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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2012	Nov. 02, 2012
Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q3
Entity Registrant Name	COMSTOCK RESOURCES INC
Entity Central Index Key	0000023194
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		48,161,696

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2012	Dec. 31, 2011
ASSETS
Cash and Cash Equivalents	$ 2,569	$ 8,460
Accounts Receivable:
Oil and gas sales	42,095	47,082
Joint interest operations	9,812	6,651
Marketable Securities	15,072	47,642
Derivative Financial Instruments	10,823	459
Other Current Assets	7,658	2,796
Total current assets	88,029	113,090
Property and Equipment:
Unevaluated oil and gas properties	338,928	369,096
Oil and gas properties, successful efforts method	3,664,345	3,476,146
Other	18,665	18,062
Accumulated depreciation, depletion and amortization	(1,475,914)	(1,353,459)
Net property and equipment	2,546,024	2,509,845
Derivative Financial Instruments	2,836
Other Assets	20,950	16,949
Total Assets	2,657,839	2,639,884
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts Payable	98,476	94,041
Deferred Income Taxes	6,018	7,664
Accrued Expenses	95,592	85,502
Total current liabilities	200,086	187,207
Long-term Debt	1,238,809	1,196,908
Deferred Income Taxes	190,784	201,705
Reserve for Future Abandonment Costs	14,545	13,997
Other Non-Current Liabilities	2,301	2,442
Total liabilities	1,646,525	1,602,259
Commitments and Contingencies
Stockholders' Equity:
Common stock - $0.50 par, 75,000,000 shares authorized, 48,161,696 and 48,125,296 shares outstanding at September 30, 2012 and December 31, 2011, respectively	24,081	24,063
Additional paid-in capital	477,199	468,709
Retained earnings	494,944	524,377
Accumulated other comprehensive income	15,090	20,476
Total stockholders' equity	1,011,314	1,037,625
Total liabilities and stockholders' equity	$ 2,657,839	$ 2,639,884

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2012	Dec. 31, 2011
Common stock, par value	$ 0.50	$ 0.50
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares outstanding	48,161,696	48,125,296

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Oil and gas sales	$ 117,129	$ 119,422	$ 332,154	$ 319,911
Operating expenses:
Production taxes	3,856	141	10,873	2,230
Gathering and transportation	6,382	8,101	21,612	20,340
Lease operating	15,503	12,527	44,200	36,512
Exploration	1,407	447	2,797	10,066
Depreciation, depletion and amortization	99,230	77,518	268,410	212,532
General and administrative, net	8,142	8,628	25,973	25,973
Impairment of oil and gas properties			5,350
(Gain) loss on sale of oil and gas properties	2,794	(26)	(24,271)	57
Total operating expenses	137,314	107,336	354,944	307,710
Operating income (loss)	(20,185)	12,086	(22,790)	12,201
Other income (expenses):
Interest expense	(17,535)	(9,988)	(45,301)	(30,682)
Gain on sale of marketable securities		2,484	26,621	32,213
Other income	153	187	675	580
Total other income (expenses)	(17,382)	(7,317)	(18,005)	2,111
Income (loss) before income taxes	(37,567)	4,769	(40,795)	14,312
Benefit from (provision for) income taxes	11,579	(3,460)	11,362	(6,650)
Net income (loss)	$ (25,988)	$ 1,309	$ (29,433)	$ 7,662
Net income (loss) per share:
Basic	$ (0.56)	$ 0.03	$ (0.63)	$ 0.16
Diluted	$ (0.56)	$ 0.03	$ (0.63)	$ 0.16
Weighted average shares outstanding:
Basic	46,443	46,011	46,414	45,992
Diluted	46,443	46,011	46,414	45,992

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Net income (loss)	$ (25,988)	$ 1,309	$ (29,433)	$ 7,662
Unrealized hedging gains (losses), net of provision for (benefit from) income taxes of ($3,889), $-, $4,620 and $-	(7,223)		8,580
Net change in unrealized gains on marketable securities, net of benefit from income taxes of $46, $10,449, $7,521 and $12,603	(86)	(19,407)	(13,966)	(23,406)
Other comprehensive loss	(7,309)	(19,407)	(5,386)	(23,406)
Comprehensive loss	$ (33,297)	$ (18,098)	$ (34,819)	$ (15,744)

- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

- Definition

Net of tax amount, before reclassification adjustments, of the change in accumulated gain (loss) from derivative instruments designated and qualifying as the effective portion of cash flow hedges. Also includes an entity's share of an equity investee's increase (decrease) in deferred hedging gain (loss).

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+ Details

- Definition

Net of tax amount of unrealized holding gain (loss) before reclassification adjustments and transfers on available-for-sale securities.

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+ Details

Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Unrealized hedging gains (losses), income tax benefit (provision)	$ 3,889		$ (4,620)
Net change in unrealized gains on marketable securities, income tax benefit (provision)	$ 46	$ 10,449	$ 7,521	$ 12,603

Consolidated Statement of Stockholders' Equity - 9 months ended Sep. 30, 2012 - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income
Balance at Dec. 31, 2011	$ 1,037,625	$ 24,063	$ 468,709	$ 524,377	$ 20,476
Balance, shares at Dec. 31, 2011		48,125
Stock-based compensation	10,189	$ 18	10,171
Stock-based compensation, shares		37
Excess income taxes from stock-based compensation	(1,681)		(1,681)
Net loss	(29,433)			(29,433)
Other comprehensive loss	(5,386)				(5,386)
Balance at Sep. 30, 2012	$ 1,011,314	$ 24,081	$ 477,199	$ 494,944	$ 15,090
Balance, shares at Sep. 30, 2012		48,162

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Number of shares (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of any shares forfeited. Shares issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans.

+ References + Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (29,433)	$ 7,662
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Gain on sale of assets	(50,892)	(32,156)
Deferred income taxes	(11,151)	6,593
Dry hole costs and lease impairments	2,685	9,819
Impairment of oil and gas properties	5,350
Depreciation, depletion and amortization	268,410	212,532
Debt issuance cost and discount amortization	3,689	3,351
Stock-based compensation	10,189	10,958
Excess income taxes from stock-based compensation	1,681	612
(Increase) decrease in accounts receivable	1,826	(4,958)
(Increase) decrease in other current assets	(5,059)	2,275
Increase in accounts payable and accrued expenses	28,403	861
Net cash provided by operating activities	225,698	217,549
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(468,510)	(489,625)
Proceeds from asset sales	204,391	49,077
Net cash used for investing activities	(264,119)	(440,548)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings	430,912	520,000
Principal payments on debt	(390,000)	(287,000)
Debt issuance costs	(6,701)	(6,577)
Excess income taxes from stock-based compensation	(1,681)	(612)
Net cash provided by financing activities	32,530	225,811
Net increase (decrease) in cash and cash equivalents	(5,891)	2,812
Cash and cash equivalents, beginning of period	8,460	1,732
Cash and cash equivalents, end of period	$ 2,569	$ 4,544

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2012

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES –

Basis of Presentation

In management’s opinion, the accompanying unaudited consolidated financial statements contain all adjustments (consisting solely of normal recurring adjustments) necessary to present fairly the financial position of Comstock Resources, Inc. and subsidiaries (“Comstock” or the “Company”) as of September 30, 2012 and the related results of operations for the three months and nine months ended September 30, 2012 and 2011 and cash flows for the nine months ended September 30, 2012 and 2011.

The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States have been omitted pursuant to those rules and regulations, although Comstock believes that the disclosures made are adequate to make the information presented not misleading. These unaudited consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in Comstock’s Annual Report on Form 10-K for the year ended December 31, 2011.

The results of operations for the three months and nine months ended September 30, 2012 are not necessarily an indication of the results expected for the full year.

These unaudited consolidated financial statements include the accounts of Comstock and its wholly owned and controlled subsidiaries. Intercompany balances and transactions have been eliminated in consolidation.

In connection with a reverse like-kind exchange in accordance with Section 1031 of the Internal Revenue Code, the Company assigned certain oil and gas properties acquired in December 2011 to a variable interest entity formed by an exchange accommodation titleholder. The Company operated these properties pursuant to lease and management agreements with that entity, and had a call option which allowed the Company to terminate the exchange transaction at any time up and until the expiration date of the exchange. Because the Company was the primary beneficiary of these arrangements, the properties acquired are included in its consolidated balance sheets as of December 31, 2011 and all revenues and expenses incurred related to the properties are included in the Company’s consolidated results of operations for the three months and nine months ended September 30, 2012. The Company completed the reverse like-kind exchange in May 2012 after completing the planned divestiture of certain oil and gas properties. The ownership of all of the assets held by the variable interest entity was transferred to one of the Company’s wholly owned subsidiaries.

