Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2014

Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block]

The following is a listing of the Company’s assets and liabilities that are measured at fair value and their classification within the fair value hierarchy as of March 31, 2014:



	Level 1		Level 2		Level 3
	(in thousands)
Assets:
Derivatives ⁽¹⁾	$	—	$	21,336	$	—
Liabilities:
Derivatives ⁽¹⁾	$	—	$	68,569	$	—
Net Profits Plan ⁽¹⁾	$	—	$	—	$	55,209

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⁽¹⁾ This represents a financial asset or liability that is measured at fair value on a recurring basis.

The following is a listing of the Company’s assets and liabilities that are measured at fair value and their classification within the fair value hierarchy as of December 31, 2013:



	Level 1		Level 2		Level 3
	(in thousands)
Assets:
Derivatives ⁽¹⁾	$	—	$	52,510	$	—
Proved oil and gas properties ⁽²⁾	$	—	$	—	$	62,178
Unproved oil and gas properties ⁽²⁾	$	—	$	—	$	3,280
Oil and gas properties held for sale ⁽²⁾	$	—	$	—	$	650
Liabilities:
Derivatives ⁽¹⁾	$	—	$	31,020	$	—
Net Profits Plan ⁽¹⁾	$	—	$	—	$	56,985

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⁽¹⁾ This represents a financial asset or liability that is measured at fair value on a recurring basis.

⁽²⁾ This represents a non-financial asset or liability that is measured at fair value on a nonrecurring basis.

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following table reflects the activity for the Company’s Net Profits Plan liability measured at fair value using Level 3 inputs:



	For the Three Months Ended March 31, 2014
	(in thousands)
Beginning balance	$	56,985
Net increase in liability ⁽¹⁾	1,707
Net settlements ^{(1) (2)}	(3,483		)
Transfers in (out) of Level 3	—
Ending balance	$	55,209

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⁽¹⁾	Net changes in the Company’s Net Profits Plan liability are shown in the Change in Net Profits Plan liability line item of the accompanying statements of operations.


⁽²⁾	Settlements represent cash payments made or accrued under the Net Profits Plan. The Company accrued or made cash payments under the Net Profits Plan of $217,000 relating to divestiture proceeds for the three months ended March 31, 2014.

Fair Value, by Balance Sheet Grouping [Table Text Block]

The following table reflects the fair value of the Senior Notes measured using Level 1 inputs based on quoted secondary market trading prices. The Senior Notes were not presented at fair value on the accompanying balance sheets as of March 31, 2014, or December 31, 2013, as they are recorded at historical value.



	As of March 31, 2014		As of December 31, 2013
	(in thousands)
2019 Notes	$	375,375	$	374,290
2021 Notes	$	376,250	$	373,625
2023 Notes	$	428,760	$	422,000
2024 Notes	$	488,440	$	475,315

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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