notes due 2018 [Member] | ||||||||||||
Subordinated debt: | ||||||||||||
Subordinated debt | 250,000 | 250,000 | 250,000 | 250,000 | ||||||||
8.0% Senior Subordinated Notes due 2019, net of discount [Member] | ||||||||||||
Subordinated debt: | ||||||||||||
Subordinated debt | 286,589 | 286,589 | 286,589 | 285,834 | ||||||||
6.75% Senior Subordinated Notes due 2020 [Member] | ||||||||||||
Subordinated debt: | ||||||||||||
Subordinated debt | $ 500,000 | $ 500,000 | $ 500,000 | $ 0 | ||||||||
Indebtedness (Textuals) | ||||||||||||
Interest Rate on Senior Subordinated Notes | 6.75% | 6.75% | 6.75% |
X | ||||||||||
- Definition Annual rate of commitment fee paid on the undrawn balance Maximum. No definition available.
|
X | ||||||||||
- Definition Annual rate of commitment fee paid on the undrawn balance Minimum. No definition available.
|
X | ||||||||||
- Definition Bank Credit facility, Borrowing base. No definition available.
|
X | ||||||||||
- Definition Commitment Fee Rate. No definition available.
|
X | ||||||||||
- Definition Debt Covenant Current Ratio No Less Than One to One. No definition available.
|
X | ||||||||||
- Definition Debt Covenant Ratio Of Debt To Ebitdax No Greater Than Four To One. No definition available.
|
X | ||||||||||
- Definition Indebtedness. No definition available.
|
X | ||||||||||
- Definition Indebtedness. No definition available.
|
X | ||||||||||
- Definition Interest rate margin on base rate loans. No definition available.
|
X | ||||||||||
- Definition Interest Rate Margin On LIBOR Loans. No definition available.
|
X | ||||||||||
- Definition Maturity date of loan. No definition available.
|
X | ||||||||||
- Definition Maximum number of days after the date of the closing of the equity offering that the redemption should occur. No definition available.
|
X | ||||||||||
- Definition Aggregate percent redemption of original principal amount of 6.75% Notes. No definition available.
|
X | ||||||||||
- Definition Maximum redemption price of 6.75% notes as a percentage of principal amount. No definition available.
|
X | ||||||||||
- Definition Minimum percentage of original aggregate principal amount of 6.75% percentage notes to remain outstanding immediately after redemption. No definition available.
|
X | ||||||||||
- Definition Notice period for increase in facility amount. No definition available.
|
X | ||||||||||
- Definition Number of commercial banks included in current bank group No definition available.
|
X | ||||||||||
- Definition Percentage holding of commercial banks, Maximum. No definition available.
|
X | ||||||||||
- Definition Reaffirmed Borrowing base. No definition available.
|
X | ||||||||||
- Definition Reaffirmed Facility amount. No definition available.
|
X | ||||||||||
- Definition Redemption price of Seven point three seven five percent notes as percentage of principal amount. No definition available.
|
X | ||||||||||
- Definition Spread for Alternate Base Rate Maximum. No definition available.
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X | ||||||||||
- Definition Spread for Alternate Base Rate Minimum. No definition available.
|
X | ||||||||||
- Definition Spread for LIBO Rate, Maximum. No definition available.
|
X | ||||||||||
- Definition Spread for LIBO Rate, Minimum. No definition available.
|
X | ||||||||||
- Definition Subordinated Longterm Debt. No definition available.
|
X | ||||||||||
- Definition Undrawn letters of credit. No definition available.
|
X | ||||||||||
- References No definition available.
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X | ||||||||||
- References No definition available.
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- References No definition available.
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- References No definition available.
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- References No definition available.
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- References No definition available.
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- References No definition available.
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- References No definition available.
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- References No definition available.
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- References No definition available.
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- References No definition available.
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- References No definition available.
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- References No definition available.
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- References No definition available.
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- Details
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- Details
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Asset Retirement Obligations (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2010
USD ($)
| |
Asset Retirement Obligations | |
Beginning of period | $ 78,812 |
Liabilities incurred | 1,233 |
Acquisitions | 556 |
Liabilities settled | (1,646) |
Liabilities sold | (12,891) |
Accretion expense | 4,139 |
Change in estimate | |
End of period | $ 70,203 |
X | ||||||||||
- Definition Asset Retirement Obligation Acquisitions. No definition available.
|
X | ||||||||||
- Definition Asset Retirement Obligation Liabilities Sold. No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- References No definition available.