Reclassifications

Certain reclassifications have been made to prior periods’ financial statements to conform to the current presentation.

Marketable Securities

As of September 30, 2012, the Company held 600,000 shares of Stone Energy Corporation common stock which was reflected in the consolidated balance sheet as marketable securities. As of September 30, 2012, the cost basis of the marketable securities was $5.5 million and the estimated fair value was $15.1 million, after recognizing an unrealized gain after income taxes of $6.2 million. The Company utilizes the specific identification method to determine the cost of any securities sold. During the nine months ended September 30, 2012, the Company sold 1,206,000 shares of Stone Energy Corporation common stock and received proceeds of $37.7 million. Comstock realized a gain before income taxes of $26.6 million on the sales for nine months ended September 30, 2012, which is included in other income in the consolidated statements of operations. The Company had no sales of Stone Energy Corporation common stock during the three months ended September 30, 2012. During the three months and nine months ended September 30, 2011 the Company sold 100,000 and 1,841,000 shares, respectively, of Stone common stock for proceeds of $3.4 million and $49.1 million, respectively, and realized a gain before income taxes of $2.5 million and $32.2 million, respectively.

Property and Equipment

The Company follows the successful efforts method of accounting for its oil and natural gas properties. Costs incurred to acquire oil and gas leasehold are capitalized.

Unproved oil and gas properties are periodically assessed and any impairment in value is charged to exploration expense. The costs of unproved properties which are determined to be productive are transferred to oil and gas properties and amortized on an equivalent unit-of-production basis. During the nine months ended September 30, 2012 and 2011, the Company’s assessment of its unevaluated acreage indicated that certain leases were expected to expire prior to the Company conducting drilling operations. Accordingly, impairment charges for these unevaluated properties of $1.4 million and $0.3 million were recognized in exploration expense for the three months ended September 30, 2012 and 2011, respectively, and impairment charges for unevaluated properties of $2.7 million and $9.8 million were recognized in exploration expense during the nine months ended September 30, 2012 and 2011, respectively.

The Company also assesses the need for an impairment of the costs capitalized for its oil and gas properties on a property or cost center basis. The Company recognized impairment charges related to certain minor oil and gas fields of $5.4 million during the nine months ended September 30, 2012. There were no impairment charges related to the Company’s oil and gas properties recognized during the three months and nine months ended September 30, 2011.

During the nine months ended September 30, 2012, the Company completed the sale of certain oil and gas properties located in Tyler and Polk counties in South Texas and Lincoln Parish in North Louisiana. The Company received net proceeds of $119.8 million and recognized a gain on disposal of $26.0 million from these transactions. During the nine months ended September 30, 2012, the Company also completed the sale of certain non-operated oil and gas properties in Reeves County, Texas and received net proceeds of $24.8 million. The Company accounted for the disposal of these properties as a retirement since they represented a small portion of the assets within one of its major oil and gas properties.

The Company prepares interim estimates of crude oil and natural gas reserves at the end of each quarter. These interim estimates, which are not audited by independent petroleum engineers, are prepared using procedures that are consistent with those used in the Company’s year-end reserves estimates. During the three months ended September 30, 2012, the average price that we used to estimate our quantities of proved natural gas reserves decreased by $1.17 per thousand cubic (“Mcf”) or 28% from $4.18 per Mcf at December 31, 2011 to $3.01 per Mcf at September 30, 2012. As a result of this significant price decline, the Company’s estimated quantities of proved undeveloped natural gas reserves have decreased by approximately 434 billion cubic feet, or 61%, from total proved undeveloped reserves as of December 31, 2011. This decrease represented approximately 33% of total proved reserves as of December 31, 2011. The decrease in proved undeveloped natural gas reserves, most of which was initially recognized during the three months ended June 30, 2012, resulted in an increase to the Company’s per unit amortization rate for its proved oil and gas properties and increased depletion, depreciation and amortization expense during this period as compared to previous periods. The changes in proved undeveloped reserves did not have a significant effect on the Company’s standardized measure of future cash flows.

On July 30, 2012 the Company entered into a participation agreement with Kohlberg Kravis Roberts & Co L.P. (together with its affiliates, “KKR”) providing for the participation of KKR in Comstock’s future development of its Eagle Ford shale properties in South Texas. Under the terms of the participation agreement, KKR has the right to participate for one-third of Comstock’s working interest in wells drilled on the Company’s 28,160 net acres in exchange for KKR paying $25,000 per acre for the net acreage being acquired and one-third of the wells costs. Each well that KKR participates in is intended to earn KKR approximately one-third of the Company’s working interest in approximately 80 acres. The agreement applies to wells spud by the Company on or subsequent to March 31, 2012. The Company retains all of its interest in wells spud prior to March 31, 2012. Subject to certain conditions, KKR is obligated to acquire acreage for the first 100 wells drilled on the Company’s Eagle Ford Shale acreage after July 30, 2012 and can continue to participate in additional wells drilled on the acreage under the same terms. Comstock received $23.8 million from KKR to fund its participation in drilling activity before the closing on July 30, 2012. The Company accounted for the receipt of these funds as a retirement since they represented a small portion of the costs within one of its major oil and gas properties. Comstock also received $34.0 million from KKR to be used for future costs to be incurred on behalf of KKR under the participation agreement, $24.2 million of which remains unspent at September 30, 2012 and is included in accrued expenses. Formation costs of $1.7 million incurred in connection with this joint venture are included in gain (loss) on sale of oil and gas properties for the three months and nine months ended September 30, 2012.

Accrued Expenses

Accrued expenses at September 30, 2012 and December 31, 2011 consist of the following:


	As of September 30, 2012		As of December 31, 2011
	(In thousands)
Accrued oil and gas property acquisition costs	$	6,541	$	31,988
Advance from joint venture partner		24,168		—
Accrued drilling costs		16,552		29,291
Accrued interest		32,435		11,113
Other accrued expenses		15,896		13,110

	$	95,592	$	85,502

Reserve for Future Abandonment Costs

Comstock’s asset retirement obligations relate to future plugging and abandonment expenses on its oil and gas properties and related facilities disposal. The following table summarizes the changes in Comstock’s total estimated liability during the nine months ended September 30, 2012 and 2011:


	Nine Months Ended September 30,
	2012		2011
		(In thousands)
Beginning future abandonment costs	$	13,997	$	6,674
Accretion expense		537		282
New wells placed on production		1,155		289
Changes in estimates		—		—
Liabilities settled and assets disposed of		(1,144)		(49)
Future abandonment costs — end of period	$	14,545	$	7,196

Revenue Recognition and Gas Balancing

Comstock utilizes the sales method of accounting for oil and natural gas revenues whereby revenues are recognized at the time of delivery based on the amount of oil or natural gas sold to purchasers. Revenue is typically recorded in the month of production based on an estimate of the Company’s share of volumes produced and prices realized. Revisions to such estimates are recorded as actual results are known. The amount of oil or natural gas sold may differ from the amount to which the Company is entitled based on its revenue interests in the properties. The Company did not have any significant imbalance positions at September 30, 2012 or December 31, 2011.

Derivative Financial Instruments and Hedging Activities

Comstock periodically uses swaps, floors and collars to hedge oil and natural gas prices and interest rates. Swaps are settled monthly based on differences between the prices specified in the instruments and the settlement prices of futures contracts. For swaps, when the applicable settlement price is less than the price specified in the contract, Comstock receives a settlement from the counterparty based on the difference multiplied by the volume or amounts hedged. Similarly, when the applicable settlement price exceeds the price specified in the swap contract, Comstock pays the counterparty based on the difference. Comstock generally receives a settlement from the counterparty for floors when the applicable settlement price is less than the price specified in the contract, which is based on the difference multiplied by the volumes hedged. For collars, generally Comstock receives a settlement from the counterparty when the settlement price is below the floor and pays a settlement to the counterparty when the settlement price exceeds the cap. No settlement occurs when the settlement price falls between the floor and cap.

All of the Company’s derivative financial instruments at September 30, 2012 and December 31, 2011 were designated as effective cash flow hedges. As of September 30, 2012, the Company had the following outstanding commodity derivatives:

Commodity and Derivative Type

Weighted-Average
Contract Price

Volume
(Barrels)

Contract Period

Crude Oil Price Swap Agreements

99.53 per Bbl.

450,000

October 2012 –Dec. 2012

Crude Oil Price Swap Agreements

98.67 per Bbl.

