Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The following table is a listing of the Company’s assets and liabilities that are measured at fair value and where they were classified within the fair value hierarchy as of December 31, 2014:



	Level 1		Level 2		Level 3
	(in thousands)
Assets:
Derivatives ⁽¹⁾	$	—	$	592,208	$	—
Proved oil and gas properties ⁽²⁾	$	—	$	—	$	33,423
Oil and gas properties held for sale ⁽²⁾	$	—	$	—	$	17,891
Liabilities:
Derivatives⁽¹⁾	$	—	$	70	$	—
Net Profits Plan ⁽¹⁾	$	—	$	—	$	27,136

____________________________________________

(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 that is measured at fair value on a nonrecurring basis.

The following table is a listing of the Company’s assets and liabilities that are measured at fair value and where they were classified within the 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

____________________________________________

(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 that is measured at fair value on a nonrecurring basis.

^[1],[2]

Schedule of reconciliation of fair value measurements using Level 3 inputs

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



	For the Years Ended December 31,
	2014			2013			2012
	(in thousands)
Beginning balance	$	56,985		$	78,827		$	107,731
Net increase (decrease) in liability ⁽¹⁾	(12,492		)	3,527			(9,251		)
Net settlements ^{(1) (2)}	(17,357		)	(25,369		)	(19,653		)
Transfers in (out) of Level 3	—			—			—
Ending balance	$	27,136		$	56,985		$	78,827

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(1)	Net changes in the 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 amounts in the table include cash payments made or accrued under the Net Profits Plan of $8.3 million, $10.3 million, and $2.3 million relating to divestiture proceeds for the years ended December 31, 2014, 2013, and 2012, respectively.

Schedule of Long-term Debt Instruments [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 December 31, 2014 or 2013, as they are recorded at historical value.



	As of December 31,
	2014		2013
	(in thousands)
2019 Notes	$	350,018	$	374,290
2021 Notes	$	343,000	$	373,625
2022 Notes⁽¹⁾	$	556,500	$	—
2023 Notes	$	379,000	$	422,000
2024 Notes	$	435,000	$	475,315

____________________________________________

(1) The 2022 Notes were issued on November 17, 2014.

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

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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- 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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