|
Capital Stock (Details) - USD ($) |
9 Months Ended | 12 Months Ended | |
---|---|---|---|
Sep. 30, 2010 |
Dec. 31, 2009 |
Dec. 31, 2008 |
|
Capital Stock | |||
Beginning balance | 158,118,937 | 155,375,487 | |
Shares issued in lieu of cash bonuses | 184,926 | ||
Stock options/SARs exercised | 940,428 | 1,384,861 | |
Restricted stock grants | 405,127 | 413,353 | |
Treasury shares issued | 7,058 | 16,573 | 78,400 |
Shares issued for acreage purchases | 380,229 | 743,737 | |
Ending balance | 159,851,779 | 158,118,937 | 155,375,487 |
Capital Stock (Textuals) | |||
Authorized capital stock | 485,000,000 | ||
Common stock, shares authorized | 475,000,000 | 475,000,000 | |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | |
Repurchase of common stock, value | $ 3,200,000 | ||
Repurchase of common stock, approved total | $ 10,000,000 | ||
Average purchase price per common stock | $ 41.11 | ||
Repurchase of common stock, shares | 7,058 | 16,573 | 78,400 |
Remaining common stock, under authorization | $ 6,800,000 |
X | ||||||||||
- Definition Capital Stock. No definition available.
|
X | ||||||||||
- Definition Capital Stock Shares Authorized. No definition available.
|
X | ||||||||||
- Definition Capital stock. No definition available.
|
X | ||||||||||
- Definition Remaining common stock, under authorization. No definition available.
|
X | ||||||||||
- Definition Repurchase of common stock, approved total. No definition available.
|
X | ||||||||||
- Definition Shares issued in lieu of cash bonuses. No definition available.
|
X | ||||||||||
- References No definition available.
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- References No definition available.
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- References No definition available.
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- References No definition available.
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- References No definition available.
|
Derivative Activities (Details) |
3 Months Ended | 9 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2010
USD ($)
|
Sep. 30, 2009
USD ($)
|
Sep. 30, 2010
USD ($)
|
Sep. 30, 2009
USD ($)
|
Dec. 31, 2009
USD ($)
|
|||||||||||||
Derivative volumes hedged and average hedge prices | |||||||||||||||||
Weighted average prices of call option of oil (per barrel) | 81.77 | 81.77 | |||||||||||||||
Derivative assets: | |||||||||||||||||
Derivative Assets - Commodity collars, basis swaps and call options | $ 199,997,000 | $ 199,997,000 | $ 25,652,000 | ||||||||||||||
Derivative liabilities: | |||||||||||||||||
Derivative Liabilities - Commodity collars and basis swaps | (1,957,000) | (1,957,000) | (14,759,000) | ||||||||||||||
Derivatives that qualify for cash flow hedge accounting: | |||||||||||||||||
Assets Carrying Value | 228,299,000 | 228,299,000 | 22,062,000 | ||||||||||||||
Net Carrying Value | 228,299,000 | 228,299,000 | 22,062,000 | ||||||||||||||
Derivatives that do not qualify for hedge accounting: | |||||||||||||||||
Assets Carrying Value | 20,228,000 | 20,228,000 | 6,738,000 | ||||||||||||||
(Liabilities) Carrying Value | (50,487,000) | (50,487,000) | (17,907,000) | ||||||||||||||
Net Carrying Value | (30,259,000) | (30,259,000) | (11,169,000) | ||||||||||||||
Effects of cash flow hedges and other hedges on accumulated other comprehensive income (loss) | |||||||||||||||||
Income taxes | (42,683,000) | $ 716,000 | (72,301,000) | $ (25,421,000) | |||||||||||||
Income taxes | [1] | (6,014,000) | (20,114,000) | (13,445,000) | (58,772,000) | ||||||||||||
Effects of cash flow hedges on accumulated other comprehensive income (loss), total | 66,968,000 | (1,218,000) | 115,293,000 | 41,965,000 | |||||||||||||
Effects of cash flow hedges on accumulated other comprehensive income (loss), total | [1] | 9,602,000 | 34,248,000 | 21,726,000 | 100,070,000 | ||||||||||||
Effects of non-hedge derivatives on consolidated statement of operations | |||||||||||||||||
Gain (Loss) Recognized in Income (Non-hedge Derivatives) | 7,592,000 | (1,677,000) | 56,812,000 | 62,533,000 | |||||||||||||
Ineffective unrealized and realized gains (losses) recognized income | 2,389,000 | 1,195,000 | 2,048,000 | 2,676,000 | |||||||||||||
Derivative fair value income (loss) | 9,981,000 | (482,000) | 58,860,000 | 65,209,000 | |||||||||||||
Derivative Fair Value Income (Loss) | |||||||||||||||||