2,160,000

Jan. 2013 – Dec. 2013

Realized gains and losses related to derivative financial instruments that are designated as cash flow hedges are included in oil and natural gas sales in the month of production. Changes in the fair value of derivative instruments designated as cash flow hedges to the extent they are effective in offsetting cash flows attributable to the hedged risk are recorded in other comprehensive income (loss) until the hedged item is recognized in earnings. Any change in fair value resulting from ineffectiveness is recognized currently in other income (expenses). The Company realized gains of $3.3 million and $4.7 million before income taxes on crude oil price swaps during the three months and nine months ended September 30, 2012, respectively. As of September 30, 2012, the estimated fair value of the Company’s derivative financial instruments, which equals their carrying value, was an asset of $13.7 million, of which $10.8 million was classified as current and $2.9 million was classified as long-term, based on estimated settlement dates.

Stock-Based Compensation

Comstock accounts for employee stock-based compensation under the fair value method. Compensation cost is measured at the grant date based on the fair value of the award and is recognized over the award vesting period. During the three months ended September 30, 2012 and 2011, the Company recognized $3.2 million and $3.9 million, respectively, of stock-based compensation expense within general and administrative expenses related to awards of restricted stock to its employees and directors. During the nine months ended September 30, 2012 and 2011, the Company recognized $10.2 million and $11.0 million, respectively, of stock-based compensation expense within general and administrative expenses related to awards of restricted stock and stock options.

As of September 30, 2012, Comstock had 1,716,695 shares of unvested restricted stock outstanding at a weighted average grant date fair value of $29.38 per share. Total unrecognized compensation cost related to unvested restricted stock grants of $18.7 million as of September 30, 2012 is expected to be recognized over a period of 2.2 years. During the nine months ended September 30, 2012, the Company awarded a total of 50,500 shares of restricted stock to its independent directors. The grant date fair value was $17.03 per share for the 2012 awards.

As of September 30, 2012, Comstock had outstanding options to purchase 157,150 shares of common stock at a weighted average exercise price of $38.36 per share. All of the stock options were exercisable and there were no unrecognized costs related to the stock options as of September 30, 2012. No stock options were exercised during the nine months ended September 30, 2012 or September 30, 2011.

Income Taxes

The following is an analysis of consolidated income tax expense:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
	(In thousands)
Current provision (benefit)	$	(12	)	$	(512	)	$	(211	)	$	57
Deferred provision (benefit)		(11,567	)		3,972			(11,151	)		6,593

Provision for (benefit from) income taxes	$	(11,579	)	$	3,460		$	(11,362	)	$	6,650

Deferred income taxes are provided to reflect the future tax consequences or benefits of differences between the tax basis of assets and liabilities and their reported amounts in the financial statements using enacted tax rates. The difference between the Company’s customary rate of 35% and the effective tax rate on income before income taxes is due to the following:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
Tax at statutory rate		35.0	%		35.0	%		35.0	%		35.0	%
Tax effect of:
Nondeductible stock-based compensation		(2.8	%)		41.9	%		(5.3	%)		12.6	%
State income taxes, net of federal benefit		(1.2	%)		(6.7	%)		(1.4	%)		(2.1	%)
Other		(0.2	%)		2.4	%		(0.4	%)		1.0	%

Effective tax rate		30.8	%		72.6	%		27.9	%		46.5	%

The Company’s non-deductible stock-based compensation has the effect of increasing the Company’s annualized effective tax rate in the case of a provision or reducing the effective tax rate in the case of a benefit.

The Company’s income tax returns in major state income tax jurisdictions remain subject to examination from various periods subsequent to December 31, 2006. State tax returns in two state jurisdictions are currently under review. The Company has evaluated the preliminary findings in these jurisdictions and believes it is more likely than not that the ultimate resolution of these matters will not have a material effect on its financial statements. The Company currently believes that all other significant filing positions are highly certain and that all of its other significant income tax positions and deductions would be sustained under audit or the final resolution would not have a material effect on the consolidated financial statements. Therefore, the Company has not established any significant reserves for uncertain tax positions.

Fair Value Measurements

The Company holds certain items that are required to be measured at fair value. These include cash held in bank accounts, marketable securities comprised of shares of Stone Energy Corporation common stock, and derivative financial instruments in the form of oil or natural gas price swap agreements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A three-level hierarchy is followed for disclosure to show the extent and level of judgment used to estimate fair value measurements:

Level 1 – Inputs used to measure fair value are unadjusted quoted prices that are available in active markets for the identical assets or liabilities as of the reporting date.

Level 2 – Inputs used to measure fair value, other than quoted prices included in Level 1, are either directly or indirectly observable as of the reporting date through correlation with market data, including quoted prices for similar assets and liabilities in active markets and quoted prices in markets that are not active. Level 2 also includes assets and liabilities that are valued using models or other pricing methodologies that do not require significant judgment since the input assumptions used in the models, such as interest rates and volatility factors, are corroborated by readily observable data from actively quoted markets for substantially the full term of the financial instrument.

Level 3 – Inputs used to measure fair value are unobservable inputs that are supported by little or no market activity and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions.

The Company’s valuation of cash held in bank accounts is based on Level 1 measurements. The Company’s oil price swap agreements were not traded on a public exchange, and their value was determined utilizing a discounted cash flow model based on inputs that are readily available in public markets and, accordingly, the valuation of these swap agreements was categorized as a Level 2 measurement.

The following table summarizes financial assets accounted for at fair value as of September 30, 2012:


	Carrying Value Measured at Fair Value at September 30, 2012		Level 1		Level 2
		(In thousands)
Assets measured at fair value on a recurring basis:
Cash held in bank accounts	$	2,569	$	2,569	$	—
Marketable securities		15,072		15,072		—
Derivative financial instruments		13,659		—		13,659

Total assets	$	31,300	$	17,641	$	13,659

The following table summarizes the changes in the fair values of derivative financial instruments, which are Level 2 assets, for the three months and nine months ended September 30, 2012:


	Three Months Ended September 30, 2012			Nine Months Ended September 30, 2012
		(In thousands)
Balance beginning of period	$	24,771		$	459
Purchases and settlements (net)		(3,292	)		(4,658	)
Total realized and unrealized gains (losses):
Realized gains included in earnings		3,292			4,658
Unrealized gains (losses) included in other comprehensive income		(11,112	)		13,200

Balance end of period	$	13,659		$	13,659

The following table presents the carrying amounts and estimated fair value of the Company’s other financial instruments:


	As of September 30, 2012				As of December 31, 2011
	Carrying Value		Fair Value		Carrying Value		Fair Value
		(In thousands)
Long-term debt, including current portion	$	1,238,809	$	1,297,000	$	1,196,908	$	1,167,000

The fair market value of the Company’s fixed rate debt was based on the market prices as of September 30, 2012 and December 31, 2011, a Level 1 measurement. The fair value of the floating rate debt outstanding at September 30, 2012 and December 31, 2011 approximated its carrying value, a Level 2 measurement.

Earnings Per Share

Basic earnings per share is determined without the effect of any outstanding potentially dilutive stock options and diluted earnings per share is determined with the effect of outstanding stock options that are potentially dilutive. Unvested share-based payment awards containing nonforfeitable rights to dividends are considered to be participatory securities and are included in the computation of basic and diluted earnings per share pursuant to the two-class method. Basic and diluted earnings per share for the three months and nine months ended September 30, 2012 and 2011 were determined as follows:


	Three Months Ended September 30,
	2012								2011
	Loss			Shares		Per Share			Income			Shares		Per Share
		(In thousands, except per share amounts)
Net Income (Loss)	$	(25,988	)						$	1,309
Income Allocable to Unvested Stock Grants		—								(45	)

Basic Net Income (Loss) Attributable to Common Stock	$	(25,988	)		46,443	$	(0.56	)	$	1,264			46,011	$	0.03

Effect of Dilutive Securities:
Stock Options		—			—					—			—

Diluted Net Income (Loss) Attributable to Common Stock	$	(25,988	)		46,443	$	(0.56	)	$	1,264			46,011	$	0.03


	Nine Months Ended September 30,
	2012								2011
	Loss			Shares		Per Share			Income			Shares		Per Share
		(In thousands, except per share amounts)
Net Income (Loss)	$	(29,433	)						$	7,662
Income Allocable to Unvested Stock Grants		—								(268	)

Basic Net Income (Loss) Attributable to Common Stock	$	(29,433	)		46,414	$	(0.63	)	$	7,394			45,992	$	0.16

Effect of Dilutive Securities:
Stock Options		—			—					—			—

Diluted Net Income (Loss) Attributable to Common Stock	$	(29,433	)		46,414	$	(0.63	)	$	7,394			45,992	$	0.16

At September 30, 2012 and December 31, 2011, 1,716,695 and 2,114,520 shares of restricted stock, respectively, are included in common stock outstanding as such shares have a nonforfeitable right to participate in any dividends that might be declared and have the right to vote. Weighted average shares of unvested restricted stock were as follows:

Three Months Ended
September 30,

Nine Months Ended
September 30,

2012

2011

2012

2011

(In thousands)

Unvested restricted stock

1,717

1,635

1,728

1,665

The shares of unvested stock were excluded from the computation of earnings per share as anti-dilutive to earnings for the three month and nine month periods ended September 30, 2012 due to the net loss in these periods.

