Basis of Presentation and Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2014

Accounting Policies [Abstract]

Components of Inventories

Inventories are stated at the lower of cost or market and consist of the following:

In thousands	September 30, 2014		December 31, 2013
Tubular goods and equipment	$	13,586	$	11,139
Crude oil	68,978		43,301
Total	$	82,564	$	54,440

Components of Crude Oil Inventories Volumes

Crude oil inventories consist of the following volumes:

MBbls	September 30, 2014	December 31, 2013
Crude oil line fill and tank requirements	941	370
Temporarily stored crude oil	196	344
Total	1,137	714

Calculation of Basic and Diluted Weighted Average Shares and Net Income Per Share

The following table presents the calculation of basic and diluted weighted average shares outstanding and net income per share for the three and nine months ended September 30, 2014 and 2013. Weighted average shares and net income per share amounts for the three and nine months ended September 30, 2013 have been retroactively adjusted to reflect the Company's 2-for-1 stock split occurring in September 2014.

	Three months ended September 30,				Nine months ended September 30,
In thousands, except per share data	2014		2013		2014		2013
Income (numerator):
Net income - basic and diluted	$	533,521	$	167,498	$	863,293	$	631,395
Weighted average shares (denominator):
Weighted average shares - basic	368,814		368,139		368,740		368,072
Non-vested restricted stock	1,714		1,622		1,892		1,485
Weighted average shares - diluted	370,528		369,761		370,632		369,557
Net income per share:
Basic	$	1.45	$	0.45	$	2.34	$	1.72
Diluted	$	1.44	$	0.45	$	2.33	$	1.71