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Pensions And Postretirement Benefits (Tables)
12 Months Ended
Dec. 31, 2013
Schedule Of Projected And Accumulated Benefit Obligations And Fair Value

 

 

 

 

 

 

 

 

December 31, 2013

 

 

Pension Benefits

 

 

Postretirement Benefits

Projected benefit obligation

$

23,592 

 

$

3,922 

Accumulated benefit obligation

 

22,724 

 

 

3,922 

Fair value of plan assets

 

20,466 

 

 

1,438 

 

Schedule Of Change In Projected Benefit Obligation And Change In Assets At Fair Value

 

 

 

 

 

 

 

Year Ended December 31, 2013

 

 

Pension Benefits

 

Postretirement Benefits

Change in Benefit Obligation

 

 

 

 

 

Benefit obligation at beginning of year

$

 -

 

$

 -

2013 East Texas Oil Field Acquisition

 

24,697 

 

 

8,326 

Service cost

 

135 

 

 

29 

Interest cost

 

429 

 

 

145 

Plan participant contributions

 

 -

 

 

25 

Actuarial (gain) loss

 

(1,136)

 

 

(4,364)

Benefits paid

 

(533)

 

 

(239)

Benefit obligation at end of year

 

23,592 

 

 

3,922 

Change in Plan Assets

 

 

 

 

 

Fair value of plan assets at beginning of year

 

 -

 

 

 -

2013 East Texas Oil Field Acquisition

 

19,518 

 

 

1,466 

Actual return on plan assets

 

1,127 

 

 

91 

Employer contributions

 

354 

 

 

95 

Plan participant contributions

 

 -

 

 

25 

Benefits paid

 

(533)

 

 

(239)

Fair value of plan assets at end of year

 

20,466 

 

 

1,438 

Under funded status at end of year

$

(3,126)

 

$

(2,484)

 

Schedule of Amounts Recognized in Balance Sheet

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

Postretirement Benefits

 

 

Year Ended

 

 

Year Ended

 

 

December 31,

 

 

December 31,

 

 

2013

 

 

2012

 

 

2013

 

 

2012

Current liabilities

$

 -

 

$

 -

 

$

 -

 

$

 -

Long-term liabilities

 

3,126 

 

 

 -

 

 

2,484 

 

 

 -

 

$

3,126 

 

$

 -

 

$

2,484 

 

$

 -

 

Schedule Of Components Of Net Periodic Benefit Cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

Postretirement Benefits

 

 

Year Ended

 

 

Year Ended

 

 

December 31,

 

 

December 31,

 

 

2013

 

 

2012

 

 

2013

 

 

2012

Service cost

$

135 

 

$

 -

 

$

29 

 

$

 -

Interest cost

 

429 

 

 

 -

 

 

145 

 

 

 -

Expected return on plan assets

 

(529)

 

 

 -

 

 

(35)

 

 

 -

Net periodic postretirement benefit costs

$

35 

 

$

 -

 

$

139 

 

 

 -

 

Schedule Of Amounts Recognized In Accumulated Other Comprehensive Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

Postretirement Benefits

 

 

Year Ended

 

 

Year Ended

 

 

December 31,

 

 

December 31,

 

 

2013

 

 

2012

 

 

2013

 

 

2012

Prior service cost

$

 -

 

$

 -

 

$

 -

 

$

 -

Net actuarial gain:

 

 

 

 

 

 

 

 

 

 

 

  Liability gain due to assumption change

 

735 

 

 

 -

 

 

(2,189)

 

 

 -

  Liability gain due to participant experience

 

401 

 

 

 -

 

 

(2,175)

 

 

 -

  Asset return gain

 

598 

 

 

 -

 

 

(56)

 

 

 -

Net actuarial gain

 

1,734 

 

 

 -

 

 

(4,420)

 

 

 -

Total

$

1,734 

 

$

 -

 

$

(4,420)

 

$

 -

 

Schedule of Expected Benefit Payments

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

Other Benefits

2014

 

$

1,430 

 

$

180 

2015

 

 

1,530 

 

 

240 

2016

 

 

1,530 

 

 

230 

2017

 

 

1,590 

 

 

240 

2018

 

 

1,620 

 

 

250 

2019-2023

 

 

8,390 

 

 

1,260 

 

Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates

 

 

 

 

 

 

 

Postretirement Benefits

 

 

1-Percentage-

 

 

1-Percentage-

 

 

Point Increase

 

 

Point Decrease

Effect on total service and interest cost

$

26 

 