Options to purchase common stock that were outstanding and that were excluded as anti-dilutive from the determination of diluted earnings per share as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2012		2011		2012		2011
		(In thousands except per share data)
Weighted average anti-dilutive stock options		157		203		172		218
Weighted average exercise price	$	38.36	$	36.64	$	37.64	$	36.35

The excluded options that were anti-dilutive were at exercise prices in excess of the average stock price for each of the periods presented.

Supplementary Information With Respect to the Consolidated Statements of Cash Flows

For the purpose of the consolidated statements of cash flows, the Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. At September 30, 2012 and December 31, 2011 the Company’s cash investments consisted of cash held in bank accounts.

The following is a summary of cash payments made for interest and income taxes:


	Nine Months Ended September 30,
	2012				2011
		(In thousands)
Cash Payments:
Interest payments	$		36,749		$	21,733
Income tax refunds			(58	)		(30	)

The Company capitalizes interest on its unevaluated oil and gas property costs during periods when it is conducting exploration activity on this acreage. For the three months ended September 30, 2012 and 2011 and the nine months ended September 30, 2012 and 2011, the Company capitalized interest of $5.9 million and $3.4 million, and $16.5 million and $10.0 million, respectively, which reduced interest expense and increased the carrying value of its unevaluated oil and gas properties.

Comprehensive Loss

Comprehensive loss consists of the following:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
		(In thousands)
Net income (loss)	$	(25,988	)	$	1,309		$	(29,433	)	$	7,662
Other comprehensive income (loss):
Realized gains on marketable securities reclassified to earnings, net of a benefit from income taxes of $— and $9,318 in 2012 and $869 and $11,274 in 2011		—			(1,614	)		(17,303	)		(20,938	)
Unrealized gains (losses) on marketable securities, net of provision for (benefit from) income taxes of ($46) and $1,797 in 2012 and ($9,580) and ($1,329) in 2011		(86	)		(17,793	)		3,337			(2,468	)
Unrealized hedging gains (losses), net of a provision for (benefit from) income taxes of ($3,889) and $4,620 in 2012		(7,223	)		—			8,580			—

Total comprehensive loss	$	(33,297	)	$	(18,098	)	$	(34,819	)	$	(15,744	)

The following table provides a summary of the amounts included in accumulated other comprehensive income, net of income taxes, for the three months and nine months ended September 30, 2012:


	Three Months Ended September 30, 2012									Nine Months Ended September 30, 2012
	Oil Price Swap Agreements			Marketable Securities			Total			Oil Price Swap Agreements			Marketable Securities			Total
		(In thousands)
Balance as of beginning of the period	$	16,101		$	6,298		$	22,399		$	298		$	20,178		$	20,476
Reclassification to earnings		(3,292	)		—			(3,292	)		(4,658	)		(17,303	)		(21,961	)
Changes in value		(3,931	)		(86	)		(4,017	)		13,238			3,337			16,575

Balance as of September 30, 2012	$	8,878		$	6,212		$	15,090		$	8,878		$	6,212		$	15,090

Subsequent Events

Subsequent events were evaluated through the issuance date of these consolidated financial statements.

LONG-TERM DEBT

9 Months Ended

Sep. 30, 2012

LONG-TERM DEBT

(2) LONG-TERM DEBT –

At September 30, 2012, long-term debt was comprised of:


	(In thousands)
Bank credit facility	$	355,000
8³/₈% Senior Notes due 2017		297,310
7³/₄% Senior Notes due 2019		300,000
9¹/₂% Senior Notes due 2020		286,499

	$	1,238,809

Comstock has a $850.0 million bank credit facility with Bank of Montreal, as the administrative agent. The credit facility is a five year revolving credit commitment that matures on November 30, 2015. Indebtedness under the credit facility is secured by substantially all of Comstock’s assets and is guaranteed by all of its wholly owned subsidiaries. The credit facility is subject to borrowing base availability, which is redetermined semiannually based on the banks’ estimates of the Company’s future net cash flows of oil and natural gas properties. The borrowing base may be affected by the performance of Comstock’s properties and changes in oil and natural gas prices. The determination of the borrowing base is at the sole discretion of the administrative agent and the bank group. On October 29, 2012, the borrowing base was set at $570.0 million, $215.0 million of which was available. Borrowings under the credit facility bear interest, based on the utilization of the borrowing base, at Comstock’s option at either (1) LIBOR plus 1.75% to 2.75% or (2) the base rate (which is the higher of the administrative agent’s prime rate, the federal funds rate plus 0.5% or 30 day LIBOR plus 1.0%) plus 0.75% to 1.75%. A commitment fee of 0.5% is payable annually on the unused borrowing base. The credit facility contains covenants that, among other things, restrict the payment of cash dividends in excess of $50.0 million, limit the amount of consolidated debt that Comstock may incur and limit the Company’s ability to make certain loans and investments. The only financial covenants are the maintenance of a ratio of current assets, including availability under the bank credit facility, to current liabilities and maintenance of a leverage ratio. The Company was in compliance with these covenants as of September 30, 2012.

On June 5, 2012, the Company issued $300.0 million of senior notes (the “2020 Notes”) pursuant to an underwritten public offering. The 2020 Notes are due on June 15, 2020 and bear interest at 9¹/₂% which is payable semi-annually on each June 15 and December 15. Proceeds from the issuance of the 2020 Notes were used to pay down outstanding borrowings under the Company’s bank credit facility. On March 14, 2011, Comstock issued $300.0 million of senior notes (the “2019 Notes”) pursuant to an underwritten public offering. The 2019 Notes are due on April 1, 2019 and bear interest at 7³/₄%, which is payable semiannually on each April 1 and October 1. Comstock also has $300.0 million of 8³/₈% senior notes outstanding which mature on October 15, 2017 (the “2017 Notes”). Interest on the 2017 Notes is payable semiannually on each April 15 and October 15. The 2017, 2019 and 2020 Notes are unsecured obligations of Comstock and are guaranteed by all of Comstock’s material subsidiaries. Such subsidiary guarantors are 100% owned and all of the guarantees are full and unconditional and joint and several obligations. As of September 30, 2012, Comstock had no material assets or operations which are independent of its subsidiaries. There are no restrictions on the ability of Comstock to obtain funds from its subsidiaries through dividends or loans.

On January 1, 2011, Comstock had $172.0 million in principal amount of 6⁷/₈% senior notes outstanding due in 2012 (the “2012 Notes”). During the nine months ended September 30, 2011, Comstock redeemed all of the 2012 Notes for $172.4 million. The early extinguishment of the 2012 Notes resulted in a loss of $1.1 million which is included in interest expense in the consolidated financial statements. This loss is comprised of the premium paid for the redemption of the 2012 Notes, the costs incurred related to the tender offer, and the write-off of unamortized debt issuance costs related to the 2012 Notes.

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2012

COMMITMENTS AND CONTINGENCIES

(3) COMMITMENTS AND CONTINGENCIES –

From time to time, Comstock is involved in certain litigation that arises in the normal course of its operations. The Company records a loss contingency for these matters when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company does not believe the resolution of these matters will have a material effect on the Company’s financial position or results of operations.

In connection with its exploration and development activities, the Company contracts for drilling rigs under terms of up to three years. As of September 30, 2012, the Company had commitments for contracted drilling services of $68.7 million. The Company has also entered into agreements for well completion services through December 31, 2012 which require minimum future payments totaling $1.5 million.

The Company has entered into natural gas transportation agreements to support its production operations in North Louisiana through July 2019. Maximum commitments under these transportation agreements as of September 30, 2012 totaled $28.4 million.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14435-108349

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 440
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Sep. 30, 2012

Basis of Presentation

Basis of Presentation

The results of operations for the three months and nine months ended September 30, 2012 are not necessarily an indication of the results expected for the full year.

Reclassifications

Reclassifications

Certain reclassifications have been made to prior periods’ financial statements to conform to the current presentation.

Marketable Securities

Marketable Securities

Property and Equipment

Property and Equipment

The Company follows the successful efforts method of accounting for its oil and natural gas properties. Costs incurred to acquire oil and gas leasehold are capitalized.