Hedge ineffectiveness - realized | 1,581,000 | (352,000) | 3,159,000 | ||||||||||||||
Hedge ineffectiveness - unrealized | 2,389,000 | (386,000) | 2,400,000 | (483,000) | [2] | ||||||||||||
Change in fair value of derivatives that do not qualify for hedge accounting | [3] | (18,284,000) | (53,323,000) | 23,885,000 | (83,393,000) | ||||||||||||
Realized gain on settlements - gas | [3],[4] | 10,179,000 | 51,619,000 | 17,230,000 | 138,361,000 | ||||||||||||
Realized gain on settlements - oil | [3],[4] | 27,000 | 7,565,000 | ||||||||||||||
Realized gain on early settlement of oil derivatives | [5] | 15,697,000 | 15,697,000 | ||||||||||||||
Derivative fair value income (loss) | $ 9,981,000 | (482,000) | $ 58,860,000 | 65,209,000 | |||||||||||||
Derivative Activities (Textuals) | |||||||||||||||||
Hedged gas collars (in bcf) | 209.5 | 209.5 | |||||||||||||||
Hedged oil collars (in million barrels) | 800,000 | 800,000 | |||||||||||||||
Call option of oil (in million barrels) | 3,100,000 | 3,100,000 | |||||||||||||||
Weighted average prices of call option of oil (per barrel) | 81.77 | 81.77 | |||||||||||||||
Derivative assets liabilities at fair value net | $ 201,000,000 | $ 201,000,000 | |||||||||||||||
Unrealized pre-tax derivative gain | 162,600,000 | 162,600,000 | |||||||||||||||
Unrealized pre-tax derivative gain expected to be reclassified into earnings in 2010 | 27,500,000 | 27,500,000 | |||||||||||||||
Unrealized gain on cash flow hedging effective portion to be reclassified into earnings in year two | 127,800,000 | 127,800,000 | |||||||||||||||
Unrealized gain on cash flow hedging effective portion to be reclassified into earnings in year three | 7,300,000 | 7,300,000 | |||||||||||||||
Gains (Losses) in oil and gas sales related to settled hedging transactions | 15,600,000 | 54,400,000 | 35,200,000 | 158,800,000 | |||||||||||||
Ineffective unrealized and realized gains (losses) recognized income | 2,389,000 | 1,195,000 | 2,048,000 | 2,676,000 | |||||||||||||
Gains/losses recorded due to the discontinuance of hedge accounting treatment | 0 | 5,400,000 | |||||||||||||||
Net unrealized pre-tax loss on fair value of the basis swaps | 2,900,000 | $ 2,900,000 | |||||||||||||||
Number of financial institutions with whom we conduct derivative activities | 14 | ||||||||||||||||
Number of secured financial institutions with whom we conduct derivative activities | 13 | ||||||||||||||||
Collars [Member] | |||||||||||||||||
Derivatives that qualify for cash flow hedge accounting: | |||||||||||||||||
Assets Carrying Value | [2] | 228,299,000 | $ 228,299,000 | 22,062,000 | |||||||||||||
Net Carrying Value | [2] | 228,299,000 | 228,299,000 | 22,062,000 | |||||||||||||
Derivatives that do not qualify for hedge accounting: | |||||||||||||||||
Assets Carrying Value | [2] | 20,228,000 | 20,228,000 | 6,673,000 | |||||||||||||
(Liabilities) Carrying Value | [2] | (8,251,000) | (8,251,000) | ||||||||||||||
Net Carrying Value | [2] | 11,977,000 | 11,977,000 | 6,673,000 | |||||||||||||
Effects of cash flow hedges and other hedges on accumulated other comprehensive income (loss) | |||||||||||||||||
Change in Hedge Derivative Fair Value | 109,651,000 | (1,934,000) | 187,594,000 | 67,386,000 | |||||||||||||
Realized Gain Reclassified from AOCI into Revenue | [1] | 15,616,000 | 54,362,000 | 35,171,000 | 158,842,000 | ||||||||||||
Effects of non-hedge derivatives on consolidated statement of operations | |||||||||||||||||
Gain (Loss) Recognized in Income (Non-hedge Derivatives) | 12,559,000 | 4,976,000 | 60,998,000 | 29,846,000 | |||||||||||||
Ineffective unrealized and realized gains (losses) recognized income | 2,389,000 | 1,195,000 | 2,048,000 | 2,676,000 | |||||||||||||
Derivative fair value income (loss) | 14,948,000 | 6,171,000 | 63,046,000 | 32,522,000 | |||||||||||||
Derivative Fair Value Income (Loss) | |||||||||||||||||
Derivative fair value income (loss) | 14,948,000 | 6,171,000 | 63,046,000 | 32,522,000 | |||||||||||||
Derivative Activities (Textuals) | |||||||||||||||||
Ineffective unrealized and realized gains (losses) recognized income | 2,389,000 | 1,195,000 | 2,048,000 | 2,676,000 | |||||||||||||
Swap [Member] | |||||||||||||||||
Effects of non-hedge derivatives on consolidated statement of operations | |||||||||||||||||
Gain (Loss) Recognized in Income (Non-hedge Derivatives) | 6,540,000 | 60,098,000 | |||||||||||||||