$

22 

Effect on postretirement benefit obligation

 

417 

 

 

353 

 

Schedule Of Fair Value Of Financial Assets And Liabilities By Level

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2013

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

Assets from commodity derivative instruments

 

$

89,616 

 

$

 -

 

$

89,616 

 

$

 -

Available for sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

   Equities

 

 

3,967 

 

 

3,967 

 

 

 -

 

 

 -

   Mutual funds

 

 

11,639 

 

 

11,639 

 

 

 -

 

 

 -

   Exchange traded funds

 

 

3,140 

 

 

3,140 

 

 

 -

 

 

 -

 

 

$

108,362 

 

$

18,746 

 

$

89,616 

 

$

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities from commodity derivative instruments

 

$

7,093 

 

$

 -

 

$

7,093 

 

$

 -

Liabilities from interest rate derivative instruments

 

 

10,391 

 

 

 -

 

 

10,391 

 

 

 -

 

 

$

17,484 

 

$

 -

 

$

17,484 

 

$

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2012

 

Total

 

Level 1

 

Level 2

 

 

Level 3

Assets from commodity derivative instruments

 

$

122,143 

 

$

 -

 

$

122,143 

 

$

 -

 

 

$

122,143 

 

$

 -

 

$

122,143 

 

$

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities from commodity derivative instruments

 

$

13,484 

 

$

 -

 

$

13,484 

 

$

 -

Liabilities from interest rate derivative instruments

 

 

12,236 

 

 

 -

 

 

12,236 

 

 

 -

 

 

$

25,720 

 

$

 -

 

$

25,720 

 

$

 -

 

Projected Postretirement Benefit Obligations And Postretirement Costs [Member]
 
Schedule of Assumptions Used

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

Postretirement Benefits

 

 

Year Ended

 

 

Year Ended

 

 

December 31,

 

 

December 31,

 

 

2013

 

 

2012

 

 

2013

 

 

2012

Discount rate

 

4.50 

 

%

 -

 

 

4.50 

%

 

 -

Rate of compensation increase

 

3.00 

 

%

 -

 

 

N/A

 

 

N/A

Health care cost trend rate:

 

 

 

 

 

 

 

 

 

 

 

Pre - 65 rate

 

N/A

 

 

N/A

 

 

7.00 

%

 

 -

Post - 65 rate

 

N/A

 

 

N/A

 

 

5.00 

%

 

 -

Expected long-term rates of return on plan assets

 

6.75 

%

 

 -

 

 

6.75 

%

 

 -

 

Net Periodic Benefit Costs [Member]
 
Schedule of Assumptions Used

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

Postretirement Benefits

 

 

Year Ended

 

 

Year Ended

 

 

December 31,

 

 

December 31,

 

 

2013

 

 

2012

 

 

2013

 

 

2012

Discount rate

 

4.25 

%

 

 -

 

 

4.25 

%

 

 -

Expected long-term return on plan assets

 

6.75 

%

 

 -

 

 

5.75 

%

 

 -

Rate of compensation increase

 

3.50 

%

 

 -

 

 

N/A

 

 

 -

 

Pension Benefits [Member]
 
Schedule Of Fair Value Of Financial Assets And Liabilities By Level

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2013

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

Pooled Funds (1)

$

 -

 

$

9,239 

 

$

 -

 

$

9,239 

Fixed income securities:

 

 

 

 

 

 

 

 

 

 

 

Pooled Funds (2)

 

 -

 

 

11,227 

 

 

 -

 

 

11,227 

Total investments, at fair value

$

 -

 

$

20,466 

 

$

 -

 

$

20,466 

 

(1)

Investments consist primarily of pooled separate accounts which focus on long-term growth of capital through U.S. and international securities.

 

(2)

Investments consist primarily of pooled separate accounts which focus on long-term growth of capital and preservation of equity though U.S. and international securities.

Postretirement Benefits [Member]
 
Schedule Of Fair Value Of Financial Assets And Liabilities By Level

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2013

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

Cash and cash equivalents

$

333 

 

$

 -

 

$

 -

 

$

333 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

Mutual Funds (1)

 

370 

 

 

 -

 

 

 -

 

 

370 

Fixed income securities:

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

735 

 

 

 -

 

 

 -

 

 

735 

Total investments, at fair value

$

1,438 

 

$

 -

 

$

 -

 

$

1,438 

 

(1)

Investments consist primarily of mutual funds which focus on growth of capital and income maximization.