Accrued Expenses

Accrued Expenses

Accrued expenses at September 30, 2012 and December 31, 2011 consist of the following:


	As of September 30, 2012		As of December 31, 2011
	(In thousands)
Accrued oil and gas property acquisition costs	$	6,541	$	31,988
Advance from joint venture partner		24,168		—
Accrued drilling costs		16,552		29,291
Accrued interest		32,435		11,113
Other accrued expenses		15,896		13,110

	$	95,592	$	85,502

Reserve for Future Abandonment Costs

Reserve for Future Abandonment Costs


	Nine Months Ended September 30,
	2012		2011
		(In thousands)
Beginning future abandonment costs	$	13,997	$	6,674
Accretion expense		537		282
New wells placed on production		1,155		289
Changes in estimates		—		—
Liabilities settled and assets disposed of		(1,144)		(49)
Future abandonment costs — end of period	$	14,545	$	7,196

Revenue Recognition and Gas Balancing

Revenue Recognition and Gas Balancing

Derivative Financial Instruments and Hedging Activities

Derivative Financial Instruments and Hedging Activities

Commodity and Derivative Type

Weighted-Average
Contract Price

Volume
(Barrels)

Contract Period

Crude Oil Price Swap Agreements

99.53 per Bbl.

450,000

October 2012 –Dec. 2012

Crude Oil Price Swap Agreements

98.67 per Bbl.

2,160,000

Jan. 2013 – Dec. 2013

Stock-Based Compensation

Stock-Based Compensation

Income Taxes

Income Taxes

The following is an analysis of consolidated income tax expense:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
	(In thousands)
Current provision (benefit)	$	(12	)	$	(512	)	$	(211	)	$	57
Deferred provision (benefit)		(11,567	)		3,972			(11,151	)		6,593

Provision for (benefit from) income taxes	$	(11,579	)	$	3,460		$	(11,362	)	$	6,650


	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
Tax at statutory rate		35.0	%		35.0	%		35.0	%		35.0	%
Tax effect of:
Nondeductible stock-based compensation		(2.8	%)		41.9	%		(5.3	%)		12.6	%
State income taxes, net of federal benefit		(1.2	%)		(6.7	%)		(1.4	%)		(2.1	%)
Other		(0.2	%)		2.4	%		(0.4	%)		1.0	%

Effective tax rate		30.8	%		72.6	%		27.9	%		46.5	%

Fair Value Measurements

Fair Value Measurements

Level 1 – Inputs used to measure fair value are unadjusted quoted prices that are available in active markets for the identical assets or liabilities as of the reporting date.

The following table summarizes financial assets accounted for at fair value as of September 30, 2012:


	Carrying Value Measured at Fair Value at September 30, 2012		Level 1		Level 2
		(In thousands)
Assets measured at fair value on a recurring basis:
Cash held in bank accounts	$	2,569	$	2,569	$	—
Marketable securities		15,072		15,072		—
Derivative financial instruments		13,659		—		13,659

Total assets	$	31,300	$	17,641	$	13,659

The following table summarizes the changes in the fair values of derivative financial instruments, which are Level 2 assets, for the three months and nine months ended September 30, 2012:


	Three Months Ended September 30, 2012			Nine Months Ended September 30, 2012
		(In thousands)
Balance beginning of period	$	24,771		$	459
Purchases and settlements (net)		(3,292	)		(4,658	)
Total realized and unrealized gains (losses):
Realized gains included in earnings		3,292			4,658
Unrealized gains (losses) included in other comprehensive income		(11,112	)		13,200

Balance end of period	$	13,659		$	13,659

The following table presents the carrying amounts and estimated fair value of the Company’s other financial instruments:


	As of September 30, 2012				As of December 31, 2011
	Carrying Value		Fair Value		Carrying Value		Fair Value
		(In thousands)
Long-term debt, including current portion	$	1,238,809	$	1,297,000	$	1,196,908	$	1,167,000

Earnings Per Share

Earnings Per Share


	Three Months Ended September 30,
	2012								2011
	Loss			Shares		Per Share			Income			Shares		Per Share
		(In thousands, except per share amounts)
Net Income (Loss)	$	(25,988	)						$	1,309
Income Allocable to Unvested Stock Grants		—								(45	)

Basic Net Income (Loss) Attributable to Common Stock	$	(25,988	)		46,443	$	(0.56	)	$	1,264			46,011	$	0.03

Effect of Dilutive Securities:
Stock Options		—			—					—			—

Diluted Net Income (Loss) Attributable to Common Stock	$	(25,988	)		46,443	$	(0.56	)	$	1,264			46,011	$	0.03


	Nine Months Ended September 30,
	2012								2011
	Loss			Shares		Per Share			Income			Shares		Per Share
		(In thousands, except per share amounts)
Net Income (Loss)	$	(29,433	)						$	7,662
Income Allocable to Unvested Stock Grants		—								(268	)

Basic Net Income (Loss) Attributable to Common Stock	$	(29,433	)		46,414	$	(0.63	)	$	7,394			45,992	$	0.16

Effect of Dilutive Securities:
Stock Options		—			—					—			—

Diluted Net Income (Loss) Attributable to Common Stock	$	(29,433	)		46,414	$	(0.63	)	$	7,394			45,992	$	0.16

Three Months Ended
September 30,

Nine Months Ended
September 30,

2012

2011

2012

2011

(In thousands)

Unvested restricted stock

1,717

1,635

1,728

1,665

Options to purchase common stock that were outstanding and that were excluded as anti-dilutive from the determination of diluted earnings per share as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2012		2011		2012		2011
		(In thousands except per share data)
Weighted average anti-dilutive stock options		157		203		172		218
Weighted average exercise price	$	38.36	$	36.64	$	37.64	$	36.35

The excluded options that were anti-dilutive were at exercise prices in excess of the average stock price for each of the periods presented.

Supplementary Information With Respect to the Consolidated Statements of Cash Flows

Supplementary Information With Respect to the Consolidated Statements of Cash Flows

The following is a summary of cash payments made for interest and income taxes:


	Nine Months Ended September 30,
	2012				2011
		(In thousands)
Cash Payments:
Interest payments	$		36,749		$	21,733
Income tax refunds			(58	)		(30	)

Comprehensive Loss

Comprehensive Loss

Comprehensive loss consists of the following:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
		(In thousands)
Net income (loss)	$	(25,988	)	$	1,309		$	(29,433	)	$	7,662
Other comprehensive income (loss):
Realized gains on marketable securities reclassified to earnings, net of a benefit from income taxes of $— and $9,318 in 2012 and $869 and $11,274 in 2011		—			(1,614	)		(17,303	)		(20,938	)
Unrealized gains (losses) on marketable securities, net of provision for (benefit from) income taxes of ($46) and $1,797 in 2012 and ($9,580) and ($1,329) in 2011		(86	)		(17,793	)		3,337			(2,468	)
Unrealized hedging gains (losses), net of a provision for (benefit from) income taxes of ($3,889) and $4,620 in 2012		(7,223	)		—			8,580			—

Total comprehensive loss	$	(33,297	)	$	(18,098	)	$	(34,819	)	$	(15,744	)

The following table provides a summary of the amounts included in accumulated other comprehensive income, net of income taxes, for the three months and nine months ended September 30, 2012:


	Three Months Ended September 30, 2012									Nine Months Ended September 30, 2012
	Oil Price Swap Agreements			Marketable Securities			Total			Oil Price Swap Agreements			Marketable Securities			Total
		(In thousands)
Balance as of beginning of the period	$	16,101		$	6,298		$	22,399		$	298		$	20,178		$	20,476
Reclassification to earnings		(3,292	)		—			(3,292	)		(4,658	)		(17,303	)		(21,961	)
Changes in value		(3,931	)		(86	)		(4,017	)		13,238			3,337			16,575

Balance as of September 30, 2012	$	8,878		$	6,212		$	15,090		$	8,878		$	6,212		$	15,090

Subsequent Events

Subsequent Events

Subsequent events were evaluated through the issuance date of these consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2012

Summary of Accrued Expenses

Accrued expenses at September 30, 2012 and December 31, 2011 consist of the following:


	As of September 30, 2012		As of December 31, 2011
	(In thousands)
Accrued oil and gas property acquisition costs	$	6,541	$	31,988
Advance from joint venture partner		24,168		—
Accrued drilling costs		16,552		29,291
Accrued interest		32,435		11,113
Other accrued expenses		15,896		13,110

	$	95,592	$	85,502

Summary of Changes in Reserve for Future Abandonment Costs

The following table summarizes the changes in Comstock’s total estimated liability during the nine months ended September 30, 2012 and 2011:


	Nine Months Ended September 30,
	2012		2011
		(In thousands)
Beginning future abandonment costs	$	13,997	$	6,674
Accretion expense		537		282
New wells placed on production		1,155		289
Changes in estimates		—		—
Liabilities settled and assets disposed of		(1,144)		(49)
Future abandonment costs — end of period	$	14,545	$	7,196

Summary of Outstanding Commodity Derivatives

As of September 30, 2012, the Company had the following outstanding commodity derivatives:

Commodity and Derivative Type

Weighted-Average
Contract Price

Volume
(Barrels)

Contract Period

Crude Oil Price Swap Agreements

99.53 per Bbl.