Derivative fair value income (loss) | 6,540,000 | 60,098,000 | |||||||||||||||
Derivative Fair Value Income (Loss) | |||||||||||||||||
Derivative fair value income (loss) | 6,540,000 | 60,098,000 | |||||||||||||||
Basis Swap [Member] | |||||||||||||||||
Derivatives that do not qualify for hedge accounting: | |||||||||||||||||
Assets Carrying Value | [2] | 65,000 | |||||||||||||||
(Liabilities) Carrying Value | [2] | (2,934,000) | (2,934,000) | (17,907,000) | |||||||||||||
Net Carrying Value | [2] | (2,934,000) | (2,934,000) | (17,842,000) | |||||||||||||
Effects of non-hedge derivatives on consolidated statement of operations | |||||||||||||||||
Gain (Loss) Recognized in Income (Non-hedge Derivatives) | (1,144,000) | (13,193,000) | (363,000) | (27,411,000) | |||||||||||||
Derivative fair value income (loss) | (1,144,000) | (13,193,000) | (363,000) | (27,411,000) | |||||||||||||
Derivative Fair Value Income (Loss) | |||||||||||||||||
Derivative fair value income (loss) | (1,144,000) | $ (13,193,000) | (363,000) | $ (27,411,000) | |||||||||||||
Call Option [Member] | |||||||||||||||||
Derivatives that do not qualify for hedge accounting: | |||||||||||||||||
(Liabilities) Carrying Value | [2] | (39,302,000) | (39,302,000) | ||||||||||||||
Net Carrying Value | [2] | (39,302,000) | (39,302,000) | ||||||||||||||
Effects of non-hedge derivatives on consolidated statement of operations | |||||||||||||||||
Gain (Loss) Recognized in Income (Non-hedge Derivatives) | (3,823,000) | (3,823,000) | |||||||||||||||
Derivative fair value income (loss) | (3,823,000) | (3,823,000) | |||||||||||||||
Derivative Fair Value Income (Loss) | |||||||||||||||||
Derivative fair value income (loss) | $ (3,823,000) | $ (3,823,000) | |||||||||||||||
Collar Oil [Member] | |||||||||||||||||
Derivative volumes hedged and average hedge prices | |||||||||||||||||
Weighted average floor prices | 70.56 | 70.56 | |||||||||||||||
Weighted average cap prices | 81.54 | 81.54 | |||||||||||||||
Derivative Activities (Textuals) | |||||||||||||||||
Weighted average floor prices | 70.56 | 70.56 | |||||||||||||||
Weighted average cap prices | 81.54 | 81.54 | |||||||||||||||
Crude Oil [Member] | Collars [Member] | |||||||||||||||||
Derivative assets: | |||||||||||||||||
Derivative Assets - Commodity collars, basis swaps and call options | $ (8,198,000) | $ (8,198,000) | 66,000 | ||||||||||||||
Crude Oil [Member] | Call Option [Member] | |||||||||||||||||
Derivative assets: | |||||||||||||||||
Derivative Assets - Commodity collars, basis swaps and call options | $ (39,302,000) | $ (39,302,000) | 0 | ||||||||||||||
Crude Oil 2010 [Member] | Collars [Member] | |||||||||||||||||
Derivative volumes hedged and average hedge prices | |||||||||||||||||
Volume Hedged | 1,000 bbls/day | 1,000 bbls/day | |||||||||||||||
Weighted average floor prices | 75 | 75 | |||||||||||||||
Weighted average cap prices | 93.75 | 93.75 | |||||||||||||||
Derivative Activities (Textuals) | |||||||||||||||||
Weighted average floor prices | 75 | 75 | |||||||||||||||
Weighted average cap prices | 93.75 | 93.75 | |||||||||||||||
Crude Oil 2011 [Member] | Call Option [Member] | |||||||||||||||||
Derivative volumes hedged and average hedge prices | |||||||||||||||||
Volume Hedged | 5500 bbls/day | 5500 bbls/day | |||||||||||||||
Weighted average prices of call option of oil (per barrel) | 80 | 80 | |||||||||||||||
Derivative Activities (Textuals) | |||||||||||||||||
Weighted average prices of call option of oil (per barrel) | 80 | 80 | |||||||||||||||
Crude Oil 2012 [Member] | Collars [Member] | |||||||||||||||||
Derivative volumes hedged and average hedge prices | |||||||||||||||||
Volume Hedged | 2000 bbls/day | 2000 bbls/day | |||||||||||||||
Weighted average floor prices | 70 | 70 | |||||||||||||||
Weighted average cap prices | 80 | 80 | |||||||||||||||
Derivative Activities (Textuals) | |||||||||||||||||
Weighted average floor prices | 70 | 70 | |||||||||||||||
Weighted average cap prices | 80 | 80 | |||||||||||||||
Crude Oil 2012 [Member] | Call Option [Member] | |||||||||||||||||
Derivative volumes hedged and average hedge prices | |||||||||||||||||
Volume Hedged | 3000 bbls/day | 3000 bbls/day | |||||||||||||||
Weighted average prices of call option of oil (per barrel) | 85 | 85 | |||||||||||||||
Derivative Activities (Textuals) | |||||||||||||||||
