Quarterly report pursuant to Section 13 or 15(d)

Acquisitions and Divestitures - Business Acquisition Pro Forma Information Incremental Item (Details)

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Acquisitions and Divestitures - Business Acquisition Pro Forma Information Incremental Item (Details) (USD $)
In Thousands, unless otherwise specified
 3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Business Acquisition [Line Items]        
Revenues $ 262,994 $ 235,383 $ 517,510 $ 494,605
Lease operating expenses 61,765 68,248 117,384 127,590
DD&A 128,236 99,896 251,542 208,767
G&A 19,682 19,868 43,270 40,955
Interest expense 21,454 21,536 42,912 42,770
Capitalized interest 2,159 2,532 4,231 4,964
Income tax expense 5,273 12,423 11,921 27,325
Woodside Properties
        
Business Acquisition [Line Items]        
Revenues 6,900   6,900  
Lease operating expenses 700   700  
DD&A 2,200   2,200  
Income tax expense 1,400   1,400  
Woodside Properties | Pro Forma
        
Business Acquisition [Line Items]        
Revenues 9,028 [1] 15,978 [1] 22,887 [1] 33,686 [1]
Lease operating expenses 1,805 [1] 2,591 [1] 4,417 [1] 4,990 [1]
DD&A 3,305 [2] 4,917 [2] 8,218 [2] 10,204 [2]
G&A 200 [3] 200 [3] 400 [3] 400 [3]
Interest expense 80 [4] 240 [4] 320 [4] 480 [4]
Capitalized interest (6) [5] 20 [5] (22) [5] (13) [5]
Income tax expense 1,275 [6] 2,804 [6] 3,344 [6] 6,169 [6]
Callon Properties
        
Business Acquisition [Line Items]        
Revenues 8,700   17,400  
Lease operating expenses 1,000   2,000  
DD&A 1,600   7,000  
Income tax expense 2,100   2,900  
Callon Properties | Pro Forma
        
Business Acquisition [Line Items]        
Revenues   8,457 [7]   19,810 [7]
Lease operating expenses   1,886 [7]   3,930 [7]
DD&A   3,714 [8]   7,945 [8]
Interest expense   415 [9]   830 [9]
Capitalized interest   (56) [5]   (138) [5]
Income tax expense   $ 874 [6]   $ 2,535 [6]
[1] Revenues and direct operating expenses for the Woodside Properties were derived from the historical financial records of Woodside.
[2] DD&A was estimated using the full-cost method and determined as the incremental DD&A expense due to adding the Woodside Properties’ costs, reserves and production into our full cost pool in order to compute such amounts. The purchase price allocated to unevaluated properties for oil and natural gas interests was excluded from the DD&A expense estimation. ARO was estimated by W&T management.
[3] Estimated insurance costs related to the Woodside Properties.
[4] The acquisition was assumed to be funded entirely with borrowed funds. Interest expense was computed using assumed borrowings of $53.4 million, which equates to the cash component of the acquisition purchase price, and an interest rate of 1.8%, which equates to the rates applied to incremental borrowings on the revolving bank credit facility.
[5] The change to capitalized interest was computed for the addition to the pool of unevaluated properties and the capitalization interest rate was adjusted for the assumed borrowings. The negative amount represents a decrease to net expenses.
[6] Income tax expense was computed using the 35% federal statutory rate.
[7] Revenues and direct operating expenses for the Callon Properties were derived from the historical financial records of Callon.
[8] DD&A was estimated using the full-cost method and determined as the incremental DD&A expense due to adding the Callon Properties’ costs, reserves and production into our full cost pool in order to compute such amounts. The purchase price allocated to unevaluated properties for oil and natural gas interests was excluded from the DD&A expense estimation. ARO was estimated by W&T management.
[9] The acquisition was assumed to be funded entirely with borrowed funds. Interest expense was computed using assumed borrowings of $83.0 million, which equates to the cash component of the acquisition purchase price, and an interest rate of 2.0%, which equates to the rates applied to incremental borrowings on the revolving bank credit facility.