450,000

October 2012 –Dec. 2012

Crude Oil Price Swap Agreements

98.67 per Bbl.

2,160,000

Jan. 2013 – Dec. 2013

Income Tax Expense

The following is an analysis of consolidated income tax expense:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
	(In thousands)
Current provision (benefit)	$	(12	)	$	(512	)	$	(211	)	$	57
Deferred provision (benefit)		(11,567	)		3,972			(11,151	)		6,593

Provision for (benefit from) income taxes	$	(11,579	)	$	3,460		$	(11,362	)	$	6,650

Difference Between Customary Rate and Effective Tax Rate on Income Before Income Taxes Due

The difference between the Company’s customary rate of 35% and the effective tax rate on income before income taxes is due to the following:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
Tax at statutory rate		35.0	%		35.0	%		35.0	%		35.0	%
Tax effect of:
Nondeductible stock-based compensation		(2.8	%)		41.9	%		(5.3	%)		12.6	%
State income taxes, net of federal benefit		(1.2	%)		(6.7	%)		(1.4	%)		(2.1	%)
Other		(0.2	%)		2.4	%		(0.4	%)		1.0	%

Effective tax rate		30.8	%		72.6	%		27.9	%		46.5	%

Summary of Financial Assets at Fair Value

The following table summarizes financial assets accounted for at fair value as of September 30, 2012:


	Carrying Value Measured at Fair Value at September 30, 2012		Level 1		Level 2
		(In thousands)
Assets measured at fair value on a recurring basis:
Cash held in bank accounts	$	2,569	$	2,569	$	—
Marketable securities		15,072		15,072		—
Derivative financial instruments		13,659		—		13,659

Total assets	$	31,300	$	17,641	$	13,659

Summary of Changes in Fair Value Level 2 Assets of Derivative Financial Instruments

The following table summarizes the changes in the fair values of derivative financial instruments, which are Level 2 assets, for the three months and nine months ended September 30, 2012:


	Three Months Ended September 30, 2012			Nine Months Ended September 30, 2012
		(In thousands)
Balance beginning of period	$	24,771		$	459
Purchases and settlements (net)		(3,292	)		(4,658	)
Total realized and unrealized gains (losses):
Realized gains included in earnings		3,292			4,658
Unrealized gains (losses) included in other comprehensive income		(11,112	)		13,200

Balance end of period	$	13,659		$	13,659

Carrying Amounts and Estimated Fair Value of Other Financial Instruments

The following table presents the carrying amounts and estimated fair value of the Company’s other financial instruments:


	As of September 30, 2012				As of December 31, 2011
	Carrying Value		Fair Value		Carrying Value		Fair Value
		(In thousands)
Long-term debt, including current portion	$	1,238,809	$	1,297,000	$	1,196,908	$	1,167,000

Basic and Diluted Earnings Per Share

Basic and diluted earnings per share for the three months and nine months ended September 30, 2012 and 2011 were determined as follows:


	Three Months Ended September 30,
	2012								2011
	Loss			Shares		Per Share			Income			Shares		Per Share
		(In thousands, except per share amounts)
Net Income (Loss)	$	(25,988	)						$	1,309
Income Allocable to Unvested Stock Grants		—								(45	)

Basic Net Income (Loss) Attributable to Common Stock	$	(25,988	)		46,443	$	(0.56	)	$	1,264			46,011	$	0.03

Effect of Dilutive Securities:
Stock Options		—			—					—			—

Diluted Net Income (Loss) Attributable to Common Stock	$	(25,988	)		46,443	$	(0.56	)	$	1,264			46,011	$	0.03


	Nine Months Ended September 30,
	2012								2011
	Loss			Shares		Per Share			Income			Shares		Per Share
		(In thousands, except per share amounts)
Net Income (Loss)	$	(29,433	)						$	7,662
Income Allocable to Unvested Stock Grants		—								(268	)

Basic Net Income (Loss) Attributable to Common Stock	$	(29,433	)		46,414	$	(0.63	)	$	7,394			45,992	$	0.16

Effect of Dilutive Securities:
Stock Options		—			—					—			—

Diluted Net Income (Loss) Attributable to Common Stock	$	(29,433	)		46,414	$	(0.63	)	$	7,394			45,992	$	0.16

Weighted Average Shares of Unvested Restricted Stock

Weighted average shares of unvested restricted stock were as follows:

Three Months Ended
September 30,

Nine Months Ended
September 30,

2012

2011

2012

2011

(In thousands)

Unvested restricted stock

1,717

1,635

1,728

1,665

Common Stock Stock Options Excluded as Anti-Dilutive from Determination of Diluted Earnings per Share

Options to purchase common stock that were outstanding and that were excluded as anti-dilutive from the determination of diluted earnings per share as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2012		2011		2012		2011
		(In thousands except per share data)
Weighted average anti-dilutive stock options		157		203		172		218
Weighted average exercise price	$	38.36	$	36.64	$	37.64	$	36.35

Cash Payments Made for Interest and Income Taxes

The following is a summary of cash payments made for interest and income taxes:


	Nine Months Ended September 30,
	2012				2011
		(In thousands)
Cash Payments:
Interest payments	$		36,749		$	21,733
Income tax refunds			(58	)		(30	)

Comprehensive Loss

Comprehensive loss consists of the following:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
		(In thousands)
Net income (loss)	$	(25,988	)	$	1,309		$	(29,433	)	$	7,662
Other comprehensive income (loss):
Realized gains on marketable securities reclassified to earnings, net of a benefit from income taxes of $— and $9,318 in 2012 and $869 and $11,274 in 2011		—			(1,614	)		(17,303	)		(20,938	)
Unrealized gains (losses) on marketable securities, net of provision for (benefit from) income taxes of ($46) and $1,797 in 2012 and ($9,580) and ($1,329) in 2011		(86	)		(17,793	)		3,337			(2,468	)
Unrealized hedging gains (losses), net of a provision for (benefit from) income taxes of ($3,889) and $4,620 in 2012		(7,223	)		—			8,580			—

Total comprehensive loss	$	(33,297	)	$	(18,098	)	$	(34,819	)	$	(15,744	)

Accumulated Other Comprehensive Income, Net of Income Taxes

The following table provides a summary of the amounts included in accumulated other comprehensive income, net of income taxes, for the three months and nine months ended September 30, 2012:


	Three Months Ended September 30, 2012									Nine Months Ended September 30, 2012
	Oil Price Swap Agreements			Marketable Securities			Total			Oil Price Swap Agreements			Marketable Securities			Total
		(In thousands)
Balance as of beginning of the period	$	16,101		$	6,298		$	22,399		$	298		$	20,178		$	20,476
Reclassification to earnings		(3,292	)		—			(3,292	)		(4,658	)		(17,303	)		(21,961	)
Changes in value		(3,931	)		(86	)		(4,017	)		13,238			3,337			16,575

Balance as of September 30, 2012	$	8,878		$	6,212		$	15,090		$	8,878		$	6,212		$	15,090

LONG-TERM DEBT (Tables)

9 Months Ended

Sep. 30, 2012

Long-term debt

At September 30, 2012, long-term debt was comprised of:


	(In thousands)
Bank credit facility	$	355,000
8³/₈% Senior Notes due 2017		297,310
7³/₄% Senior Notes due 2019		300,000
9¹/₂% Senior Notes due 2020		286,499

	$	1,238,809

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6584090&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