Weighted average prices of call option of oil (per barrel) | 85 | 85 | |||||||||||||||
Natural Gas [Member] | |||||||||||||||||
Derivative volumes hedged and average hedge prices | |||||||||||||||||
Weighted average floor prices | 5.55 | 5.55 | |||||||||||||||
Weighted average cap prices | 6.56 | 6.56 | |||||||||||||||
Derivative Activities (Textuals) | |||||||||||||||||
Weighted average floor prices | 5.55 | 5.55 | |||||||||||||||
Weighted average cap prices | 6.56 | 6.56 | |||||||||||||||
Natural Gas [Member] | Collars [Member] | |||||||||||||||||
Derivative assets: | |||||||||||||||||
Derivative Assets - Commodity collars, basis swaps and call options | $ 248,474,000 | $ 248,474,000 | 26,649,000 | ||||||||||||||
Derivative liabilities: | |||||||||||||||||
Derivative Liabilities - Commodity collars and basis swaps | 0 | 0 | 2,020,000 | ||||||||||||||
Natural Gas [Member] | Basis Swap [Member] | |||||||||||||||||
Derivative assets: | |||||||||||||||||
Derivative Assets - Commodity collars, basis swaps and call options | (977,000) | (977,000) | (1,063,000) | ||||||||||||||
Derivative liabilities: | |||||||||||||||||
Derivative Liabilities - Commodity collars and basis swaps | $ (1,957,000) | $ (1,957,000) | $ (16,779,000) | ||||||||||||||
Natural Gas 2010 [Member] | Collars [Member] | |||||||||||||||||
Derivative volumes hedged and average hedge prices | |||||||||||||||||
Volume Hedged | 335,000 Mmbtu/day | 335,000 Mmbtu/day | |||||||||||||||
Weighted average floor prices | 5.56 | 5.56 | |||||||||||||||
Weighted average cap prices | 7.2 | 7.2 | |||||||||||||||
Derivative Activities (Textuals) | |||||||||||||||||
Weighted average floor prices | 5.56 | 5.56 | |||||||||||||||
Weighted average cap prices | 7.2 | 7.2 | |||||||||||||||
Natural Gas 2011 [Member] | Collars [Member] | |||||||||||||||||
Derivative volumes hedged and average hedge prices | |||||||||||||||||
Volume Hedged | 408,200 Mmbtu/day | 408,200 Mmbtu/day | |||||||||||||||
Weighted average floor prices | 5.56 | 5.56 | |||||||||||||||
Weighted average cap prices | 6.48 | 6.48 | |||||||||||||||
Derivative Activities (Textuals) | |||||||||||||||||
Weighted average floor prices | 5.56 | 5.56 | |||||||||||||||
Weighted average cap prices | 6.48 | 6.48 | |||||||||||||||
Natural Gas 2012 [Member] | Collars [Member] | |||||||||||||||||
Derivative volumes hedged and average hedge prices | |||||||||||||||||
Volume Hedged | 80,993 Mmbtu/day | 80,993 Mmbtu/day | |||||||||||||||
Weighted average floor prices | 5.5 | 5.5 | |||||||||||||||
Weighted average cap prices | 6.25 | 6.25 | |||||||||||||||
Derivative Activities (Textuals) | |||||||||||||||||
Weighted average floor prices | 5.5 | 5.5 | |||||||||||||||
Weighted average cap prices | 6.25 | 6.25 | |||||||||||||||
|
X | ||||||||||
- Definition Derivative Activities. No definition available.
|
X | ||||||||||
- Definition Derivative Fair Value Loss Income. No definition available.
|
X | ||||||||||
- Definition Derivative Instruments Not Designated As Hedging Instruments Gain Loss. No definition available.
|
X | ||||||||||
- Definition Derivative Realized Hedge Ineffectiveness Gain (Loss). No definition available.
|
X | ||||||||||
- Definition Derivative Volumes Hedged And Average Hedge Prices. No definition available.
|
X | ||||||||||
- Definition Effects of cash flow hedges and other hedges on accumulated other comprehensive income (loss). No definition available.
|
X | ||||||||||
- Definition Effects Of Non Hedge Derivatives On Consolidated Statement Of Operations. No definition available.
|
X | ||||||||||
- Definition Gain (Loss) Recognized In Income Ineffective Portion. No definition available.
|
X | ||||||||||
- Definition Hedged Gas Collars. No definition available.
|
X | ||||||||||
- Definition Hedged Oil Call Option. No definition available.
|
X | ||||||||||
- Definition Hedged Oil Collars. No definition available.
|
X | ||||||||||
- Definition Net unrealized pre-tax loss on fair value of the basis swaps. No definition available.
|
X | ||||||||||
- Definition Number of financial institutions with whom we conduct derivative activities. No definition available.
|
X | ||||||||||
- Definition Number of secured financial institutions with whom we conduct derivative activities. No definition available.
|
X | ||||||||||
- Definition Other Derivatives Not Designated As Hedging Instruments At Fair Value Net. No definition available.
