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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 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Business Acquisition [Line Items]        
Revenues $ 234,521 $ 244,555 $ 752,031 $ 739,160
Lease operating expenses 71,732 67,346 189,116 194,935
DD&A 128,671 104,143 380,213 312,911
G&A 21,007 20,024 64,277 60,979
Interest expense 21,783 21,373 64,703 64,157
Capitalized interest 2,191 2,573 6,422 7,537
Income tax expense 904 8,033 12,825 35,358
Woodside Properties
        
Business Acquisition [Line Items]        
Revenues 12,500   19,400  
Lease operating expenses 1,700   2,400  
DD&A 4,300   6,500  
Income tax expense 2,300   3,700  
Woodside Properties | Pro Forma
        
Business Acquisition [Line Items]        
Revenues   16,434 [1] 22,887 [1] 50,120 [1]
Lease operating expenses   2,206 [1] 4,417 [1] 7,195 [1]
DD&A   5,021 [2] 8,248 [2] 15,261 [2]
G&A   200 [3] 400 [3] 600 [3]
Interest expense   240 [4] 320 [4] 720 [4]
Capitalized interest   50 [5] (22) [5] 63 [5]
Income tax expense   3,051 [6] 3,333 [6] 9,198 [6]
Callon Properties
        
Business Acquisition [Line Items]        
Revenues 9,500   27,000  
Lease operating expenses 2,200   4,200  
DD&A 4,200   11,200  
Income tax expense 1,100   4,100  
Callon Properties | Pro Forma
        
Business Acquisition [Line Items]        
Revenues   10,640 [7]   30,449 [7]
Lease operating expenses   1,619 [7]   5,711 [7]
DD&A   4,405 [8]   12,349 [8]
Interest expense   415 [9]   1,245 [9]
Capitalized interest   (27) [5]   (165) [5]
Income tax expense   $ 1,480 [6]   $ 3,958 [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.