+ Details

Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2012 USD ($) a $ / a Well $ / shares shares	Sep. 30, 2011 USD ($) shares	Sep. 30, 2012 USD ($) a $ / a Well Jurisdictions $ / shares $ / Mcf shares Bcf	Sep. 30, 2011 USD ($) shares	Dec. 31, 2011 USD ($) $ / Mcf shares
Operations And Summary Of Significant Accounting Policies [Line Items]
Estimated fair value of Stone Energy Corporation common stock held for sale	$ 15,072,000		$ 15,072,000		$ 47,642,000
Impairment charges related to unevaluated properties	1,400,000	$ 300,000	2,700,000	$ 9,800,000
Impairment charges related to oil and gas properties		$ 0	5,400,000	0
Net proceeds from sale of South Texas oil and gas properties			119,800,000
Recognized net gain on sale of oil and gas properties	26,000,000		26,000,000
Net proceeds from sale of West Texas oil and gas properties	24,800,000		$ 24,800,000
Percent change in estimated natural gas prices used in reserve computations since previous year end			(28.00%)
Change in estimated natural gas prices used in reserve computations since previous year end \| $ / Mcf			(1.17)
Estimated natural gas price used in reserves computations \| $ / Mcf			3.01		4.18
Change in estimated quantities of proved undeveloped natural gas reserves since previous year end \| Bcf			(434)
Percent change in proved undeveloped reserves from previous year end proved undeveloped reserve estimate			(61.00%)
Reduction in estimated proved undeveloped reserves percent of total proved reserves at previous year end			(33.00%)
Payment Received From JV Partner For Future Costs	34,000,000		$ 34,000,000
Advance from joint venture partner	24,168,000		24,168,000
Joint Venture Formation Costs Incurred	1,700,000		1,700,000
Realized gains on crude oil price swaps	3,300,000		4,700,000
Fair Value of derivative financial instrument asset, total	13,700,000		13,700,000
Fair Value of derivative financial instrument asset, current	10,823,000		10,823,000		$ 459,000
Fair Value of derivative financial instrument asset, long-term	$ 2,836,000		2,836,000
Share based compensation expense recognized			$ 10,189,000	$ 10,958,000
Customary Tax Rate	35.00%	35.00%	35.00%	35.00%
State jurisdictions under review \| Jurisdictions			2
Interest costs, capitalized during period	$ 5,900,000	$ 3,400,000	$ 16,500,000	$ 10,000,000
Restricted Stock [Member]
Operations And Summary Of Significant Accounting Policies [Line Items]
Shares of unvested restricted stock outstanding \| shares	1,716,695		1,716,695		2,114,520
Weighted average grant date fair value of restricted stock grants per share \| $ / shares	$ 29.38		$ 29.38
Period in which compensation cost expected to be recognized			2 years 2 months 12 days
Unrecognized compensation cost	$ 18,700,000		$ 18,700,000
Directors [Member]
Operations And Summary Of Significant Accounting Policies [Line Items]
Restricted stock shares awarded to independent directors \| shares			50,500
Grant date fair value for awards \| $ / shares			$ 17.03
Stock Options [Member]
Operations And Summary Of Significant Accounting Policies [Line Items]
Unrecognized compensation cost	$ 0		$ 0
Number of Options Outstanding \| shares	157,150		157,150
Weighted average exercise price \| $ / shares	$ 38.36		$ 38.36
Number of Options, Exercised \| shares			0	0
General and Administrative Expense [Member]
Operations And Summary Of Significant Accounting Policies [Line Items]
Share based compensation expense recognized	$ 3,200,000	$ 3,900,000	$ 10,200,000	$ 11,000,000
KKR Joint Venture [Member]
Operations And Summary Of Significant Accounting Policies [Line Items]
Total Net Acres in Joint Venture Area \| a	28,160		28,160
JV Partner Participation Cost Per Acre \| $ / a	25,000		25,000
JV Partner Drilling Cost Working Interest	33.00%		33.00%
JV Partner Total Working Interest Per Well	33.00%		33.00%
Joint Venture Expected Acres per Well Drilled \| a	80		80
Joint Venture Wells with JV Partner Acreage Participation Conditional Commitment \| Well	100		100
JV Partner Acreage Participation Working Interest per Well	33.00%		33.00%
Payment received from KKR for initial participation in wells spud	$ 23,800,000		$ 23,800,000
Marketable Securities [Member]
Operations And Summary Of Significant Accounting Policies [Line Items]
Shares of Stone Energy Corporation common stock held by company \| shares	600,000		600,000
Unrealized gain on available for sale securities net of tax	$ 6,200,000		$ 6,200,000
Shares of Stone Energy Corporation common stock sold by company \| shares		100,000	1,206,000	1,841,000
Proceeds from sale of Stone Energy Corporation Common stock available for Sale		$ 3,400,000	$ 37,700,000	$ 49,100,000
Realized gain on available for sale securities before income tax		$ 2,500,000	26,600,000	$ 32,200,000
Fair Value [Member]
Operations And Summary Of Significant Accounting Policies [Line Items]
Cost basis of Stone Energy Corporation common stock held for sale	5,500,000		5,500,000
Estimated fair value of Stone Energy Corporation common stock held for sale	$ 15,100,000		$ 15,100,000

Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands	Sep. 30, 2012	Dec. 31, 2011
Schedule Of Accrued Liabilities [Line Items]
Accrued oil and gas property acquisition costs	$ 6,541	$ 31,988
Advance from joint venture partner	24,168
Accrued drilling costs	16,552	29,291
Accrued interest	32,435	11,113
Other accrued expenses	15,896	13,110
Total accrued expenses	$ 95,592	$ 85,502

- Definition

Carrying value as of the balance sheet date of [accrued] interest payable on all forms of debt, including trade payables, that has been incurred and is unpaid. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

+ References + Details

- Definition

Carrying value as of the balance sheet date of obligations incurred through that date and payable arising from transactions not otherwise specified in the taxonomy. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

+ References + Details

Summary of Changes in Reserve for Future Abandonment Costs (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Asset Retirement Obligations [Line Items]
Beginning future abandonment costs	$ 13,997	$ 6,674
Accretion expense	537	282
New wells placed on production	1,155	289
Changes in estimates
Liabilities settled and assets disposed of	(1,144)	(49)
Future abandonment costs - end of period	$ 14,545	$ 7,196

Summary of Outstanding Commodity Derivatives (Detail) - Commodity Derivatives Designated as Effective Cash Flow Hedges [Member]	Sep. 30, 2012 $ / bbl bbl
Crude Oil Price Swap Agreements One [Member]
Derivative [Line Items]
Commodity Derivatives End of Contract Period	Dec. 2012
Commodity Derivatives Weighted Average Contract Price \| $ / bbl	99.53
Commodity Derivatives Volume \| bbl	450,000
Commodity Derivatives Beginning of Contract Period	October 2012
Crude Oil Price Swap Agreements Two [Member]
Derivative [Line Items]
Commodity Derivatives End of Contract Period	Dec. 2013
Commodity Derivatives Weighted Average Contract Price \| $ / bbl	98.67
Commodity Derivatives Volume \| bbl	2,160,000
Commodity Derivatives Beginning of Contract Period	Jan. 2013

Income Tax Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Tax Expense (Detail) - USD ($) $ in Thousands	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Income Tax Expense Benefit [Line Items]
Current provision (benefit)	$ (12)	$ (512)	$ (211)	$ 57
Deferred provision (benefit)	(11,567)	3,972	(11,151)	6,593
Provision for (benefit from) income taxes	$ (11,579)	$ 3,460	$ (11,362)	$ 6,650

- Definition

The component of income tax expense for the period representing amounts of income taxes paid or payable (or refundable) for the period for all income tax obligations as determined by applying the provisions of relevant enacted tax laws to relevant amounts of taxable Income or Loss from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Current Tax Expense (or Benefit)
-URI http://asc.fasb.org/extlink&oid=6509736

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.7)
-URI http://asc.fasb.org/extlink&oid=6889476&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 45
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 6
-Section I
-Subsection 7

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 289
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

The component of income tax expense for the period representing the increase (decrease) in the entity's deferred tax assets and liabilities pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Deferred Tax Expense (or Benefit)
-URI http://asc.fasb.org/extlink&oid=6510177

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.7)
-URI http://asc.fasb.org/extlink&oid=6889476&loc=d3e330036-122817

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 289
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 45
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 6
-Section I
-Subsection 7

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Difference Between Customary Rate and Effective Tax Rate on Income Before Income Taxes Due (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation [Line Items]
Tax at statutory rate	35.00%	35.00%	35.00%	35.00%
Tax effect of:
Nondeductible stock-based compensation	(2.80%)	41.90%	(5.30%)	12.60%
State income taxes, net of federal benefit	(1.20%)	(6.70%)	(1.40%)	(2.10%)
Other	(0.20%)	2.40%	(0.40%)	1.00%
Effective tax rate	30.80%	72.60%	27.90%	46.50%

Summary of Financial Assets at Fair Value (Detail) $ in Thousands	Sep. 30, 2012 USD ($)
Assets measured at fair value on a recurring basis:
Derivative financial instruments	$ 13,700
Fair Value, Measurements, Recurring [Member]
Assets measured at fair value on a recurring basis:
Cash held in bank accounts	2,569
Marketable securities	15,072
Derivative financial instruments	13,659
Total assets	31,300
Fair Value, Measurements, Recurring [Member] \| Level 1 [Member]
Assets measured at fair value on a recurring basis:
Cash held in bank accounts	2,569
Marketable securities	15,072
Total assets	17,641
Fair Value, Measurements, Recurring [Member] \| Level 2 [Member]
Assets measured at fair value on a recurring basis:
Derivative financial instruments	13,659
Total assets	$ 13,659

- Definition

This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents Available-for-sale Securities which consist of all investments in certain debt and equity securities neither classified as trading or held-to-maturity securities. A debt security represents a creditor relationship with an enterprise. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities which are categorized as Available-for-sale.