|
X | ||||||||||
- Definition Realized Gain Loss On Derivatives Qualifying For Hedge Accounting. No definition available.
|
X | ||||||||||
- Definition Realized gain (loss) on settlements - gas. No definition available.
|
X | ||||||||||
- Definition Realized gain on early settlement of oil derivatives. No definition available.
|
X | ||||||||||
- Definition Realized gain on settlements-oil No definition available.
|
X | ||||||||||
- Definition Reclassified Into Earnings Derivatives No Longer Qualifying For Hedge Accounting. No definition available.
|
X | ||||||||||
- Definition Unrealized Gain on Cash Flow Hedging Effective Portion. No definition available.
|
X | ||||||||||
- Definition Unrealized Gain On Cash Flow Hedging Effective Portion To Be Reclassified Into Earnings. No definition available.
|
X | ||||||||||
- Definition Unrealized gain on Cash Flow Hedging effective portion to be reclassified into earnings in year three. No definition available.
|
X | ||||||||||
- Definition Unrealized gain on Cash Flow Hedging effective portion to be reclassified into earnings in year two. No definition available.
|
X | ||||||||||
- Definition Volume Hedged. No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
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Fair Value Measurements (Details) |
3 Months Ended | 9 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2010
USD ($)
|
Sep. 30, 2009
USD ($)
|
Sep. 30, 2010
USD ($)
|
Sep. 30, 2009
USD ($)
|
Mar. 31, 2010
USD ($)
|
Dec. 31, 2009
USD ($)
|
||||||
Fair Value Hierarchy Table for Assets and Liabilities Measured at Fair Value | |||||||||||
Trading securities held in our deferred compensation plans | $ 47,509,000 | $ 47,509,000 | |||||||||
Assets: | |||||||||||
Commodity collars, call options and basis swaps | 199,997,000 | 199,997,000 | $ 25,652,000 | ||||||||
Liabilities: | |||||||||||
Commodity collars, call options and basis swaps | (1,957,000) | (1,957,000) | (14,759,000) | ||||||||
Values of assets measured at fair value on a nonrecurring basis in periods subsequent to their initial recognition | |||||||||||
Long-lived asset held for use, fair value | 16,075,000 | 16,075,000 | $ 16,100,000 | ||||||||
Long-lived asset held for use, impairment | 6,505,000 | ||||||||||
Equity investments, fair value | $ 10,665,000 | $ 10,665,000 | |||||||||
Equity investments, impairment | 2,950,000 | ||||||||||
Fair Value Measurements (Textuals) | |||||||||||
Interest and Dividend Income, Securities, Trading or Measured at Fair Value | 44,000 | 45,000 | 118,000 | 138,000 | |||||||
Mark-to-market gain (loss) | 3,500,000 | $ 5,700,000 | 8,200,000 | $ 9,100,000 | |||||||
Oil and gas property impairment | 6,505,000 | ||||||||||
Fair value of Gulf Coast property | 16,075,000 | 16,075,000 | $ 16,100,000 | ||||||||
Allowance for uncollectible receivables | 1,400,000 | 1,400,000 | 2,200,000 | ||||||||
Derivative Asset Payable | 316,000 | $ 316,000 | |||||||||
Number of financial institutions included in counterparties | 14 | ||||||||||
Number of secured lenders in bank credit facility | 13 | ||||||||||
Call Option [Member] | |||||||||||
Fair Value Hierarchy Table for Assets and Liabilities Measured at Fair Value | |||||||||||
Derivatives | (39,302,000) | $ (39,302,000) | |||||||||
Collars [Member] | |||||||||||
Fair Value Hierarchy Table for Assets and Liabilities Measured at Fair Value | |||||||||||
Derivatives | 240,276,000 | 240,276,000 | |||||||||
Basis Swap [Member] | |||||||||||
Fair Value Hierarchy Table for Assets and Liabilities Measured at Fair Value | |||||||||||
Derivatives - basis swaps | (2,934,000) | (2,934,000) | |||||||||
Carrying Value [Member] | |||||||||||
Assets: | |||||||||||
Commodity collars, call options and basis swaps | 199,997,000 | 199,997,000 | 25,652,000 | ||||||||
Marketable securities | [1] | 47,509,000 | 47,509,000 | 43,554,000 | |||||||
Liabilities: | |||||||||||
Commodity collars, call options and basis swaps | (1,957,000) | (1,957,000) | (14,759,000) | ||||||||
Long-term debt | [2] | (1,851,260,000) | (1,851,260,000) | (1,707,833,000) | |||||||
Fair Value [Member] | |||||||||||
Assets: | |||||||||||
Commodity collars, call options and basis swaps | 199,997,000 | 199,997,000 | 25,652,000 | ||||||||
Marketable securities | [1] | 47,509,000 | 47,509,000 | 43,554,000 | |||||||
Liabilities: | |||||||||||
Commodity collars, call options and basis swaps | (1,957,000) | (1,957,000) | (14,759,000) | ||||||||
Long-term debt | [2] | (2,269,390,000) | (2,269,390,000) | $ (1,826,458,000) | |||||||
Quoted Prices in Active Markets for Identical Assets [Member] | |||||||||||
Fair Value Hierarchy Table for Assets and Liabilities Measured at Fair Value | |||||||||||
Trading securities held in our deferred compensation plans | 47,509,000 | 47,509,000 | |||||||||
Significant Other Observable Inputs [Member] | Call Option [Member] | |||||||||||
Fair Value Hierarchy Table for Assets and Liabilities Measured at Fair Value | |||||||||||
Derivatives | (39,302,000) | (39,302,000) | |||||||||
Significant Other Observable Inputs [Member] | Collars [Member] | |||||||||||
Fair Value Hierarchy Table for Assets and Liabilities Measured at Fair Value | |||||||||||
Derivatives | 240,276,000 | 240,276,000 | |||||||||
Significant Other Observable Inputs [Member] | Basis Swap [Member] | |||||||||||
Fair Value Hierarchy Table for Assets and Liabilities Measured at Fair Value | |||||||||||
Derivatives - basis swaps | $ (2,934,000) | $ (2,934,000) | |||||||||
|
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- Definition DerivativeAssetPayable. No definition available.
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Employee Benefit and Equity Plans (Details) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2010
USD ($)
shares
|
Sep. 30, 2009
USD ($)
|
Sep. 30, 2010
USD ($)
shares
|
Sep. 30, 2009
USD ($)
shares
|
Sep. 30, 2010
USD ($)
shares
|
|
Stock Option and SARs Activities | |||||
Outstanding on December 31, 2009 | $ 31.38 | ||||
Outstanding on December 31, 2009, Shares | shares | 7,154,712 | ||||
Granted | 46.1 | ||||
Granted, Shares | shares | 1,389,636 | ||||
Exercised | $ 19.2 | ||||
Exercised, Shares | shares | (1,623,939) | ||||
Expired/forfeited | $ 46.73 | ||||
Expired/forfeited, Shares | shares | (94,212) | ||||
Outstanding on September 30, 2010 | $ 37.06 | $ 37.06 | |||
Outstanding on September 30, 2010, Shares | shares | 6,826,197 | 6,826,197 | |||
Non-vested restricted stock outstanding | |||||
Non-vested shares outstanding at December 31, 2009 | $ 45.64 | ||||
Non-vested shares outstanding at December 31, 2009, Shares | shares | 627,189 | ||||
Granted | $ 45.83 | ||||
Granted, Shares | shares | 412,859 | ||||
Vested | $ 46.84 | ||||
Vested, Shares | shares | (335,088) | ||||
Forfeited | $ 46.04 | ||||
Forfeited, Shares | shares | (18,499) | ||||
Non-vested shares outstanding at September 30, 2010 | $ 45.16 | $ 45.16 | |||
Non-vested shares outstanding at September 30, 2010, Shares | shares | 686,461 | 686,461 | |||
Employee Benefit and Equity Plans (Textuals) | |||||
Risk-free interest rate, fair value of each SAR | 1.60% | ||||
Dividend yield, fair value of each SAR | 0.30% | ||||
Expected volatility, fair value of each SAR | 49.00% | ||||
Expected life, fair value of each SAR | 3.6 | ||||
Number of stock option and SARs outstanding | shares | 6,826,197 | 7,154,712 | 6,826,197 | ||
Number of stock option outstanding | shares | 785,000 | ||||
Number of SARs outstanding | shares | 6,000,000 | ||||
Shares granted to employees | shares | 392,000 | 539,000 | |||
Average price of shares granted to employees | 45.85 | 37.83 | |||
Vesting period of shares granted to employees | 3 | 3 | |||
Shares granted to directors | shares | 21,000 | 22,700 | |||
Average price of shares granted to directors | 45.51 | 41.6 | |||
Compensation cost related to restricted stock grants | $ 16,000,000 | $ 13,100,000 | |||
Unrecognized compensation cost related to restricted stock grants | $ 27,800,000 | ||||
Unrecognized compensation cost expected to be recognized (in years) | 2 | ||||
Non-cash, Mark-to-market expense (income) related to deferred compensation plan | $ (5,347,000) | $ 16,445,000 | $ (25,194,000) | $ 29,635,000 | |
Stock appreciation rights [Member] | |||||
Employee Benefit and Equity Plans (Textuals) | |||||
Weighted average fair value of a SAR | $ 17.02 |
X | ||||||||||
- Definition Average price of shares granted to directors. No definition available.
|
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- Definition Average Price Of Shares Granted To Employees. No definition available.
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- Definition Employee Benefit and Equity Plans. No definition available.
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- Definition Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Option Forfeited In Period Weighted Average Grant Date Fair Value. No definition available.
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- Definition Share Based Compensation Arrangement By Share Based Payment Award Option Outstanding Number. No definition available.