+ References + Details

- Definition

This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Company may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months.

+ References + Details

- Definition

Fair values as of the balance sheet date of all assets resulting from contracts that meet the criteria of being accounted for as derivative instruments, net of the effects of master netting arrangements.

+ References + Details

Summary of Changes in Fair Value Level 2 Assets of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2012
Fair Value Disclosures [Line Items]
Balance beginning of period	$ 24,771	$ 459
Purchases and settlements (net)	(3,292)	(4,658)
Total realized and unrealized gains (losses):
Realized gains included in earnings	3,292	4,658
Unrealized gains (losses) included in other comprehensive income	(11,112)	13,200
Balance end of period	$ 13,659	$ 13,659

Carrying Amounts and Estimated Fair Value of Other Financial Instruments (Detail) - USD ($) $ in Thousands	Sep. 30, 2012	Dec. 31, 2011
Debt Disclosure [Line Items]
Long-term debt, including current portion, Carrying Value	$ 1,238,809	$ 1,196,908
Long-term debt, including current portion, Fair Value	$ 1,297,000	$ 1,167,000

Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Earnings Per Share [Line Items]
Net income (loss)	$ (25,988)	$ 1,309	$ (29,433)	$ 7,662
Basic Net Income (Loss) Attributable to Common Stock, Shares	46,443	46,011	46,414	45,992
Income Allocable to Unvested Stock Grants		$ (45)		$ (268)
Basic Net Income (Loss) Attributable to Common Stock	$ (25,988)	1,264	$ (29,433)	7,394
Effect of Dilutive Securities: Stock Options
Effect of Dilutive Securities: Stock Options, Shares
Diluted Net Income (Loss) Attributable to Common Stock	$ (25,988)	$ 1,264	$ (29,433)	$ 7,394
Diluted Net Income (Loss) Attributable to Common Stock, Shares	46,443	46,011	46,414	45,992
Basic Net Income (Loss) Attributable to Common Stock, Per Share	$ (0.56)	$ 0.03	$ (0.63)	$ 0.16
Effect of Dilutive Securities:
Diluted Net Income (Loss) Attributable to Common Stock, Per Share	$ (0.56)	$ 0.03	$ (0.63)	$ 0.16

Weighted Average Shares of Unvested Restricted Stock (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Compensation Related Costs Share Based Payments Disclosure [Line Items]
Unvested restricted stock	1,717	1,635	1,728	1,665

Common Stock stock Options Excluded as Anti-Dilutive from Determination of Diluted Earnings Per Share (Detail) - Stock Options [Member] - $ / shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average anti-dilutive stock options	157	203	172	218
Weighted average exercise price	$ 38.36	$ 36.64	$ 37.64	$ 36.35

- Definition

Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Antidilution
-URI http://asc.fasb.org/extlink&oid=6505113

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Diluted Earnings Per Share
-URI http://asc.fasb.org/extlink&oid=6510752

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Contingent Stock Agreement
-URI http://asc.fasb.org/extlink&oid=6508534

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 13, 14
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 171
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Cash Payments Made for Interest and Income Taxes (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Cash Payments:
Interest payments	$ 36,749	$ 21,733
Income tax refunds	$ (58)	$ (30)

Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Comprehensive Loss (Detail) - USD ($) $ in Thousands	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items]
Net income (loss)	$ (25,988)	$ 1,309	$ (29,433)	$ 7,662
Other comprehensive income (loss):
Realized gains on marketable securities reclassified to earnings, net of a benefit from income taxes of $- and $9,318 in 2012 and $869 and $11,274 in 2011		(1,614)	(17,303)	(20,938)
Unrealized gains (losses) on marketable securities, net of provision for (benefit from) income taxes of ($46) and $1,797 in 2012 and ($9,580) and ($1,329) in 2011	(86)	(17,793)	3,337	(2,468)
Unrealized hedging gains (losses), net of a provision for (benefit from) income taxes of ($3,889) and $4,620 in 2012	(7,223)		8,580
Comprehensive loss	$ (33,297)	$ (18,098)	$ (34,819)	$ (15,744)

- Definition

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Comprehensive Loss (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items]
Benefit from income taxes on realized gains on marketable securities		$ 869	$ 9,318	$ 11,274
Provision for (benefit from) income taxes on unrealized gains (losses) on marketable securities	$ (46)	$ (9,580)	1,797	$ (1,329)
Provision for (benefit from) income taxes on unrealized hedging gains (losses)	$ (3,889)		$ 4,620

- Definition

Tax effect of the income statement impact of the reclassification adjustment of accumulated gain (loss) from derivative instruments designated and qualifying as the effective portion of cash flow hedges realized in net income. Also includes reclassification adjustments of an entity's share of an equity investee's deferred hedging gain (loss) realized in net income.

+ References + Details

Accumulated Other Comprehensive Income, Net of Income Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Accumulated Other Comprehensive Income Loss Net Of Tax [Line Items]
Balance as of beginning of the period	$ 22,399		$ 20,476
Reclassification to earnings	(3,292)		(21,961)
Changes in value	(4,017)		16,575
Balance as of September 30, 2012	15,090		15,090
Beginning Balance, Marketable Securities	6,298		20,178
Reclassification to earnings, Marketable Securities		$ (1,614)	(17,303)	$ (20,938)
Changes in value, Marketable Securities	(86)		3,337
Ending Balance, Marketable Securities	6,212		6,212
Beginning Balance, Oil Price Swap Agreements	16,101		298
Reclassification to earnings, Oil Price Swap Agreement	(3,292)		(4,658)
Changes in value, Oil Price Swap Agreements	(3,931)		13,238
Ending Balance, Oil Price Swap Agreements	$ 8,878		$ 8,878

Long-term debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2012	Dec. 31, 2011
Debt Instrument [Line Items]
Long-term Debt	$ 1,238,809	$ 1,196,908
Bank credit facility [Member]
Debt Instrument [Line Items]
Long-term Debt	355,000
8 3/8% Senior Notes due 2017 [Member]
Debt Instrument [Line Items]
Long-term Debt	297,310
7 3/4% Senior Notes due 2019 [Member]
Debt Instrument [Line Items]
Long-term Debt	300,000
9 1/2% Senior Notes due 2020 [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 286,499

Long-Term Debt - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Jun. 05, 2012	Dec. 31, 2010
Debt Instrument [Line Items]
Repurchase of Senior Notes due 2012	$ 390,000	$ 287,000
8 3/8% Senior Notes due 2017 [Member]
Debt Instrument [Line Items]
Interest rate on senior notes	8.375%
Outstanding Senior Notes	$ 300,000
Maturity of senior notes	Oct. 15, 2017
7 3/4% Senior Notes due 2019 [Member]
Debt Instrument [Line Items]
Interest rate on senior notes	7.75%
Outstanding Senior Notes	$ 300,000
Maturity of senior notes	Apr. 01, 2019
9 1/2% Senior Notes due 2020 [Member]
Debt Instrument [Line Items]
Interest rate on senior notes	9.50%
Face amount of senior note			$ 300,000
Outstanding Senior Notes	$ 300,000
Maturity of senior notes	Jun. 15, 2020
Bank credit facility [Member]
Debt Instrument [Line Items]
Bank credit facility	$ 850,000
Line of credit facility commitment term (in years)	5 years
Maturity of credit facility	Nov. 30, 2015
Base amount of borrowing base	$ 570,000
Availability of borrowing base	$ 215,000
Minimum spread rate over LIBOR for interest rate on credit facility	1.75%
Maximum spread rate over LIBOR for interest rate on credit facility	2.75%
Stated percentage over federal funds rate to calculate base rate	0.50%
Stated percentage over 30 days LIBOR to calculate base rate	1.00%
Minimum spread rate over base rate for interest rate on credit facility	0.75%
Maximum spread rate over base rate for interest rate on credit facility	1.75%
Commitment fee on unused borrowing base	0.50%
Maximum amount of cash dividends without restriction under credit facility	$ 50,000
Ownership percentage of guarantor subsidiary	100.00%
6 7/8% senior notes due 2012 [Member]
Debt Instrument [Line Items]
Interest rate on senior notes				6.875%
Outstanding Senior Notes				$ 172,000
Repurchase of Senior Notes due 2012		172,400
Loss resulted due to early extinguishment of senior notes		$ 1,100

Commitments and Contingencies - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2012 USD ($)
Contingencies And Commitments [Line Items]
Contract term related to drilling rigs	Up to three years
Commitments for contracted drilling services	$ 68.7
Minimum commitments for well completion services	$ 1.5
Well completion services agreement contract term	Through December 31, 2012
Natural gas transportation agreements	Through July 2019
Maximum commitments under natural gas transportation agreements	$ 28.4