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Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2010 |
Sep. 30, 2009 |
|||
Non-cash investing and financing activities included: | ||||
Asset retirement costs capitalized (removed), net | $ 1,229 | $ (3,373) | ||
Unproved property purchased with stock | [1] | 20,000 | 20,548 | |
Net cash provided from operating activities included: | ||||
Interest paid | 74,732 | 66,556 | ||
Income taxes paid (refunded) | $ (807) | $ (493) | ||
|
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- Definition Unproved property purchased with stock. No definition available.
|
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Capitalized Costs and Accumulated Depreciation, Depletion and Amortization (Details) - USD ($) $ in Thousands |
Sep. 30, 2010 |
Dec. 31, 2009 |
|||
---|---|---|---|---|---|
Natural gas and oil properties: | |||||
Properties subject to depletion | [1] | $ 5,921,282 | $ 5,534,204 | ||
Unproved properties | [1] | 826,979 | 774,503 | ||
Total | [1] | 6,748,261 | 6,308,707 | ||
Accumulated depreciation, depletion and amortization | [1] | (1,553,257) | (1,409,888) | ||
Net capitalized costs | [1] | $ 5,195,004 | $ 4,898,819 | ||
|
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Costs Incurred for Property Acquisitions, Exploration and Development (Details) - USD ($) $ in Thousands |
1 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2010 |
Sep. 30, 2010 |
Dec. 31, 2009 |
|||||||
Acquisitions | |||||||||
Unproved leasehold | $ 2,600 | $ 2,646 | [1] | ||||||
Proved properties | [1] | 132,338 | |||||||
Asset retirement obligations | [1] | 556 | |||||||
Acreage purchases | [1],[2] | 114,734 | $ 176,867 | ||||||
Development | [1] | 552,895 | 497,702 | ||||||
Exploration: | |||||||||
Drilling | [1] | 28,932 | 57,121 | ||||||
Expense | [1] | 41,113 | 42,082 | ||||||
Stock-based compensation expense | [1] | 3,231 | 4,817 | ||||||
Gas gathering facilities | [1] | 17,055 | 29,524 | ||||||
Subtotal | [1] | 893,500 | 808,113 | ||||||
Asset retirement obligations | [1] | 1,229 | 6,131 | ||||||
Total costs incurred | [1] | $ 894,729 | $ 814,244 | ||||||
Costs Incurred for Property Acquisitions Exploration and Development (Textuals) | |||||||||
Stock Issued to Purchase acreage, Shares | 380,229 | 743,737 | |||||||
Stock Issued to Purchase acreage, Value | $ 20,000 | ||||||||
|
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- Definition Acquisitions. No definition available.
|
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- Definition Costs Incurred Acreage Purchases. No definition available.
|
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- Definition Costs Incurred Asset Retirement Obligations Acquisition. No definition available.
|
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- Definition Costs Incurred Drilling Costs. No definition available.
|
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- Definition Costs Incurred Exploration Of Oil And Gas Properties. No definition available.
|
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- Definition Costs Incurred for Property Acquisitions Exploration and Development. No definition available.
|
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- Definition Costs Incurred Transportation And Field Equipment Costs. No definition available.
|
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- Definition Subtotal Costs Incurred Of Oil And Gas Properties. No definition available.
|
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- Definition Total Costs Incurred Of Oil And Gas Properties. No definition available.
|
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Office Closing and Exit Activities (Details) |
1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|---|
Mar. 31, 2010 |
Mar. 31, 2010
USD ($)
|
Dec. 31, 2009
USD ($)
|
Sep. 30, 2009
USD ($)
|
Sep. 30, 2010
USD ($)
|
Sep. 30, 2009
USD ($)
|
Dec. 31, 2009
USD ($)
|
|
Exit activities included in accrued liabilities in consolidated balance sheet | |||||||
Balance at December 31, 2009 | $ 1,568,000 | $ 1,568,000 | |||||
Accrued one-time termination costs | 5,100,000 | $ 635,000 | $ 840,000 | 5,138,000 | $ 1,300,000 | ||
Payments | 5,388,000 | ||||||
Balance at September 30, 2010 | 1,568,000 | 1,318,000 | 1,568,000 | ||||
Office Closing and Exit Activities (Textuals) | |||||||
Percentage of sale closed in March, 2010 | 0.9 | ||||||
Accrued severance costs | 5,100,000 | $ 635,000 | 840,000 | 5,138,000 | $ 1,300,000 | ||
Increasing in termination costs for stock compensation expense | $ 840,000 | $ 7,938,000 | $ 840,000 | ||||
Employee Severance [Member] | |||||||
Office Closing and Exit Activities (Textuals) | |||||||
Increasing in termination costs for stock compensation expense | $ 2,800,000 |
X | ||||||||||
- Definition Office Closing and Exit Activities. No definition available.
|
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- Definition Percentage of sale closed. No definition available.
|
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